Civic Intelligence

Webster County Economic Development

990 • Fiscal year 2022 • EIN 61-1155497

Jul 01, 2021 to Jun 30, 2022 • Filed on Oct 26, 2022

Organization ProfileN/A
PO Box 296Dixon, KY 42409

(270) 639-5042

Siviq Scores

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

Liabilities / Assets

44th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

44th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Net Margin

1st percentile

-13453%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

1st percentile

-96%

Faster asset growth than 1% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

4th percentile

-59%

Faster revenue growth than 4% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets44th percentile

Assets

Down

$117,236

Down $3,066,921 (-96%) from 2021

Net Assets

Down

$117,236

Down $3,066,921 (-96%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin1st percentile

Revenue

Down

$22,798

Down $32,347 (-59%) from 2021

Expenses

Up

$3,089,719

Up $3,085,914 (+81102%) from 2021

Net Income

Down

-$3,066,921

Down $3,118,261 (-6074%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $1,402,101Liabilities 2011: $0Net Assets 2011: $1,402,1012011Assets 2012: $1,407,764Liabilities 2012: $0Net Assets 2012: $1,407,7642012Assets 2013: $3,897,157Liabilities 2013: $0Net Assets 2013: $3,897,1572013Assets 2014: $3,898,556Liabilities 2014: $0Net Assets 2014: $3,898,5562014Assets 2015: $3,675,558Liabilities 2015: $0Net Assets 2015: $3,675,5582015Assets 2016: $3,659,954Liabilities 2016: $0Net Assets 2016: $3,659,9542016Assets 2017: $3,429,820Liabilities 2017: $0Net Assets 2017: $3,429,8202017Assets 2018: $3,254,009Liabilities 2018: $0Net Assets 2018: $3,254,0092018Assets 2019: $3,076,820Liabilities 2019: $0Net Assets 2019: $3,076,8202019Assets 2020: $3,132,817Liabilities 2020: $0Net Assets 2020: $3,132,8172020Assets 2021: $3,184,157Liabilities 2021: $0Net Assets 2021: $3,184,1572021Assets 2022: $117,236Liabilities 2022: $0Net Assets 2022: $117,2362022Assets 2023: $62,585Liabilities 2023: $0Net Assets 2023: $62,5852023Assets 2024: $62,176Liabilities 2024: $0Net Assets 2024: $62,1762024

Highlighted filing

2022

Assets$117,236
Liabilities$0
Net Assets$117,236
Open 2022 Filing

Operations Trend

Revenue Growth4th percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2011: $35,645Expenses 2011: $37,730Net Income 2011: -$2,0852011Revenue 2012: $33,094Expenses 2012: $27,431Net Income 2012: $5,6632012Revenue 2013: $2,700,308Expenses 2013: $210,915Net Income 2013: $2,489,3932013Revenue 2014: $66,996Expenses 2014: $65,597Net Income 2014: $1,3992014Revenue 2015: $125,384Expenses 2015: $348,382Net Income 2015: -$222,9982015Revenue 2016: $73,870Expenses 2016: $89,474Net Income 2016: -$15,6042016Revenue 2017: $65,039Expenses 2017: $295,173Net Income 2017: -$230,1342017Revenue 2018: $107,769Expenses 2018: $283,580Net Income 2018: -$175,8112018Revenue 2019: $88,214Expenses 2019: $265,403Net Income 2019: -$177,1892019Revenue 2020: $62,041Expenses 2020: $6,044Net Income 2020: $55,9972020Revenue 2021: $55,145Expenses 2021: $3,805Net Income 2021: $51,3402021Revenue 2022: $22,798Expenses 2022: $3,089,719Net Income 2022: -$3,066,9212022Revenue 2023: $424Expenses 2023: $55,075Net Income 2023: -$54,6512023Revenue 2024: $404Expenses 2024: $813Net Income 2024: -$4092024

Highlighted filing

2022

Revenue$22,798
Expenses$3,089,719
Net Income-$3,066,921
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Oct 26, 2022
Return Version
2021v4.0
Gross Receipts
$22,798
Mission and Program Overview

Mission

To promote economic development in webster county by creating opportunities in conjunction with other organizations to obtain grants and provide seed money to new and existing businesses under state mandated guidelines for such monies.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,429,056$63,490▼ $2,365,566
Other Notes and Loans Receivable, Net$755,099$53,743▼ $701,356
Cash and Non-Interest-Bearing Accounts$2$3▲ $1
Total Assets$3,184,157$117,236▼ $3,066,921
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,364,905--
Net Assets Without Donor Restrictions$819,252$117,236▼ $702,016
Total Net Assets Fund Balance$3,184,157$117,236▼ $3,066,921
Total Liabilities and Net Assets / Fund Balance$3,184,157$117,236▼ $3,066,921
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Nicholas WhitledgeChairman
Michael FarrisOfficer
Shellie K UtleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$22,798
Other Revenue
$0
Change in Net Assets
$-3,066,921
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,088,748
Other Expenses$971
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,088,748--$3,088,748
Office Expenses-$860-$860
Fees for Services Accounting-$50-$50
Fees for Services Legal-$46-$46
Fees for Services Other-$15-$15
Total Functional Expenses$3,088,748$971$0$3,089,719
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Webster County IdaDixon, KYGovOperations Consolidt$2,491,302
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Shellie K UtleyBoard MemberTax Return PrepNo-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Shares in the corporation shall be sold to individuals or businesses at the rate of 50.00 (fifty dollars) per share. An individual business or other corporation shall be entitled to own only one share in this corporation and thus will be entitled to but one vote in the management of affairs of the corporation. The business and affairs of the corporation shall be managed by its board of directors. The director must have a vested interest in webster county kentucky and shareholders of the corporation.”

Form 990, Page 6, Part VI, Line 7B

“All business matters undertaken by the corporation shall be approved at any meeting that a quorum is present. A quorum is a majority of the active or currently seated directors, vacancies are not counted.”

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

“The executive director and finance committee review the form 990 for completeness and accuracy.”

Form 990, Page 6, Part VI, Line 19

“The webster county economic development corporation will make its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Webster County Economic Development
EIN
61-1155497
Phone
2706395042
Address
PO BOX 296, DIXON, KY 42409

Signing Officer

Name
Nicholas Whitledge
Title
Chairman
Phone
2706395042
Signed
2022-10-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nicholas Whitledge
Formed
1986
Legal Domicile
Ky
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
14

Preparer

Firm
Berry Kington & Utley Psc
Address
2822 N MAIN ST, MADISONVILLE, KY 42431-9484
Preparer
Shellie K Utley CPA
Phone
2708213355
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To promote economic development in webster county by creating opportunities in conjunction with other organizations to obtain grants and provide seed money to new and existing businesses under state mandated guidelines for such monies.”

Form 990, Page 1, Part I, Line 6

“Board of directors all serve on a volunteer basis to promote economic development in webster county.”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROMOTE ECONOMIC DEVELOPMENT IN WEBSTER COUNTY BY CREATING OPPORTUNITIES IN CONJUNCTION WITH OTHER ORGANIZATIONS TO OBTAIN GRANTS AND PROVIDE SEED MONEY TO NEW AND EXISTING BUSINESSES UNDER STATE MANDATED GUIDELINES FOR SUCH MONIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD OF DIRECTORS ALL SERVE ON A VOLUNTEER BASIS TO PROMOTE ECONOMIC DEVELOPMENT IN WEBSTER COUNTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SHARES IN THE CORPORATION SHALL BE SOLD TO INDIVIDUALS OR BUSINESSES AT THE RATE OF 50.00 (FIFTY DOLLARS) PER SHARE. AN INDIVIDUAL BUSINESS OR OTHER CORPORATION SHALL BE ENTITLED TO OWN ONLY ONE SHARE IN THIS CORPORATION AND THUS WILL BE ENTITLED TO BUT ONE VOTE IN THE MANAGEMENT OF AFFAIRS OF THE CORPORATION. THE BUSINESS AND AFFAIRS OF THE CORPORATION SHALL BE MANAGED BY ITS BOARD OF DIRECTORS. THE DIRECTOR MUST HAVE A VESTED INTEREST IN WEBSTER COUNTY KENTUCKY AND SHAREHOLDERS OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL BUSINESS MATTERS UNDERTAKEN BY THE CORPORATION SHALL BE APPROVED AT ANY MEETING THAT A QUORUM IS PRESENT. A QUORUM IS A MAJORITY OF THE ACTIVE OR CURRENTLY SEATED DIRECTORS, VACANCIES ARE NOT COUNTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE EXECUTIVE DIRECTOR AND FINANCE COMMITTEE REVIEW THE FORM 990 FOR COMPLETENESS AND ACCURACY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE WEBSTER COUNTY ECONOMIC DEVELOPMENT CORPORATION WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0STEVEN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WHITSELL
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$117,236
Liabilities
$0
Net assets
$117,236
Revenue
$22,798
Expenses
$3,089,719
Net income
-$3,066,921
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.06$0.00$0.06$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.06$0.00$0.06$0.00$0.06$0.05
2022Detailed filing. Detailed filing data is available for this year.$0.12$0.00$0.12$0.02$3.09$3.07
2021Detailed filing. Detailed filing data is available for this year.$3.18$0.00$3.18$0.06$0.00$0.05
2020Detailed filing. Detailed filing data is available for this year.$3.13$0.00$3.13$0.06$0.01$0.06
2019Detailed filing. Detailed filing data is available for this year.$3.08$0.00$3.08$0.09$0.27$0.18
2018Detailed filing. Detailed filing data is available for this year.$3.25$0.00$3.25$0.11$0.28$0.18
2017Detailed filing. Detailed filing data is available for this year.$3.43$0.00$3.43$0.07$0.30$0.23
2016Detailed filing. Detailed filing data is available for this year.$3.66$0.00$3.66$0.07$0.09$0.02
2015Detailed filing. Detailed filing data is available for this year.$3.68$0.00$3.68$0.13$0.35$0.22
2014Detailed filing. Detailed filing data is available for this year.$3.90$0.00$3.90$0.07$0.07$0.00
2013Summary only. Only limited summary data is available for this year.$3.90$0.00$3.90$2.70$0.21$2.49
2012Summary only. Only limited summary data is available for this year.$1.41$0.00$1.41$0.03$0.03$0.01
2011Summary only. Only limited summary data is available for this year.$1.40$0.00$1.40$0.04$0.04$0.00