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McMinn County Economic Development FY2021 filing

IRS exemption revoked

Athens, TNUnknown exempt organization EIN 62-1240145Revenue $366K in FY2021

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.

92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2021 · 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
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 9.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$43K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$366K
-5% vs prior year
Spent
$326K
To programs
92%
Net assets
$3.9M
By yearFY2020–FY2022
Revenue
$366K
FY2021▼ -5%
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021$366K
FY2022$268K
Expenses
$326K
FY2021▼ -29%
Tap a bar for its year
Expenses by fiscal year
FY2020$461K
FY2021$326K
FY2022$223K
Net assets
$3.9M
FY2021▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.9M
FY2021$3.9M
FY2022$3.9M

From the FY2021 Form 990 (year ending June 2021) · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on November 15, 2025
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2022) →

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

92 cents of each dollar spent went to programs.

Program services 92% · $301K Management & general 8% · $25K

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.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Chris Adams
President
$0Pt VII · Sec A
Russ Blair
Director
$0Pt VII · Sec A
Scott Cass
Past Preside
$0Pt VII · Sec A
David Crews
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Lindsey Ferguson
Executive Di
$0Pt VII · Sec A
John Forgety
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 · FY2020
01

See additional data

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$366K
Ln 12
Gifts and grantsLn 1h$340K
Fees for servicesLn 2g$25K
Investment incomeLn 3$1K
Money outPt IX
$326K
Ln 25
Programscol B$301K
Managementcol C$25K
Owns and owesPt X
$3.9M
net assets · Ln 32
Cash and savingsLn 1–2$244K
Total assetsLn 16$3.9M
LiabilitiesLn 26$43K
PeoplePt VI, VII
23
listed · VII A
PaidVII A0
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$340K
Government grantsLn 1e$340K
Fees for servicesLn 2g$25K
Investment incomeLn 3$1K
Total revenueLn 12$366K
Assets in detailPt X, end of year
SavingsLn 2$244K
Cash and savings togetherLn 1–2$244K
Land, buildings, equipmentLn 10c$5K
Other assetsLn 15$61K
Total assetsLn 16$3.9M
LiabilitiesLn 26$43K
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 FY21End FY21
Cash and savingsLn 1–2$240K$244K
Land, buildings, equipmentLn 10c$9K$5K
Total assetsLn 16$3.9M$3.9M
LiabilitiesLn 26$46K$43K
Net assetsLn 32$3.9M$3.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$139K$118K$21K
Pension plan contributionsLn 8$13K$11K$2K
Payroll taxesLn 10$15K$13K$2K
Other fees for servicesLn 11g$149K$149K
Advertising and promotionLn 12$5K$5K
Depreciation, depletion and amortizationLn 22$4K$4K
Total functional expensesLn 25$326K$301K$25K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest $268K$223K$45K$3.9M 990 PDF
FY2021 Viewing $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 FY2021 990 (6 parts)
Part I · Summary $365,732 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $360,709$339,686
I-9 Program service revenuePrior year $23,650$24,650
I-10 Investment incomePrior year $1,234$1,396
I-11 Other revenue$0
I-12 Total revenuePrior year $385,593$365,732
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $172,607$166,540
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $288,522$159,017
I-18 Total expensesPrior year $461,129$325,557
I-19 Revenue less expensesPrior year −$75,536$40,175
Part VI · Governance 23 of 23 board members independent, 4 to look at
VI-1a Voting members of the governing body23
VI-1b Independent voting members23
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 $365,732 across 5 lines filed
VIII-1e Government grants$339,686
VIII-1h Total contributions, gifts and grants$339,686
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $24,650$24,650
VIII-3 Investment incomeRelated to mission $1,396$1,396
VIII-12 Total revenueRelated to mission $1,396 · Excluded from tax $24,650$365,732
Part IX · Statement of functional expenses $325,557 across 6 lines filed
IX-7 Other salaries and wagesPrograms $117,728 · Management $20,776$138,504
IX-8 Pension plan contributionsPrograms $10,747 · Management $1,896$12,643
IX-10 Payroll taxesPrograms $13,084 · Management $2,309$15,393
IX-11g Other fees for servicesPrograms $149,420$149,420
IX-12 Advertising and promotionPrograms $5,301$5,301
IX-22 Depreciation, depletion and amortizationPrograms $4,296$4,296
IX-25 Total functional expensesPrograms $300,576 · Management $24,981 · Fundraising $0$325,557
Part X · Balance sheet $3,937,468 assets, 15 lines filed
X-2 Savings and temporary cash investmentsStart of year $240,007$243,573
X-3 Pledges and grants receivableStart of year $1,789$450
X-8 Inventories for sale or useStart of year $3,609,617$3,609,617
X-9 Prepaid expenses and deferred chargesStart of year $3,677$18,156
X-10c Land, buildings and equipment, netStart of year $9,102$4,806
X-15 Other assetsStart of year $35,280$60,866
X-16 Total assetsStart of year $3,899,472$3,937,468
X-17 Accounts payable and accrued expensesStart of year $1,793$183
X-19 Deferred revenueStart of year $13,067$3,150
X-25 Other liabilitiesStart of year $30,777$40,125
X-26 Total liabilitiesStart of year $45,637$43,458
X-27 Net assets without donor restrictionsStart of year $244,218$284,393
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 $3,853,835$3,894,010
X-33 Total liabilities and net assetsStart of year $3,899,472$3,937,468
Part XI · Reconciliation of net assets $3,894,010 net assets at year end
XI-1 Total revenue$365,732
XI-2 Total expenses$325,557
XI-3 Revenue less expenses$40,175
XI-4 Net assets at start of year$3,853,835
XI-10 Net assets at end of year$3,894,010

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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