Civic Intelligence

Southeast Kentucky Economic

EIN 61-1097619 • 501(c)3 • Somerset, KY

Profile

To facilitate the economic growth and development of the southern kentucky region.

2292 South Highway 27Somerset, KY 42501

skedcorp.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

49th percentile

0.21x

Higher debt load relative to assets than 49% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Liabilities / Revenue

86th percentile

1.95x

Higher debt load relative to revenue than 86% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Net Margin

81st percentile

29%

Higher net margin than 81% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

57th percentile

7.5%

Faster asset growth than 57% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2024 to 2025

Revenue Growth

82nd percentile

34%

Faster revenue growth than 82% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets49th percentile

Assets

Up

$32,616,890

Up $2,272,663 (+7.5%) from 2024

Liabilities

Up

$6,716,135

Up $1,258,576 (+23%) from 2024

Net Assets

Up

$25,900,755

Up $1,014,087 (+4.1%) from 2024

Operations
Liabilities / Revenue86th percentileNet Margin81st percentile

Revenue

Up

$3,440,740

Up $879,489 (+34%) from 2024

Expenses

Up

$2,426,653

Up $179,263 (+8.0%) from 2024

Net Income

Up

$1,014,087

Up $700,226 (+223%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth57th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2011: $25,289,014Liabilities 2011: $4,289,079Net Assets 2011: $20,999,9352011Assets 2012: $25,912,052Liabilities 2012: $4,510,445Net Assets 2012: $21,401,6072012Assets 2013: $26,186,740Liabilities 2013: $4,437,343Net Assets 2013: $21,749,3972013Assets 2014: $25,598,046Liabilities 2014: $4,263,708Net Assets 2014: $21,334,3382014Assets 2015: $24,619,937Liabilities 2015: $3,868,251Net Assets 2015: $20,751,6862015Assets 2016: $24,485,200Liabilities 2016: $3,496,060Net Assets 2016: $20,989,1402016Assets 2017: $24,402,501Liabilities 2017: $3,196,809Net Assets 2017: $21,205,6922017Assets 2018: $23,989,118Liabilities 2018: $2,704,293Net Assets 2018: $21,284,8252018Assets 2019: $23,300,793Liabilities 2019: $2,078,403Net Assets 2019: $21,222,3902019Assets 2020: $24,214,233Liabilities 2020: $2,761,766Net Assets 2020: $21,452,4672020Assets 2021: $25,814,472Liabilities 2021: $2,995,081Net Assets 2021: $22,819,3912021Assets 2022: $28,123,081Liabilities 2022: $3,959,110Net Assets 2022: $24,163,9712022Assets 2023: $28,639,191Liabilities 2023: $4,066,384Net Assets 2023: $24,572,8072023Assets 2024: $30,344,227Liabilities 2024: $5,457,559Net Assets 2024: $24,886,6682024Assets 2025: $32,616,890Liabilities 2025: $6,716,135Net Assets 2025: $25,900,7552025

Highlighted filing

2025

Assets$32,616,890
Liabilities$6,716,135
Net Assets$25,900,755
Open 2025 Filing

Operations Trend

Revenue Growth82nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$2.0M$0-$2.0MExpenses 2011: $1,527,4722011Expenses 2012: $1,565,8562012Expenses 2013: $1,639,0332013Revenue 2014: $1,166,397Expenses 2014: $1,581,456Net Income 2014: -$415,0592014Revenue 2015: $1,060,200Expenses 2015: $1,642,852Net Income 2015: -$582,6522015Revenue 2016: $1,893,047Expenses 2016: $1,655,593Net Income 2016: $237,4542016Revenue 2017: $2,077,750Expenses 2017: $1,861,198Net Income 2017: $216,5522017Revenue 2018: $1,794,249Expenses 2018: $1,715,116Net Income 2018: $79,1332018Revenue 2019: $1,655,461Expenses 2019: $1,717,896Net Income 2019: -$62,4352019Revenue 2020: $2,793,965Expenses 2020: $2,563,888Net Income 2020: $230,0772020Revenue 2021: $3,649,042Expenses 2021: $2,282,118Net Income 2021: $1,366,9242021Revenue 2022: $3,726,346Expenses 2022: $2,381,766Net Income 2022: $1,344,5802022Revenue 2023: $2,403,223Expenses 2023: $1,994,387Net Income 2023: $408,8362023Revenue 2024: $2,561,251Expenses 2024: $2,247,390Net Income 2024: $313,8612024Revenue 2025: $3,440,740Expenses 2025: $2,426,653Net Income 2025: $1,014,0872025

Highlighted filing

2025

Revenue$3,440,740
Expenses$2,426,653
Net Income$1,014,087
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$32,616,890
Liabilities
$6,716,135
Net assets
$25,900,755
Revenue
$3,440,740
Expenses
$2,426,653
Net income
$1,014,087
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.6$6.72$25.9$3.44$2.43$1.01
2024Detailed filing. Detailed filing data is available for this year.$30.3$5.46$24.9$2.56$2.25$0.31
2023Detailed filing. Detailed filing data is available for this year.$28.6$4.07$24.6$2.40$1.99$0.41
2022Detailed filing. Detailed filing data is available for this year.$28.1$3.96$24.2$3.73$2.38$1.34
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.8$3.00$22.8$3.65$2.28$1.37
2020Detailed filing. Detailed filing data is available for this year.$24.2$2.76$21.5$2.79$2.56$0.23
2019Detailed filing. Detailed filing data is available for this year.$23.3$2.08$21.2$1.66$1.72$0.06
2018Detailed filing. Detailed filing data is available for this year.$24.0$2.70$21.3$1.79$1.72$0.08
2017Detailed filing. Detailed filing data is available for this year.$24.4$3.20$21.2$2.08$1.86$0.22
2016Detailed filing. Detailed filing data is available for this year.$24.5$3.50$21.0$1.89$1.66$0.24
2015Detailed filing. Detailed filing data is available for this year.$24.6$3.87$20.8$1.06$1.64$0.58
2014Detailed filing. Detailed filing data is available for this year.$25.6$4.26$21.3$1.17$1.58$0.42
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.2$4.44$21.7$1.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.9$4.51$21.4$1.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.3$4.29$21.0$1.53
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Oct 23, 2025
Return Version
2024v5.0
Gross Receipts
$3,440,740
Mission and Program Overview

Mission

To facilitate the economic growth and development of the southern kentucky region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$13,708,574$18,624,462▲ $4,915,888
Cash and Non-Interest-Bearing Accounts$11,591,709$9,292,610▼ $2,299,099
Land, Buildings, and Equipment, Net$4,530,867$4,214,039▼ $316,828
Pledges and Grants Receivable$275,809$212,231▼ $63,578
Accounts Receivable$96,305$132,915▲ $36,610
Total Assets$30,344,227$32,616,890▲ $2,272,663
Other Assets Total$140,963$140,633▼ $330
Liabilities
Other Liabilities$5,442,415$6,695,632▲ $1,253,217
Accounts Payable and Accrued Expenses$15,144$20,503▲ $5,359
Total Liabilities$5,457,559$6,716,135▲ $1,258,576
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$24,886,668$25,900,755▲ $1,014,087
Total Net Assets Fund Balance$24,886,668$25,900,755▲ $1,014,087
Total Liabilities and Net Assets / Fund Balance$30,344,227$32,616,890▲ $2,272,663

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,090,465$6,611,398$10,701,863
Land$120,147-$120,147
Other Land Buildings$33,594-$33,594
Equipment$-30,167$53,980$23,813
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brett TraverExecutive DiFT$183,250$33,225$216,475
Brett TraverExecutive Director-$183,250$33,225$216,475
Bob BurgessDirector ofFT$140,917$24,086$165,003
Bob BurgessDirector of Lending-$140,917$24,086$165,003

Board Members and Trustees

NameTitle
Darryl McgahaPresident
Amanda ClarkDirector
Brittany CoxDirector
Charlene HarrisDirector
Colby KirkDirector
Corey CraigDirector
Jennifer LindonDirector
Keith GabbardDirector
Steve AllenDirector
David BlakemanSecretary
Bruce CarpenterTreasurer
Tim BarnesVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$1,486,885
Program Service Revenue
$1,474,542
Investment Income
$360,163
Other Revenue
$119,150
All Other Contributions
$106,372
Change in Net Assets
$1,014,087

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,440,740
Total Revenue per Audited Statements
$3,440,740
Total Revenue per Form 990
$3,440,740
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,296,552
Salaries, Compensation, and Employee Benefits$1,130,101
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$641,008$235,978-$876,986
Depreciation Depletion$364,612--$364,612
Other Employee Benefits$140,161$50,748-$190,909
All Other Expenses$63,242$32,962-$96,204
Other Expenses$70,905$76,691-$70,905
Payroll Taxes$45,541$16,665-$62,206
Occupancy$9,857$28,532-$38,389
Interest$32,355--$32,355
Insurance$10,043$19,502-$29,545
Office Expenses$17,466$6,674-$24,140
Conferences and Meetings$12,534$6,127-$18,661
Total Functional Expenses$1,906,954$519,699$0$2,426,653

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,426,653
Total Expenses per Audited Statements$2,426,653
Total Expenses per Form 990$2,426,653
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Notes Payable$6,098,607
Unearned Grant Funds$358,175
Operating Lease Liabilities$135,629
Accrued Vacation Pay$90,695
Interest Payable$12,526
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
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

“Management reviews and approves the form 990 prior to filing. The organization's board reviews the form 990 subsequent to filing.”

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

“The organization reviews the policy with employees and monitors contracts to ensure that the policy is being followed and upheld.”

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

“Top management and officer salaries are approved by the board of directors.”

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

“Top management and officer salaries are approved by the board of directors.”

Form 990, Page 6, Part VI, Line 19

“Governing documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Southeast Kentucky Economic
EIN
61-1097619
Phone
6066776100
Address
2292 SOUTH HIGHWAY 27, SOMERSET, KY 42501

Signing Officer

Name
Brett Traver
Title
Executive Director
Phone
6066776100
Signed
2025-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brett Traver
Formed
1986
Legal Domicile
Ky
Voting Board Members
12
Independent Board Members
12
Employees
11

Preparer

Firm
Evans Harville Atwell & Co Cpas Pllc
Address
PO BOX 1309, SOMERSET, KY 42502-1309
Preparer
Jon R Harville CPA
Phone
6066795090
Supplemental Narrative

Additional Explanations

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

“Administers loan programs to qualified businesses for new and expanding”

Raw XML AppendixShowing 400 of 481 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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IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MissionDesc0TO FACILITATE THE ECONOMIC GROWTH AND DEVELOPMENT OF THE SOUTHERN KENTUCKY REGION.
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IRS990/OtherExpensesGrp/Desc0CONTRACTUAL
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2PROFESSIONAL FEES
IRS990/OtherExpensesGrp/Desc3ENTERPRISE CENTER
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt128792
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IRS990/OtherExpensesGrp/ProgramServicesAmt29083
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IRS990/OtherExpensesGrp/TotalAmt1123923
IRS990/OtherExpensesGrp/TotalAmt285774
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IRS990/OtherRevenueMiscGrp/Desc0LATE FEE
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS INCOME
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IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0275809
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IRS990/PrincipalOfficerNm0BRETT TRAVER
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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM INCOME
IRS990/ProgramServiceRevenueGrp/Desc1SOMERSET RAIL PARK INCOME
IRS990/ProgramServiceRevenueGrp/Desc2LOAN CLOSING FEES
IRS990/ProgramServiceRevenueGrp/Desc3BAD DEBT RECOVERY
IRS990/ProgramServiceRevenueGrp/Desc4INTEREST INCOME
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1216804
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt259963
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt35400
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1216804
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt35400
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt42436
IRS990/ProgSrvcAccomActyOtherGrp/Desc0ADMINISTERS LOAN PROGRAMS TO QUALIFIED BUSINESSES FOR NEW AND EXPANDING
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IRS990/PYContributionsGrantsAmt0987376
IRS990/PYExcessBenefitTransInd0false
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IRS990/PYRevenuesLessExpensesAmt0313861
IRS990/PYSalariesCompEmpBnftPaidAmt01038504
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IRS990/PYTotalRevenueAmt02561251
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IRS990/ReconcilationRevenueExpnssAmt01014087
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IRS990/RentalIncomeOrLossGrp/RealAmt0114701
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt010701863
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0120147
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOTES PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1UNEARNED GRANT FUNDS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OPERATING LEASE LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3ACCRUED VACATION PAY
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1140917
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0BRETT TRAVER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1BOB BURGESS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1DIRECTOR OF LENDING
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ADMINISTERS LOAN PROGRAMS TO QUALIFIED BUSINESSES FOR NEW AND EXPANDING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT REVIEWS AND APPROVES THE FORM 990 PRIOR TO FILING. THE ORGANIZATION'S BOARD REVIEWS THE FORM 990 SUBSEQUENT TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION REVIEWS THE POLICY WITH EMPLOYEES AND MONITORS CONTRACTS TO ENSURE THAT THE POLICY IS BEING FOLLOWED AND UPHELD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TOP MANAGEMENT AND OFFICER SALARIES ARE APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4TOP MANAGEMENT AND OFFICER SALARIES ARE APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B

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