Area Development Partnership INC FY2024 filing

Not tax-deductible

Hattiesburg, MS501(c)(6)EIN 57-0884979

Enhance economic growth and development through enrichment of community involvement and support

$630K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $87K a year · 4% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$630K
to officers and key staff · 26% of spending
Worth a look: pay to officers and key staff is 26% of spending; over 20%.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 6.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $745K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$719K
37% of total assets
Looks good: liabilities are 37% of assets; 50% or less.
Pt X · Ln 26
Independent board members
20
of 21 voting members
Looks good: 20 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.5M
+2% vs prior year
Spent
$2.4M
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
$2.5M
FY2024▲ +2%
Revenue by fiscal year
FY2020$1.8M
FY2021$2.0M
FY2022$2.4M
FY2023$2.5M
FY2024$2.5M
FY2024$2.4M
Expenses
$2.4M
FY2024▼ -2%
Expenses by fiscal year
FY2020$1.9M
FY2021$1.8M
FY2022$2.2M
FY2023$2.4M
FY2024$2.4M
FY2024$2.5M
Net assets
$1.2M
FY2024▲ +14%
Net assets by fiscal year
FY2020$739K
FY2021$708K
FY2022$1000K
FY2023$1.1M
FY2024$1.2M
FY2024$1.2M

From the FY2024 Form 990 (year ending September 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1989.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

23 people listed on the 990; $630K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President
$350,008Pt VII · Sec A
Executive Vice President
$198,987Pt VII · Sec A
$80,953Pt VII · Sec A
Immediate Past Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Executive Committee
$0Pt VII · Sec A
$0Pt VII · Sec A
Executive Committee
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Chad Newell$363,108—————
Chad Newell—$350,008$347,000$326,197$301,261$268,736
Jason Jackson$208,979—————
Todd Jackson—$198,987$180,787$176,552$169,922—
Gwen Hicks$94,586—————
Jan Delancey——$43,473$83,433$83,855—
Gwen Hicks—$80,953$71,541———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Boosts local economies by encouraging and supporting community participation.

Provided by the organization

This section is blank until Area Development Partnership INC claims this page.

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2 program services, described in the organization's own filed words · FY2023.
01

Chamber

Facilitated numerous professional development programs for area young professionals, small business owners, membership; organized and hosted member events with opportunities for networking, sharing strategies for success; organized and hosted ribbon cuttings for new and expanded businesses; recruitment and retention of adp membership.

Pt IX · col B
02

Economic Development

Recruitment of domestic and international businesses; workforce development programs and events connecting students and teachers to area employers; community, military and government relations.

Pt IX · col B

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$745K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$2.5M
Ln 12
Fees for servicesLn 2g$1.7M
Gifts and grantsLn 1h$745K
Investment incomeLn 3$55K
Money outPt IX
$2.4M
Ln 25
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.3M
Total assetsLn 16$2.0M
LiabilitiesLn 26$719K
PeoplePt VI, VII
23
listed · VII A
PaidVII A3
Voting boardVI 1a21
IndependentVI 1b20
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$745K
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$55K
Gains on assetsLn 7$5K
Total revenueLn 12$2.5M
Assets in detailPt X, end of year
CashLn 1$828K
SavingsLn 2$502K
Cash and savings togetherLn 1–2$1.3M
InvestmentsLn 11–13$307K
Land, buildings, equipmentLn 10c$270K
Other assetsLn 15$2K
Total assetsLn 16$2.0M
LiabilitiesLn 26$719K
Net assetsLn 32$1.2M
OperationsPt I, VI
EmployeesI 513
VolunteersI 653
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.1M$1.3M
InvestmentsLn 11–13$267K$307K
Land, buildings, equipmentLn 10c$288K$270K
Total assetsLn 16$1.8M$2.0M
LiabilitiesLn 26$659K$719K
Net assetsLn 32$1.1M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$720K
Other salaries and wagesLn 7$420K
Pension plan contributionsLn 8$43K
Other employee benefitsLn 9$142K
Payroll taxesLn 10$76K
Legal feesLn 11b$2K
Accounting feesLn 11c$58K
Professional fundraising feesLn 11e$4K
Other fees for servicesLn 11g$12K
Office expensesLn 13$35K
OccupancyLn 16$26K
TravelLn 17$5K
Conferences, conventions and meetingsLn 19$38K
Depreciation, depletion and amortizationLn 22$29K
InsuranceLn 23$11K
Other expenses (24a–d)Ln 24$568K
All other expensesLn 24e$194K
Total functional expensesLn 25$2.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $2.5M$2.4M$119K$1.2M 990 PDF
FY2023 $2.5M$2.4M$15K$1.1M 990 PDF
FY2022 $2.4M$2.2M$284K$1000K 990 PDF
FY2021 $2.0M$1.8M$119K$708K 990 PDF
FY2020 $1.8M$1.9M−$102K$739K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $2,500,963 across 6 lines filed
Lines not itemized here account for $6,303 of total revenue; see the IRS return.
VIII-1d Related organizations$745,000
VIII-1h Total contributions, gifts and grants$745,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,695,155$1,695,155
VIII-3 Investment incomeExcluded from tax $49,152$49,152
VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,353$5,353
VIII-12 Total revenueRelated to mission $1,701,458 · Unrelated business $0 · Excluded from tax $54,505$2,500,963
Part IX · Statement of functional expenses $2,381,866 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$719,805
IX-7 Other salaries and wages$420,248
IX-8 Pension plan contributions$42,974
IX-9 Other employee benefits$142,187
IX-10 Payroll taxes$75,689
IX-11b Legal fees$1,890
IX-11c Accounting fees$58,150
IX-11e Professional fundraising fees$3,654
IX-11g Other fees for services$12,119
IX-13 Office expenses$35,039
IX-16 Occupancy$26,141
IX-17 Travel$4,679
IX-19 Conferences, conventions and meetings$37,550
IX-22 Depreciation, depletion and amortization$28,648
IX-23 Insurance$11,487
IX-24 Other expenses (24a–d)$568,001
IX-24e All other expenses$193,605
IX-25 Total functional expenses$2,381,866
Part X · Balance sheet $1,959,445 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $613,077$828,439
X-2 Savings and temporary cash investmentsStart of year $478,033$501,943
X-4 Accounts receivableStart of year $102,915$50,411
X-10c Land, buildings and equipment, netStart of year $287,815$269,941
X-11 Publicly traded securitiesStart of year $267,433$306,945
X-15 Other assetsStart of year $1,750$1,766
X-16 Total assetsStart of year $1,751,023$1,959,445
X-17 Accounts payable and accrued expensesStart of year $196,784$184,124
X-19 Deferred revenueStart of year $196,002$254,559
X-25 Other liabilitiesStart of year $266,433$280,566
X-26 Total liabilitiesStart of year $659,219$719,249
X-27 Net assets without donor restrictionsStart of year $1,091,804$1,240,196
X-32 Total net assets or fund balancesStart of year $1,091,804$1,240,196
X-33 Total liabilities and net assetsStart of year $1,751,023$1,959,445
Part XI · Reconciliation of net assets $1,240,196 net assets at year end
XI-1 Total revenue$2,500,963
XI-2 Total expenses$2,381,866
XI-3 Revenue less expenses$119,097
XI-4 Net assets at start of year$1,091,804
XI-5 Net unrealized gains (losses) on investments$29,295
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,240,196

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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