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McMinn County Economic Development

IRS exemption revoked

Athens, TNUnknown exempt organization EIN 62-1240145Revenue $268K in FY2022

On file with the IRSmakeitinmcminn.org9 E Madison Ave Suite 201 · Athens, TN

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The primary objective of the authority is the promotion of industrial Development and expansion in McMinn County, tennessee.

91¢ of each $1 spent went to programs.
$86K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 3
filings with a surplus
Average surplus $3K a year · under 1% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$86K
to officers and key staff · 39% of spending
Concern: pay to officers and key staff is 39% of spending; over 30%.
Pt VII · Sec A
Cash reserves
15 mo
of spending, in cash
Looks good: 14.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$101K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
22
of 22 voting members
Looks good: 22 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$268K
-27% vs prior year
Spent
$223K
To programs
91%
Net assets
$3.9M
By yearFY2020–FY2022
Revenue
$268K
FY2022▼ -27%
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021$366K
FY2022$268K
Expenses
$223K
FY2022▼ -32%
Tap a bar for its year
Expenses by fiscal year
FY2020$461K
FY2021$326K
FY2022$223K
Net assets
$3.9M
FY2022▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.9M
FY2021$3.9M
FY2022$3.9M

From the FY2022 Form 990 (year ending June 2022) · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on November 15, 2025

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2022.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $203K Management & general 9% · $20K

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

23 people listed on the 990; $86K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Lindsey Ferguson
Executive Di
$86,200Pt VII · Sec A
Chris Adams
Past Preside
$0Pt VII · Sec A
Frank Clark
Ex-Officio M
$0Pt VII · Sec A
David Crews
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Randy Dunlop
Director
$0Pt VII · Sec A
Will Estes
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See McMinn County Economic Development 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

Promotes industrial development and expansion in McMinn County, Tennessee.

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1 program · in their own filed words · FY2021
01

See additional data

Pt IX · col B

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$268K
Ln 12
Gifts and grantsLn 1h$244K
Fees for servicesLn 2g$23K
Investment incomeLn 3$390
Money outPt IX
$223K
Ln 25
Programscol B$203K
Managementcol C$20K
Owns and owesPt X
$3.9M
net assets · Ln 32
Cash and savingsLn 1–2$274K
Total assetsLn 16$4.0M
LiabilitiesLn 26$101K
PeoplePt VI, VII
23
listed · VII A
PaidVII A1
Voting boardVI 1a22
IndependentVI 1b22
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$244K
Government grantsLn 1e$244K
Fees for servicesLn 2g$23K
Investment incomeLn 3$390
Total revenueLn 12$268K
Assets in detailPt X, end of year
SavingsLn 2$274K
Cash and savings togetherLn 1–2$274K
Land, buildings, equipmentLn 10c$35K
Other assetsLn 15$115K
Total assetsLn 16$4.0M
LiabilitiesLn 26$101K
Net assetsLn 32$3.9M
OperationsPt I, VI
EmployeesI 53
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 FY22End FY22
Cash and savingsLn 1–2$244K$274K
Land, buildings, equipmentLn 10c$5K$35K
Total assetsLn 16$3.9M$4.0M
LiabilitiesLn 26$43K$101K
Net assetsLn 32$3.9M$3.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$86K$73K$13K
Other salaries and wagesLn 7$35K$30K$5K
Pension plan contributionsLn 8$6K$5K$864
Payroll taxesLn 10$9K$8K$1K
Accounting feesLn 11c$8K$8K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$4K$4K
TravelLn 17$8K$8K
Conferences, conventions and meetingsLn 19$3K$3K
Depreciation, depletion and amortizationLn 22$4K$4K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$49K$49K
All other expensesLn 24e$3K$3K
Total functional expensesLn 25$223K$203K$20K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $268K$223K$45K$3.9M 990 PDF
FY2021 $366K$326K$40K$3.9M 990 PDF
FY2020 $386K$461K−$76K$3.9M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $267,507 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $339,686$243,717
I-9 Program service revenuePrior year $24,650$23,400
I-10 Investment incomePrior year $1,396$390
I-11 Other revenue$0
I-12 Total revenuePrior year $365,732$267,507
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $166,540$135,919
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $159,017$86,979
I-18 Total expensesPrior year $325,557$222,898
I-19 Revenue less expensesPrior year $40,175$44,609
Part VI · Governance 22 of 22 board members independent, 4 to look at
VI-1a Voting members of the governing body22
VI-1b Independent voting members22
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 $267,507 across 5 lines filed
VIII-1e Government grants$243,717
VIII-1h Total contributions, gifts and grants$243,717
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $23,400$23,400
VIII-3 Investment incomeRelated to mission $390$390
VIII-12 Total revenueRelated to mission $23,790$267,507
Part IX · Statement of functional expenses $222,898 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $73,270 · Management $12,930$86,200
IX-7 Other salaries and wagesPrograms $29,503 · Management $5,206$34,709
IX-8 Pension plan contributionsPrograms $4,894 · Management $864$5,758
IX-10 Payroll taxesPrograms $7,864 · Management $1,388$9,252
IX-11c Accounting feesPrograms $8,028$8,028
IX-12 Advertising and promotionPrograms $3,543$3,543
IX-13 Office expensesPrograms $4,168$4,168
IX-17 TravelPrograms $7,817$7,817
IX-19 Conferences, conventions and meetingsPrograms $2,931$2,931
IX-22 Depreciation, depletion and amortizationPrograms $3,780$3,780
IX-23 InsurancePrograms $5,406$5,406
IX-24 Other expenses (24a–d)Programs $48,582$48,582
IX-24e All other expensesPrograms $2,724$2,724
IX-25 Total functional expensesPrograms $202,510 · Management $20,388 · Fundraising $0$222,898
Part X · Balance sheet $4,039,993 assets, 13 lines filed
X-2 Savings and temporary cash investmentsStart of year $243,573$274,345
X-8 Inventories for sale or useStart of year $3,609,617$3,609,617
X-9 Prepaid expenses and deferred chargesStart of year $18,156$6,206
X-10c Land, buildings and equipment, netStart of year $4,806$34,764
X-15 Other assetsStart of year $60,866$115,061
X-16 Total assetsStart of year $3,937,468$4,039,993
X-17 Accounts payable and accrued expensesStart of year $183$409
X-25 Other liabilitiesStart of year $40,125$85,732
X-26 Total liabilitiesStart of year $43,458$101,374
X-27 Net assets without donor restrictionsStart of year $284,393$329,002
X-28 Net assets with donor restrictionsStart of year $3,609,617$3,609,617
X-32 Total net assets or fund balancesStart of year $3,894,010$3,938,619
X-33 Total liabilities and net assetsStart of year $3,937,468$4,039,993
Part XI · Reconciliation of net assets $3,938,619 net assets at year end
XI-1 Total revenue$267,507
XI-2 Total expenses$222,898
XI-3 Revenue less expenses$44,609
XI-4 Net assets at start of year$3,894,010
XI-10 Net assets at end of year$3,938,619

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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