Civic Intelligence

Kentucky Highlands Community Development Corporation

990 • Fiscal year 2022 • EIN 61-1253192

Apr 01, 2021 to Mar 31, 2022 • Filed on Jan 19, 2023

Organization ProfileN/A
PO Box 1738London, KY 40743-1738

(606) 864-5175

Siviq Scores

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

Liabilities / Assets

88th percentile

0.64x

Higher debt load relative to assets than 88% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

93rd percentile

2.45x

Higher debt load relative to revenue than 93% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

27th percentile

-4.5%

Higher net margin than 27% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

98th percentile

$538,517

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 44.5% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

57th percentile

4.3%

Faster asset growth than 57% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

23rd percentile

-15%

Faster revenue growth than 23% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$4,648,028

Up $193,543 (+4.3%) from 2021

Net Assets

Down

$1,685,667

Down $54,211 (-3.1%) from 2021

Liabilities

Up

$2,962,361

Up $247,754 (+9.1%) from 2021

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin27th percentile

Revenue

Down

$1,209,567

Down $206,958 (-15%) from 2021

Expenses

Down

$1,263,778

Down $135,664 (-9.7%) from 2021

Net Income

Down

-$54,211

Down $71,294 (-417%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth57th percentile

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

$15M$10M$5.0M$0Assets 2011: $1,864,496Liabilities 2011: $1,036,874Net Assets 2011: $827,6222011Assets 2012: $2,190,902Liabilities 2012: $1,076,259Net Assets 2012: $1,114,6432012Assets 2013: $2,275,759Liabilities 2013: $1,160,999Net Assets 2013: $1,114,7602013Assets 2014: $2,234,396Liabilities 2014: $1,125,943Net Assets 2014: $1,108,4532014Assets 2015: $2,163,718Liabilities 2015: $1,242,093Net Assets 2015: $921,6252015Assets 2016: $1,826,842Liabilities 2016: $1,154,877Net Assets 2016: $671,9652016Assets 2017: $1,904,565Liabilities 2017: $1,595,528Net Assets 2017: $309,0372017Assets 2018: $2,956,757Liabilities 2018: $2,125,668Net Assets 2018: $831,0892018Assets 2019: $3,745,725Liabilities 2019: $2,694,798Net Assets 2019: $1,050,9272019Assets 2020: $5,250,804Liabilities 2020: $3,528,009Net Assets 2020: $1,722,7952020Assets 2021: $4,454,485Liabilities 2021: $2,714,607Net Assets 2021: $1,739,8782021Assets 2022: $4,648,028Liabilities 2022: $2,962,361Net Assets 2022: $1,685,6672022Assets 2023: $4,992,896Liabilities 2023: $3,334,145Net Assets 2023: $1,658,7512023Assets 2025: $14,115,426Liabilities 2025: $3,426,323Net Assets 2025: $10,689,1032025

Highlighted filing

2022

Assets$4,648,028
Liabilities$2,962,361
Net Assets$1,685,667
Open 2022 Filing

Operations Trend

Revenue Growth23rd percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $346,7702011Expenses 2012: $624,2932012Expenses 2013: $679,8832013Revenue 2014: $490,747Expenses 2014: $497,054Net Income 2014: -$6,3072014Revenue 2015: $282,776Expenses 2015: $469,604Net Income 2015: -$186,8282015Revenue 2016: $423,291Expenses 2016: $672,951Net Income 2016: -$249,6602016Revenue 2017: $249,314Expenses 2017: $612,242Net Income 2017: -$362,9282017Revenue 2018: $1,207,327Expenses 2018: $685,275Net Income 2018: $522,0522018Revenue 2019: $977,728Expenses 2019: $757,890Net Income 2019: $219,8382019Revenue 2020: $1,282,494Expenses 2020: $610,626Net Income 2020: $671,8682020Revenue 2021: $1,416,525Expenses 2021: $1,399,442Net Income 2021: $17,0832021Revenue 2022: $1,209,567Expenses 2022: $1,263,778Net Income 2022: -$54,2112022Revenue 2023: $1,485,055Expenses 2023: $1,511,971Net Income 2023: -$26,9162023Revenue 2025: $11,452,069Expenses 2025: $1,284,153Net Income 2025: $10,167,9162025

Highlighted filing

2022

Revenue$1,209,567
Expenses$1,263,778
Net Income-$54,211
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2021 to Mar 31, 2022
Signed
Jan 19, 2023
Return Version
2021v4.2
Gross Receipts
$1,308,048
Mission and Program Overview

Mission

Khcdc provides financing to companies in its service area, where traditional financing sources may not be readily available.

Khcdc was formed to promote the tax-exempt mission of kentucky highlands investment corporation, a section 501(c)(4) organization. Their mission is job creation and retention in a twenty-two county economically disadvantaged area of southeastern kentucky. This mission is accomplished through non-traditional investment in companies which will provide these jobs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$3,438,762$3,982,225▲ $543,463
Rtn Earn Endowment Incm Other Fnds$1,739,878$1,685,667▼ $54,211
Land, Buildings, and Equipment, Net$665,858$320,057▼ $345,801
Accounts Receivable$213,799$168,482▼ $45,317
Cash and Non-Interest-Bearing Accounts$45,291$95,477▲ $50,186
Prepaid Expenses and Deferred Charges$90,775$81,787▼ $8,988
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$4,454,485$4,648,028▲ $193,543
Liabilities
Other Liabilities$2,712,857$2,962,111▲ $249,254
Accounts Payable and Accrued Expenses$1,750$250▼ $1,500
Total Liabilities$2,714,607$2,962,361▲ $247,754
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,739,878$1,685,667▼ $54,211
Total Liabilities and Net Assets / Fund Balance$4,454,485$4,648,028▲ $193,543

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$213,057$365,835$578,892
Land$107,000-$107,000
Equipment$0$19,620$19,620
Investment Program Related Org$1,036,525--
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Ruby AdamsSecretaryPT$94,789$94,789
William SingletonDirector-$12,000$12,000
Bill BertramDirector-$3,850$3,850
Clarence Bo GreenDirector-$3,850$3,850
Greene L KeithDirector-$3,850$3,850
Jane CarterDirector-$3,850$3,850
Lonnie RileyDirector-$3,850$3,850
Mary PurkeyDirector-$3,850$3,850
Samuel BrownDirector-$3,850$3,850
Richard FoleyDirector-$3,500$3,500
Serena StrattonDirector-$3,500$3,500
William SmithDirector-$3,500$3,500
Jennifer JonesDirector-$3,150$3,150
Robert FentressDirector-$2,450$2,450
Gayle HouseDirector-$1,750$1,750

Board Members and Trustees

NameTitle
Jerry RickettPresident
Brenda McdanielExec. Vice President/CFO
Mark BolingerVice President, Business L
Edgar DavisBusiness Development Speci
Melissa ConnInvestment Analyst
Michael HayesSpecial Projects Coordinat
Revenue and Support

Revenue Composition

Contributions and Grants
$1,198,429
Program Service Revenue
$91,324
Investment Income
$-98,481
Other Revenue
$18,295
All Other Contributions
$43,850
Change in Net Assets
$-54,211
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$842,927
Other Expenses$420,851
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$842,927--$842,927
Fees for Services Management$267,989$71,238-$339,227
Fees for Services Other$29,289$7,786-$37,075
Depreciation Depletion$14,078--$14,078
Fees for Services Accounting$5,329$1,417-$6,746
Occupancy$5,237$1,392-$6,629
Insurance$2,355$626-$2,981
Office Expenses$2,127$566-$2,693
Travel$2,019$537-$2,556
Other Expenses$36$9-$45
Total Functional Expenses$1,178,355$85,423$0$1,263,778
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Kentucky Highlands Investment CorporationLondon, KY501(c)(4) SupportedTransfer to Supported Organization$842,927
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
Intercompany Payable$2,827,111
Notes Payable$135,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The form 990 is reviewed by the audit committee of the board of directors prior to filing. Any comments/questions are addressed and the return is filed after resolution.”

Form 990, Part VI, Section B, Line 12C

“Khcdc regularly and consistently monitors and enforces compliance with the policies in place. Conflicts are disclosed at board of directors meetings and recorded in the minutes, to be followed up as needed by the board chairman and/or the president.”

Form 990, Part VI, Section B, Line 15A

“A compensation committee consisting of board members is appointed by the board chairman. The committee reviews and sets policy regarding compensation. In addition, the organization participates in an annual compdata survey and the salaries of all employees reviewed for comparability using information provided by compdata and other sources. Additionally, the compensation committee reviews the performance of the president and ceo in relation to the strategic plan and goals of the organization which is approved annually by the board of directors. The comparable salaries relate to venture fund managers, cfo's, etc. On september 13, 1989, the irs issued a favorable determination of the total compensation arrangement (including incentive compensation). In addition, in 2021 the organization hired a third party compensation consultant to determine the reasonableness of the compensation of the officers, executives and key employees. The consultants determined the organization's salaries and benefits were reasonable and consistent with irs guidance outlined in irc 4958.”

Form 990, Part VI, Section C, Line 19

“Khcdc provides its governing documents, conflict of interest policy and financial statements to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Kentucky Highlands Community
EIN
61-1253192
Phone
6068645175
Address
PO BOX 1738, LONDON, KY 40743-1738

Signing Officer

Name
Brenda Mcdaniel
Title
Treasurer
Phone
6068645175
Signed
2023-01-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jerry Rickett
Formed
1994
Legal Domicile
Ky
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
0

Preparer

Firm
Blue & Co LLC
Address
250 WEST MAIN STREET SUITE 2900, LEXINGTON, KY 40507
Preparer
John Copeland
Phone
8592531100
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 2C

“There was no change in the process from prior years.”

Raw XML AppendixShowing 400 of 769 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/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15EXEC. VICE PRESIDENT/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt16VICE PRESIDENT, BUSINESS L
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18SPECIAL PROJECTS COORDINAT
IRS990/Form990PartVIISectionAGrp/TitleTxt19INVESTMENT ANALYST
IRS990/Form990PartVIISectionAGrp/TitleTxt20BUSINESS DEVELOPMENT SPECI
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IRS990/FSAuditedInd01
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IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt015
IRS990/GovernmentGrantsAmt01154579
IRS990/GrantAmt0842927
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0842927
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0842927
IRS990/GrantsToIndividualsInd00
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IRS990/GrantToRelatedPersonInd00
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IRS990/GrossRentsGrp/RealAmt017904
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IRS990/IndoorTanningServicesInd00
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IRS990/InsuranceGrp/ManagementAndGeneralAmt0626
IRS990/InsuranceGrp/ProgramServicesAmt02355
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IRS990/LandBldgEquipCostOrOtherBssAmt0705512
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IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt098481
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0KHCDC PROVIDES FINANCING TO COMPANIES IN ITS SERVICE AREA, WHERE TRADITIONAL FINANCING SOURCES ARE NOT AVAILABLE.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt01739878
IRS990/NetAssetsOrFundBalancesEOYAmt01685667
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-98481
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-98481
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt017904
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt017904
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt01392
IRS990/OccupancyGrp/ProgramServicesAmt05237
IRS990/OccupancyGrp/TotalAmt06629
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0566
IRS990/OfficeExpensesGrp/ProgramServicesAmt02127
IRS990/OfficeExpensesGrp/TotalAmt02693
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0MISCELLANEOUS
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IRS990/OtherExpensesGrp/Desc2FILING FEES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1105
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt29
IRS990/OtherExpensesGrp/ProgramServicesAmt06574
IRS990/OtherExpensesGrp/ProgramServicesAmt1395
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01685667
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgQualifiedInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind01
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtExclusivelySec170c2BInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THIS ORGANIZATION'S GOVERNING BODY AND MANAGEMENT ARE THE SAME AS ITS SUPPORTED ORGANIZATION, KENTUCKY HIGHLANDS INVESTMENT CORPORATION. DUE TO THEIR LEVEL OF INVOLVEMENT IN BOTH ORGANIZATIONS, THEY ARE CONSTANTLY MONITORING THE SUPPORTED ORGANIZATION'S SOURCES OF SUPPORT TO COMPLY WITH PUBLIC SUPPORT TEST UNDER SECTION 509(A)(2).

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$4,648,028
Liabilities
$2,962,361
Net assets
$1,685,667
Revenue
$1,209,567
Expenses
$1,263,778
Net income
-$54,211
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$3.43$10.7$11.5$1.28$10.2
2023Summary only. Only limited summary data is available for this year.$4.99$3.33$1.66$1.49$1.51$0.03
2022Detailed filing. Detailed filing data is available for this year.$4.65$2.96$1.69$1.21$1.26$0.05
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.45$2.71$1.74$1.42$1.40$0.02
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.25$3.53$1.72$1.28$0.61$0.67
2019Summary only. Only limited summary data is available for this year.$3.75$2.69$1.05$0.98$0.76$0.22
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.96$2.13$0.83$1.21$0.69$0.52
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.90$1.60$0.31$0.25$0.61$0.36
2016Detailed filing. Detailed filing data is available for this year.$1.83$1.15$0.67$0.42$0.67$0.25
2015Detailed filing. Detailed filing data is available for this year.$2.16$1.24$0.92$0.28$0.47$0.19
2014Detailed filing. Detailed filing data is available for this year.$2.23$1.13$1.11$0.49$0.50$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.28$1.16$1.11$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.19$1.08$1.11$0.62
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.86$1.04$0.83$0.35
Peer Organizations

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