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Covington County Economic Development Commission FY2023 filing

Not tax-deductible

Andalusia, AL501(c)(6)Since 1992EIN 62-1504373Revenue $475K in FY2023

On file with the IRScovingtoncountyedc.com21754 Bill Benton Ln, 36421-3702 · Andalusia, ALTax-exempt since Oct 1993

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To promote industry and develop trade by inducing manufacturing, and commercial enterprises to locate and/or expand in Coviington County, Alabama.

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

Before you give

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
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
2 of 5
filings with a surplus
Average surplus $17K a year · 3% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 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
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$240K
34% of total assets
Looks good: liabilities are 34% of assets; 50% or less.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$475K
-12% vs prior year
Spent
$552K
To programs
92%
Net assets
$471K
By yearFY2020–FY2024
Revenue
$475K
FY2023▼ -12%
Tap a bar for its year
Revenue by fiscal year
FY2020$561K
FY2021$645K
FY2022$540K
FY2023$475K
FY2024$498K
FY2024$532K
Expenses
$552K
FY2023▼ -10%
Tap a bar for its year
Expenses by fiscal year
FY2020$451K
FY2021$470K
FY2022$611K
FY2023$552K
FY2024$549K
FY2024$518K
Net assets
$471K
FY2023▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2020$444K
FY2021$618K
FY2022$548K
FY2023$471K
FY2024$572K
FY2024$586K

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

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You’re viewing the FY2023 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 Oct 1993.

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% · $509K Management & general 8% · $43K

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

19 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Shane Parker
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Greg White
Director
$0Pt VII · Sec A
Brent Floyd
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Daniel Wells
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Covington County Economic Development Commission 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

Attracts businesses to boost manufacturing and commerce in Covington County, Alabama.

Provided by the organization

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1 program · $509K · in their own filed words · FY2022
01

See organizations mission statement.

$509Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$475K
Ln 12
Other incomeLn 4–11$280K
Gifts and grantsLn 1h$196K
Investment incomeLn 3$13K
Money outPt IX
$552K
Ln 25
Programscol B$509K
Managementcol C$43K
Owns and owesPt X
$471K
net assets · Ln 32
Cash and savingsLn 1–2$102K
Total assetsLn 16$710K
LiabilitiesLn 26$240K
PeoplePt VI, VII
19
listed · VII A
PaidVII A0
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$196K
Government grantsLn 1e$85K
Investment incomeLn 3$13K
Other incomeLn 4–11$280K
Gains on assetsLn 7−$15K
Total revenueLn 12$475K
Assets in detailPt X, end of year
CashLn 1$67K
SavingsLn 2$34K
Cash and savings togetherLn 1–2$102K
InvestmentsLn 11–13$201K
Land, buildings, equipmentLn 10c$222K
Total assetsLn 16$710K
LiabilitiesLn 26$240K
Net assetsLn 32$471K
OperationsPt I, VI
EmployeesI 52
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 FY23End FY23
Cash and savingsLn 1–2$197K$102K
InvestmentsLn 11–13$416K$201K
Land, buildings, equipmentLn 10c$223K$222K
Total assetsLn 16$1.0M$710K
LiabilitiesLn 26$477K$240K
Net assetsLn 32$548K$471K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$126K$126K
Other salaries and wagesLn 7$67K$67K
Pension plan contributionsLn 8$2K$2K
Payroll taxesLn 10$15K$15K
Accounting feesLn 11c$4K$4K
Investment management feesLn 11f$4K$4K
Advertising and promotionLn 12$600$600
Office expensesLn 13$9K$5K$5K
Information technologyLn 14$37K$19K$19K
OccupancyLn 16$34K$34K
TravelLn 17$86K$86K
Conferences, conventions and meetingsLn 19$62K$62K
Depreciation, depletion and amortizationLn 22$4K$4K
InsuranceLn 23$9K$9K
Other expenses (24a–d)Ln 24$83K$83K
All other expensesLn 24e$10K$10K
Total functional expensesLn 25$552K$509K$43K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $498K$549K−$51K$572K 990 PDF
FY2023 Viewing $475K$552K−$77K$471K 990 PDF
FY2022 $540K$611K−$71K$548K 990 PDF
FY2021 $645K$470K$174K$618K 990 PDF
FY2020 $561K$451K$110K$444K 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 FY2023 990 (6 parts)
Part I · Summary $475,240 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $474,024$195,700
I-9 Program service revenue$0
I-10 Investment incomePrior year −$22,932−$1,366
I-11 Other revenuePrior year $88,878$280,906
I-12 Total revenuePrior year $539,970$475,240
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $200,277$210,071
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $410,243$342,386
I-18 Total expensesPrior year $610,520$552,457
I-19 Revenue less expensesPrior year −$70,550−$77,217
Part VI · Governance 17 of 17 board members independent, 4 to look at
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
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 $475,240 across 8 lines filed
VIII-1e Government grants$85,250
VIII-1f All other contributions, gifts and grants$110,450
VIII-1h Total contributions, gifts and grants$195,700
VIII-3 Investment incomeRelated to mission $13,467$13,467
VIII-6 Net rental income or lossRelated to mission $31,489$31,489
VIII-7 Net gain or loss on sales of assetsRelated to mission −$14,833−$14,833
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $249,417$249,417
VIII-12 Total revenueRelated to mission $279,540 · Unrelated business $0 · Excluded from tax $0$475,240
Part IX · Statement of functional expenses $552,457 across 16 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $125,868$125,868
IX-7 Other salaries and wagesPrograms $66,868$66,868
IX-8 Pension plan contributionsManagement $2,475$2,475
IX-10 Payroll taxesPrograms $14,860$14,860
IX-11c Accounting feesManagement $4,200$4,200
IX-11f Investment management feesManagement $3,719$3,719
IX-12 Advertising and promotionManagement $600$600
IX-13 Office expensesPrograms $4,659 · Management $4,659$9,318
IX-14 Information technologyPrograms $18,669 · Management $18,668$37,337
IX-16 OccupancyPrograms $33,944$33,944
IX-17 TravelPrograms $86,123$86,123
IX-19 Conferences, conventions and meetingsPrograms $61,939$61,939
IX-22 Depreciation, depletion and amortizationPrograms $3,661$3,661
IX-23 InsuranceManagement $8,779$8,779
IX-24 Other expenses (24a–d)Programs $82,841$82,841
IX-24e All other expensesPrograms $9,925$9,925
IX-25 Total functional expensesPrograms $509,357 · Management $43,100 · Fundraising $0$552,457
Part X · Balance sheet $710,301 assets, 10 lines filed
Asset lines not itemized here account for $185,545; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $58,540$67,185
X-2 Savings and temporary cash investmentsStart of year $138,643$34,431
X-10c Land, buildings and equipment, netStart of year $223,473$221,859
X-11 Publicly traded securitiesStart of year $416,447$201,281
X-16 Total assetsStart of year $1,025,199$710,301
X-17 Accounts payable and accrued expensesStart of year $2,392$3,986
X-25 Other liabilitiesStart of year $474,987$235,712
X-26 Total liabilitiesStart of year $477,379$239,698
X-32 Total net assets or fund balancesStart of year $547,820$470,603
X-33 Total liabilities and net assetsStart of year $1,025,199$710,301
Part XI · Reconciliation of net assets $470,603 net assets at year end
XI-1 Total revenue$475,240
XI-2 Total expenses$552,457
XI-3 Revenue less expenses−$77,217
XI-4 Net assets at start of year$547,820
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$470,603

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

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