Civic Intelligence

Graves County Economic Development Inc.

990 • Fiscal year 2024 • EIN 31-1027582

Jul 01, 2023 to Jun 30, 2024 • Filed on May 12, 2024

Organization ProfileN/A
201 East College StreetMayfield, KY 42066

(270) 247-0626

Siviq Scores

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

Liabilities / Assets

38th percentile

0.06x

Higher debt load relative to assets than 38% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

75th percentile

0.52x

Higher debt load relative to revenue than 75% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

2nd percentile

-127%

Higher net margin than 2% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

45th percentile

$118,226

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 19.8% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

100th percentile

1017%

Faster asset growth than 100% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

636%

Faster revenue growth than 99% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$5,278,687

Up $4,806,060 (+1017%) from 2023

Net Assets

Up

$4,967,930

Up $4,495,303 (+951%) from 2023

Liabilities

$310,757

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin2nd percentile

Revenue

Up

$596,276

Up $515,219 (+636%) from 2023

Expenses

Up

$1,351,049

Up $1,338,033 (+10280%) from 2023

Net Income

Down

-$754,773

Down $822,814 (-1209%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2013: $5,363,054Liabilities 2013: $867,283Net Assets 2013: $4,495,7712013Assets 2015: $4,819,247Liabilities 2015: $518,857Net Assets 2015: $4,300,3902015Assets 2016: $4,465,818Liabilities 2016: $379,090Net Assets 2016: $4,086,7282016Assets 2017: $5,269,424Liabilities 2017: $1,412,665Net Assets 2017: $3,856,7592017Assets 2018: $4,765,636Liabilities 2018: $1,142,678Net Assets 2018: $3,622,9582018Assets 2019: $5,887,237Liabilities 2019: $222,639Net Assets 2019: $5,664,5982019Assets 2020: $7,819,175Liabilities 2020: $885,724Net Assets 2020: $6,933,4512020Assets 2023: $472,627Net Assets 2023: $472,6272023Assets 2024: $5,278,687Liabilities 2024: $310,757Net Assets 2024: $4,967,9302024

Highlighted filing

2024

Assets$5,278,687
Liabilities$310,757
Net Assets$4,967,930
Open 2024 Filing

Operations Trend

Revenue Growth99th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2013: $257,1132013Revenue 2015: $173,871Expenses 2015: $232,274Net Income 2015: -$58,4032015Revenue 2016: $309,338Expenses 2016: $522,895Net Income 2016: -$213,5572016Revenue 2017: $193,277Expenses 2017: $423,246Net Income 2017: -$229,9692017Revenue 2018: $301,428Expenses 2018: $535,229Net Income 2018: -$233,8012018Revenue 2019: $2,753,596Expenses 2019: $711,956Net Income 2019: $2,041,6402019Revenue 2020: $1,841,300Expenses 2020: $572,447Net Income 2020: $1,268,8532020Revenue 2023: $81,057Expenses 2023: $13,016Net Income 2023: $68,0412023Revenue 2024: $596,276Expenses 2024: $1,351,049Net Income 2024: -$754,7732024

Highlighted filing

2024

Revenue$596,276
Expenses$1,351,049
Net Income-$754,773
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 12, 2024
Return Version
2023v6.0
Gross Receipts
$596,276
Mission and Program Overview

Mission

To actively search for new companies and industries to locate in the mayfield, ky and graves county, ky area for economic development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,292,733$1,661,263▼ $631,470
Other Notes and Loans Receivable, Net$1,264,239$1,428,106▲ $163,867
Land, Buildings, and Equipment, Net$473,159$518,344▲ $45,185
Pledges and Grants Receivable$71,374$27,519▼ $43,855
Accounts Receivable$39$78▲ $39
Total Assets$5,744,921$5,278,687▼ $466,234
Other Assets Total$1,643,377$1,643,377→ $0
Liabilities
Other Liabilities$1$291,944▲ $291,943
Accounts Payable and Accrued Expenses$22,217$18,813▼ $3,404
Total Liabilities$22,218$310,757▲ $288,539
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,621,382$3,621,382→ $0
Net Assets Without Donor Restrictions$2,101,321$1,346,548▼ $754,773
Total Net Assets Fund Balance$5,722,703$4,967,930▼ $754,773
Total Liabilities and Net Assets / Fund Balance$5,744,921$5,278,687▼ $466,234

Asset Categories

AssetBook ValueDepreciationBasis
Land$509,568-$509,568
Other Land Buildings$8,776$122,437$131,213
Other Assets Org$1,643,377--
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jason LemlePresidentFT$118,226$118,226

Board Members and Trustees

NameTitle
Brad DameChairman
Ricky BinkleyChairman
Allison MorrisBoard Member
Brent ShultzBoard Member
Dave AndersonBoard Member
Gracie CavinBoard Member
Jeremy BuchananBoard Member
Jeremy CreasonBoard Member
Jesse PerryBoard Member
John AndersonBoard Member
KATHY O'NANBoard Member
Matt ScogginsBoard Member
Richard HeathBoard Member
Shea WeaksBoard Member
Tanya RoseBoard Member
Trevor BonnstetterBoard Member
Tyler GoodmanBoard Member
Ward MorganBoard Member
Sally HopkinsSecretary/ T
Revenue and Support

Revenue Composition

Contributions and Grants
$529,615
Program Service Revenue
$0
Investment Income
$51,790
Other Revenue
$14,871
All Other Contributions
$529,615
Change in Net Assets
$-754,773
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,101,348
Salaries, Compensation, and Employee Benefits$249,701
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$190,409--$190,409
Advertising$40,590--$40,590
Other Employee Benefits$30,736--$30,736
Fees for Services Accounting-$19,200-$19,200
Payroll Taxes$15,554--$15,554
Depreciation Depletion$14,581--$14,581
Pension Plan Contributions$13,002--$13,002
Insurance$12,809--$12,809
Fees for Services Management-$11,610-$11,610
Travel$10,909--$10,909
Occupancy-$6,629-$6,629
Fees for Services Legal$5,544--$5,544
Office Expenses$74$5,272-$5,346
Other Expenses$4,567--$4,567
All Other Expenses$2,194--$2,194
Total Functional Expenses$1,308,338$42,711$0$1,351,049
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Spec Building$291,944
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
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
No
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 11B

“REVIEWED BY PRESIDENT.”

Form 990, Page 6, Part VI, Line 19

“No other documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Graves County Economic Development
EIN
31-1027582
Phone
2702470626
Address
201 EAST COLLEGE STREET, MAYFIELD, KY 42066

Signing Officer

Name
Ricky Binkley
Title
Chairman
Phone
2702470626
Signed
2024-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Binkley
Formed
1981
Legal Domicile
Ky
Voting Board Members
19
Independent Board Members
19
Employees
3

Preparer

Firm
Fox & Company Cpas Inc
Address
907 PARIS RD, MAYFIELD, KY 42066
Preparer
Johanna P Turner
Phone
2702476087
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IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO ACTIVELY SEARCH FOR NEW COMPANIES AND INDUSTRIES TO LOCATE IN THE MAYFIELD, KY AND GRAVES COUNTY, KY AREA FOR ECONOMIC DEVELOPMENT.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt05722703
IRS990/NetAssetsOrFundBalancesEOYAmt04967930
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0200
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0200
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt02101321
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt01346548
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt06629
IRS990/OccupancyGrp/TotalAmt06629
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt05272
IRS990/OfficeExpensesGrp/ProgramServicesAmt074
IRS990/OfficeExpensesGrp/TotalAmt05346
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01643377
IRS990/OtherAssetsTotalGrp/EOYAmt01643377
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt030736
IRS990/OtherEmployeeBenefitsGrp/TotalAmt030736
IRS990/OtherExpensesGrp/Desc0GRANT REPAYMENT
IRS990/OtherExpensesGrp/Desc1PROJECT EXPENSES
IRS990/OtherExpensesGrp/Desc2REMOTE WORKER PROGRAM
IRS990/OtherExpensesGrp/Desc3TELEPHONE
IRS990/OtherExpensesGrp/ProgramServicesAmt0680000
IRS990/OtherExpensesGrp/ProgramServicesAmt1252114
IRS990/OtherExpensesGrp/ProgramServicesAmt235255
IRS990/OtherExpensesGrp/ProgramServicesAmt34567
IRS990/OtherExpensesGrp/TotalAmt0680000
IRS990/OtherExpensesGrp/TotalAmt1252114
IRS990/OtherExpensesGrp/TotalAmt235255
IRS990/OtherExpensesGrp/TotalAmt34567
IRS990/OtherLiabilitiesGrp/BOYAmt01
IRS990/OtherLiabilitiesGrp/EOYAmt0291944
IRS990/OtherRevenueMiscGrp/Desc0OTHER REVENUE
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt014871
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt014871
IRS990/OtherRevenueTotalAmt014871
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0190409
IRS990/OtherSalariesAndWagesGrp/TotalAmt0190409
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01264239
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01428106
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt015554
IRS990/PayrollTaxesGrp/TotalAmt015554
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt013002
IRS990/PensionPlanContributionsGrp/TotalAmt013002
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt071374
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt027519
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0RICKY BINKLEY
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0388775
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt029229
IRS990/PYOtherExpensesAmt0715724
IRS990/PYOtherRevenueAmt014257
IRS990/PYRevenuesLessExpensesAmt0-511185
IRS990/PYSalariesCompEmpBnftPaidAmt0227722
IRS990/PYTotalExpensesAmt0943446
IRS990/PYTotalRevenueAmt0432261
IRS990/ReconcilationRevenueExpnssAmt0-754773
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0529615
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0299694
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0722274
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01773916
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt02677810
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt06003309
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt051590
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt029229
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt09380
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012620
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt067384
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0170203
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt066461
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.97240
IRS990ScheduleA/PublicSupportPY170Pct00.96720
IRS990ScheduleA/PublicSupportTotal170Amt06003309
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0529615
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0299694
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0722274
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01773916
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt02677810
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt06003309
IRS990ScheduleA/TotalSupportAmt06173512
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/LandGrp/BookValueAmt0509568
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0509568
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01643377
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REAL ESTATE INVESTMENTS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt08776
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0122437
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0131213
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0291944
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SPEC BUILDING
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0518344
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01643377
IRS990ScheduleD/TotalLiabilityAmt0291944
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVIEWED BY PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO OTHER DOCUMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt05744921
IRS990/TotalAssetsEOYAmt05278687
IRS990/TotalAssetsGrp/BOYAmt05744921
IRS990/TotalAssetsGrp/EOYAmt05278687
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0529615
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00

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Filings

Displayed year

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

Open filing
Assets
$5,278,687
Liabilities
$310,757
Net assets
$4,967,930
Revenue
$596,276
Expenses
$1,351,049
Net income
-$754,773
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.28$0.31$4.97$0.60$1.35$0.75
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.47$0.47$0.08$0.01$0.07
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.82$0.89$6.93$1.84$0.57$1.27
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.89$0.22$5.66$2.75$0.71$2.04
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.77$1.14$3.62$0.30$0.54$0.23
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.27$1.41$3.86$0.19$0.42$0.23
2016Detailed filing. Detailed filing data is available for this year.$4.47$0.38$4.09$0.31$0.52$0.21
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.82$0.52$4.30$0.17$0.23$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.36$0.87$4.50$0.26