Civic Intelligence

Morgan County Improvement Corporation

990 • Fiscal year 2014 • EIN 26-0090510

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 17, 2015

155 E Main Street Room 135 Ste BMcconnelsville, OH 43756

(740) 962-6772

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

83rd percentile

0.65x

Higher debt load relative to assets than 83% of similar nonprofits.

2014 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

95th percentile

10.45x

Higher debt load relative to revenue than 95% of similar nonprofits.

2014 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2014

Net Margin

89th percentile

49%

Higher net margin than 89% of similar nonprofits.

2014 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

44th percentile

$40,000

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 10.6% of source-year revenue.

2014 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2014

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

$6,124,780

No earlier filing loaded for comparison.

Net Assets

$2,172,980

No earlier filing loaded for comparison.

Liabilities

$3,951,800

No earlier filing loaded for comparison.

Revenue

$378,164

No earlier filing loaded for comparison.

Expenses

$192,403

No earlier filing loaded for comparison.

Net Income

$185,761

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2014: $6,124,780Liabilities 2014: $3,951,800Net Assets 2014: $2,172,9802014Assets 2015: $5,897,237Liabilities 2015: $3,624,952Net Assets 2015: $2,272,2852015Assets 2016: $5,686,767Liabilities 2016: $3,293,107Net Assets 2016: $2,393,6602016Assets 2017: $5,789,819Liabilities 2017: $3,407,421Net Assets 2017: $2,382,3982017Assets 2018: $5,113,631Liabilities 2018: $2,605,081Net Assets 2018: $2,508,5502018Assets 2019: $4,980,545Liabilities 2019: $2,242,085Net Assets 2019: $2,738,4602019Assets 2020: $4,702,300Liabilities 2020: $2,050,127Net Assets 2020: $2,652,1732020Assets 2021: $4,433,064Liabilities 2021: $1,476,200Net Assets 2021: $2,956,8642021Assets 2022: $4,238,671Liabilities 2022: $1,076,636Net Assets 2022: $3,162,0352022Assets 2023: $4,052,619Liabilities 2023: $667,353Net Assets 2023: $3,385,2662023Assets 2024: $3,826,016Liabilities 2024: $245,621Net Assets 2024: $3,580,3952024

Highlighted filing

2014

Assets$6,124,780
Liabilities$3,951,800
Net Assets$2,172,980

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2014: $378,164Expenses 2014: $192,403Net Income 2014: $185,7612014Revenue 2015: $367,927Expenses 2015: $268,622Net Income 2015: $99,3052015Revenue 2016: $379,375Expenses 2016: $258,000Net Income 2016: $121,3752016Revenue 2017: $719,180Expenses 2017: $730,442Net Income 2017: -$11,2622017Revenue 2018: $361,840Expenses 2018: $235,688Net Income 2018: $126,1522018Revenue 2019: $465,164Expenses 2019: $235,254Net Income 2019: $229,9102019Revenue 2020: $210,727Expenses 2020: $297,014Net Income 2020: -$86,2872020Revenue 2021: $520,282Expenses 2021: $215,591Net Income 2021: $304,6912021Revenue 2022: $360,014Expenses 2022: $154,843Net Income 2022: $205,1712022Revenue 2023: $634,170Expenses 2023: $410,939Net Income 2023: $223,2312023Revenue 2024: $361,566Expenses 2024: $166,437Net Income 2024: $195,1292024

Highlighted filing

2014

Revenue$378,164
Expenses$192,403
Net Income$185,761
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 17, 2015
Return Version
2014v5.0
Gross Receipts
$378,164
Mission and Program Overview

Mission

The sole purpose for which the corporation is formed is to advance, encourage, and promote industrial, economic, commercial, and civic development of the county of morgan, and the municipal corporations located therein by acting as the designated agency of the county of morgan, one or more municipal corporations located therein, or the county of morgan and one or more municipal corporations located therein, for the industrial, commercial, distribution, and research development in such political subdivision in accordance with section 1724.10, revised code. To provide real property for an industrial building being financed in part by loans and grants from the state of ohio. The corporation shall have the right to raise money and expend funds for community projects in morgan county, ohio. Our activity furthers our exempt purpose as we are able to obtain loans with lower than standard interest rates and grants from the state of ohio to finance the real property, which in turn allows the co

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$3,378,464$3,328,073▼ $50,391
Land, Buildings, and Equipment, Net$2,576,192$2,498,628▼ $77,564
Accounts Receivable$206,025$194,205▼ $11,820
Savings and Temporary Cash Investments$128,731$103,876▼ $24,855
Cash and Non-Interest-Bearing Accounts-$-2-
Total Assets$6,289,412$6,124,780▼ $164,632
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,302,193$3,951,800▼ $350,393
Total Liabilities$4,302,193$3,951,800▼ $350,393
Net Assets / Fund Balance
Unrestricted Net Assets$1,987,219$2,172,980▲ $185,761
Total Net Assets Fund Balance$1,987,219$2,172,980▲ $185,761
Total Liabilities and Net Assets / Fund Balance$6,289,412$6,124,780▼ $164,632

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,293,268$731,732$3,025,000
Land$205,360-$205,360
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Mike WorkmanExec Dir/nonPT$40,000$40,000

Board Members and Trustees

NameTitle
Adam ShriverBoard Member
Bernie AndersonBoard Member
Bill AllenBoard Member
Cinda EricksonBoard Member
Dick WetzelBoard Member
Gary WoodwardBoard Member
Jamie WhiteBoard Member
Mike ReedBoard Member
Ryan SchaadBoard Member
Tim Van HornBoard Member
Mike ChapinBoard Presid
Kim ReedBoard Sec/tr
Kathy SmedleyBoard Vice P
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$360,000
Investment Income
$12,364
Other Revenue
$5,800
Change in Net Assets
$185,761
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$152,403
Salaries, Compensation, and Employee Benefits$40,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$77,564--$77,564
Interest$45,709--$45,709
Current Officers, Directors, Trustees, and Key Employees$40,000--$40,000
Occupancy$8,909--$8,909
Fees for Services Accounting$7,613--$7,613
Fees for Services Legal$1,425--$1,425
Other Expenses$722--$722
All Other Expenses$359--$359
Total Functional Expenses$192,403$0$0$192,403
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Board MembersPYMTS REC'D ON DEBTNo$50,391
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
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
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

Mike reed kim reed board member board member married

Form 990, Page 6, Part VI, Line 11B

Reviewed and discussed during a normal board meeting.

Form 990, Page 6, Part VI, Line 15A

Proposal was made to the board back when compensation for mr. Workman first began. At that point the board reviewed and approved the compensation for mr. Workman.

Form 990, Page 6, Part VI, Line 19

Governing documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Morgan County Improvement
EIN
26-0090510
Phone
7409626772
Address
155 E MAIN STREET ROOM 135 STE B, MCCONNELSVILLE, OH 43756

Signing Officer

Name
Carl Raines
Title
Executive Director
Phone
7409626772
Signed
2015-08-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carl Raines
Formed
1967
Legal Domicile
Oh
Voting Board Members
13
Independent Board Members
13
Employees
0

Preparer

Firm
Hamilton Waltman Obenour & Melsheimer
Address
PO BOX 8200, ZANESVILLE, OH 43702-8200
Preparer
Bryan T Melsheimer CPA
Phone
7404548852
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The sole purpose for which the corporation is formed is to advance, encourage, and promote industrial, economic, commercial, and civic development of the county of morgan, and the municipal corporations located therein by acting as the designated agency of the county of morgan, one or more municipal corporations located therein, or the county of morgan and one or more municipal corporations located therein, for the industrial, commercial, distribution, and research development in such political subdivision in accordance with section 1724.10, revised code. To provide real property for an industrial building being financed in part by loans and grants from the state of ohio. The corporation shall have the right to raise money and expend funds for community projects in morgan county, ohio. Our activity furthers our exempt purpose as we are able to obtain loans with lower than standard interest rates and grants from the state of ohio to finance the real property, which in turn allows the company leasing the industrial building to pay lower lease payments and gives them an incentive to come to morgan county, ohio to help reduce unemployment and create jobs in our local economy.

Form 990

The organization estimated the fmv of the assets transferred to be equal to book value for ease of reporting and because they did not think it was cost beneficial to pay for an appraisal of the assets being transferred from one non-profit to another non-profit.

Form 990, Page 12, Part XII, Line 2C

The organization has hired an accounting firm to assist them in the preparation of compiled gaap financial statements on an annual basis along with other accounting services. The state auditor's office audits the organization every two years.

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IRS990/MissionDesc0THE SOLE PURPOSE FOR WHICH THE CORPORATION IS FORMED IS TO ADVANCE, ENCOURAGE, AND PROMOTE INDUSTRIAL, ECONOMIC, COMMERCIAL, AND CIVIC DEVELOPMENT OF THE COUNTY OF MORGAN, AND THE MUNICIPAL CORPORATIONS LOCATED THEREIN BY ACTING AS THE DESIGNATED AGENCY OF THE COUNTY OF MORGAN, ONE OR MORE MUNICIPAL CORPORATIONS LOCATED THEREIN, OR THE COUNTY OF MORGAN AND ONE OR MORE MUNICIPAL CORPORATIONS LOCATED THEREIN, FOR THE INDUSTRIAL, COMMERCIAL, DISTRIBUTION, AND RESEARCH DEVELOPMENT IN SUCH POLITICAL SUBDIVISION IN ACCORDANCE WITH SECTION 1724.10, REVISED CODE. TO PROVIDE REAL PROPERTY FOR AN INDUSTRIAL BUILDING BEING FINANCED IN PART BY LOANS AND GRANTS FROM THE STATE OF OHIO. THE CORPORATION SHALL HAVE THE RIGHT TO RAISE MONEY AND EXPEND FUNDS FOR COMMUNITY PROJECTS IN MORGAN COUNTY, OHIO. OUR ACTIVITY FURTHERS OUR EXEMPT PURPOSE AS WE ARE ABLE TO OBTAIN LOANS WITH LOWER THAN STANDARD INTEREST RATES AND GRANTS FROM THE STATE OF OHIO TO FINANCE THE REAL PROPERTY, WHICH IN TURN ALLOWS THE CO
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SOLE PURPOSE FOR WHICH THE CORPORATION IS FORMED IS TO ADVANCE, ENCOURAGE, AND PROMOTE INDUSTRIAL, ECONOMIC, COMMERCIAL, AND CIVIC DEVELOPMENT OF THE COUNTY OF MORGAN, AND THE MUNICIPAL CORPORATIONS LOCATED THEREIN BY ACTING AS THE DESIGNATED AGENCY OF THE COUNTY OF MORGAN, ONE OR MORE MUNICIPAL CORPORATIONS LOCATED THEREIN, OR THE COUNTY OF MORGAN AND ONE OR MORE MUNICIPAL CORPORATIONS LOCATED THEREIN, FOR THE INDUSTRIAL, COMMERCIAL, DISTRIBUTION, AND RESEARCH DEVELOPMENT IN SUCH POLITICAL SUBDIVISION IN ACCORDANCE WITH SECTION 1724.10, REVISED CODE. TO PROVIDE REAL PROPERTY FOR AN INDUSTRIAL BUILDING BEING FINANCED IN PART BY LOANS AND GRANTS FROM THE STATE OF OHIO. THE CORPORATION SHALL HAVE THE RIGHT TO RAISE MONEY AND EXPEND FUNDS FOR COMMUNITY PROJECTS IN MORGAN COUNTY, OHIO. OUR ACTIVITY FURTHERS OUR EXEMPT PURPOSE AS WE ARE ABLE TO OBTAIN LOANS WITH LOWER THAN STANDARD INTEREST RATES AND GRANTS FROM THE STATE OF OHIO TO FINANCE THE REAL PROPERTY, WHICH IN TURN ALLOWS THE COMPANY LEASING THE INDUSTRIAL BUILDING TO PAY LOWER LEASE PAYMENTS AND GIVES THEM AN INCENTIVE TO COME TO MORGAN COUNTY, OHIO TO HELP REDUCE UNEMPLOYMENT AND CREATE JOBS IN OUR LOCAL ECONOMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION ESTIMATED THE FMV OF THE ASSETS TRANSFERRED TO BE EQUAL TO BOOK VALUE FOR EASE OF REPORTING AND BECAUSE THEY DID NOT THINK IT WAS COST BENEFICIAL TO PAY FOR AN APPRAISAL OF THE ASSETS BEING TRANSFERRED FROM ONE NON-PROFIT TO ANOTHER NON-PROFIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MIKE REED KIM REED BOARD MEMBER BOARD MEMBER MARRIED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED AND DISCUSSED DURING A NORMAL BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROPOSAL WAS MADE TO THE BOARD BACK WHEN COMPENSATION FOR MR. WORKMAN FIRST BEGAN. AT THAT POINT THE BOARD REVIEWED AND APPROVED THE COMPENSATION FOR MR. WORKMAN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION HAS HIRED AN ACCOUNTING FIRM TO ASSIST THEM IN THE PREPARATION OF COMPILED GAAP FINANCIAL STATEMENTS ON AN ANNUAL BASIS ALONG WITH OTHER ACCOUNTING SERVICES. THE STATE AUDITOR'S OFFICE AUDITS THE ORGANIZATION EVERY TWO YEARS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 12, PART XII, LINE 2C
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ReturnHeader/BuildTS02016-04-25 22:37:26Z
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ReturnHeader/BusinessOfficerGrp/SignatureDt02015-08-17
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