Kings County Ecomomic Development Corp EIN 94-2450438 Form 990 (PDF) Claim this org

Kings County Ecomomic Development Corp

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Promotes rural economic development in Kings County using state and federal financing programs. For fiscal year 2024 it reported $517K in revenue, $470K in expenses, and $7.1M in net assets.Pt I

Founded
1977
Type
Business league / trade association · Community Development
Location
Hanford, CA
Website
www.kingsedc.org
Filings
4 on file (2021–2024)
Revenue
$517KFY2024
Expenses
$470K
Net assets
$7.1M
People
24
Filings
4
Updates
0
More identity details & actions ⌄
EIN  94-2450438 Business league / trade association Hanford, CA Founded 1977
Form 990 (PDF)
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Size
$100K–1M
What they do
Promotes rural economic development in Kings County using state and federal financing programs.
Leadership
David Kahn · Chairman
Money in and out
$517K revenue, $470K expenses
Bottom line
+9% operating surplus
Membership & operating revenue · FY2024
Total revenue
$517K
Pt VIII · Ln 12
Total expenses
$470K
Pt IX · Ln 25
Net assets
$7.1M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $47K
Where spending went · Part IX cols B–D
Program services $0.87 Management & general $0.13
Operating surplus
+9%
revenue over expenses▼ -60% vs prior filing year
Earned revenue
30%
of revenue from program services & dues▼ -32% vs prior filing year
Payroll share
0.07%
of spending is salaries & benefits▼ -100% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$517K
FY2024▲ +32%
Expenses
$470K
FY2024▲ +55%
Total assets
$7.3M
FY2024▲ +1%
Total liabilities
$198K
FY2024▲ +16%
Total revenue
$517K
Pt VIII · Ln 12
Total expenses
$470K
Pt IX · Ln 25
Net assets
$7.1M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$47K
Total assetsPt X · Ln 16$7.3M
Program-expense ratioPt IX · col B87%
Voting members of governing bodyPt I · Ln 322
Independent voting membersPt I · Ln 422

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CKings County Ecomomic Development Corp
EINHdr · item D94-2450438
Principal addressHdr · item CHanford, CA
WebsiteHdr · item Jwww.kingsedc.org
Year of formationHdr · item L1977
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(6) · active
NTEE classificationIRS BMFCommunity Development (S32J)
Ruling yearIRS BMFMay 1978

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a22
Independent voting membersPt VI · Ln 1b22
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Chairman
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

2 program services account for $410K of program spending, described in the organization's own filed words · FY2024.
01

The corporation assists in the relocation of new businesses to the Kings County area. It also assists several businesses with expansions, creating new jobs in the area.

$253Kprogram expense
02

The Corporation works to retain regional employers, assisting with economic development and marketing for local business, saving local jobs for the local economy.

$158Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$243K · 47%
Program service revenue$156K · 30%
Investment income$80K · 15%
Other revenue$37K · 7%
Contributions & grants47%$243K
Program service revenue30%$156K
Investment income15%$80K
Other revenue7%$37K
Total revenueLn 12$517K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.87 Management & general $0.13
Program services87%$410K
Management & general13%$60K
Total functional expensesLn 25$470K

Balance Sheet

Part X · end of year
CashLn 1$5.2M
Total assetsLn 16$7.3M
Total liabilitiesLn 26$198K
Total net assetsLn 32$7.1M
Months of cash on handcomputed133.4

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $5.2M · Operating expenses/yr $470K
133.4 months
Where the money goes
Program services
Program services $410K · Total expenses $470K
87%
Management & General
Management & general $60K · Total expenses $470K
13%
Fundraising
Fundraising $0 · Total expenses $470K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $221K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $243K · Total revenue $517K
47%
Government reliance
Government grants — · Total revenue $517K
Earned-income share
Program service revenue $156K · Total revenue $517K
30%
Investment reliance
Investment income $80K · Total revenue $517K
+15%
Program self-sufficiency
Program service revenue $156K · Total expenses $470K
33%
Growth & trend
Revenue growth (YoY)
This year $517K · Prior year $392K
+32%
Revenue CAGR
FY2020 $387K · FY2024 $517K
+8%
Net-asset trend (YoY)
End of year $7.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $517K · Expenses $470K
+9%
Liabilities-to-Assets
Total liabilities — · Total assets $7.3M
Net-asset ratio
Net assets $7.1M · Total assets $7.3M
97%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $7.3M
0%
People & payroll
Highest Reported Total Compensation
Individual David Kahn · Reported title Chairman · Highest reported compensation $0 · Total expenses $470K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $308 · Total expenses $470K
0.07%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 87%
Overhead ratio 13%
Revenue growth 32%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$392K revenue · ⤓ 990 PDF
FY2023$368K revenue · ⤓ 990 PDF
FY2022$405K revenue · ⤓ 990 PDF
FY2021$387K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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