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The Met Development INC FY2021 filing

Tax-deductible

Lexington, KY501(c)(3)Community DevelopmentEIN 83-2503851Revenue $1.7M in FY2021

On file with the IRS1450 N Broadway, 40505-3162 · Lexington, KYTax-exempt since Dec 2019Supporting org, Type II — 509(a)(3)

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To engage in economic Development by revitalizing a severely economically distressed community.

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists 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
4 of 5
filings with a surplus
Average surplus $49K a year · 4% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$20.1M
78% of total assets
Worth a look: liabilities are 78% of assets; over 65%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
×62 vs prior year
Spent
$1.3M
To programs
98%
Net assets
$5.8M
By yearFY2020–FY2024
Revenue
$1.7M
FY2021▲ ×62
Tap a bar for its year
Revenue by fiscal year
FY2020$27K
FY2021$1.7M
FY2022$1.4M
FY2023$1.4M
FY2024$1.4M
Expenses
$1.3M
FY2021▲ +207%
Tap a bar for its year
Expenses by fiscal year
FY2020$411K
FY2021$1.3M
FY2022$1.3M
FY2023$1.3M
FY2024$1.3M
Net assets
$5.8M
FY2021▲ +28%
Tap a bar for its year
Net assets by fiscal year
FY2020$4.5M
FY2021$5.8M
FY2022$5.9M
FY2023$6.0M
FY2024$6.0M

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 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 2019.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $1.2M Management & general 2% · $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

3 people listed on the 990.

Part VII, Section A · reportable compensation
Kevin Smith
President
$0Pt VII · Sec A
$0Pt VII · Sec A
John Watz
Director
$0Pt VII · Sec A
See The Met Development INC 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

Revitalizes a severely distressed community through economic development initiatives.

Questions for The Met Development INC

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Provided by the organization

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1 program · $1.2M · in their own filed words · FY2021
01

Development and leasing of infrastructure to provide affordable housing, healthy food, and affordable healthcare to a severely economically distressed community in lexington, ky.

$1.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 3 grants · $366K · 2022–2024
Community Ventures Corporation INCKY · FY2024$139,387
Community Ventures Corporation INCKY · FY2023$113,844
Community Ventures Corporation INCKY · FY2022$112,946

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$1.4M
Gifts and grantsLn 1h$262K
Money outPt IX
$1.3M
Ln 25
Programscol B$1.2M
Managementcol C$25K
Owns and owesPt X
$5.8M
net assets · Ln 32
Cash and savingsLn 1–2$319K
Total assetsLn 16$25.9M
LiabilitiesLn 26$20.1M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$262K
Noncash giftsLn 1g$262K
Fees for servicesLn 2g$1.4M
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$319K
Cash and savings togetherLn 1–2$319K
Land, buildings, equipmentLn 10c$24.4M
Other assetsLn 15$1.2M
Total assetsLn 16$25.9M
LiabilitiesLn 26$20.1M
Net assetsLn 32$5.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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$902K$319K
Land, buildings, equipmentLn 10c$24.4M$24.4M
Total assetsLn 16$25.8M$25.9M
LiabilitiesLn 26$20.3M$20.1M
Net assetsLn 32$5.4M$5.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$25K$25K
InterestLn 20$623K$623K
Depreciation, depletion and amortizationLn 22$596K$596K
InsuranceLn 23$133$133
Other expenses (24a–d)Ln 24$16K$16K$26
Total functional expensesLn 25$1.3M$1.2M$25K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.4M$1.3M$52K$6.0M 990 PDF
FY2023 $1.4M$1.3M$77K$6.0M 990 PDF
FY2022 $1.4M$1.3M$102K$5.9M 990 PDF
FY2021 Viewing $1.7M$1.3M$397K$5.8M 990 PDF
FY2020 $27K$411K−$384K$4.5M 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 FY2021 990 (6 parts)
Part I · Summary $1,656,816 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$262,174
I-9 Program service revenuePrior year $26,885$1,394,642
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $26,885$1,656,816
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 $410,566$1,259,354
I-18 Total expensesPrior year $410,566$1,259,354
I-19 Revenue less expensesPrior year −$383,681$397,462
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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 $1,656,816 across 5 lines filed
VIII-1d Related organizations$262,174
VIII-1g Noncash contributions (included above)$262,174
VIII-1h Total contributions, gifts and grants$262,174
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,394,642$1,394,642
VIII-12 Total revenueRelated to mission $1,394,642 · Unrelated business $0 · Excluded from tax $0$1,656,816
Part IX · Statement of functional expenses $1,259,354 across 5 lines filed
IX-11c Accounting feesManagement $24,600$24,600
IX-20 InterestPrograms $622,734$622,734
IX-22 Depreciation, depletion and amortizationPrograms $596,028$596,028
IX-23 InsurancePrograms $133$133
IX-24 Other expenses (24a–d)Programs $15,833 · Management $26$15,859
IX-25 Total functional expensesPrograms $1,234,728 · Management $24,626 · Fundraising $0$1,259,354
Part X · Balance sheet $25,897,702 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $901,814$319,394
X-10c Land, buildings and equipment, netStart of year $24,351,954$24,357,417
X-15 Other assetsStart of year $509,749$1,220,891
X-16 Total assetsStart of year $25,763,517$25,897,702
X-17 Accounts payable and accrued expensesStart of year $310,573$47,296
X-26 Total liabilitiesStart of year $20,345,573$20,082,296
X-27 Net assets without donor restrictionsStart of year $5,417,944$5,815,406
X-32 Total net assets or fund balancesStart of year $5,417,944$5,815,406
X-33 Total liabilities and net assetsStart of year $25,763,517$25,897,702
Part XI · Reconciliation of net assets $5,815,406 net assets at year end
XI-1 Total revenue$1,656,816
XI-2 Total expenses$1,259,354
XI-3 Revenue less expenses$397,462
XI-4 Net assets at start of year$5,417,944
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$5,815,406

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

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