Civic Intelligence

Council for Economic Development of Hancock County

990 • Fiscal year 2020 • EIN 35-1654127

Jan 01, 2020 to Dec 31, 2020 • Filed on May 13, 2021

Organization ProfileWWW.HANCOCKEDC.COM
One Courthouse PlazaGreenfield, IN 46140

(317) 477-7241

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.68x

Higher debt load relative to assets than 93% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

1.82x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Net Margin

43rd percentile

2.8%

Higher net margin than 43% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

66th percentile

$94,500

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 34.2% of source-year revenue.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Asset Growth

98th percentile

225%

Faster asset growth than 98% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

81st percentile

6.9%

Faster revenue growth than 81% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$734,848

Up $508,872 (+225%) from 2019

Net Assets

Up

$231,969

Up $7,709 (+3.4%) from 2019

Liabilities

Up

$502,879

Up $501,163 (+29205%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin43rd percentile

Revenue

Up

$276,022

Up $17,832 (+6.9%) from 2019

Expenses

Up

$268,314

Up $32,568 (+14%) from 2019

Net Income

Down

$7,708

Down $14,736 (-66%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$800K$600K$400K$200K$0Assets 2011: $109,881Liabilities 2011: $3,337Net Assets 2011: $106,5442011Assets 2012: $127,450Liabilities 2012: $3,320Net Assets 2012: $124,1302012Assets 2014: $130,096Liabilities 2014: $294Net Assets 2014: $129,8022014Assets 2015: $168,143Liabilities 2015: $4,607Net Assets 2015: $163,5362015Assets 2016: $223,562Liabilities 2016: $9,264Net Assets 2016: $214,2982016Assets 2017: $241,175Liabilities 2017: $9,248Net Assets 2017: $231,9272017Assets 2018: $204,644Liabilities 2018: $2,828Net Assets 2018: $201,8162018Assets 2019: $225,976Liabilities 2019: $1,716Net Assets 2019: $224,2602019Assets 2020: $734,848Liabilities 2020: $502,879Net Assets 2020: $231,9692020Assets 2021: $250,377Liabilities 2021: $3,013Net Assets 2021: $247,3642021Assets 2022: $197,838Liabilities 2022: $3,012Net Assets 2022: $194,8262022Assets 2024: $388,571Liabilities 2024: $1,024Net Assets 2024: $387,5472024

Highlighted filing

2020

Assets$734,848
Liabilities$502,879
Net Assets$231,969
Open 2020 Filing

Operations Trend

Revenue Growth81st percentile

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

$1.0M$500K$0-$500KRevenue 2011: $196,896Expenses 2011: $180,913Net Income 2011: $15,9832011Revenue 2012: $183,187Expenses 2012: $165,604Net Income 2012: $17,5832012Revenue 2014: $500,107Expenses 2014: $495,563Net Income 2014: $4,5442014Revenue 2015: $226,877Expenses 2015: $193,143Net Income 2015: $33,7342015Revenue 2016: $252,968Expenses 2016: $202,206Net Income 2016: $50,7622016Revenue 2017: $230,402Expenses 2017: $212,773Net Income 2017: $17,6292017Revenue 2018: $247,304Expenses 2018: $277,415Net Income 2018: -$30,1112018Revenue 2019: $258,190Expenses 2019: $235,746Net Income 2019: $22,4442019Revenue 2020: $276,022Expenses 2020: $268,314Net Income 2020: $7,7082020Revenue 2021: $804,306Expenses 2021: $788,911Net Income 2021: $15,3952021Revenue 2022: $282,440Expenses 2022: $334,978Net Income 2022: -$52,5382022Revenue 2024: $639,100Expenses 2024: $501,691Net Income 2024: $137,4092024

Highlighted filing

2020

Revenue$276,022
Expenses$268,314
Net Income$7,708
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 13, 2021
Return Version
2020v4.0
Gross Receipts
$276,022
Mission and Program Overview

Mission

To promote economic development in hancock county by providing site assistance, cost of doing business analysis, and economic impact modeling to site location consultants, the corporate real estate community, and individual businesses. We serve as a liaison between local government and the business community. Our mission is to enhance the quality of life in hancock county through the attraction and retention of quality jobs and promotion of a diversified tax base.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$20,140$520,311▲ $500,171
Savings and Temporary Cash Investments$202,438$212,654▲ $10,216
Land, Buildings, and Equipment, Net$3,398$1,883▼ $1,515
Total Assets$225,976$734,848▲ $508,872
Liabilities
Grants Payable-$500,000-
Other Liabilities$1,716$2,879▲ $1,163
Total Liabilities$1,716$502,879▲ $501,163
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$224,260$231,969▲ $7,709
Total Net Assets Fund Balance$224,260$231,969▲ $7,709
Total Liabilities and Net Assets / Fund Balance$225,976$734,848▲ $508,872

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,883$27,600$29,483
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Randall SorrellExecutive DiFT$90,000$4,500$94,500

Board Members and Trustees

NameTitle
-President
-Trustee
-Secretary
-Treasurer
-Vice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$258,405
Program Service Revenue
$17,400
Investment Income
$217
Other Revenue
$0
All Other Contributions
$121,455
Change in Net Assets
$7,708
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$171,156
Other Expenses$87,158
Grants and Similar Amounts Paid$10,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$94,500-$94,500
Other Salaries and Wages-$49,406-$49,406
Fees for Services Other-$33,596-$33,596
Occupancy-$17,555-$17,555
Other Employee Benefits-$16,744-$16,744
Payroll Taxes-$10,506-$10,506
Grants to Domestic Orgs$10,000--$10,000
Information Technology-$5,972-$5,972
Fees for Services Accounting-$5,451-$5,451
Conferences and Meetings-$4,448-$4,448
Advertising-$3,919-$3,919
Office Expenses-$1,710-$1,710
Insurance-$1,704-$1,704
Travel-$1,634-$1,634
Depreciation Depletion-$1,516-$1,516
Other Expenses$714$29-$29
Total Functional Expenses$19,624$248,690$0$268,314
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Town of FortvilleFortville, INGovSite Readiness$10,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes$2,303
Capital Lease Payable$384
Credit Card Payable$192
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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 executive director prior to signature”

Form 990, Page 6, Part VI, Line 19

“Annual reports are available on the website”

Filing and Contact Details

Filer

Filer Name
Council for Economic Development
EIN
35-1654127
Phone
3174777241
Address
ONE COURTHOUSE PLAZA, GREENFIELD, IN 46140
Doing Business As
Hancock Econ Development Council

Signing Officer

Name
Randall Sorrell
Title
Executive Director
Phone
3174777241
Signed
2021-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Randall Sorrell
Formed
1985
Legal Domicile
In
Voting Board Members
34
Independent Board Members
34
Employees
3

Preparer

Firm
Sprinkle CPA LLC
Address
32 S STATE STREET, GREENFIELD, IN 46140-7285
Preparer
Susan E Connett CPA
Phone
3174771040
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item C

“Hancock econ development council”

FORM 990 - ORGANIZATION'S MISSION

“To promote economic development in hancock county by providing site assistance, cost of doing business analysis, and economic impact modeling to site location consultants, the corporate real estate community, and individual businesses. We serve as a liaison between local government and the business community. Our mission is to enhance the quality of life in hancock county through the attraction and retention of quality jobs and promotion of a diversified tax base.”

Form 990, Part IX, Line 11G

“Consulting 0 12,000 0 consulting 0 19,836 0 contract services 0 1,760 0 total 0 33,596 0”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 1”

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 1B

“Organization received funds from the indiana economic development council to distribute for an industrial development grant. This will be directed to amazon for infrastructure in a later year. The total amount was 500,000.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
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IRS990/MissionDesc0TO PROMOTE ECONOMIC DEVELOPMENT IN HANCOCK COUNTY BY PROVIDING SITE ASSISTANCE, COST OF DOING BUSINESS ANALYSIS, AND ECONOMIC IMPACT MODELING TO SITE LOCATION CONSULTANTS, THE CORPORATE REAL ESTATE COMMUNITY, AND INDIVIDUAL BUSINESSES. WE SERVE AS A LIAISON BETWEEN LOCAL GOVERNMENT AND THE BUSINESS COMMUNITY. OUR MISSION IS TO ENHANCE THE QUALITY OF LIFE IN HANCOCK COUNTY THROUGH THE ATTRACTION AND RETENTION OF QUALITY JOBS AND PROMOTION OF A DIVERSIFIED TAX BASE.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CAPITAL LEASE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CREDIT CARD PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION RECEIVED FUNDS FROM THE INDIANA ECONOMIC DEVELOPMENT COUNCIL TO DISTRIBUTE FOR AN INDUSTRIAL DEVELOPMENT GRANT. THIS WILL BE DIRECTED TO AMAZON FOR INFRASTRUCTURE IN A LATER YEAR. THE TOTAL AMOUNT WAS 500,000.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 1B
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$734,848
Liabilities
$502,879
Net assets
$231,969
Revenue
$276,022
Expenses
$268,314
Net income
$7,708
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.89$0.01$3.88$6.39$5.02$1.37
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.98$0.03$1.95$2.82$3.35$0.53
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.50$0.03$2.47$8.04$7.89$0.15
2020Detailed filing. Detailed filing data is available for this year.$7.35$5.03$2.32$2.76$2.68$0.08
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.26$0.02$2.24$2.58$2.36$0.22
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.05$0.03$2.02$2.47$2.77$0.30
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$0.09$2.32$2.30$2.13$0.18
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.24$0.09$2.14$2.53$2.02$0.51
2015Detailed filing. Detailed filing data is available for this year.$1.68$0.05$1.64$2.27$1.93$0.34
2014Detailed filing. Detailed filing data is available for this year.$1.30$0.00$1.30$5.00$4.96$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.27$0.03$1.24$1.83$1.66$0.18
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.10$0.03$1.07$1.97$1.81$0.16