Civic Intelligence

Lakeland Economic Development Council Inc

990 • Fiscal year 2018 • EIN 45-4919549

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 05, 2019

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

58th percentile

0.22x

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

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

47th percentile

0.15x

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

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Net Margin

50th percentile

3.6%

Higher net margin than 50% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

99th percentile

$650,367

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 52.4% of source-year revenue.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Asset Growth

10th percentile

-15%

Faster asset growth than 10% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

32nd percentile

-1.5%

Faster revenue growth than 32% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$850,089

Down $147,857 (-15%) from 2017

Net Assets

Up

$659,461

Up $45,175 (+7.4%) from 2017

Liabilities

Down

$190,628

Down $193,032 (-50%) from 2017

Revenue

Down

$1,241,270

Down $19,126 (-1.5%) from 2017

Expenses

Up

$1,196,095

Up $149,946 (+14%) from 2017

Net Income

Down

$45,175

Down $169,072 (-79%) from 2017

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 2018: $850,089Liabilities 2018: $190,628Net Assets 2018: $659,4612018Assets 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

2018

Assets$850,089
Liabilities$190,628
Net Assets$659,461

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 2018: $1,241,270Expenses 2018: $1,196,095Net Income 2018: $45,1752018Revenue 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

2018

Revenue$1,241,270
Expenses$1,196,095
Net Income$45,175
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 5, 2019
Return Version
2018v3.1
Gross Receipts
$1,241,270
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 135+ 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
Cash and Non-Interest-Bearing Accounts$493,232$514,232▲ $21,000
Investments in Publicly Traded Securities$458,413$280,414▼ $177,999
Accounts Receivable$20,498$31,392▲ $10,894
Land, Buildings, and Equipment, Net$25,803$23,332▼ $2,471
Prepaid Expenses and Deferred Charges-$719-
Total Assets$997,946$850,089▼ $147,857
Liabilities
Deferred Revenue$196,737$185,695▼ $11,042
Other Liabilities$168,217--
Accounts Payable and Accrued Expenses$18,706$4,933▼ $13,773
Total Liabilities$383,660$190,628▼ $193,032
Net Assets / Fund Balance
Unrestricted Net Assets$614,286$659,461▲ $45,175
Total Net Assets Fund Balance$614,286$659,461▲ $45,175
Total Liabilities and Net Assets / Fund Balance$997,946$850,089▼ $147,857

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$23,332$90,443$113,775
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven J ScruggsPresidentFT$226,500$423,867$650,367

Board Members and Trustees

NameTitle
David Hallock JrChair
Brian PhilpotPast Chairma
Wesley BeckVice Chair
Jeff ChamberlainHigh Skill H
Todd BaylisSecretary
Cory PetcoffTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,248,644
Program Service Revenue
$0
Investment Income
$-7,374
Other Revenue
$0
All Other Contributions
$135,989
Change in Net Assets
$45,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$839,811
Other Expenses$356,284
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$580,753$145,188-$725,941
Advertising$119,506--$119,506
Other Employee Benefits$60,288$15,071-$75,359
Travel$54,241--$54,241
Occupancy$32,190$8,047-$40,237
Payroll Taxes$30,809$7,702-$38,511
Office Expenses$20,624$5,157-$25,781
Fees for Services Legal$8,129$2,032-$10,161
Other Expenses$4,000$1,000-$5,000
Insurance$2,919$730-$3,649
Depreciation Depletion$1,976$495-$2,471
All Other Expenses$1,495$374-$1,869
Total Functional Expenses$1,004,626$191,469$0$1,196,095
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$89,167
Catapult Lakeland IncRelated PartyContribution to Org.No$75,000
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 discuss 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 with outside consultants, as well as reviewing and monitoring what other economic development councils compensate staff.

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

An annual evaluation conducted by the ledc chairman and president that is reviewed by the ledc executive board, led by david d. Hallock, jr., ledc chairman at the november board meeting.

Form 990, Page 6, Part VI, Line 19

The organization makes it governing documents, conflict of interest policy and financial statements available to the public by having them available in the corporate office and by mail/ email 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
2019-11-05
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
7
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

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, Page 2, Part III, Line 4C

Ashley cheek, ledc vp of business development conducted 31 existing industry visits with ledc members. She met with over 40 executives who represent 1,150+ employees and 2.3 million square feet. These meetings allow our members to discuss issues they may be facing and create additional action items and learnings. Over the past two years, we have conducted a total of 82 existing industry visits, with 117 executives with over 6,400 employees and 9.8 million square feet. We look forward to continuing these visits. Learnings - our industry visits have continued to provide valuable feedback as our members are open & willing to discuss issues they are facing. The top 3 discussion topics include: talent recruitment and retention, public education, and quality amenities. Our members continue to struggle to attract and retain talent. Access to "a" public schools is limited. Improvement in public education will take time, money, and policy changes. Entry level talent is plentiful, but it is hard to find quality, hshw talent. Catapult and ylakeland are changing the landscape but we still have a lot of work to do. We also need more quality amenities. Ledc blog ledc continued its community conversation through blogging on the following topics: -catapult 3.0 - the resurrection -incentives - our track record -citizen-centered city - gainesville high skill - adventuring ledc engaged scott paterson's company, adventuring, to help ledc vision its future and how we can bring the whole community along with us. Scott's initial research identified key issues to be aware of moving forward including: -institutions are not trusted & don't have good user experience -we are alone together, familiar strangers & marginalize each other -easy access to information is challenging the narratives to those in power -all content is available to everyone -sell your "why" because people will buy it -meet people where they already congregate -make small bets to mitigate risk -be nimble in the face of the unknown -prototype your way into the future with constant customer feedback poems derived from "possibility hours" with ledc board & staff members and community participants identified a number of "how might we" opportunities including: -how might we get more people in the conversation, to have a seat at the table when we are making decisions for our community? -how might we create more events where everyone feels equal and invited? -how might we facilitate a platform for people to build relationships, find common ground and have hard conversations that are productive instead of divisive? -how might we connect the unconnected and those that feel that way, to the connected and to the decision makers? -how might we make entrepreneurs and minority businesses feel valued, connected and supported? -how might we get the right people involved in improving our education system? -how might we make it easier to do business with the city of lakeland, specifically its community development department? As part of our adventuring work, ledc's board and staff will continue to pursue and focus on diversity and inclusion, education and improving lakeland's community development department's experience in 2019. High skill city visit twenty ledc high skill investors completed their 11th city visit october 23rd - 25th to greenville, south carolina. The trip focused on high-skill, high-wage employment, health care, higher education, downtown development, redevelopment, and entrepreneurship. Founders retreat ledc held its 2nd annual founders retreat focusing on: public sector leadership olakeland first ostrong mayor ocity commission talent recruitment & retention olakelandtoday oeducation ocatapult business development omarket update community & downtown development onew community development director odowntown development sites community agenda oledc blog parking garage another long-time goal of the ledc is about to be realized with the construction of lakeland's first private-public d

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

OTHER ACCOMPLISHMENTS.

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IRS990/Desc0IN 2018, OUR ECONOMIC DEVELOPMENT TEAM WORKED WITH 17 COMPANIES (10 NEW INDUSTRY AND 7 EXISTING INDUSTRY) THAT RESULTED IN 964,660 SQUARE FEET OF INDUSTRIAL (WAREHOUSE AND MANUFACTURING) AND OFFICE SPACE. THESE COMPANIES CREATED MORE THAN 1785 NEW JOBS AND 70,600,000+ IN CAPITAL INVESTMENT IN THE LAKELAND, FL AREA. THE LAKELAND ECONOMIC DEVELOPMENT COUNCIL HAS KEPT TRACK OF ALL MAJOR ECONOMIC DEVELOPMENT PROJECTS THAT HAVE OCCURRED IN OUR MARKET SINCE 1989. FOR MORE INFORMATION, PLEASE SEE OUR WEBSITE AT: HTTP://WWW.LAKELANDEDC.COM/SITE-SELECTION/HISTORICAL-DEVELOPMENT-ACTIVITY- 2/
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IRS990/MissionDesc0BY 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.
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IRS990/OtherExpensesGrp/Desc1DUES AND SUBSCRIPTIONS
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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/Desc0ASHLEY CHEEK, LEDC VP OF BUSINESS DEVELOPMENT CONDUCTED 31 EXISTING INDUSTRY VISITS WITH LEDC MEMBERS. SHE MET WITH OVER 40 EXECUTIVES WHO REPRESENT 1,150+ EMPLOYEES AND 2.3 MILLION SQUARE FEET. THESE MEETINGS ALLOW OUR MEMBERS TO DISCUSS ISSUES THEY MAY BE FACING AND CREATE ADDITIONAL ACTION ITEMS AND LEARNINGS. OVER THE PAST TWO YEARS, WE HAVE CONDUCTED A TOTAL OF 82 EXISTING INDUSTRY VISITS, WITH 117 EXECUTIVES WITH OVER 6,400 EMPLOYEES AND 9.8 MILLION SQUARE FEET. WE LOOK FORWARD TO CONTINUING THESE VISITS. LEARNINGS - OUR INDUSTRY VISITS HAVE CONTINUED TO PROVIDE VALUABLE FEEDBACK AS OUR MEMBERS ARE OPEN & WILLING TO DISCUSS ISSUES THEY ARE FACING. THE TOP 3 DISCUSSION TOPICS INCLUDE: TALENT RECRUITMENT AND RETENTION, PUBLIC EDUCATION, AND QUALITY AMENITIES. OUR MEMBERS CONTINUE TO STRUGGLE TO ATTRACT AND RETAIN TALENT. ACCESS TO "A" PUBLIC SCHOOLS IS LIMITED. IMPROVEMENT IN PUBLIC EDUCATION WILL TAKE TIME, MONEY, AND POLICY CHANGES. ENTRY LEVEL TALENT IS PLENTIFUL, BUT IT IS HARD TO FIND QUALITY, HSHW TALENT. CATAPULT AND YLAKELAND ARE CHANGING THE LANDSCAPE BUT WE STILL HAVE A LOT OF WORK TO DO. WE ALSO NEED MORE QUALITY AMENITIES. LEDC BLOG LEDC CONTINUED ITS COMMUNITY CONVERSATION THROUGH BLOGGING ON THE FOLLOWING TOPICS: -CATAPULT 3.0 - THE RESURRECTION -INCENTIVES - OUR TRACK RECORD -CITIZEN-CENTERED CITY - GAINESVILLE HIGH SKILL - ADVENTURING LEDC ENGAGED SCOTT PATERSON'S COMPANY, ADVENTURING, TO HELP LEDC VISION ITS FUTURE AND HOW WE CAN BRING THE WHOLE COMMUNITY ALONG WITH US. SCOTT'S INITIAL RESEARCH IDENTIFIED KEY ISSUES TO BE AWARE OF MOVING FORWARD INCLUDING: -INSTITUTIONS ARE NOT TRUSTED & DON'T HAVE GOOD USER EXPERIENCE -WE ARE ALONE TOGETHER, FAMILIAR STRANGERS & MARGINALIZE EACH OTHER -EASY ACCESS TO INFORMATION IS CHALLENGING THE NARRATIVES TO THOSE IN POWER -ALL CONTENT IS AVAILABLE TO EVERYONE -SELL YOUR "WHY" BECAUSE PEOPLE WILL BUY IT -MEET PEOPLE WHERE THEY ALREADY CONGREGATE -MAKE SMALL BETS TO MITIGATE RISK -BE NIMBLE IN THE FACE OF THE UNKNOWN -PROTOTYPE YOUR WAY INTO THE FUTURE WITH CONSTANT CUSTOMER FEEDBACK POEMS DERIVED FROM "POSSIBILITY HOURS" WITH LEDC BOARD & STAFF MEMBERS AND COMMUNITY PARTICIPANTS IDENTIFIED A NUMBER OF "HOW MIGHT WE" OPPORTUNITIES INCLUDING: -HOW MIGHT WE GET MORE PEOPLE IN THE CONVERSATION, TO HAVE A SEAT AT THE TABLE WHEN WE ARE MAKING DECISIONS FOR OUR COMMUNITY? -HOW MIGHT WE CREATE MORE EVENTS WHERE EVERYONE FEELS EQUAL AND INVITED? -HOW MIGHT WE FACILITATE A PLATFORM FOR PEOPLE TO BUILD RELATIONSHIPS, FIND COMMON GROUND AND HAVE HARD CONVERSATIONS THAT ARE PRODUCTIVE INSTEAD OF DIVISIVE? -HOW MIGHT WE CONNECT THE UNCONNECTED AND THOSE THAT FEEL THAT WAY, TO THE CONNECTED AND TO THE DECISION MAKERS? -HOW MIGHT WE MAKE ENTREPRENEURS AND MINORITY BUSINESSES FEEL VALUED, CONNECTED AND SUPPORTED? -HOW MIGHT WE GET THE RIGHT PEOPLE INVOLVED IN IMPROVING OUR EDUCATION SYSTEM? -HOW MIGHT WE MAKE IT EASIER TO DO BUSINESS WITH THE CITY OF LAKELAND, SPECIFICALLY ITS COMMUNITY DEVELOPMENT DEPARTMENT? AS PART OF OUR ADVENTURING WORK, LEDC'S BOARD AND STAFF WILL CONTINUE TO PURSUE AND FOCUS ON DIVERSITY AND INCLUSION, EDUCATION AND IMPROVING LAKELAND'S COMMUNITY DEVELOPMENT DEPARTMENT'S EXPERIENCE IN 2019. HIGH SKILL CITY VISIT TWENTY LEDC HIGH SKILL INVESTORS COMPLETED THEIR 11TH CITY VISIT OCTOBER 23RD - 25TH TO GREENVILLE, SOUTH CAROLINA. THE TRIP FOCUSED ON HIGH-SKILL, HIGH-WAGE EMPLOYMENT, HEALTH CARE, HIGHER EDUCATION, DOWNTOWN DEVELOPMENT, REDEVELOPMENT, AND ENTREPRENEURSHIP. FOUNDERS RETREAT LEDC HELD ITS 2ND ANNUAL FOUNDERS RETREAT FOCUSING ON: PUBLIC SECTOR LEADERSHIP OLAKELAND FIRST OSTRONG MAYOR OCITY COMMISSION TALENT RECRUITMENT & RETENTION OLAKELANDTODAY OEDUCATION OCATAPULT BUSINESS DEVELOPMENT OMARKET UPDATE COMMUNITY & DOWNTOWN DEVELOPMENT ONEW COMMUNITY DEVELOPMENT DIRECTOR ODOWNTOWN DEVELOPMENT SITES COMMUNITY AGENDA OLEDC BLOG PARKING GARAGE ANOTHER LONG-TIME GOAL OF THE LEDC IS ABOUT TO BE REALIZED WITH THE CONSTRUCTION OF LAKELAND'S FIRST PRIVATE-PUBLIC D
IRS990/ProgSrvcAccomActyOtherGrp/Desc0OTHER ACCOMPLISHMENTS.
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0CONTRIBUTION TO ORG.
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REIMB. SALARY EXP.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BY 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/ExplanationTxt1ASHLEY CHEEK, LEDC VP OF BUSINESS DEVELOPMENT CONDUCTED 31 EXISTING INDUSTRY VISITS WITH LEDC MEMBERS. SHE MET WITH OVER 40 EXECUTIVES WHO REPRESENT 1,150+ EMPLOYEES AND 2.3 MILLION SQUARE FEET. THESE MEETINGS ALLOW OUR MEMBERS TO DISCUSS ISSUES THEY MAY BE FACING AND CREATE ADDITIONAL ACTION ITEMS AND LEARNINGS. OVER THE PAST TWO YEARS, WE HAVE CONDUCTED A TOTAL OF 82 EXISTING INDUSTRY VISITS, WITH 117 EXECUTIVES WITH OVER 6,400 EMPLOYEES AND 9.8 MILLION SQUARE FEET. WE LOOK FORWARD TO CONTINUING THESE VISITS. LEARNINGS - OUR INDUSTRY VISITS HAVE CONTINUED TO PROVIDE VALUABLE FEEDBACK AS OUR MEMBERS ARE OPEN & WILLING TO DISCUSS ISSUES THEY ARE FACING. THE TOP 3 DISCUSSION TOPICS INCLUDE: TALENT RECRUITMENT AND RETENTION, PUBLIC EDUCATION, AND QUALITY AMENITIES. OUR MEMBERS CONTINUE TO STRUGGLE TO ATTRACT AND RETAIN TALENT. ACCESS TO "A" PUBLIC SCHOOLS IS LIMITED. IMPROVEMENT IN PUBLIC EDUCATION WILL TAKE TIME, MONEY, AND POLICY CHANGES. ENTRY LEVEL TALENT IS PLENTIFUL, BUT IT IS HARD TO FIND QUALITY, HSHW TALENT. CATAPULT AND YLAKELAND ARE CHANGING THE LANDSCAPE BUT WE STILL HAVE A LOT OF WORK TO DO. WE ALSO NEED MORE QUALITY AMENITIES. LEDC BLOG LEDC CONTINUED ITS COMMUNITY CONVERSATION THROUGH BLOGGING ON THE FOLLOWING TOPICS: -CATAPULT 3.0 - THE RESURRECTION -INCENTIVES - OUR TRACK RECORD -CITIZEN-CENTERED CITY - GAINESVILLE HIGH SKILL - ADVENTURING LEDC ENGAGED SCOTT PATERSON'S COMPANY, ADVENTURING, TO HELP LEDC VISION ITS FUTURE AND HOW WE CAN BRING THE WHOLE COMMUNITY ALONG WITH US. SCOTT'S INITIAL RESEARCH IDENTIFIED KEY ISSUES TO BE AWARE OF MOVING FORWARD INCLUDING: -INSTITUTIONS ARE NOT TRUSTED & DON'T HAVE GOOD USER EXPERIENCE -WE ARE ALONE TOGETHER, FAMILIAR STRANGERS & MARGINALIZE EACH OTHER -EASY ACCESS TO INFORMATION IS CHALLENGING THE NARRATIVES TO THOSE IN POWER -ALL CONTENT IS AVAILABLE TO EVERYONE -SELL YOUR "WHY" BECAUSE PEOPLE WILL BUY IT -MEET PEOPLE WHERE THEY ALREADY CONGREGATE -MAKE SMALL BETS TO MITIGATE RISK -BE NIMBLE IN THE FACE OF THE UNKNOWN -PROTOTYPE YOUR WAY INTO THE FUTURE WITH CONSTANT CUSTOMER FEEDBACK POEMS DERIVED FROM "POSSIBILITY HOURS" WITH LEDC BOARD & STAFF MEMBERS AND COMMUNITY PARTICIPANTS IDENTIFIED A NUMBER OF "HOW MIGHT WE" OPPORTUNITIES INCLUDING: -HOW MIGHT WE GET MORE PEOPLE IN THE CONVERSATION, TO HAVE A SEAT AT THE TABLE WHEN WE ARE MAKING DECISIONS FOR OUR COMMUNITY? -HOW MIGHT WE CREATE MORE EVENTS WHERE EVERYONE FEELS EQUAL AND INVITED? -HOW MIGHT WE FACILITATE A PLATFORM FOR PEOPLE TO BUILD RELATIONSHIPS, FIND COMMON GROUND AND HAVE HARD CONVERSATIONS THAT ARE PRODUCTIVE INSTEAD OF DIVISIVE? -HOW MIGHT WE CONNECT THE UNCONNECTED AND THOSE THAT FEEL THAT WAY, TO THE CONNECTED AND TO THE DECISION MAKERS? -HOW MIGHT WE MAKE ENTREPRENEURS AND MINORITY BUSINESSES FEEL VALUED, CONNECTED AND SUPPORTED? -HOW MIGHT WE GET THE RIGHT PEOPLE INVOLVED IN IMPROVING OUR EDUCATION SYSTEM? -HOW MIGHT WE MAKE IT EASIER TO DO BUSINESS WITH THE CITY OF LAKELAND, SPECIFICALLY ITS COMMUNITY DEVELOPMENT DEPARTMENT? AS PART OF OUR ADVENTURING WORK, LEDC'S BOARD AND STAFF WILL CONTINUE TO PURSUE AND FOCUS ON DIVERSITY AND INCLUSION, EDUCATION AND IMPROVING LAKELAND'S COMMUNITY DEVELOPMENT DEPARTMENT'S EXPERIENCE IN 2019. HIGH SKILL CITY VISIT TWENTY LEDC HIGH SKILL INVESTORS COMPLETED THEIR 11TH CITY VISIT OCTOBER 23RD - 25TH TO GREENVILLE, SOUTH CAROLINA. THE TRIP FOCUSED ON HIGH-SKILL, HIGH-WAGE EMPLOYMENT, HEALTH CARE, HIGHER EDUCATION, DOWNTOWN DEVELOPMENT, REDEVELOPMENT, AND ENTREPRENEURSHIP. FOUNDERS RETREAT LEDC HELD ITS 2ND ANNUAL FOUNDERS RETREAT FOCUSING ON: PUBLIC SECTOR LEADERSHIP OLAKELAND FIRST OSTRONG MAYOR OCITY COMMISSION TALENT RECRUITMENT & RETENTION OLAKELANDTODAY OEDUCATION OCATAPULT BUSINESS DEVELOPMENT OMARKET UPDATE COMMUNITY & DOWNTOWN DEVELOPMENT ONEW COMMUNITY DEVELOPMENT DIRECTOR ODOWNTOWN DEVELOPMENT SITES COMMUNITY AGENDA OLEDC BLOG PARKING GARAGE ANOTHER LONG-TIME GOAL OF THE LEDC IS ABOUT TO BE REALIZED WITH THE CONSTRUCTION OF LAKELAND'S FIRST PRIVATE-PUBLIC D
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OTHER ACCOMPLISHMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS REVIEWS THE FORM 990 BEFORE IT IS FILED AND DESIGNATES ONE OF ITS MEMBERS TO DISCUSS ANY QUESTIONS WITH THE CPA WHO PREPARED THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WE 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 WITH OUTSIDE CONSULTANTS, AS WELL AS REVIEWING AND MONITORING WHAT OTHER ECONOMIC DEVELOPMENT COUNCILS COMPENSATE STAFF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5AN ANNUAL EVALUATION CONDUCTED BY THE LEDC CHAIRMAN AND PRESIDENT THAT IS REVIEWED BY THE LEDC EXECUTIVE BOARD, LED BY DAVID D. HALLOCK, JR., LEDC CHAIRMAN AT THE NOVEMBER BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY HAVING THEM AVAILABLE IN THE CORPORATE OFFICE AND BY MAIL/ EMAIL UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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