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Mid-Cumberland Area Development Corp FY2022 filing

Not tax-deductible

Nashville, TN501(c)(4)Since 1982EIN 62-1548236

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Madc is specifically organized to engage in and encourage, assist and promote industrial and commercial Development, small business Development and job creation in the greater nashville region in tennessee.

80¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
0 of 5
filings with a surplus
Average deficit $85K a year · 40% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
44 mo
of spending, in cash
Looks good: 43.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$329K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$133K
-32% vs prior year
Spent
$236K
To programs
80%
Net assets
$1.5M
By yearFY2020–FY2024
Revenue
$133K
FY2022▼ -32%
Revenue by fiscal year
FY2020$252K
FY2021$196K
FY2022$133K
FY2023$208K
FY2024$269K
FY2024$226K
Expenses
$236K
FY2022▼ -7%
Expenses by fiscal year
FY2020$277K
FY2021$253K
FY2022$236K
FY2023$361K
FY2024$358K
FY2024$1.0M
Net assets
$1.5M
FY2022▼ -6%
Net assets by fiscal year
FY2020$1.7M
FY2021$1.6M
FY2022$1.5M
FY2023$1.3M
FY2024$1.3M
FY2024$466K

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

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You’re viewing the FY2022 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 Dec 1995.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $190K Management & general 20% · $46K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Audra Ladd
Director
$0Pt VII · Sec A
Bruce Carter
Former Board President
$0Pt VII · Sec A
Bryan Watson
Director
$0Pt VII · Sec A
G C Hixson
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Kirk Garrett
Director
$0Pt VII · Sec A
Mark Beeler
Board President
$0Pt VII · Sec A
$0Pt VII · Sec A
See Mid-Cumberland Area Development Corp 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, commercial, and small business development, creating jobs in the greater Nashville region.

Provided by the organization

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1 program · $190K · in their own filed words · FY2021
01

The corporation is responsible for administration of small business loans through the intermediary relending program and for packaging and servicing certain sba loans as a certified development corporation.

$190Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$133K
Ln 12
Fees for servicesLn 2g$128K
Investment incomeLn 3$5K
Money outPt IX
$236K
Ln 25
Programscol B$190K
Managementcol C$46K
Owns and owesPt X
$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$859K
Total assetsLn 16$1.8M
LiabilitiesLn 26$329K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$128K
Investment incomeLn 3$5K
Total revenueLn 12$133K
Assets in detailPt X, end of year
SavingsLn 2$859K
Cash and savings togetherLn 1–2$859K
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$890K
Total assetsLn 16$1.8M
LiabilitiesLn 26$329K
Net assetsLn 32$1.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY22End FY22
Cash and savingsLn 1–2$819K$859K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$1.8M$1.8M
LiabilitiesLn 26$219K$329K
Net assetsLn 32$1.6M$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other fees for servicesLn 11g$16K$5K$11K
Advertising and promotionLn 12$1K$1K
OccupancyLn 16$46K$41K$5K
TravelLn 17$4K$4K
InterestLn 20$994$994
InsuranceLn 23$13K$13K
Other expenses (24a–d)Ln 24$162K$138K$24K
All other expensesLn 24e−$6K−$6K
Total functional expensesLn 25$236K$190K$46K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $269K$358K−$89K$1.3M 990 PDF
FY2023 $208K$361K−$153K$1.3M 990 PDF
FY2022 Viewing $133K$236K−$103K$1.5M 990 PDF
FY2021 $196K$253K−$56K$1.6M 990 PDF
FY2020 $252K$277K−$25K$1.7M 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 FY2022 990 (5 parts)
Part I · Summary $133,142 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $194,758$128,024
I-10 Investment incomePrior year $1,593$5,118
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $196,351$133,142
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 $252,684$235,959
I-18 Total expensesPrior year $252,684$235,959
I-19 Revenue less expensesPrior year −$56,333−$102,817
Part VIII · Statement of revenue $133,142 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $128,024$128,024
VIII-3 Investment incomeExcluded from tax $5,118$5,118
VIII-12 Total revenueRelated to mission $128,024 · Unrelated business $0 · Excluded from tax $5,118$133,142
Part IX · Statement of functional expenses $235,959 across 8 lines filed
IX-11g Other fees for servicesPrograms $4,616 · Management $10,900$15,516
IX-12 Advertising and promotionPrograms $1,328$1,328
IX-16 OccupancyPrograms $41,154 · Management $4,572$45,726
IX-17 TravelPrograms $3,777$3,777
IX-20 InterestPrograms $994$994
IX-23 InsuranceManagement $12,828$12,828
IX-24 Other expenses (24a–d)Programs $137,836 · Management $23,754$161,590
IX-24e All other expensesManagement −$5,800−$5,800
IX-25 Total functional expensesPrograms $189,705 · Management $46,254 · Fundraising $0$235,959
Part X · Balance sheet $1,824,407 assets, 10 lines filed
Asset lines not itemized here account for $74,916; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $819,251$859,236
X-10c Land, buildings and equipment, netStart of year $0$0
X-15 Other assetsStart of year $818,975$890,255
X-16 Total assetsStart of year $1,818,041$1,824,407
X-17 Accounts payable and accrued expensesStart of year $82,234$236,740
X-26 Total liabilitiesStart of year $219,416$328,599
X-27 Net assets without donor restrictionsStart of year $780,300$681,931
X-28 Net assets with donor restrictionsStart of year $818,325$813,877
X-32 Total net assets or fund balancesStart of year $1,598,625$1,495,808
X-33 Total liabilities and net assetsStart of year $1,818,041$1,824,407
Part XI · Reconciliation of net assets $1,495,808 net assets at year end
XI-1 Total revenue$133,142
XI-2 Total expenses$235,959
XI-3 Revenue less expenses−$102,817
XI-4 Net assets at start of year$1,598,625
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,495,808

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

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