Civic Intelligence

Whitley County Economic Development Corporation

990 • Fiscal year 2016 • EIN 35-1854496

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 01, 2017

Organization ProfileWHITLEYEDC.COM
220 W Van Buren St Ste 102Columbia City, IN 46725

(260) 244-5506

Siviq Scores

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

Liabilities / Assets

64th percentile

0.14x

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

2016 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2016

Liabilities / Revenue

69th percentile

0.30x

Higher debt load relative to revenue than 69% of similar nonprofits.

2016 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2016

Net Margin

16th percentile

-14%

Higher net margin than 16% of similar nonprofits.

2016 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

80th percentile

14%

Faster asset growth than 80% of similar nonprofits.

2016 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Revenue Growth

12th percentile

-21%

Faster revenue growth than 12% of similar nonprofits.

2016 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$881,522

Up $110,075 (+14%) from 2015

Net Assets

Up

$761,909

Up $13,391 (+1.8%) from 2015

Liabilities

Up

$119,613

Up $96,684 (+422%) from 2015

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin16th percentile

Revenue

Down

$402,553

Down $104,608 (-21%) from 2015

Expenses

Down

$458,719

Down $11,975 (-2.5%) from 2015

Net Income

Down

-$56,166

Down $92,633 (-254%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

$1.0M$500K$0Assets 2010: $424,438Liabilities 2010: $32,762Net Assets 2010: $391,6762010Assets 2011: $362,994Liabilities 2011: $6,332Net Assets 2011: $356,6622011Assets 2012: $418,447Liabilities 2012: $3,320Net Assets 2012: $415,1272012Assets 2013: $445,794Liabilities 2013: $4,298Net Assets 2013: $441,4962013Assets 2014: $722,130Liabilities 2014: $10,079Net Assets 2014: $712,0512014Assets 2015: $771,447Liabilities 2015: $22,929Net Assets 2015: $748,5182015Assets 2016: $881,522Liabilities 2016: $119,613Net Assets 2016: $761,9092016Assets 2017: $806,700Liabilities 2017: $16,591Net Assets 2017: $790,1092017Assets 2018: $784,778Liabilities 2018: $15,242Net Assets 2018: $769,5362018Assets 2019: $741,710Liabilities 2019: $27,080Net Assets 2019: $714,6302019Assets 2020: $723,129Liabilities 2020: $65,958Net Assets 2020: $657,1712020Assets 2021: $746,084Liabilities 2021: $19,708Net Assets 2021: $726,3762021Assets 2022: $793,725Liabilities 2022: $24,228Net Assets 2022: $769,4972022Assets 2023: $873,845Liabilities 2023: $18,625Net Assets 2023: $855,2202023Assets 2024: $929,290Liabilities 2024: $8,483Net Assets 2024: $920,8072024

Highlighted filing

2016

Assets$881,522
Liabilities$119,613
Net Assets$761,909
Open 2016 Filing

Operations Trend

Revenue Growth12th percentile

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

$800K$600K$400K$200K$0-$200KExpenses 2010: $338,8142010Expenses 2011: $431,7972011Expenses 2012: $334,4692012Revenue 2013: $446,061Expenses 2013: $419,692Net Income 2013: $26,3692013Revenue 2014: $658,321Expenses 2014: $387,766Net Income 2014: $270,5552014Revenue 2015: $507,161Expenses 2015: $470,694Net Income 2015: $36,4672015Revenue 2016: $402,553Expenses 2016: $458,719Net Income 2016: -$56,1662016Revenue 2017: $420,920Expenses 2017: $392,720Net Income 2017: $28,2002017Revenue 2018: $449,028Expenses 2018: $469,601Net Income 2018: -$20,5732018Revenue 2019: $465,918Expenses 2019: $520,824Net Income 2019: -$54,9062019Revenue 2020: $483,312Expenses 2020: $540,771Net Income 2020: -$57,4592020Revenue 2021: $561,292Expenses 2021: $492,087Net Income 2021: $69,2052021Revenue 2022: $438,133Expenses 2022: $395,012Net Income 2022: $43,1212022Revenue 2023: $452,660Expenses 2023: $366,937Net Income 2023: $85,7232023Revenue 2024: $411,546Expenses 2024: $345,959Net Income 2024: $65,5872024

Highlighted filing

2016

Revenue$402,553
Expenses$458,719
Net Income-$56,166
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 1, 2017
Return Version
2016v3.0
Gross Receipts
$402,553
Mission and Program Overview

Mission

ECONOMIC DEVELOPMENT

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$435,253$494,523▲ $59,270
Savings and Temporary Cash Investments$175,050$178,068▲ $3,018
Other Notes and Loans Receivable, Net$149,644$131,965▼ $17,679
Accounts Receivable-$71,473-
Pledges and Grants Receivable$6,178--
Land, Buildings, and Equipment, Net$5,322$3,635▼ $1,687
Prepaid Expenses and Deferred Charges-$1,858-
Total Assets$771,447$881,522▲ $110,075
Liabilities
Other Liabilities-$100,191-
Accounts Payable and Accrued Expenses$22,929$19,422▼ $3,507
Total Liabilities$22,929$119,613▲ $96,684
Net Assets / Fund Balance
Unrestricted Net Assets$285,384$403,775▲ $118,391
Permanently Rstr Net Assets-$318,134-
Temporarily Rstr Net Assets$463,134$40,000▼ $423,134
Total Net Assets Fund Balance$748,518$761,909▲ $13,391
Total Liabilities and Net Assets / Fund Balance$771,447$881,522▲ $110,075

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,034$92,824$94,858
Leasehold Improvements$1,601$4,804$6,405
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jonathan J MyersPresident ExFT$102,332$20,151$122,483

Board Members and Trustees

NameTitle
Robin WrightChair
Paula ReimersVice Chair
Brooks LangelohDirector
Gregg KiessDirector
Keith SchumanDirector
Kristi SturtzDirector
Scott GabrielDirector
John LefeverDirector Ex-
Matt ShipmanLegal Counse
PATRICIA O'CONNORSecretary
Joe KessieTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$374,269
Program Service Revenue
$23,650
Investment Income
$4,634
Other Revenue
$0
All Other Contributions
$36,071
Change in Net Assets
$-56,166

Audited Revenue Reconciliation

Revenue per Audited Statements
$402,553
Revenue Not Reported on Form 990
$31,200
Total Revenue per Audited Statements
$433,753
Total Revenue per Form 990
$402,553
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$236,853
Other Expenses$221,866
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$122,483--$122,483
Other Salaries and Wages-$89,179-$89,179
Fees for Services Other$75,960--$75,960
Advertising$20,573--$20,573
Payroll Taxes$7,986$8,872-$16,858
Office Expenses$815$10,143-$10,958
All Other Expenses$5,850$3,069-$8,919
Fees for Services Accounting-$8,640-$8,640
Other Expenses$50,000$8,577-$8,577
Other Employee Benefits-$6,456-$6,456
Information Technology$880$3,428-$4,308
Travel-$3,306-$3,306
Conferences and Meetings-$2,625-$2,625
Insurance-$2,147-$2,147
Pension Plan Contributions-$1,877-$1,877
Fees for Services Legal-$1,722-$1,722
Depreciation Depletion-$1,687-$1,687
Total Functional Expenses$284,547$174,172$0$458,719

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$489,919
Expenses per Audited Statements$458,719
Total Expenses per Form 990$458,719
Expenses Not Reported on Form 990$31,200
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
Payable to Redevelopment Commission$100,191
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
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, Part VI

“Whitley county economic development corporation has drafted a formal conflict of interest policy, a whistleblower policy and a document retention and destruction policy which will be adopted in 2017.”

Form 990, Page 6, Part VI, Line 11B

“Management and the finance committee review a draft of the 990. The form 990 is made available to the board members prior to filing.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Whitley County Economic Development
EIN
35-1854496
Phone
2602445506
Address
220 W VAN BUREN ST STE 102, COLUMBIA CITY, IN 46725

Signing Officer

Name
Robin Wright
Title
Chair
Phone
2602445506
Signed
2017-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan J Myers
Voting Board Members
9
Independent Board Members
9
Employees
6

Preparer

Firm
Baden Gage & Schroeder LLC
Address
6920 POINTE INVERNESS WAY 300, FORT WAYNE, IN 46804-7926
Preparer
Christine K Hootman CPA
Phone
2604222551
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Board development 1,750 0 0 knowledge center workshop 21,000 0 0 lwc management fees 10,667 0 0 executive leadership series 3,250 0 0 sbei growth ventures class 2,000 0 0 broadband consulting services 5,000 0 0 dod training series 6,000 0 0 sbei greenlight consulting 14,000 0 0 other 293 0 0 grant writing/loan funds 12,000 0 0 total 75,960 0 0”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is a tax-exempt not-for-profit organization under section 501(c)(4) of the internal revenue code and is not considered to be a private foundation as determined by the internal revenue service and is not subject to income taxes. The accounting standard that provides guidance on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of income subject to unrelated business income tax (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended december 31, 2016.”

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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt089179
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01858
IRS990/PrincipalOfficerNm0JONATHAN J MYERS
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt06405
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0100191
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYABLE TO REDEVELOPMENT COMMISSION
IRS990ScheduleD/RevenueNotReportedAmt031200
IRS990ScheduleD/RevenueSubtotalAmt0402553
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS A TAX-EXEMPT NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE AND IS NOT CONSIDERED TO BE A PRIVATE FOUNDATION AS DETERMINED BY THE INTERNAL REVENUE SERVICE AND IS NOT SUBJECT TO INCOME TAXES. THE ACCOUNTING STANDARD THAT PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF INCOME SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50 PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEAR ENDED DECEMBER 31, 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalExpensesPerForm990Amt0458719
IRS990ScheduleD/TotalLiabilityAmt0100191
IRS990ScheduleD/TotalRevenuePerForm990Amt0402553
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WHITLEY COUNTY ECONOMIC DEVELOPMENT CORPORATION HAS DRAFTED A FORMAL CONFLICT OF INTEREST POLICY, A WHISTLEBLOWER POLICY AND A DOCUMENT RETENTION AND DESTRUCTION POLICY WHICH WILL BE ADOPTED IN 2017.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT AND THE FINANCE COMMITTEE REVIEW A DRAFT OF THE 990. THE FORM 990 IS MADE AVAILABLE TO THE BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD DEVELOPMENT 1,750 0 0 KNOWLEDGE CENTER WORKSHOP 21,000 0 0 LWC MANAGEMENT FEES 10,667 0 0 EXECUTIVE LEADERSHIP SERIES 3,250 0 0 SBEI GROWTH VENTURES CLASS 2,000 0 0 BROADBAND CONSULTING SERVICES 5,000 0 0 DOD TRAINING SERIES 6,000 0 0 SBEI GREENLIGHT CONSULTING 14,000 0 0 OTHER 293 0 0 GRANT WRITING/LOAN FUNDS 12,000 0 0 TOTAL 75,960 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
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IRS990/TaxExemptBondsInd0false
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IRS990/TempOrPermanentEndowmentsInd0false
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IRS990/USAddress/StateAbbreviationCd0IN
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0ROBIN WRIGHT
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ReturnHeader/BusinessOfficerGrp/PhoneNum02602445506
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-01
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0468047926
ReturnHeader/PreparerPersonGrp/PhoneNum02604222551
ReturnHeader/PreparerPersonGrp/PreparationDt02017-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHRISTINE K HOOTMAN CPA
ReturnHeader/ReturnTs02017-11-14T12:12:12-05:00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$881,522
Liabilities
$119,613
Net assets
$761,909
Revenue
$402,553
Expenses
$458,719
Net income
-$56,166
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.29$0.08$9.21$4.12$3.46$0.66
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.74$0.19$8.55$4.53$3.67$0.86
2022Detailed filing. Detailed filing data is available for this year.$7.94$0.24$7.69$4.38$3.95$0.43
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.46$0.20$7.26$5.61$4.92$0.69
2020Detailed filing. Detailed filing data is available for this year.$7.23$0.66$6.57$4.83$5.41$0.57
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.42$0.27$7.15$4.66$5.21$0.55
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.85$0.15$7.70$4.49$4.70$0.21
2017Detailed filing. Detailed filing data is available for this year.$8.07$0.17$7.90$4.21$3.93$0.28
2016Detailed filing. Detailed filing data is available for this year.$8.82$1.20$7.62$4.03$4.59$0.56
2015Detailed filing. Detailed filing data is available for this year.$7.71$0.23$7.49$5.07$4.71$0.36
2014Detailed filing. Detailed filing data is available for this year.$7.22$0.10$7.12$6.58$3.88$2.71
2013Detailed filing. Detailed filing data is available for this year.$4.46$0.04$4.41$4.46$4.20$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.18$0.03$4.15$3.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.63$0.06$3.57$4.32
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.24$0.33$3.92$3.39