Civic Intelligence

Boone County Economic Development Corporation

990 • Fiscal year 2023 • EIN 35-1768561

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

Organization ProfileWWW.BOONEEDC.ORG
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

47th percentile

0.14x

Higher debt load relative to assets than 47% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

58th percentile

0.24x

Higher debt load relative to revenue than 58% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

75th percentile

14%

Higher net margin than 75% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

50th percentile

$140,455

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 22.9% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

66th percentile

12%

Faster asset growth than 66% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

8th percentile

-16%

Faster revenue growth than 8% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$1,044,831

Up $115,633 (+12%) from 2022

Net Assets

Up

$900,217

Up $86,571 (+11%) from 2022

Liabilities

Up

$144,614

Up $29,062 (+25%) from 2022

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin75th percentile

Revenue

Down

$612,591

Down $120,009 (-16%) from 2022

Expenses

Down

$526,020

Down $52,369 (-9.1%) from 2022

Net Income

Down

$86,571

Down $67,640 (-44%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

2023

Assets$1,044,831
Liabilities$144,614
Net Assets$900,217
Open 2023 Filing

Operations Trend

Revenue Growth8th percentile

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

2023

Revenue$612,591
Expenses$526,020
Net Income$86,571
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.1
Gross Receipts
$617,721
Mission and Program Overview

Mission

To promote economic developement in boone county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$256,676$355,659▲ $98,983
Land, Buildings, and Equipment, Net$303,085$294,010▼ $9,075
Savings and Temporary Cash Investments$272,206$203,158▼ $69,048
Other Notes and Loans Receivable, Net$94,680$168,021▲ $73,341
Accounts Receivable$0$21,150▲ $21,150
Prepaid Expenses and Deferred Charges$2,451$2,733▲ $282
Total Assets$929,198$1,044,831▲ $115,633
Other Assets Total$100$100→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$76,571$72,179▼ $4,392
Deferred Revenue$24,100$56,700▲ $32,600
Accounts Payable and Accrued Expenses$14,881$15,735▲ $854
Total Liabilities$115,552$144,614▲ $29,062
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$461,128$557,117▲ $95,989
Net Assets With Donor Restrictions$352,518$343,100▼ $9,418
Total Net Assets Fund Balance$813,646$900,217▲ $86,571
Total Liabilities and Net Assets / Fund Balance$929,198$1,044,831▲ $115,633

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$243,711$67,340$311,051
Land$50,000-$50,000
Equipment$299$11,030$11,329
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly WhiteheadExecutive DirectorFT$130,706$9,749$140,455

Board Members and Trustees

NameTitle
Rick IsenhowerPresident
Adam OwnesBoard Member
Nathan FramptonBoard Member
Steve BardocziBoard Member
Tony SetzerBoard Member
Brian AndersonSecretary
Shane ConnerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$517,400
Program Service Revenue
$0
Investment Income
$16,386
Other Revenue
$78,805
Change in Net Assets
$86,571

Audited Revenue Reconciliation

Revenue per Audited Statements
$612,591
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$612,591
Total Revenue per Form 990
$612,591
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$351,748
Other Expenses$174,272
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$139,092
Current Officers, Directors, Trustees, and Key Employees---$130,706
Other Employee Benefits---$38,470
Payroll Taxes---$30,130
Fees for Services Other---$25,364
Information Technology---$20,411
All Other Expenses---$18,026
Pension Plan Contributions---$13,350
Advertising---$9,650
Other Expenses---$9,641
Depreciation Depletion---$9,075
Fees for Services Accounting---$8,200
Travel---$5,092
Insurance---$4,505
Interest---$2,927
Office Expenses---$1,985
Total Functional Expenses$0$0$0$526,020

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$526,020
Total Expenses per Audited Statements$526,020
Total Expenses per Form 990$526,020
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$7,035
Fundraising Direct Expenses$5,130
Professional Fundraising Fees$0
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
2024-11-07
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
4
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 Appendix371 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/EquipmentGrp/BookValueAmt0299
IRS990ScheduleD/EquipmentGrp/DepreciationAmt011030
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt011329
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0526020
IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0612591
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0294010
IRS990ScheduleD/TotalExpensesPerForm990Amt0526020
IRS990ScheduleD/TotalRevenuePerForm990Amt0612591
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0612591
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0526020
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/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:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0929198
IRS990/TotalAssetsEOYAmt01044831
IRS990/TotalAssetsGrp/BOYAmt0929198
IRS990/TotalAssetsGrp/EOYAmt01044831
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0517400
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/TotalAmt0526020
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0115552
IRS990/TotalLiabilitiesEOYAmt0144614
IRS990/TotalLiabilitiesGrp/BOYAmt0115552
IRS990/TotalLiabilitiesGrp/EOYAmt0144614
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0813646
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0900217
IRS990/TotalOtherCompensationAmt09749
IRS990/TotalReportableCompFromOrgAmt0130706
IRS990/TotalRevenueGrp/ExclusionAmt018291
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt076900
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0612591
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0929198
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01044831
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt05092
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/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MOLLY WHITEHEAD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07654825761
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-07
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/PreparationDt02024-11-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN W KELLER CPA
ReturnHeader/ReturnTs02024-11-12T08:02:08-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,044,831
Liabilities
$144,614
Net assets
$900,217
Revenue
$612,591
Expenses
$526,020
Net income
$86,571
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.16$0.14$1.02$0.71$0.59$0.12
2023Detailed filing. Detailed filing data is available for this year.$1.04$0.14$0.90$0.61$0.53$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.93$0.12$0.81$0.73$0.58$0.15
2021Detailed filing. Detailed filing data is available for this year.$0.78$0.12$0.66$0.53$0.55$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.79$0.12$0.67$0.58$0.41$0.17
2019Detailed filing. Detailed filing data is available for this year.$0.64$0.13$0.50$0.51$0.54$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.64$0.11$0.53$0.49$0.55$0.05
2017Detailed filing. Detailed filing data is available for this year.$0.70$0.11$0.59$0.48$0.42$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.65$0.11$0.53$0.49$0.39$0.10
2015Detailed filing. Detailed filing data is available for this year.$0.44$0.01$0.43$0.40$0.36$0.04