Civic Intelligence

Prestonsburg Economic Development Foundation

990 • Fiscal year 2023 • EIN 61-1326954

Jan 01, 2023 to Dec 31, 2023 • Filed on Feb 06, 2024

Organization ProfileN/A
382 Maple AvenuePrestonsburg, KY 41653

(606) 434-9478

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.34x

Higher debt load relative to assets than 83% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

19.92x

Higher debt load relative to revenue than 100% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

3rd percentile

-124%

Higher net margin than 3% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

32nd percentile

-1.6%

Faster asset growth than 32% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

35th percentile

-0.1%

Faster revenue growth than 35% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$999,496

Down $15,879 (-1.6%) from 2022

Net Assets

Down

$655,158

Down $21,374 (-3.2%) from 2022

Liabilities

Up

$344,338

Up $5,495 (+1.6%) from 2022

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin3rd percentile

Revenue

Down

$17,288

Down $9 (-0.1%) from 2022

Expenses

Up

$38,662

Up $12,602 (+48%) from 2022

Net Income

Down

-$21,374

Down $12,611 (-144%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

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

$1.5M$1.0M$500K$0Assets 2011: $758,645Liabilities 2011: $0Net Assets 2011: $758,6452011Assets 2012: $756,043Liabilities 2012: $0Net Assets 2012: $756,0432012Assets 2013: $758,885Liabilities 2013: $0Net Assets 2013: $758,8852013Assets 2014: $760,821Liabilities 2014: $0Net Assets 2014: $760,8212014Assets 2015: $1,109,212Liabilities 2015: $350,000Net Assets 2015: $759,2122015Assets 2016: $1,086,783Liabilities 2016: $350,000Net Assets 2016: $736,7832016Assets 2017: $1,074,020Liabilities 2017: $350,000Net Assets 2017: $724,0202017Assets 2018: $1,057,823Liabilities 2018: $350,000Net Assets 2018: $707,8232018Assets 2019: $1,042,092Liabilities 2019: $350,000Net Assets 2019: $692,0922019Assets 2020: $1,045,992Liabilities 2020: $350,000Net Assets 2020: $695,9922020Assets 2021: $1,035,295Liabilities 2021: $350,000Net Assets 2021: $685,2952021Assets 2022: $1,015,375Liabilities 2022: $338,843Net Assets 2022: $676,5322022Assets 2023: $999,496Liabilities 2023: $344,338Net Assets 2023: $655,1582023Assets 2024: $661,283Liabilities 2024: $0Net Assets 2024: $661,2832024Assets 2025: $653,218Liabilities 2025: $0Net Assets 2025: $653,2182025

Highlighted filing

2023

Assets$999,496
Liabilities$344,338
Net Assets$655,158
Open 2023 Filing

Operations Trend

Revenue Growth35th percentile

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

$50K$0-$50K-$100KRevenue 2011: -$32,083Expenses 2011: $42,247Net Income 2011: -$74,3302011Revenue 2012: $16,272Expenses 2012: $18,874Net Income 2012: -$2,6022012Revenue 2013: $15,273Expenses 2013: $12,431Net Income 2013: $2,8422013Revenue 2014: $16,536Expenses 2014: $14,600Net Income 2014: $1,9362014Revenue 2015: $16,563Expenses 2015: $18,172Net Income 2015: -$1,6092015Revenue 2016: $13,722Expenses 2016: $36,151Net Income 2016: -$22,4292016Revenue 2017: $14,214Expenses 2017: $26,977Net Income 2017: -$12,7632017Revenue 2018: $14,160Expenses 2018: $30,357Net Income 2018: -$16,1972018Revenue 2019: $14,663Expenses 2019: $30,394Net Income 2019: -$15,7312019Revenue 2020: $24,602Expenses 2020: $20,701Net Income 2020: $3,9012020Revenue 2021: $15,543Expenses 2021: $26,240Net Income 2021: -$10,6972021Revenue 2022: $17,297Expenses 2022: $26,060Net Income 2022: -$8,7632022Revenue 2023: $17,288Expenses 2023: $38,662Net Income 2023: -$21,3742023Revenue 2024: $24,728Expenses 2024: $18,603Net Income 2024: $6,1252024Revenue 2025: $27,364Expenses 2025: $35,429Net Income 2025: -$8,0652025

Highlighted filing

2023

Revenue$17,288
Expenses$38,662
Net Income-$21,374
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Feb 6, 2024
Return Version
2023v4.0
Gross Receipts
$17,288
Mission and Program Overview

Mission

The organizations primary mission is to perform industrial development that will improve the community.

Industrial development to improve community

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$974,649$974,649→ $0
Rtn Earn Endowment Incm Other Fnds$676,532$655,158▼ $21,374
Cash and Non-Interest-Bearing Accounts$40,726$24,847▼ $15,879
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,015,375$999,496▼ $15,879
Liabilities
Mortgage Notes Payable Secured by Investment Property$338,843$344,338▲ $5,495
Total Liabilities$338,843$344,338▲ $5,495
Net Assets / Fund Balance
Total Net Assets Fund Balance$676,532$655,158▼ $21,374
Total Liabilities and Net Assets / Fund Balance$1,015,375$999,496▼ $15,879

Asset Categories

AssetBook ValueDepreciationBasis
Land$974,649-$974,649
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Thomas NairnChairman/president
Beau SpurlockDirector
Burl W SpurlockDirector
David EllisDirector
Edward R NairnDirector
Estill L CarterDirector
Greg WilsonDirector
Josh TurnerDirector
Lloyd StapletonDirector
Paul P HughesDirector
Robert R Allen IiSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$31
Other Revenue
$17,257
Change in Net Assets
$-21,374
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$38,662
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-$21,996-$21,996
Fees for Services Other-$4,983-$4,983
Advertising-$500-$500
Other Expenses-$15-$15
Total Functional Expenses$0$38,662$0$38,662
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
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, Part VI, Section A, Line 2

“Board members burl spurlock and beau spurlock are father and son, as are board members edward r. Nairn and thomas nairn. Greg wilson is the nephew of burl spurlock by marriage.”

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

“The tax return is prepared by a regional cpa firm on behalf of the board. Various board members review the return and any related schedules prior to its filing. Any inaccuracies found at that time are discussed with the cpa and corrections are made before the organization files the tax return.”

Form 990, Part VI, Section C, Line 19

“No documents, policies, etc. Are regularly published. Upon request, the organization provides copies of its governing documents and policies as well as any financial statements that have been prepared.”

Filing and Contact Details

Filer

Filer Name
Prestonsburg Economic Development
EIN
61-1326954
Phone
6064349478
Address
382 MAPLE AVENUE, PRESTONSBURG, KY 41653

Signing Officer

Name
Robert R Allen Ii
Title
Secretary/treasurer
Phone
6064349478
Signed
2024-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert R Allen Ii
Formed
2004
Legal Domicile
Ky
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Griffith Delaney Hillman & Lett
Address
PO BOX 1360, ASHLAND, KY 41105-1360
Preparer
Tracy Neal Hillman
Phone
6063291656
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Accountants fees: program service expenses 0. Management and general expenses 4,983. Fundraising expenses 0. Total expenses 4,983.”

Raw XML Appendix335 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/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
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IRS990/GrantsToOrganizationsInd00
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD MEMBERS BURL SPURLOCK AND BEAU SPURLOCK ARE FATHER AND SON, AS ARE BOARD MEMBERS EDWARD R. NAIRN AND THOMAS NAIRN. GREG WILSON IS THE NEPHEW OF BURL SPURLOCK BY MARRIAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE TAX RETURN IS PREPARED BY A REGIONAL CPA FIRM ON BEHALF OF THE BOARD. VARIOUS BOARD MEMBERS REVIEW THE RETURN AND ANY RELATED SCHEDULES PRIOR TO ITS FILING. ANY INACCURACIES FOUND AT THAT TIME ARE DISCUSSED WITH THE CPA AND CORRECTIONS ARE MADE BEFORE THE ORGANIZATION FILES THE TAX RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS, POLICIES, ETC. ARE REGULARLY PUBLISHED. UPON REQUEST, THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING DOCUMENTS AND POLICIES AS WELL AS ANY FINANCIAL STATEMENTS THAT HAVE BEEN PREPARED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ACCOUNTANTS FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 4,983. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,983.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
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IRS990/TotalAssetsEOYAmt0999496
IRS990/TotalAssetsGrp/BOYAmt01015375
IRS990/TotalAssetsGrp/EOYAmt0999496
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt038662
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt038662
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0338843
IRS990/TotalLiabilitiesEOYAmt0344338
IRS990/TotalLiabilitiesGrp/BOYAmt0338843
IRS990/TotalLiabilitiesGrp/EOYAmt0344338
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0676532
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0655158
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt017288
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt017288
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01015375
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0999496
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0382 MAPLE AVENUE
IRS990/USAddress/CityNm0PRESTONSBURG
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd041653
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT R ALLEN II
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY/TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06064349478
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-02-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PRESTONSBURG ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0PRES
ReturnHeader/Filer/EIN0611326954
ReturnHeader/Filer/PhoneNum06064349478
ReturnHeader/Filer/USAddress/AddressLine1Txt0382 MAPLE AVENUE
ReturnHeader/Filer/USAddress/CityNm0PRESTONSBURG
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd041653
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0611223180
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GRIFFITH DELANEY HILLMAN & LETT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1360
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ASHLAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0411051360
ReturnHeader/PreparerPersonGrp/PhoneNum06063291656
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TRACY NEAL HILLMAN
ReturnHeader/ReturnTs02024-02-06T06:49:47-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ROBERT
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ALLEN II
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$999,496
Liabilities
$344,338
Net assets
$655,158
Revenue
$17,288
Expenses
$38,662
Net income
-$21,374
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.65$0.00$0.65$0.03$0.04$0.01
2024Detailed filing. Detailed filing data is available for this year.$0.66$0.00$0.66$0.02$0.02$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.00$0.34$0.66$0.02$0.04$0.02
2022Detailed filing. Detailed filing data is available for this year.$1.02$0.34$0.68$0.02$0.03$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.04$0.35$0.69$0.02$0.03$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.05$0.35$0.70$0.02$0.02$0.00
2019Detailed filing. Detailed filing data is available for this year.$1.04$0.35$0.69$0.01$0.03$0.02
2018Summary only. Only limited summary data is available for this year.$1.06$0.35$0.71$0.01$0.03$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.07$0.35$0.72$0.01$0.03$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.09$0.35$0.74$0.01$0.04$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.11$0.35$0.76$0.02$0.02$0.00
2014Summary only. Only limited summary data is available for this year.$0.76$0.00$0.76$0.02$0.01$0.00
2013Summary only. Only limited summary data is available for this year.$0.76$0.00$0.76$0.02$0.01$0.00
2012Summary only. Only limited summary data is available for this year.$0.76$0.00$0.76$0.02$0.02$0.00
2011Summary only. Only limited summary data is available for this year.$0.76$0.00$0.76$0.03$0.04$0.07
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)4 • $500k-$1M nonprofits