Civic Intelligence

Honey Branch Industrial Development Authority Inc.

990 • Fiscal year 2021 • EIN 61-1338845

Jul 01, 2020 to Jun 30, 2021 • Filed on Apr 11, 2022

Organization Profile
110 Resource CTPrestonsburg, KY 41653

(606) 886-2374

Siviq Scores

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

Liabilities / Assets

66th percentile

0.19x

Higher debt load relative to assets than 66% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

99th percentile

24.81x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

1st percentile

-584%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

13th percentile

-5.2%

Faster asset growth than 13% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

84th percentile

76%

Faster revenue growth than 84% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets66th percentile

Assets

$3,634,232

No earlier filing loaded for comparison.

Net Assets

$2,953,536

No earlier filing loaded for comparison.

Liabilities

$680,696

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin1st percentile

Revenue

$27,432

No earlier filing loaded for comparison.

Expenses

$187,610

No earlier filing loaded for comparison.

Net Income

-$160,178

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2021: $3,634,232Liabilities 2021: $680,696Net Assets 2021: $2,953,5362021Assets 2022: $3,519,674Liabilities 2022: $660,179Net Assets 2022: $2,859,4952022Assets 2023: $3,287,232Liabilities 2023: $627,132Net Assets 2023: $2,660,1002023Assets 2024: $3,064,389Liabilities 2024: $611,253Net Assets 2024: $2,453,1362024

Highlighted filing

2021

Assets$3,634,232
Liabilities$680,696
Net Assets$2,953,536
Open 2021 Filing

Operations Trend

Revenue Growth84th percentile

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

$400K$200K$0-$200K-$400KRevenue 2021: $27,432Expenses 2021: $187,610Net Income 2021: -$160,1782021Revenue 2022: $115,329Expenses 2022: $209,370Net Income 2022: -$94,0412022Revenue 2023: $51,567Expenses 2023: $262,466Net Income 2023: -$210,8992023Revenue 2024: $1,410Expenses 2024: $218,947Net Income 2024: -$217,5372024

Highlighted filing

2021

Revenue$27,432
Expenses$187,610
Net Income-$160,178
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 11, 2022
Return Version
2020v4.0
Gross Receipts
$27,432
Mission and Program Overview

Mission

Bsrida acts as an regional development organization involved in the acquisition and development of industrial sites, parks, and subdivisions for economic development purposes resulting in job creation and improved economic base of the big sandy region comprised of floyd, johnson, magoffin, martin & pike counties in kentucky

Economic development to bring business and industry in order to increase jobs and commerce

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,965,795$2,822,137▼ $143,658
Savings and Temporary Cash Investments$761,687$699,966▼ $61,721
Cash and Non-Interest-Bearing Accounts$102,069$102,069→ $0
Prepaid Expenses and Deferred Charges$2,590$10,060▲ $7,470
Total Assets$3,832,141$3,634,232▼ $197,909
Liabilities
Mortgage Notes Payable Secured by Investment Property$707,829$677,632▼ $30,197
Deferred Revenue$8,593--
Accounts Payable and Accrued Expenses$2,005$3,064▲ $1,059
Total Liabilities$718,427$680,696▼ $37,731
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,382,426$2,222,153▼ $160,273
Net Assets With Donor Restrictions$731,288$731,383▲ $95
Total Net Assets Fund Balance$3,113,714$2,953,536▼ $160,178
Total Liabilities and Net Assets / Fund Balance$3,832,141$3,634,232▼ $197,909

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,221,301$386,580$0
Other Land Buildings$0$0$0
Land$322,383-$0
Equipment$0$0$0
Leasehold Improvements$278,453$4,956,278$0
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Mike DuncanChairman
Paul PattonVice Chairman
Ab ConleyDirector
David EllisDirector
James BoothDirector
Kathy WalkerSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$25,818
Investment Income
$1,614
Other Revenue
$0
Change in Net Assets
$-160,178

Audited Revenue Reconciliation

Revenue per Audited Statements
$27,432
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$10,000
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$37,432
Total Revenue per Form 990
$27,432
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$187,610
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
Depreciation Depletion$143,658--$143,658
Interest$20,428--$20,428
Occupancy$10,927--$10,927
Insurance$8,017--$8,017
Fees for Services Accounting-$4,500-$4,500
Advertising-$80-$80
Total Functional Expenses$183,030$4,580$0$187,610

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$197,610
Expenses per Audited Statements$187,610
Total Expenses per Form 990$187,610
Expenses Not Reported on Form 990$10,000
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization is limited in activity and has no employees. Big Sandy Area Development District handles financial management duties. The work is reviewed and approved at each meeting of the board of directors.”

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

“The 990 is presented in a meeting of the board of directors. Upon approval it is signed by the Chairman or their designee for submission to the IRS. Approval is recorded within the minutes of the meeting in which it is approved.”

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

“The bylaws of the organization state there are to be no conflicts of interest between the board members and any activities undertaken by the organization. The organization requires an annual disclosure of potential conflicts and requires board members self report any potential conflicts as soon as they are known.”

Form 990, Part VI, Section C, Line 19

“All documentation is available for review during normal business hours at the offices of Big Sandy Area Development District, 110 Resource Court, Prestonsburg, KY 41653. The organization publishes lists of board members and the location/times documentation can be reviewed in local newspapers.”

Filing and Contact Details

Filer

Filer Name
Big Sandy Industrial Development Authority Inc
EIN
61-1338845
Phone
6068862374
Address
110 RESOURCE CT, PRESTONSBURG, KY 41653

Signing Officer

Name
Mike Duncan
Title
Chairman
Phone
6068862374
Signed
2022-04-11

Organization Details

Principal Officer
Mike Duncan
Formed
1997
Legal Domicile
Ky
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0
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IRS990ScheduleD/LandGrp/BookValueAmt0322383
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0322383
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0278453
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt04956278
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt05234731
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LossesReportedAmt00
IRS990ScheduleD/NetUnrealizedGainsInvstAmt00
IRS990ScheduleD/OtherExpensesIncludedAmt00
IRS990ScheduleD/OtherExpensesNotIncludedAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherRevenueAmt00
IRS990ScheduleD/OtherRevenuesNotIncludedAmt00
IRS990ScheduleD/PriorYearAdjustmentsAmt00
IRS990ScheduleD/RecoveriesPriorYearGrantsAmt00
IRS990ScheduleD/RevenueNotReportedAmt010000
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt027432
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02822137
IRS990ScheduleD/TotalExpensesPerForm990Amt0187610
IRS990ScheduleD/TotalRevenuePerForm990Amt027432
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt037432
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0197610
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organization is limited in activity and has no employees. Big Sandy Area Development District handles financial management duties. The work is reviewed and approved at each meeting of the board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The 990 is presented in a meeting of the board of directors. Upon approval it is signed by the Chairman or their designee for submission to the IRS. Approval is recorded within the minutes of the meeting in which it is approved.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The bylaws of the organization state there are to be no conflicts of interest between the board members and any activities undertaken by the organization. The organization requires an annual disclosure of potential conflicts and requires board members self report any potential conflicts as soon as they are known.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3All documentation is available for review during normal business hours at the offices of Big Sandy Area Development District, 110 Resource Court, Prestonsburg, KY 41653. The organization publishes lists of board members and the location/times documentation can be reviewed in local newspapers.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt03832141
IRS990/TotalAssetsEOYAmt03634232
IRS990/TotalAssetsGrp/BOYAmt03832141
IRS990/TotalAssetsGrp/EOYAmt03634232
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt04580
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0183030
IRS990/TotalFunctionalExpensesGrp/TotalAmt0187610
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0718427
IRS990/TotalLiabilitiesEOYAmt0680696
IRS990/TotalLiabilitiesGrp/BOYAmt0718427
IRS990/TotalLiabilitiesGrp/EOYAmt0680696
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03113714
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02953536
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0183030
IRS990/TotalProgramServiceRevenueAmt025818
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt027432
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt027432
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03832141
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03634232
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 331
IRS990/USAddress/CityNm0INEZ
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd041224
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/LastSubmissionRqrOOBCd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd011
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/ProfileEmailAddressChangeInd0X
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/ProfilePasswordChangeInd0X
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Mike Duncan
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chairman
ReturnHeader/BusinessOfficerGrp/PhoneNum06068862374
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-04-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BIG SANDY INDUSTRIAL DEVELOPMENT AUTHORITY INC
ReturnHeader/Filer/BusinessNameControlTxt0BIGS
ReturnHeader/Filer/EIN0611338845
ReturnHeader/Filer/PhoneNum06068862374
ReturnHeader/Filer/USAddress/AddressLine1Txt0110 RESOURCE CT
ReturnHeader/Filer/USAddress/CityNm0PRESTONSBURG
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd041653
ReturnHeader/ReturnTs02022-05-09T09:57:10-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02020-07-01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,634,232
Liabilities
$680,696
Net assets
$2,953,536
Revenue
$27,432
Expenses
$187,610
Net income
-$160,178
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.06$0.61$2.45$0.00$0.22$0.22
2023Detailed filing. Detailed filing data is available for this year.$3.29$0.63$2.66$0.05$0.26$0.21
2022Detailed filing. Detailed filing data is available for this year.$3.52$0.66$2.86$0.12$0.21$0.09
2021Detailed filing. Detailed filing data is available for this year.$3.63$0.68$2.95$0.03$0.19$0.16