Civic Intelligence

Boone County Economic Development Corporation

990 • Fiscal year 2020 • EIN 35-1768561

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 11, 2021

2030 Indianapolis AvenueLebanon, IN 46052

(765) 482-5761

Siviq Scores

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

Liabilities / Assets

61st percentile

0.15x

Higher debt load relative to assets than 61% of similar nonprofits.

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

Liabilities / Revenue

65th percentile

0.20x

Higher debt load relative to revenue than 65% of similar nonprofits.

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

Net Margin

88th percentile

29%

Higher net margin than 88% of similar nonprofits.

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

Top Officer Pay

73rd percentile

$111,246

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 19.2% of source-year revenue.

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

Asset Growth

80th percentile

24%

Faster asset growth than 80% of similar nonprofits.

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

Revenue Growth

86th percentile

13%

Faster revenue growth than 86% of similar nonprofits.

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

Assets

Up

$788,641

Up $153,503 (+24%) from 2019

Net Assets

Up

$669,834

Up $166,794 (+33%) from 2019

Liabilities

Down

$118,807

Down $13,291 (-10%) from 2019

Revenue

Up

$580,267

Up $65,688 (+13%) from 2019

Expenses

Down

$413,473

Down $122,213 (-23%) from 2019

Net Income

Up

$166,794

Up $187,901 (+890%) from 2019

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2015: $438,563Liabilities 2015: $6,726Net Assets 2015: $431,8372015Assets 2016: $645,534Liabilities 2016: $113,755Net Assets 2016: $531,7792016Assets 2017: $698,758Liabilities 2017: $112,151Net Assets 2017: $586,6072017Assets 2018: $641,928Liabilities 2018: $108,081Net Assets 2018: $533,8472018Assets 2019: $635,138Liabilities 2019: $132,098Net Assets 2019: $503,0402019Assets 2020: $788,641Liabilities 2020: $118,807Net Assets 2020: $669,8342020Assets 2021: $780,143Liabilities 2021: $120,708Net Assets 2021: $659,4352021Assets 2022: $929,198Liabilities 2022: $115,552Net Assets 2022: $813,6462022Assets 2023: $1,044,831Liabilities 2023: $144,614Net Assets 2023: $900,2172023Assets 2024: $1,157,297Liabilities 2024: $138,623Net Assets 2024: $1,018,6742024

Highlighted filing

2020

Assets$788,641
Liabilities$118,807
Net Assets$669,834

Operations Trend

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

$800K$600K$400K$200K$0-$200KRevenue 2015: $401,410Expenses 2015: $357,302Net Income 2015: $44,1082015Revenue 2016: $489,239Expenses 2016: $389,297Net Income 2016: $99,9422016Revenue 2017: $477,376Expenses 2017: $422,548Net Income 2017: $54,8282017Revenue 2018: $492,529Expenses 2018: $545,289Net Income 2018: -$52,7602018Revenue 2019: $514,579Expenses 2019: $535,686Net Income 2019: -$21,1072019Revenue 2020: $580,267Expenses 2020: $413,473Net Income 2020: $166,7942020Revenue 2021: $534,614Expenses 2021: $545,013Net Income 2021: -$10,3992021Revenue 2022: $732,600Expenses 2022: $578,389Net Income 2022: $154,2112022Revenue 2023: $612,591Expenses 2023: $526,020Net Income 2023: $86,5712023Revenue 2024: $710,636Expenses 2024: $592,179Net Income 2024: $118,4572024

Highlighted filing

2020

Revenue$580,267
Expenses$413,473
Net Income$166,794
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 11, 2021
Return Version
2020v4.1
Gross Receipts
$595,310
Mission and Program Overview

Mission

To promote economic developement in boone county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$301,582$292,339▼ $9,243
Savings and Temporary Cash Investments$161,546$182,061▲ $20,515
Other Notes and Loans Receivable, Net$37,420$128,825▲ $91,405
Cash and Non-Interest-Bearing Accounts$123,386$125,929▲ $2,543
Pledges and Grants Receivable$0$50,000▲ $50,000
Accounts Receivable$9,925$8,650▼ $1,275
Intangible Assets$1,179$737▼ $442
Total Assets$635,138$788,641▲ $153,503
Other Assets Total$100$100→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$88,375$84,451▼ $3,924
Deferred Revenue$25,700$17,600▼ $8,100
Accounts Payable and Accrued Expenses$18,023$16,756▼ $1,267
Total Liabilities$132,098$118,807▼ $13,291
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$446,375$486,164▲ $39,789
Net Assets With Donor Restrictions$56,665$183,670▲ $127,005
Total Net Assets Fund Balance$503,040$669,834▲ $166,794
Total Liabilities and Net Assets / Fund Balance$635,138$788,641▲ $153,503

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$241,299$41,046$282,345
Land$50,000-$50,000
Equipment$1,040$15,227$16,267
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly WhiteheadExecutive DirectorFT$106,898$4,348$111,246

Board Members and Trustees

NameTitle
Brock HeslerPresident
Steve BardocziVice President
Brian AndersonBoard Member
Rick IsenhowerBoard Member
Tony SetzerBoard Member
Lee Ann BaltaSecretary
Mark BladeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$551,284
Program Service Revenue
$0
Investment Income
$2,650
Other Revenue
$26,333
Change in Net Assets
$166,794

Audited Revenue Reconciliation

Revenue per Audited Statements
$580,267
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$580,267
Total Revenue per Form 990
$580,267
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$324,634
Other Expenses$88,839
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$143,708
Current Officers, Directors, Trustees, and Key Employees---$106,898
Other Employee Benefits---$57,128
Payroll Taxes---$16,900
Fees for Services Other---$13,108
Information Technology---$11,686
Fees for Services Accounting---$11,450
Depreciation Depletion---$9,685
All Other Expenses---$6,168
Advertising---$4,233
Interest---$3,710
Other Expenses---$3,220
Insurance---$3,208
Travel---$1,972
Office Expenses---$969
Total Functional Expenses$0$0$0$413,473

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$413,473
Total Expenses per Audited Statements$413,473
Total Expenses per Form 990$413,473
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$27,251
Fundraising Direct Expenses$15,043
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Event$14,285$14,285$721$13,564
Job Fair$4,390$4,390-$4,390
Total Events$27,251$27,251$15,043$12,208
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
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
No
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, Part VI, Section A, Line 6

The organization's members include government agencies, private companies, and utility companies.

Form 990, Part VI, Section A, Line 7A

The organization's members elect members of the board of directors.

Form 990, Part VI, Section B, Line 11B

The form 990 is circulated and reviewed by the executive committee before it is filed with the irs.

Form 990, Part VI, Section B, Line 12C

Board members annually disclose their involvement with organizaions and any matter that might create a conflict of interest.

Form 990, Part VI, Section B, Line 15A

The executive committee determines the compensation from the duties and expectations of the applicable position. The committee receives and reviews comparable market data from other economic development coorporations from the surrounding nine counties.

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST.

Form 990, Part VIII, Line 1E

Governement grants, reported on this line on part viii, include $125,000 received in total from three local municipalities. These grants are restricted for use only in the organization's small business loan program and cannot be used for general operations.

Filing and Contact Details

Filer

Filer Name
Boone County Economic Development
EIN
35-1768561
Phone
7654825761
Address
2030 INDIANAPOLIS AVENUE, LEBANON, IN 46052

Signing Officer

Name
Molly Whitehead
Title
Executive Director
Phone
7654825761
Signed
2021-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Molly Whitehead
Formed
1989
Legal Domicile
In
Voting Board Members
7
Independent Board Members
7
Employees
6
Volunteers
7

Preparer

Firm
Greenwalt Cpas Inc
Address
5342 W VERMONT STREET, INDIANAPOLIS, IN 46224
Preparer
John W Keller CPA
Phone
3172412999
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The executive committee and board of directors review and approve the audited financial statements before they are finalized.

Raw XML Appendix392 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0580267
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0292339
IRS990ScheduleD/TotalExpensesPerForm990Amt0413473
IRS990ScheduleD/TotalRevenuePerForm990Amt0580267
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0580267
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0413473
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt015043
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF EVENT
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0JOB FAIR
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageOtherEventsAmt05677
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt05677
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt014285
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt04390
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt08576
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt027251
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt014285
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt04390
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt08576
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt027251
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt012208
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt02447
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt03168
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt0721
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt04
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt06198
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt06198
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S MEMBERS INCLUDE GOVERNMENT AGENCIES, PRIVATE COMPANIES, AND UTILITY COMPANIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S MEMBERS ELECT MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS CIRCULATED AND REVIEWED BY THE EXECUTIVE COMMITTEE BEFORE IT IS FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD MEMBERS ANNUALLY DISCLOSE THEIR INVOLVEMENT WITH ORGANIZAIONS AND ANY MATTER THAT MIGHT CREATE A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE EXECUTIVE COMMITTEE DETERMINES THE COMPENSATION FROM THE DUTIES AND EXPECTATIONS OF THE APPLICABLE POSITION. THE COMMITTEE RECEIVES AND REVIEWS COMPARABLE MARKET DATA FROM OTHER ECONOMIC DEVELOPMENT COORPORATIONS FROM THE SURROUNDING NINE COUNTIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS REVIEW AND APPROVE THE AUDITED FINANCIAL STATEMENTS BEFORE THEY ARE FINALIZED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7GOVERNEMENT GRANTS, REPORTED ON THIS LINE ON PART VIII, INCLUDE $125,000 RECEIVED IN TOTAL FROM THREE LOCAL MUNICIPALITIES. THESE GRANTS ARE RESTRICTED FOR USE ONLY IN THE ORGANIZATION'S SMALL BUSINESS LOAN PROGRAM AND CANNOT BE USED FOR GENERAL OPERATIONS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VIII, LINE 1E
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0635138
IRS990/TotalAssetsEOYAmt0788641
IRS990/TotalAssetsGrp/BOYAmt0635138
IRS990/TotalAssetsGrp/EOYAmt0788641
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0551284
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0413473
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0132098
IRS990/TotalLiabilitiesEOYAmt0118807
IRS990/TotalLiabilitiesGrp/BOYAmt0132098
IRS990/TotalLiabilitiesGrp/EOYAmt0118807
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0503040
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0669834
IRS990/TotalOtherCompensationAmt04348
IRS990/TotalReportableCompFromOrgAmt0106898
IRS990/TotalRevenueGrp/ExclusionAmt014858
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt014125
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0580267
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0635138
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0788641
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt01972
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02030 INDIANAPOLIS AVENUE
IRS990/USAddress/CityNm0LEBANON
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd046052
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.BOONEEDC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MOLLY WHITEHEAD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07654825761
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BOONE COUNTY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessNameControlTxt0BOON
ReturnHeader/Filer/EIN0351768561
ReturnHeader/Filer/PhoneNum07654825761
ReturnHeader/Filer/USAddress/AddressLine1Txt02030 INDIANAPOLIS AVENUE
ReturnHeader/Filer/USAddress/CityNm0LEBANON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IN
ReturnHeader/Filer/USAddress/ZIPCd046052
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351489521
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GREENWALT CPAS INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05342 W VERMONT STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0INDIANAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd046224
ReturnHeader/PreparerPersonGrp/PhoneNum03172412999
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN W KELLER CPA
ReturnHeader/ReturnTs02021-11-14T15:57:17-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MOLLY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WHITEHEAD
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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