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Morgan County Economic Development Association

Not tax-deductible

Decatur, AL501(c)(6)Since 1969EIN 63-0577301

Economic development in morgan county, alabama

50¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $115K a year · 27% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
50%
of spending
Worth a look: 50% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
48 mo
of spending, in cash
Looks good: 47.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$11K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$510K
+9% vs prior year
Spent
$445K
To programs
50%
Net assets
$2.4M
By yearFY2020–FY2024
Revenue
$510K
FY2024▲ +9%
Revenue by fiscal year
FY2020$410K
FY2021$396K
FY2022$382K
FY2023$448K
FY2024$468K
FY2024$510K
Expenses
$445K
FY2024▲ +33%
Expenses by fiscal year
FY2020$270K
FY2021$274K
FY2022$301K
FY2023$346K
FY2024$336K
FY2024$445K
Net assets
$2.4M
FY2024▲ +3%
Net assets by fiscal year
FY2020$1.9M
FY2021$2.0M
FY2022$2.1M
FY2023$2.2M
FY2024$2.4M
FY2024$2.4M

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1973.

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

Where the money goes

50 cents of each dollar spent went to programs.

Program services 50% · $223K Management & general 33% · $147K Fundraising 17% · $76K

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

Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation
Crystal Brown
Non-Voting M
$0Pt VII · Sec A
Greg Clemons
Treasurer
$0Pt VII · Sec A
Kevin Corum
Vice Chairma
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2023FY2022FY2021FY2020
Jeremy W Nails$125,775$113,136$113,136$109,799

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Morgan County Economic Development Association 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 15aYes

Programs and updates

Fosters economic growth and opportunity within Morgan County, Alabama.

Provided by the organization

This section is blank until Morgan County Economic Development Association claims this page.

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1 program service account for $223K of program spending, described in the organization's own filed words · FY2024.
01

The stimulation and promotion of the area provides existing business and new businesses opportunities to expand and locate in the area which benefits everyone in the community by bringing jobs and revenue.

$223Kprogram expense

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By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$510K
Ln 12
Fees for servicesLn 2g$364K
Investment incomeLn 3$82K
Gifts and grantsLn 1h$47K
Money outPt IX
$445K
Ln 25
Programscol B$223K
Managementcol C$147K
Fundraisingcol D$76K
Owns and owesPt X
$2.4M
net assets · Ln 32
Cash and savingsLn 1–2$1.8M
Total assetsLn 16$2.4M
LiabilitiesLn 26$11K
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$47K
Government grantsLn 1e$47K
Fees for servicesLn 2g$364K
Investment incomeLn 3$82K
Other incomeLn 4–11$16K
Total revenueLn 12$510K
Assets in detailPt X, end of year
CashLn 1$25K
SavingsLn 2$1.7M
Cash and savings togetherLn 1–2$1.8M
Land, buildings, equipmentLn 10c$628K
Total assetsLn 16$2.4M
LiabilitiesLn 26$11K
Net assetsLn 32$2.4M
OperationsPt I, VI
EmployeesI 54
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$2.3M$1.8M
Land, buildings, equipmentLn 10c$15K$628K
Total assetsLn 16$2.6M$2.4M
LiabilitiesLn 26$243K$11K
Net assetsLn 32$2.4M$2.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$149K$74K$56K$19K
Pension plan contributionsLn 8$14K$7K$5K$2K
Other employee benefitsLn 9$17K$8K$6K$3K
Payroll taxesLn 10$11K$5K$4K$2K
Accounting feesLn 11c$18K$9K$7K$2K
Office expensesLn 13$2K$1K$794$264
OccupancyLn 16$12K$6K$5K$2K
Depreciation, depletion and amortizationLn 22$12K$6K$2K$4K
Other expenses (24a–d)Ln 24$176K$88K$49K$38K
All other expensesLn 24e$35K$18K$12K$5K
Total functional expensesLn 25$445K$223K$147K$76K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $468K$336K$132K$2.4M 990 PDF
FY2023 $448K$346K$102K$2.2M 990 PDF
FY2022 $382K$301K$82K$2.1M 990 PDF
FY2021 $396K$274K$122K$2.0M 990 PDF
FY2020 $410K$270K$139K$1.9M 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $509,628 across 6 lines filed
VIII-1e Government grants$47,442
VIII-1h Total contributions, gifts and grants$47,442
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $364,370$364,370
VIII-3 Investment incomeExcluded from tax $82,182$82,182
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $15,634$15,634
VIII-12 Total revenueRelated to mission $364,370 · Excluded from tax $97,816$509,628
Part IX · Statement of functional expenses $445,491 across 10 lines filed
IX-7 Other salaries and wagesPrograms $74,267 · Management $55,700 · Fundraising $18,567$148,534
IX-8 Pension plan contributionsPrograms $6,827 · Management $4,779 · Fundraising $2,048$13,654
IX-9 Other employee benefitsPrograms $8,449 · Management $5,914 · Fundraising $2,534$16,897
IX-10 Payroll taxesPrograms $5,385 · Management $3,769 · Fundraising $1,615$10,769
IX-11c Accounting feesPrograms $9,201 · Management $7,361 · Fundraising $1,840$18,402
IX-13 Office expensesPrograms $1,060 · Management $794 · Fundraising $264$2,118
IX-16 OccupancyPrograms $6,233 · Management $4,675 · Fundraising $1,558$12,466
IX-22 Depreciation, depletion and amortizationPrograms $5,955 · Management $1,786 · Fundraising $4,168$11,909
IX-24 Other expenses (24a–d)Programs $87,872 · Management $49,425 · Fundraising $38,448$175,745
IX-24e All other expensesPrograms $17,501 · Management $12,489 · Fundraising $5,007$34,997
IX-25 Total functional expensesPrograms $222,750 · Management $146,692 · Fundraising $76,049$445,491
Part X · Balance sheet $2,425,618 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $26,272$25,038
X-2 Savings and temporary cash investmentsStart of year $2,287,761$1,746,917
X-4 Accounts receivableStart of year $22,026$21,270
X-9 Prepaid expenses and deferred chargesStart of year $6,438$4,212
X-10c Land, buildings and equipment, netStart of year $15,090$628,181
X-16 Total assetsStart of year $2,593,491$2,425,618
X-17 Accounts payable and accrued expensesStart of year $55,674$11,035
X-26 Total liabilitiesStart of year $243,045$11,035
X-27 Net assets without donor restrictionsStart of year $2,350,446$2,414,583
X-32 Total net assets or fund balancesStart of year $2,350,446$2,414,583
X-33 Total liabilities and net assetsStart of year $2,593,491$2,425,618
Part XI · Reconciliation of net assets $2,414,583 net assets at year end
XI-1 Total revenue$509,628
XI-2 Total expenses$445,491
XI-3 Revenue less expenses$64,137
XI-4 Net assets at start of year$2,350,446
XI-10 Net assets at end of year$2,414,583

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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