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Fayette County Local Development Corporation

Tax-deductible

Lexington, KY501(c)(3)Since 1981Community Development EIN 61-1057380Revenue $680K in FY2025Latest return filed May 12, 2026

On file with the IRS148 Deweese St, 40507-1921 · Lexington, KYTax-exempt since Feb 1986Publicly supported — 509(a)(2)

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To improve economic Development with primary focus on the Development of affordable housing.

501(c)(3) charity; gifts are tax-deductible.
95¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $55K a year · 9% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
95%
of spending
Looks good: 95% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $125K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$5.9M
87% of total assets
Concern: liabilities are 87% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 12 voting members
Looks good: 9 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$680K
+11% vs prior year
Spent
$823K
To programs
95%
Net assets
$845K
By yearFY2020–FY2025
Revenue
$680K
FY2025▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$570K
FY2021$650K
FY2022$655K
FY2023$671K
FY2024$615K
FY2025$680K
Expenses
$823K
FY2025▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$609K
FY2021$686K
FY2022$612K
FY2023$692K
FY2024$751K
FY2025$823K
Net assets
$845K
FY2025▼ -22%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.1M
FY2021$1.2M
FY2022$1.2M
FY2023$1.2M
FY2024$1.1M
FY2025$845K

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1986.

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

Where the money goes

95 cents of each dollar spent went to programs.

Program services 95% · $782K Management & general 5% · $41K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
Denise Brown
Board Member
$0Pt VII · Sec A
John Logan
Board Member
$0Pt VII · Sec A
Sherry Fields
Board Member
$0Pt VII · Sec A
Larry Forester
Board Member
$0Pt VII · Sec A
Ebony Williams
Board Member
$0Pt VII · Sec A
Abdul Muhammad
Board Member
$0Pt VII · Sec A
Raymond Smith
Board Member
$0Pt VII · Sec A
See Fayette County Local Development Corporation executive salaries →

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

Builds affordable housing to boost economic growth.

Questions for Fayette County Local Development Corporation

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1 program · $782K · in their own filed words · FY2024
01

The furtherance of economic development in the fayette county area through the purchase, renovation, and sale of properties to lower-income homebuyers.

$782Kprogram expense

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
Urban League of Lexington-Fayette CountyFY2024$125K
Total grants receivedfrom 1 funder$125K

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$680K
Ln 12
Fees for servicesLn 2g$498K
Gifts and grantsLn 1h$145K
Other incomeLn 4–11$37K
Money outPt IX
$823K
Ln 25
Programscol B$782K
Managementcol C$41K
Owns and owesPt X
$845K
net assets · Ln 32
Cash and savingsLn 1–2$96K
Total assetsLn 16$6.7M
LiabilitiesLn 26$5.9M
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$145K
Government grantsLn 1e$20K
Fees for servicesLn 2g$498K
Investment incomeLn 3$121
Other incomeLn 4–11$37K
Total revenueLn 12$680K
Assets in detailPt X, end of year
CashLn 1$96K
Cash and savings togetherLn 1–2$96K
Land, buildings, equipmentLn 10c$5.0M
Total assetsLn 16$6.7M
LiabilitiesLn 26$5.9M
Net assetsLn 32$845K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$206K$96K
Land, buildings, equipmentLn 10c$5.2M$5.0M
Total assetsLn 16$7.1M$6.7M
LiabilitiesLn 26$6.0M$5.9M
Net assetsLn 32$1.1M$845K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$11K$5K$5K
Other fees for servicesLn 11g$6K$6K
Office expensesLn 13$4K$4K
InterestLn 20$259K$247K$12K
Depreciation, depletion and amortizationLn 22$284K$279K$5K
InsuranceLn 23$51K$51K$409
Other expenses (24a–d)Ln 24$207K$199K$8K
Total functional expensesLn 25$823K$782K$41K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS May 12, 2026 $680K$823K−$143K$845K 990 PDF
FY2024Filed with the IRS May 13, 2025 $615K$751K−$136K$1.1M 990 PDF
FY2023Filed with the IRS May 15, 2024 $671K$692K−$21K$1.2M 990 PDF
FY2022Filed with the IRS May 15, 2023 $655K$612K$43K$1.2M 990 PDF
FY2021Filed with the IRS May 16, 2022 $650K$686K−$36K$1.2M 990 PDF
FY2020Filed with the IRS May 17, 2021 $570K$609K−$39K$1.1M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $680,388 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $50,000$145,000
I-9 Program service revenuePrior year $501,182$498,019
I-10 Investment incomePrior year $156$121
I-11 Other revenuePrior year $63,556$37,248
I-12 Total revenuePrior year $614,894$680,388
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $750,757$822,902
I-18 Total expensesPrior year $750,757$822,902
I-19 Revenue less expensesPrior year −$135,863−$142,514
Part VI · Governance 9 of 12 board members independent, 3 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $680,388 across 7 lines filed
VIII-1e Government grants$20,000
VIII-1f All other contributions, gifts and grants$125,000
VIII-1h Total contributions, gifts and grants$145,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $498,019$498,019
VIII-3 Investment incomeExcluded from tax $121$121
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $37,248$37,248
VIII-12 Total revenueRelated to mission $535,267 · Unrelated business $0 · Excluded from tax $121$680,388
Part IX · Statement of functional expenses $822,902 across 8 lines filed
IX-11b Legal feesPrograms $1,020$1,020
IX-11c Accounting feesPrograms $5,250 · Management $5,260$10,510
IX-11g Other fees for servicesManagement $6,224$6,224
IX-13 Office expensesManagement $3,556$3,556
IX-20 InterestPrograms $246,729 · Management $12,039$258,768
IX-22 Depreciation, depletion and amortizationPrograms $279,143 · Management $4,996$284,139
IX-23 InsurancePrograms $50,788 · Management $409$51,197
IX-24 Other expenses (24a–d)Programs $199,189 · Management $8,299$207,488
IX-25 Total functional expensesPrograms $782,119 · Management $40,783 · Fundraising $0$822,902
Part X · Balance sheet $6,715,512 assets, 13 lines filed
Asset lines not itemized here account for $1,441,113; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $206,103$96,474
X-4 Accounts receivableStart of year $100,304$103,124
X-8 Inventories for sale or useStart of year $82,191$79,505
X-9 Prepaid expenses and deferred chargesStart of year $201$201
X-10c Land, buildings and equipment, netStart of year $5,232,100$4,995,095
X-16 Total assetsStart of year $7,118,113$6,715,512
X-17 Accounts payable and accrued expensesStart of year $40,463$56,042
X-19 Deferred revenueStart of year $628$1,026
X-25 Other liabilitiesStart of year $2,581,591$2,567,640
X-26 Total liabilitiesStart of year $6,034,226$5,870,315
X-27 Net assets without donor restrictionsStart of year $1,083,887$845,197
X-32 Total net assets or fund balancesStart of year $1,083,887$845,197
X-33 Total liabilities and net assetsStart of year $7,118,113$6,715,512
Part XI · Reconciliation of net assets $845,197 net assets at year end
XI-1 Total revenue$680,388
XI-2 Total expenses$822,902
XI-3 Revenue less expenses−$142,514
XI-4 Net assets at start of year$1,083,887
XI-8 Prior period adjustments−$96,176
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$845,197

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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