Civic Intelligence

Mmrc Regional Industrial Development Authority Inc

990 • Fiscal year 2022 • EIN 61-1322607

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 02, 2022

Organization Profile
150 E First StMorehead, KY 40351

(606) 784-4451

Siviq Scores

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

Liabilities / Assets

89th percentile

0.64x

Higher debt load relative to assets than 89% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

13.25x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Net Margin

21st percentile

-4.8%

Higher net margin than 21% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Asset Growth

41st percentile

-2.2%

Faster asset growth than 41% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

5th percentile

-46%

Faster revenue growth than 5% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$9,870,893

Down $220,208 (-2.2%) from 2021

Net Assets

Down

$3,557,726

Down $75,968 (-2.1%) from 2021

Liabilities

Down

$6,313,167

Down $144,240 (-2.2%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin21st percentile

Revenue

Down

$476,349

Down $404,203 (-46%) from 2021

Expenses

Down

$499,217

Down $56,917 (-10%) from 2021

Net Income

Down

-$22,868

Down $347,286 (-107%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2011: $4,498,636Liabilities 2011: $0Net Assets 2011: $4,498,6362011Assets 2012: $5,412,434Liabilities 2012: $652,923Net Assets 2012: $4,759,5112012Assets 2013: $5,756,287Liabilities 2013: $1,007,249Net Assets 2013: $4,749,0382013Assets 2014: $4,959,008Liabilities 2014: $808,432Net Assets 2014: $4,150,5762014Assets 2015: $4,655,694Liabilities 2015: $800,000Net Assets 2015: $3,855,6942015Assets 2016: $4,479,075Liabilities 2016: $802,753Net Assets 2016: $3,676,3222016Assets 2017: $4,305,210Liabilities 2017: $802,753Net Assets 2017: $3,502,4572017Assets 2018: $4,222,458Liabilities 2018: $1,277,861Net Assets 2018: $2,944,5972018Assets 2019: $5,278,156Liabilities 2019: $7,521,968Net Assets 2019: -$2,243,8122019Assets 2020: $10,176,371Liabilities 2020: $7,399,260Net Assets 2020: $2,777,1112020Assets 2021: $10,091,101Liabilities 2021: $6,457,407Net Assets 2021: $3,633,6942021Assets 2022: $9,870,893Liabilities 2022: $6,313,167Net Assets 2022: $3,557,7262022Assets 2024: $3,100,308Liabilities 2024: $0Net Assets 2024: $3,100,3082024Assets 2025: $2,907,959Liabilities 2025: $0Net Assets 2025: $2,907,9592025

Highlighted filing

2022

Assets$9,870,893
Liabilities$6,313,167
Net Assets$3,557,726
Open 2022 Filing

Operations Trend

Revenue Growth5th percentile

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

$10M$5.0M$0-$5.0M-$10MRevenue 2011: $217,050Expenses 2011: $254,928Net Income 2011: -$37,8782011Revenue 2012: $8,867Expenses 2012: $95,154Net Income 2012: -$86,2872012Revenue 2013: $22,156Expenses 2013: $32,629Net Income 2013: -$10,4732013Revenue 2014: $17,331Expenses 2014: $351,021Net Income 2014: -$333,6902014Revenue 2015: $188,991Expenses 2015: $626,072Net Income 2015: -$437,0812015Revenue 2016: $160,997Expenses 2016: $480,258Net Income 2016: -$319,2612016Revenue 2017: $211,366Expenses 2017: $508,310Net Income 2017: -$296,9442017Revenue 2018: $843,460Expenses 2018: $1,493,038Net Income 2018: -$649,5782018Revenue 2019: $40,401Expenses 2019: $5,228,810Net Income 2019: -$5,188,4092019Revenue 2020: $501,659Expenses 2020: $459,682Net Income 2020: $41,9772020Revenue 2021: $880,552Expenses 2021: $556,134Net Income 2021: $324,4182021Revenue 2022: $476,349Expenses 2022: $499,217Net Income 2022: -$22,8682022Revenue 2024: $119,449Expenses 2024: $417,741Net Income 2024: -$298,2922024Revenue 2025: $110,988Expenses 2025: $302,273Net Income 2025: -$191,2852025

Highlighted filing

2022

Revenue$476,349
Expenses$499,217
Net Income-$22,868
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 2, 2022
Return Version
2021v4.0
Gross Receipts
$476,349
Mission and Program Overview

Mission

Act as an independent agency and instrumentality and constituted authority of counties of meifee, morgan, rowan and crater in the acquisition financing and development of the regional industrial park

Act as an independent agency and instrumentality and constituted authority of counties of menifee, morgan, rowan and crater in the acquisition financing and development of the regional industrial park

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,996,189$5,780,637▼ $215,552
Inventories for Sale or Use$2,354,123$2,354,123→ $0
Savings and Temporary Cash Investments-$748,637-
Cash and Non-Interest-Bearing Accounts$1,345,342$671,496▼ $673,846
Pledges and Grants Receivable$395,447$316,000▼ $79,447
Total Assets$10,091,101$9,870,893▼ $220,208
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,445,769$6,301,529▼ $144,240
Accounts Payable and Accrued Expenses$11,638$11,638→ $0
Total Liabilities$6,457,407$6,313,167▼ $144,240
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,562,894$3,486,926▼ $75,968
Net Assets With Donor Restrictions$70,800$70,800→ $0
Total Net Assets Fund Balance$3,633,694$3,557,726▼ $75,968
Total Liabilities and Net Assets / Fund Balance$10,091,101$9,870,893▼ $220,208
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
Mike HeltonPresident
Jack HowardDirector
Jason SloanDirector
Sid StewartDirector
Trent HamiltonDirector
Russ WardSecretary
Debbie LittleVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$453,212
Program Service Revenue
$0
Investment Income
$23,137
Other Revenue
$0
All Other Contributions
$451,212
Change in Net Assets
$-22,868

Audited Revenue Reconciliation

Revenue per Audited Statements
$476,349
Total Revenue per Audited Statements
$476,349
Total Revenue per Form 990
$476,349
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$499,217
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest-$207,360-$207,360
Depreciation Depletion$162,925--$162,925
Occupancy$6,130--$6,130
Fees for Services Accounting-$5,875-$5,875
Fees for Services Legal$675--$675
Insurance$499--$499
Other Expenses$6,066$40-$40
Total Functional Expenses$285,942$213,275$0$499,217

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$535,519
Expenses per Audited Statements$499,217
Total Expenses per Form 990$499,217
Expenses Not Reported on Form 990$36,302
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Mmrc Regional Industrial
EIN
61-1322607
Address
150 E FIRST ST, MOREHEAD, KY 40351

Signing Officer

Name
Jason Sloan
Title
Director
Signed
2022-11-02

Organization Details

Principal Officer
Mike Helton
Formed
1998
Legal Domicile
Ky
Voting Board Members
6
Independent Board Members
0
Employees
0

Preparer

Firm
Donna Hendrix CPA Psc
Address
550 W 1ST ST PO BOX 449, MOREHEAD, KY 40351
Preparer
Sherman Sparks
Phone
6067844451
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Diff in book and 990 deprec -53,100”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 2D

“Book / tax depreciation difference 36,302”

Raw XML Appendix290 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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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0205528401
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DONNA HENDRIX CPA PSC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0550 W 1ST ST PO BOX 449
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MOREHEAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd040351
ReturnHeader/PreparerPersonGrp/PhoneNum06067844451
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHERMAN SPARKS
ReturnHeader/ReturnTs02022-11-03T09:33:12-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JASON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SLOAN
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
$9,870,893
Liabilities
$6,313,167
Net assets
$3,557,726
Revenue
$476,349
Expenses
$499,217
Net income
-$22,868
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.91$0.00$2.91$0.11$0.30$0.19
2024Detailed filing. Detailed filing data is available for this year.$3.10$0.00$3.10$0.12$0.42$0.30
2022Detailed filing. Detailed filing data is available for this year.$9.87$6.31$3.56$0.48$0.50$0.02
2021Detailed filing. Detailed filing data is available for this year.$10.1$6.46$3.63$0.88$0.56$0.32
2020Detailed filing. Detailed filing data is available for this year.$10.2$7.40$2.78$0.50$0.46$0.04
2019Detailed filing. Detailed filing data is available for this year.$5.28$7.52$2.24$0.04$5.23$5.19
2018Detailed filing. Detailed filing data is available for this year.$4.22$1.28$2.94$0.84$1.49$0.65
2017Detailed filing. Detailed filing data is available for this year.$4.31$0.80$3.50$0.21$0.51$0.30
2016Detailed filing. Detailed filing data is available for this year.$4.48$0.80$3.68$0.16$0.48$0.32
2015Detailed filing. Detailed filing data is available for this year.$4.66$0.80$3.86$0.19$0.63$0.44
2014Detailed filing. Detailed filing data is available for this year.$4.96$0.81$4.15$0.02$0.35$0.33
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.76$1.01$4.75$0.02$0.03$0.01
2012Summary only. Only limited summary data is available for this year.$5.41$0.65$4.76$0.01$0.10$0.09
2011Summary only. Only limited summary data is available for this year.$4.50$0.00$4.50$0.22$0.25$0.04