Civic Intelligence

Boone County Economic Development Corporation

990 • Fiscal year 2021 • EIN 35-1768561

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 11, 2022

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

62nd percentile

0.15x

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

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

67th percentile

0.23x

Higher debt load relative to revenue than 67% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Net Margin

21st percentile

-1.9%

Higher net margin than 21% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

77th percentile

$115,415

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 21.6% of source-year revenue.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Asset Growth

21st percentile

-1.1%

Faster asset growth than 21% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

26th percentile

-7.9%

Faster revenue growth than 26% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Assets

Down

$780,143

Down $8,498 (-1.1%) from 2020

Net Assets

Down

$659,435

Down $10,399 (-1.6%) from 2020

Liabilities

Up

$120,708

Up $1,901 (+1.6%) from 2020

Revenue

Down

$534,614

Down $45,653 (-7.9%) from 2020

Expenses

Up

$545,013

Up $131,540 (+32%) from 2020

Net Income

Down

-$10,399

Down $177,193 (-106%) from 2020

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

2021

Assets$780,143
Liabilities$120,708
Net Assets$659,435

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

2021

Revenue$534,614
Expenses$545,013
Net Income-$10,399
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 11, 2022
Return Version
2021v4.2
Gross Receipts
$552,245
Mission and Program Overview

Mission

To promote economic developement in boone county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$292,339$283,211▼ $9,128
Savings and Temporary Cash Investments$182,061$265,593▲ $83,532
Cash and Non-Interest-Bearing Accounts$125,929$108,832▼ $17,097
Other Notes and Loans Receivable, Net$128,825$99,254▼ $29,571
Accounts Receivable$8,650$9,525▲ $875
Pledges and Grants Receivable$50,000$8,333▼ $41,667
Intangible Assets$737$295▼ $442
Total Assets$788,641$780,143▼ $8,498
Other Assets Total$100$5,100▲ $5,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$84,451$80,828▼ $3,623
Deferred Revenue$17,600$20,600▲ $3,000
Accounts Payable and Accrued Expenses$16,756$19,280▲ $2,524
Total Liabilities$118,807$120,708▲ $1,901
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$486,164$472,320▼ $13,844
Net Assets With Donor Restrictions$183,670$187,115▲ $3,445
Total Net Assets Fund Balance$669,834$659,435▼ $10,399
Total Liabilities and Net Assets / Fund Balance$788,641$780,143▼ $8,498

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$232,546$49,799$282,345
Land$50,000-$50,000
Equipment$665$12,829$13,494
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly WhiteheadExecutive DirectorFT$109,860$5,555$115,415

Board Members and Trustees

NameTitle
Lee Ann BaltaPresident
Steve BardocziVice President
Nathan FramptonBoard Member
Shane ConnerBoard Member
Tony SetzerBoard Member
Brock HeslerPast Predsident
Brian AndersonSecretary
Rick IsenhowerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$487,624
Program Service Revenue
$0
Investment Income
$3,962
Other Revenue
$43,028
Change in Net Assets
$-10,399

Audited Revenue Reconciliation

Revenue per Audited Statements
$534,614
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$534,614
Total Revenue per Form 990
$534,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$346,667
Other Expenses$198,346
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$157,252
Current Officers, Directors, Trustees, and Key Employees---$109,860
Fees for Services Other---$79,362
Other Employee Benefits---$58,037
Payroll Taxes---$21,518
Information Technology---$16,621
All Other Expenses---$13,366
Fees for Services Accounting---$11,375
Depreciation Depletion---$9,570
Other Expenses---$8,600
Insurance---$6,414
Travel---$3,861
Interest---$3,853
Office Expenses---$2,827
Advertising---$1,985
Total Functional Expenses$0$0$0$545,013

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$545,013
Total Expenses per Audited Statements$545,013
Total Expenses per Form 990$545,013
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$37,367
Fundraising Direct Expenses$17,631
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Event$34,179$34,179$6,824$27,355
Job Fair$293$293-$293
Total Events$37,367$37,367$17,631$19,736
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.

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
2022-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Molly Whitehead
Formed
1989
Legal Domicile
In
Voting Board Members
8
Independent Board Members
8
Employees
6
Volunteers
9

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 IX, Line 11G

Employment services 79,362.

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 Appendix398 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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IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0232546
IRS990ScheduleD/BuildingsGrp/DepreciationAmt049799
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0282345
IRS990ScheduleD/EquipmentGrp/BookValueAmt0665
IRS990ScheduleD/EquipmentGrp/DepreciationAmt012829
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt013494
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0545013
IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0534614
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0283211
IRS990ScheduleD/TotalExpensesPerForm990Amt0545013
IRS990ScheduleD/TotalRevenuePerForm990Amt0534614
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0534614
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0545013
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt017631
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF EVENT
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0JOB FAIR
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt034179
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt0293
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt02895
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt037367
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt034179
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt0293
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt02895
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt037367
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt019736
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt0290
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt07114
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt06824
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt01
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt010517
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt010517
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/ExplanationTxt6EMPLOYMENT SERVICES 79,362.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS REVIEW AND APPROVE THE AUDITED FINANCIAL STATEMENTS BEFORE THEY ARE FINALIZED.
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 IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0788641
IRS990/TotalAssetsEOYAmt0780143
IRS990/TotalAssetsGrp/BOYAmt0788641
IRS990/TotalAssetsGrp/EOYAmt0780143
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0487624
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0545013
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0118807
IRS990/TotalLiabilitiesEOYAmt0120708
IRS990/TotalLiabilitiesGrp/BOYAmt0118807
IRS990/TotalLiabilitiesGrp/EOYAmt0120708
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0669834
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0659435
IRS990/TotalOtherCompensationAmt05555
IRS990/TotalReportableCompFromOrgAmt0109860
IRS990/TotalRevenueGrp/ExclusionAmt023698
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt023292
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0534614
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0788641
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0780143
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt03861
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02030 INDIANAPOLIS AVENUE
IRS990/USAddress/CityNm0LEBANON
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd046052
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.BOONEEDC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MOLLY WHITEHEAD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07654825761
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-11
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/PreparationDt02022-11-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN W KELLER CPA
ReturnHeader/ReturnTs02022-11-15T13:37:48-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MOLLY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WHITEHEAD
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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