Civic Intelligence

Michigan City Economic Development Corp

EIN 23-7258115 • 501(c)4 • Michigan City, IN

Profile

Economic development / job creation

2 Cadence Park PlazaMichigan City, IN 46360

www.edcmc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

63rd percentile

0.13x

Higher debt load relative to assets than 63% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

0.15x

Higher debt load relative to revenue than 62% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Net Margin

41st percentile

3.2%

Higher net margin than 41% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

81st percentile

19%

Faster asset growth than 81% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Revenue Growth

60th percentile

12%

Faster revenue growth than 60% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Down

$1,033,412

Down $70,461 (-6.4%) from 2023

Liabilities

Down

$132,043

Down $98,196 (-43%) from 2023

Net Assets

Up

$901,369

Up $27,735 (+3.2%) from 2023

Operations
Liabilities / Revenue62nd percentileNet Margin41st percentile

Revenue

Up

$861,407

Up $71,420 (+9.0%) from 2023

Expenses

Up

$833,672

Up $203,147 (+32%) from 2023

Net Income

Down

$27,735

Down $131,727 (-83%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth81st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5M$1.0M$500K$0Assets 2020: $642,755Liabilities 2020: $15,757Net Assets 2020: $626,9982020Assets 2021: $658,772Liabilities 2021: $30,447Net Assets 2021: $628,3252021Assets 2022: $731,086Liabilities 2022: $27,252Net Assets 2022: $703,8342022Assets 2023: $1,103,873Liabilities 2023: $230,239Net Assets 2023: $873,6342023Assets 2024: $1,033,412Liabilities 2024: $132,043Net Assets 2024: $901,3692024

Highlighted filing

2024

Assets$1,033,412
Liabilities$132,043
Net Assets$901,369
Open 2024 Filing

Operations Trend

Revenue Growth60th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2020: $466,701Expenses 2020: $387,562Net Income 2020: $79,1392020Revenue 2021: $490,972Expenses 2021: $505,153Net Income 2021: -$14,1812021Revenue 2022: $681,054Expenses 2022: $601,623Net Income 2022: $79,4312022Revenue 2023: $789,987Expenses 2023: $630,525Net Income 2023: $159,4622023Revenue 2024: $861,407Expenses 2024: $833,672Net Income 2024: $27,7352024

Highlighted filing

2024

Revenue$861,407
Expenses$833,672
Net Income$27,735
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,033,412
Liabilities
$132,043
Net assets
$901,369
Revenue
$861,407
Expenses
$833,672
Net income
$27,735
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.03$0.13$0.90$0.86$0.83$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.10$0.23$0.87$0.79$0.63$0.16
2022Detailed filing. Detailed filing data is available for this year.$0.73$0.03$0.70$0.68$0.60$0.08
2021Detailed filing. Detailed filing data is available for this year.$0.66$0.03$0.63$0.49$0.51$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.64$0.02$0.63$0.47$0.39$0.08
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 22, 2025
Return Version
2024v5.1
Gross Receipts
$861,407
Mission and Program Overview

Mission

Economic Development/Job Creation

Economic development / job creation

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$873,634$901,369▲ $27,735
Cash and Non-Interest-Bearing Accounts$746,311$725,597▼ $20,714
Accounts Receivable$210,474$209,501▼ $973
Land, Buildings, and Equipment, Net$46,473$38,951▼ $7,522
Prepaid Expenses and Deferred Charges$8,074$203▼ $7,871
Total Assets$1,103,873$1,033,412▼ $70,461
Other Assets Total$92,541$59,160▼ $33,381
Liabilities
Mortgage Notes Payable Secured by Investment Property$93,381$60,513▼ $32,868
Deferred Revenue$120,000$60,000▼ $60,000
Accounts Payable and Accrued Expenses$16,858$11,530▼ $5,328
Total Liabilities$230,239$132,043▼ $98,196
Net Assets / Fund Balance
Total Net Assets Fund Balance$873,634$901,369▲ $27,735
Total Liabilities and Net Assets / Fund Balance$1,103,873$1,033,412▼ $70,461

Asset Categories

AssetBook ValueDepreciationBasis
Land$35,445--
Equipment$3,506$29,828-
Other Assets Org$59,160--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Bill HackneyChairperson
Linda SimmonsPast Chair
Seth SpencerVice Chair
Barbara Eason-watkinsBoard Member
Dalia ZygasBoard Member
Dean MazzoniBoard Member
Denise ConlonBoard Member
Don BabcockBoard Member
Duane ParryBoard Member
Jessica BaileyBoard Member
Katie EatonBoard Member
Scott NewcombBoard Member
Stephanie OberlieBoard Member
Clarence HulseExcutive Director
Brenda TempleSecretary
Steve KringTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$469,958
Program Service Revenue
$383,962
Investment Income
$7,487
Other Revenue
$0
All Other Contributions
$469,958
Change in Net Assets
$27,735
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$425,345
Other Expenses$408,327
Total Fundraising Expense$3,221
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$142,905$96,392-$239,297
All Other Expenses$132,722$198-$132,920
Other Salaries and Wages$44,721$44,721-$89,442
Other Employee Benefits$41,119$20,253-$61,372
Fees for Services Accounting$21,750$21,750-$43,500
Travel$38,154--$38,154
Occupancy$18,714$18,714-$37,428
Advertising$33,474-$3,221$36,695
Payroll Taxes$17,017$7,170-$24,187
Office Expenses-$23,856-$23,856
Other Expenses$18,784$4,065-$18,784
Insurance-$11,597-$11,597
Pension Plan Contributions$6,935$4,112-$11,047
Conferences and Meetings$9,048--$9,048
Depreciation Depletion-$6,667-$6,667
Interest-$513-$513
Total Functional Expenses$567,896$262,555$3,221$833,672
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Documents are made available to board members upon request and to the governing body at board meetings”

Conflict of interest policy compliance Part VI line 12C

“The board maintains and makes available the conflict of interest policy on a regular basis”

CEO executive director top management comp Part VI line 15A

“Compensation packages are reviewed annually and calculated based on comparable packages in the area for similar positions”

Other officer or key employee compensation Part VI line 15B

“Compensation packages are reviewed annually and calculated based on comparable packages in the area for similar positions”

Governing documents etc available to public Part VI line 19

“Governing documents are made available to the public as required by federal and local law and the by laws of the board”

Filing and Contact Details

Filer

Filer Name
Michigan City Economic Development Corp
EIN
23-7258115
In Care Of
% CLARENCE HULSE
Phone
2198731211
Address
2 CADENCE PARK PLAZA, MICHIGAN CITY, IN 46360
Doing Business As
Economic Development Corp Mich

Signing Officer

Name
Clarence Hulse
Title
President
Phone
2198731211
Signed
2025-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clarence Hulse
Formed
1972
Legal Domicile
In
Voting Board Members
15
Independent Board Members
15
Employees
5

Preparer

Firm
Michele M Kovac CPA LLC
Address
1233 E NORTH ST, CROWN POINT, IN 46307
Preparer
Michele M Kovac CPA
Phone
2193108656
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Line 9: book to tax depreciation adjustment $10,338”

List of other fees for services expenses Part IX line 11G

“Training: $9,098hosted events $6,212”

List of other expenses Part IX line 24E

“Project consultant: $28,500business recruitment: $10,616website hosting and development $25,180business assistance: $4,357miscellaneous: $4,129”

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IRS990/InsuranceGrp/TotalAmt011597
IRS990/InterestGrp/ManagementAndGeneralAmt0513
IRS990/InterestGrp/TotalAmt0513
IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt07487
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt07487
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt05
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt029828
IRS990/LandBldgEquipBasisNetGrp/BOYAmt046473
IRS990/LandBldgEquipBasisNetGrp/EOYAmt038951
IRS990/LandBldgEquipCostOrOtherBssAmt068779
IRS990/LegalDomicileStateCd0IN
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0ECONOMIC DEVELOPMENT / JOB CREATION
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt093381
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt060513
IRS990/NetAssetsOrFundBalancesBOYAmt0873634
IRS990/NetAssetsOrFundBalancesEOYAmt0901369
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt018714
IRS990/OccupancyGrp/ProgramServicesAmt018714
IRS990/OccupancyGrp/TotalAmt037428
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt023856
IRS990/OfficeExpensesGrp/TotalAmt023856
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt092541
IRS990/OtherAssetsTotalGrp/EOYAmt059160
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt020253
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt041119
IRS990/OtherEmployeeBenefitsGrp/TotalAmt061372
IRS990/OtherExpensesGrp/Desc0TELEPHONE
IRS990/OtherExpensesGrp/Desc1STAFF RECRUITING
IRS990/OtherExpensesGrp/Desc2COMMUNITY RELATIONS
IRS990/OtherExpensesGrp/Desc3DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02547
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt14065
IRS990/OtherExpensesGrp/ProgramServicesAmt05171
IRS990/OtherExpensesGrp/ProgramServicesAmt137382
IRS990/OtherExpensesGrp/ProgramServicesAmt218784
IRS990/OtherExpensesGrp/TotalAmt07718
IRS990/OtherExpensesGrp/TotalAmt14065
IRS990/OtherExpensesGrp/TotalAmt237382
IRS990/OtherExpensesGrp/TotalAmt318784
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt044721
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt044721
IRS990/OtherSalariesAndWagesGrp/TotalAmt089442
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07170
IRS990/PayrollTaxesGrp/ProgramServicesAmt017017
IRS990/PayrollTaxesGrp/TotalAmt024187
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt04112
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt06935
IRS990/PensionPlanContributionsGrp/TotalAmt011047
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt08074
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0203
IRS990/PrincipalOfficerNm0CLARENCE HULSE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0CONTRACTED SERVICES
IRS990/ProgramServiceRevenueGrp/Desc1FEES FOR SERVICES
IRS990/ProgramServiceRevenueGrp/Desc2HOSTED EVENTS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0275000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt169837
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt239125
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0275000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt169837
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt239125
IRS990/ProgSrvcAccomActy2Grp/Desc0EMPLOYED A FULL-TIME ECONOMIC DEVELOPMENT DIRECTOR AND STAFF TO RECRUIT NEW INDUSTIAL AND MANUFACTURING BUSINESSES TO LOCATE IN MICHIGAN CITY (INCLUDES PAYROLL TAXES AND BENEFITS). IN ADDITION, THE ORGANIZATION MAINTAINED AN OFFICE TO COORDINATE ITS EFFORTS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0252697
IRS990/ProgSrvcAccomActy3Grp/Desc0STAFF ATTENDED VARIOUS CONVENTIONS, TRADE SHOWS, ETC TO MARKET MICHIGAN CITYS INDUSTRIAL SITES AND BUSINESS INCENTIVES. ALSO HOSTED A DINNER TO RECOGNIZE BUSINESS WITHIN THE COMMUNITY. ORGANIZATION WAS A MEMBER OF LOCAL AND STATE ORGANIZATION INVOLVED IN ECONOMIC DEVELOPMENT. COMMISSIONED A STRATEGIC PLAN TO GUIDE FUTURE EFFORTS. MADE CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt050094
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0486230
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt05498
IRS990/PYOtherExpensesAmt0358115
IRS990/PYProgramServiceRevenueAmt0298259
IRS990/PYRevenuesLessExpensesAmt0159462
IRS990/PYSalariesCompEmpBnftPaidAmt0272410
IRS990/PYTotalExpensesAmt0630525
IRS990/PYTotalRevenueAmt0789987
IRS990/ReconcilationRevenueExpnssAmt027735
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0873634
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0901369
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt03506
IRS990ScheduleD/EquipmentGrp/DepreciationAmt029828
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt033334
IRS990ScheduleD/LandGrp/BookValueAmt035445
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt035445
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt059160
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RIGHT OF USE ASSET
IRS990ScheduleD/TotalBookValueLandBuildingsAmt038951
IRS990ScheduleD/TotalBookValueOtherAssetsAmt059160
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DOCUMENTS ARE MADE AVAILABLE TO BOARD MEMBERS UPON REQUEST AND TO THE GOVERNING BODY AT BOARD MEETINGS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD MAINTAINS AND MAKES AVAILABLE THE CONFLICT OF INTEREST POLICY ON A REGULAR BASIS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION PACKAGES ARE REVIEWED ANNUALLY AND CALCULATED BASED ON COMPARABLE PACKAGES IN THE AREA FOR SIMILAR POSITIONS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMPENSATION PACKAGES ARE REVIEWED ANNUALLY AND CALCULATED BASED ON COMPARABLE PACKAGES IN THE AREA FOR SIMILAR POSITIONS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC AS REQUIRED BY FEDERAL AND LOCAL LAW AND THE BY LAWS OF THE BOARD
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5LINE 9: BOOK TO TAX DEPRECIATION ADJUSTMENT $10,338
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6TRAINING: $9,098HOSTED EVENTS $6,212
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7PROJECT CONSULTANT: $28,500BUSINESS RECRUITMENT: $10,616WEBSITE HOSTING AND DEVELOPMENT $25,180BUSINESS ASSISTANCE: $4,357MISCELLANEOUS: $4,129
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Explanation of other changes in net assets or fund balances Part XI line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6List of other fees for services expenses Part IX line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7List of other expenses Part IX line 24e
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt01033412
IRS990/TotalAssetsGrp/BOYAmt01103873
IRS990/TotalAssetsGrp/EOYAmt01033412
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0469958

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