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Economic Development Properties INC FY2023 filing

Owensboro, KY501(c)(6)Since 1986Community Development EIN 61-1105122Revenue $32K in FY2023

On file with the IRSowensboro.com123 W 4th St Ste 202, 42303-4159 · Owensboro, KYTax-exempt since Apr 1960

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To encourage Development of Economic growth

19¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2023 · 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
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 $216K a year · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
19%
of spending
Concern: 19% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Fine: 2.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$14K
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$32K
-1% vs prior year
Spent
$131K
To programs
19%
Net assets
$17K
By yearFY2020–FY2025
Revenue
$32K
FY2023▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2020−$1.1M
FY2021$35K
FY2022$32K
FY2023$32K
FY2024$32K
FY2025$23K
Expenses
$131K
FY2023▲ +196%
Tap a bar for its year
Expenses by fiscal year
FY2020$62K
FY2021$59K
FY2022$44K
FY2023$131K
FY2024$21K
FY2025$34K
Net assets
$17K
FY2023▼ -86%
Tap a bar for its year
Net assets by fiscal year
FY2020$132K
FY2021$128K
FY2022$116K
FY2023$17K
FY2024$27K
FY2025$16K

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1960.

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

Where the money goes

19 cents of each dollar spent went to programs.

Program services 19% · $24K Management & general 81% · $107K

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

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Tom Watson
Director
$0Pt VII · Sec A
Dean Stanley
Director
$0Pt VII · Sec A
Al Mattingly
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Economic Development Properties INC executive salaries →

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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

Manages city, county, and industrial foundation-owned properties.

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1 program · $24K · in their own filed words · FY2022
01

To manage properties owned by the city, county and industrial foundation

$24Kprogram expense

By the numbers

The FY2023 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$32K
Ln 12
Other incomeLn 4–11$32K
Investment incomeLn 3$5
Money outPt IX
$131K
Ln 25
Programscol B$24K
Managementcol C$107K
Owns and owesPt X
$17K
net assets · Ln 32
Cash and savingsLn 1–2$28K
Total assetsLn 16$30K
LiabilitiesLn 26$14K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$5
Other incomeLn 4–11$32K
Total revenueLn 12$32K
Assets in detailPt X, end of year
CashLn 1$28K
Cash and savings togetherLn 1–2$28K
Total assetsLn 16$30K
LiabilitiesLn 26$14K
Net assetsLn 32$17K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
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 FY23End FY23
Cash and savingsLn 1–2$125K$28K
Total assetsLn 16$126K$30K
LiabilitiesLn 26$10K$14K
Net assetsLn 32$116K$17K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other fees for servicesLn 11g$97K$97K
OccupancyLn 16$462$462
InsuranceLn 23$346$346
Other expenses (24a–d)Ln 24$34K$24K$10K
Total functional expensesLn 25$131K$24K$107K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $23K$34K−$11K$16K 990 PDF
FY2024 $32K$21K$11K$27K 990 PDF
FY2023 Viewing $32K$131K−$99K$17K 990 PDF
FY2022 $32K$44K−$12K$116K 990 PDF
FY2021 $35K$59K−$24K$128K 990 PDF
FY2020 −$1.1M$62K−$1.2M$132K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $31,804 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $13$5
I-11 Other revenuePrior year $32,262$31,799
I-12 Total revenuePrior year $32,275$31,804
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 $44,319$131,275
I-18 Total expensesPrior year $44,319$131,275
I-19 Revenue less expensesPrior year −$12,044−$99,471
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
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
Part VIII · Statement of revenue $31,804 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $5$5
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $31,799$31,799
VIII-12 Total revenueRelated to mission $31,799 · Unrelated business $0 · Excluded from tax $5$31,804
Part IX · Statement of functional expenses $131,275 across 4 lines filed
IX-11g Other fees for servicesManagement $96,900$96,900
IX-16 OccupancyPrograms $462$462
IX-23 InsuranceManagement $346$346
IX-24 Other expenses (24a–d)Programs $23,948 · Management $9,619$33,567
IX-25 Total functional expensesPrograms $24,410 · Management $106,865 · Fundraising $0$131,275
Part X · Balance sheet $30,369 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $125,103$28,147
X-4 Accounts receivableStart of year $664$2,222
X-16 Total assetsStart of year $125,767$30,369
X-17 Accounts payable and accrued expensesStart of year $9,545$13,618
X-26 Total liabilitiesStart of year $9,545$13,618
X-27 Net assets without donor restrictionsStart of year $116,222$16,751
X-32 Total net assets or fund balancesStart of year $116,222$16,751
X-33 Total liabilities and net assetsStart of year $125,767$30,369
Part XI · Reconciliation of net assets $16,751 net assets at year end
XI-1 Total revenue$31,804
XI-2 Total expenses$131,275
XI-3 Revenue less expenses−$99,471
XI-4 Net assets at start of year$116,222
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$16,751

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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