Civic Intelligence

Boone County Economic Development Corporation

990 • Fiscal year 2022 • EIN 35-1768561

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 09, 2023

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

0.12x

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

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

64th percentile

0.16x

Higher debt load relative to revenue than 64% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Net Margin

82nd percentile

21%

Higher net margin than 82% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

81st percentile

$128,595

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 17.6% of source-year revenue.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Asset Growth

78th percentile

19%

Faster asset growth than 78% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

77th percentile

37%

Faster revenue growth than 77% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Up

$929,198

Up $149,055 (+19%) from 2021

Net Assets

Up

$813,646

Up $154,211 (+23%) from 2021

Liabilities

Down

$115,552

Down $5,156 (-4.3%) from 2021

Revenue

Up

$732,600

Up $197,986 (+37%) from 2021

Expenses

Up

$578,389

Up $33,376 (+6.1%) from 2021

Net Income

Up

$154,211

Up $164,610 (+1583%) from 2021

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

2022

Assets$929,198
Liabilities$115,552
Net Assets$813,646

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

2022

Revenue$732,600
Expenses$578,389
Net Income$154,211
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 9, 2023
Return Version
2022v5.0
Gross Receipts
$741,609
Mission and Program Overview

Mission

To promote economic developement in boone county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$283,211$303,085▲ $19,874
Savings and Temporary Cash Investments$265,593$272,206▲ $6,613
Cash and Non-Interest-Bearing Accounts$108,832$256,676▲ $147,844
Other Notes and Loans Receivable, Net$99,254$94,680▼ $4,574
Accounts Receivable$9,525$0▼ $9,525
Pledges and Grants Receivable$8,333$0▼ $8,333
Prepaid Expenses and Deferred Charges$0$2,451▲ $2,451
Intangible Assets$295$0▼ $295
Total Assets$780,143$929,198▲ $149,055
Other Assets Total$5,100$100▼ $5,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$80,828$76,571▼ $4,257
Deferred Revenue$20,600$24,100▲ $3,500
Accounts Payable and Accrued Expenses$19,280$14,881▼ $4,399
Total Liabilities$120,708$115,552▼ $5,156
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$472,320$461,128▼ $11,192
Net Assets With Donor Restrictions$187,115$352,518▲ $165,403
Total Net Assets Fund Balance$659,435$813,646▲ $154,211
Total Liabilities and Net Assets / Fund Balance$780,143$929,198▲ $149,055

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$252,617$58,434$311,051
Land$50,000-$50,000
Equipment$468$10,861$11,329
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly WhiteheadExecutive DirectorFT$122,295$6,300$128,595

Board Members and Trustees

NameTitle
Rick IsenhowerPresident
Steve BardocziVice President
Adam OwnesBoard Member
Lee Ann BaltaBoard Member
Nathan FramptonBoard Member
Tony SetzerBoard Member
Brian AndersonSecretary
Shane ConnerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$618,750
Program Service Revenue
$0
Investment Income
$2,090
Other Revenue
$111,760
Change in Net Assets
$154,211

Audited Revenue Reconciliation

Revenue per Audited Statements
$732,600
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$732,600
Total Revenue per Form 990
$732,600
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$375,339
Other Expenses$203,050
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$163,112
Current Officers, Directors, Trustees, and Key Employees---$122,295
Fees for Services Other---$82,193
Other Employee Benefits---$65,478
Payroll Taxes---$24,454
Information Technology---$17,005
All Other Expenses---$13,766
Travel---$12,369
Fees for Services Accounting---$10,150
Depreciation Depletion---$9,127
Advertising---$7,018
Other Expenses---$5,212
Interest---$3,062
Office Expenses---$2,292
Insurance---$490
Total Functional Expenses$0$0$0$578,389

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$578,389
Total Expenses per Audited Statements$578,389
Total Expenses per Form 990$578,389
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$42,708
Fundraising Direct Expenses$9,009
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Event$17,231$17,231-$17,231
Job Fair$6,300$6,300-$6,300
Total Events$42,708$42,708$9,009$33,699
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
2023-11-09
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 82,193.

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/BookValueAmt0252617
IRS990ScheduleD/BuildingsGrp/DepreciationAmt058434
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0311051
IRS990ScheduleD/EquipmentGrp/BookValueAmt0468
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010861
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt011329
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0578389
IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0732600
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0303085
IRS990ScheduleD/TotalExpensesPerForm990Amt0578389
IRS990ScheduleD/TotalRevenuePerForm990Amt0732600
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0732600
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0578389
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt09009
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GOLF EVENT
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0JOB FAIR
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt017231
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt06300
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt019177
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt042708
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt017231
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt06300
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt019177
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt042708
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt033699
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt03
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt09009
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt09009
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 82,193.
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/TotalAssetsBOYAmt0780143
IRS990/TotalAssetsEOYAmt0929198
IRS990/TotalAssetsGrp/BOYAmt0780143
IRS990/TotalAssetsGrp/EOYAmt0929198
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0618750
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0578389
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0120708
IRS990/TotalLiabilitiesEOYAmt0115552
IRS990/TotalLiabilitiesGrp/BOYAmt0120708
IRS990/TotalLiabilitiesGrp/EOYAmt0115552
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0659435
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0813646
IRS990/TotalOtherCompensationAmt06300
IRS990/TotalReportableCompFromOrgAmt0122295
IRS990/TotalRevenueGrp/ExclusionAmt035789
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt078061
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0732600
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0780143
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0929198
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt012369
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/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MOLLY WHITEHEAD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07654825761
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-09
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/IRSResponsiblePrtyInfoCurrInd00
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/PreparationDt02023-11-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN W KELLER CPA
ReturnHeader/ReturnTs02023-11-12T20:25:26-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MOLLY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WHITEHEAD
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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