Civic Intelligence

Lakeland Economic Development Council Inc

990 • Fiscal year 2016 • EIN 45-4919549

Jan 01, 2016 to Dec 31, 2016 • Filed on Jan 24, 2018

226 N Kentucky AveLakeland, FL 33801

(863) 687-3788

Siviq Scores

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

Liabilities / Assets

78th percentile

0.44x

Higher debt load relative to assets than 78% of similar nonprofits.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

57th percentile

0.24x

Higher debt load relative to revenue than 57% of similar nonprofits.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2016

Net Margin

93rd percentile

27%

Higher net margin than 93% of similar nonprofits.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

95th percentile

$397,263

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 29.4% of source-year revenue.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2016

Asset Growth

95th percentile

49%

Faster asset growth than 95% of similar nonprofits.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

96th percentile

60%

Faster revenue growth than 96% of similar nonprofits.

2016 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Up

$718,632

Up $236,734 (+49%) from 2015

Net Assets

Up

$400,039

Up $360,330 (+907%) from 2015

Liabilities

Down

$318,593

Down $123,596 (-28%) from 2015

Revenue

Up

$1,350,475

Up $503,972 (+60%) from 2015

Expenses

Up

$990,145

Up $117,753 (+13%) from 2015

Net Income

Up

$360,330

Up $386,219 (+1492%) from 2015

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2014: $435,279Liabilities 2014: $327,072Net Assets 2014: $108,2072014Assets 2015: $481,898Liabilities 2015: $442,189Net Assets 2015: $39,7092015Assets 2016: $718,632Liabilities 2016: $318,593Net Assets 2016: $400,0392016Assets 2017: $997,946Liabilities 2017: $383,660Net Assets 2017: $614,2862017Assets 2019: $1,110,497Liabilities 2019: $195,333Net Assets 2019: $915,1642019Assets 2020: $1,363,912Liabilities 2020: $264,294Net Assets 2020: $1,099,6182020Assets 2021: $1,566,246Liabilities 2021: $258,228Net Assets 2021: $1,308,0182021Assets 2024: $1,714,621Liabilities 2024: $238,667Net Assets 2024: $1,475,9542024

Highlighted filing

2016

Assets$718,632
Liabilities$318,593
Net Assets$400,039

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2014: $764,239Expenses 2014: $804,270Net Income 2014: -$40,0312014Revenue 2015: $846,503Expenses 2015: $872,392Net Income 2015: -$25,8892015Revenue 2016: $1,350,475Expenses 2016: $990,145Net Income 2016: $360,3302016Revenue 2017: $1,260,396Expenses 2017: $1,046,149Net Income 2017: $214,2472017Revenue 2019: $1,275,637Expenses 2019: $1,019,934Net Income 2019: $255,7032019Revenue 2020: $1,270,496Expenses 2020: $1,086,042Net Income 2020: $184,4542020Revenue 2021: $1,257,011Expenses 2021: $1,048,612Net Income 2021: $208,3992021Revenue 2024: $1,417,868Expenses 2024: $1,239,541Net Income 2024: $178,3272024

Highlighted filing

2016

Revenue$1,350,475
Expenses$990,145
Net Income$360,330
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jan 24, 2018
Return Version
2016v3.1
Gross Receipts
$1,350,475
Mission and Program Overview

Mission

By attracting new companies as well as facilitating the expansion of existing companies in the lakeland, fl area. The goals of the organization are to retain and grow existing businesses; create jobs and investment; grow targeted industry sectors; high-skill/high-wage employment growth; support entrepreneurialism and new business creation; promote infrastructure and development, market lakeland, fl as a premier location for business and facilitate partnerships to enhance growth. The ledc's primary role is to help create jobs and capital investment by attracting new companies, as well as facilitating the expansion of existing companies in the lakeland, florida area. Day-to-day operations at the ledc are staffed by five full-time employees, and one to two paid interns at any given time. The ledc's board of directors are made of volunteer community leaders.

The lakeland economic development council (ledc) is a private, non-profit organization with approximately 130+ member companies. The ledc's primary role is to help create jobs and capital investment by attracting new companies as well as facilitating the expansion of existing companies in the lakeland area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$328,221$357,259▲ $29,038
Cash and Non-Interest-Bearing Accounts$73,182$307,482▲ $234,300
Accounts Receivable$52,126$27,666▼ $24,460
Land, Buildings, and Equipment, Net$25,104$22,960▼ $2,144
Prepaid Expenses and Deferred Charges$3,265$3,265→ $0
Total Assets$481,898$718,632▲ $236,734
Liabilities
Deferred Revenue$327,587$202,987▼ $124,600
Other Liabilities$66,719$109,393▲ $42,674
Accounts Payable and Accrued Expenses$47,883$6,213▼ $41,670
Total Liabilities$442,189$318,593▼ $123,596
Net Assets / Fund Balance
Unrestricted Net Assets$39,709$400,039▲ $360,330
Total Net Assets Fund Balance$39,709$400,039▲ $360,330
Total Liabilities and Net Assets / Fund Balance$481,898$718,632▲ $236,734

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$22,960$85,162$108,122
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven J ScruggsPresidentFT$203,000$194,263$397,263

Board Members and Trustees

NameTitle
Brian PhilpotChairman
David Hallock JrVice Chairma
Cory PetcoffDirector
Jeff ChamberlainHigh Skill H
Wesley BeckSecretary
Todd BaylisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,320,519
Program Service Revenue
$0
Investment Income
$29,956
Other Revenue
$0
All Other Contributions
$83,071
Change in Net Assets
$360,330
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$677,098
Other Expenses$313,047
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$478,420$119,605-$598,025
Other Employee Benefits$38,383$9,595-$47,978
Advertising$39,755--$39,755
All Other Expenses$25,704$6,427-$32,131
Occupancy$25,621$6,405-$32,026
Payroll Taxes$24,876$6,219-$31,095
Office Expenses$20,983$5,245-$26,228
Other Expenses$20,107$5,027-$25,134
Travel$8,423$2,106-$10,529
Fees for Services Legal$4,598$1,149-$5,747
Insurance$3,926$981-$4,907
Depreciation Depletion$3,533$883-$4,416
Total Functional Expenses$800,068$190,077$0$990,145
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
In-house lobbying only
No
Subject to proxy tax
Yes
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Catapult Lakeland IncRelated PartyReimb. Salary Exp.No$83,071
Catapult Lakeland IncRelated PartyContribution to Org.No$45,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation Liability$109,393
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
Yes
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, Page 6, Part VI, Line 11B

The board of directors reviews the form 990 before it is filed and designates one of its members to disuss any questions with the cpa who prepared the return.

Form 990, Page 6, Part VI, Line 12C

We monitor any interests with our board of directors and key employees that could result in a conflict. We have an executive board that monitors compensation. We also review other economic development councils and what they compensate staff.

Form 990, Page 6, Part VI, Line 15A

An annual evaluation conducted by the ledc chairman and president that is reviewed by ledc executive board, led by brian g. Philpot, ledc chairman at the november board meeting .

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public by having them available in the corporate office and by mail upon request.

Filing and Contact Details

Filer

Filer Name
Lakeland Economic Development
EIN
45-4919549
Address
226 N KENTUCKY AVE, LAKELAND, FL 33801

Signing Officer

Name
Steven J Scruggs
Title
President
Phone
8636873788
Signed
2018-01-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven J Scruggs
Formed
2012
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
5
Volunteers
140

Preparer

Firm
Wall Titus LLC
Address
212 E HIGHLAND DR STE 201, LAKELAND, FL 33813-1725
Preparer
Alicia C James CPA
Phone
8636830708
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The lakeland economic development council (ledc) is a private, non-profit organization with approximately 130+ member companies. The ledc's primary role is to help create jobs and capital investment by attracting new companies as well as facilitating the expansion of existing companies in the lakeland area.

Form 990

By attracting new companies as well as facilitating the expansion of existing companies in the lakeland, fl area. The goals of the organization are to retain and grow existing businesses; create jobs and investment; grow targeted industry sectors; high-skill/high-wage employment growth; support entrepreneurialism and new business creation; promote infrastructure and development, market lakeland, fl as a premier location for business and facilitate partnerships to enhance growth. The ledc's primary role is to help create jobs and capital investment by attracting new companies, as well as facilitating the expansion of existing companies in the lakeland, florida area. Day-to-day operations at the ledc are staffed by five full-time employees, and one to two paid interns at any given time. The ledc's board of directors are made of volunteer community leaders.

Form 990, Part III

The ledc monthly membership meetings - each month a meeting is held with members regarding new development activity to the lakeland, fl area. New companies give an update about their business and the number of jobs they are creating. On average, we have 2 to 3 industry announcements per month. In 2016, we continued to promote our member companies and how the outside world views the lakeland, fl area with our www.lakelandedc.com website. Ledc's new website transformed the way we create jobs and recruit and retain talent. Our website has more valuable information about our members, more detailed and accurate, and up-to-date information about available buildings, site selection resources for companies, consultants, brokers and real estate developers.

Form 990, Page 2, Part III, Line 4D

Ledc and community partners recently met to discuss which projects are desirable, feasible and viable for lakeland, the list included (l)how might we identify lakeland as a lifestyle not a destination? (2)how might we connect to the under-the-radar groups? (3)how might we create a place or inventory of lakeland's freakin' cool assets; transition city (hall's) mindset from protector to facilitator and identify lakeland's success grid and run everything through it?

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IRS990/ProgSrvcAccomActy2Grp/Desc0THE LEDC CREATED A SEPARATELY FUNDED INITIATIVE IN 2003 TO FOCUS ON CREATING HIGH SKILL, HIGH WAGE JOBS TO IMPROVE LAKELAND'S QUALITY OF LIFE. THE HIGH SKILL INITIATIVE IS FOCUSED ON RECRUITING AND RETAINING COMPANIES AND TALENT THAT FOCUS ON ENABLING TECHNOLOGIES AND MANUFACTURE COMPLEX RESEARCH- ORIENTED PRODUCTS. THE HIGH-SKILL INITIATIVE WORKS TO ACCOMPLISH THESE GOALS THROUGH HIGHER EDUCATION AND ECONOMIC DEVELOPMENT PARTNERSHIPS, FACILITATING DEVELOPMENT OF HIGH-SKILL INFRASTRUCTURE (INCLUDING A RESEARCH UNIVERSITY), MARKETING, INCENTIVES, CITY VISITS, INVENTORYING LAKELAND'S COOL ASSETS, & SUPPORTING LAKELAND'S ENTREPRENEURIAL HUB - CATAPULT.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE LEDC AND COMMUNITY PARTNERS MEET REGULARLY TO DISCUSS WHICH PROJECTS ARE DESIRABLE, FEASIBLE AND VIABLE FOR LAKELAND. THE LIST INCLUDES: 1) HOW MIGHT WE IDENTIFY LAKELAND AS A LIFESTYLE AND NOT A DESTINATION? 2) HOW MIGHT WE CONNECT TO THE UNDER-THE RADAR GROUPS IN LAKELAND? 3) HOW MIGHT WE CREATE A PLACE OR INVENTORY OF LAKELAND'S COOL ASSETS? 4) HOW MIGHT WE TRANSITION CITY HALL'S MINDSET FROM PROTECTOR TO FACILATOR AND IDENTIFY LAKELAND'S SUCCESS GRID AND RUN EVERYTHING THROUGH IT?
IRS990/ProgSrvcAccomActyOtherGrp/Desc0LEDC AND COMMUNITY PARTNERS RECENTLY MET TO DISCUSS WHICH PROJECTS ARE DESIRABLE, FEASIBLE AND VIABLE FOR LAKELAND, THE LIST INCLUDED (L)HOW MIGHT WE IDENTIFY LAKELAND AS A LIFESTYLE NOT A DESTINATION? (2)HOW MIGHT WE CONNECT TO THE UNDER-THE-RADAR GROUPS? (3)HOW MIGHT WE CREATE A PLACE OR INVENTORY OF LAKELAND'S FREAKIN' COOL ASSETS; TRANSITION CITY (HALL'S) MINDSET FROM PROTECTOR TO FACILITATOR AND IDENTIFY LAKELAND'S SUCCESS GRID AND RUN EVERYTHING THROUGH IT?
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEFERRED COMPENSATION LIABILITY
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0STEVEN J SCRUGGS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1CATAPULT LAKELAND INC
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REIMB. SALARY EXP.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE LAKELAND ECONOMIC DEVELOPMENT COUNCIL (LEDC) IS A PRIVATE, NON-PROFIT ORGANIZATION WITH APPROXIMATELY 130+ MEMBER COMPANIES. THE LEDC'S PRIMARY ROLE IS TO HELP CREATE JOBS AND CAPITAL INVESTMENT BY ATTRACTING NEW COMPANIES AS WELL AS FACILITATING THE EXPANSION OF EXISTING COMPANIES IN THE LAKELAND AREA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BY ATTRACTING NEW COMPANIES AS WELL AS FACILITATING THE EXPANSION OF EXISTING COMPANIES IN THE LAKELAND, FL AREA. THE GOALS OF THE ORGANIZATION ARE TO RETAIN AND GROW EXISTING BUSINESSES; CREATE JOBS AND INVESTMENT; GROW TARGETED INDUSTRY SECTORS; HIGH-SKILL/HIGH-WAGE EMPLOYMENT GROWTH; SUPPORT ENTREPRENEURIALISM AND NEW BUSINESS CREATION; PROMOTE INFRASTRUCTURE AND DEVELOPMENT, MARKET LAKELAND, FL AS A PREMIER LOCATION FOR BUSINESS AND FACILITATE PARTNERSHIPS TO ENHANCE GROWTH. THE LEDC'S PRIMARY ROLE IS TO HELP CREATE JOBS AND CAPITAL INVESTMENT BY ATTRACTING NEW COMPANIES, AS WELL AS FACILITATING THE EXPANSION OF EXISTING COMPANIES IN THE LAKELAND, FLORIDA AREA. DAY-TO-DAY OPERATIONS AT THE LEDC ARE STAFFED BY FIVE FULL-TIME EMPLOYEES, AND ONE TO TWO PAID INTERNS AT ANY GIVEN TIME. THE LEDC'S BOARD OF DIRECTORS ARE MADE OF VOLUNTEER COMMUNITY LEADERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE LEDC MONTHLY MEMBERSHIP MEETINGS - EACH MONTH A MEETING IS HELD WITH MEMBERS REGARDING NEW DEVELOPMENT ACTIVITY TO THE LAKELAND, FL AREA. NEW COMPANIES GIVE AN UPDATE ABOUT THEIR BUSINESS AND THE NUMBER OF JOBS THEY ARE CREATING. ON AVERAGE, WE HAVE 2 TO 3 INDUSTRY ANNOUNCEMENTS PER MONTH. IN 2016, WE CONTINUED TO PROMOTE OUR MEMBER COMPANIES AND HOW THE OUTSIDE WORLD VIEWS THE LAKELAND, FL AREA WITH OUR WWW.LAKELANDEDC.COM WEBSITE. LEDC'S NEW WEBSITE TRANSFORMED THE WAY WE CREATE JOBS AND RECRUIT AND RETAIN TALENT. OUR WEBSITE HAS MORE VALUABLE INFORMATION ABOUT OUR MEMBERS, MORE DETAILED AND ACCURATE, AND UP-TO-DATE INFORMATION ABOUT AVAILABLE BUILDINGS, SITE SELECTION RESOURCES FOR COMPANIES, CONSULTANTS, BROKERS AND REAL ESTATE DEVELOPERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3LEDC AND COMMUNITY PARTNERS RECENTLY MET TO DISCUSS WHICH PROJECTS ARE DESIRABLE, FEASIBLE AND VIABLE FOR LAKELAND, THE LIST INCLUDED (L)HOW MIGHT WE IDENTIFY LAKELAND AS A LIFESTYLE NOT A DESTINATION? (2)HOW MIGHT WE CONNECT TO THE UNDER-THE-RADAR GROUPS? (3)HOW MIGHT WE CREATE A PLACE OR INVENTORY OF LAKELAND'S FREAKIN' COOL ASSETS; TRANSITION CITY (HALL'S) MINDSET FROM PROTECTOR TO FACILITATOR AND IDENTIFY LAKELAND'S SUCCESS GRID AND RUN EVERYTHING THROUGH IT?
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS REVIEWS THE FORM 990 BEFORE IT IS FILED AND DESIGNATES ONE OF ITS MEMBERS TO DISUSS ANY QUESTIONS WITH THE CPA WHO PREPARED THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5WE MONITOR ANY INTERESTS WITH OUR BOARD OF DIRECTORS AND KEY EMPLOYEES THAT COULD RESULT IN A CONFLICT. WE HAVE AN EXECUTIVE BOARD THAT MONITORS COMPENSATION. WE ALSO REVIEW OTHER ECONOMIC DEVELOPMENT COUNCILS AND WHAT THEY COMPENSATE STAFF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6AN ANNUAL EVALUATION CONDUCTED BY THE LEDC CHAIRMAN AND PRESIDENT THAT IS REVIEWED BY LEDC EXECUTIVE BOARD, LED BY BRIAN G. PHILPOT, LEDC CHAIRMAN AT THE NOVEMBER BOARD MEETING .
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY HAVING THEM AVAILABLE IN THE CORPORATE OFFICE AND BY MAIL UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART III
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0CATAPULT INC
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ReturnHeader/BuildTS02018-06-14 16:35:46Z
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0212 E HIGHLAND DR STE 201
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