Civic Intelligence

Shelby County Industrial and Development

EIN 61-6035011 • 501(c)6 • Shelbyville, KY

Profile

To promote industrial and commercial development in shelby county, kentucky.

316 Main StShelbyville, KY 40065

www.shelbycountyindustrialfoundation.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

79th percentile

0.41x

Higher debt load relative to assets than 79% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

2.44x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

52nd percentile

5.2%

Higher net margin than 52% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

35th percentile

$82,253

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 9.8% of source-year revenue.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

51st percentile

5.6%

Faster asset growth than 51% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

16th percentile

-8.1%

Faster revenue growth than 16% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$4,955,546

Up $263,066 (+5.6%) from 2023

Liabilities

Up

$2,051,859

Up $219,216 (+12%) from 2023

Net Assets

Up

$2,903,687

Up $43,850 (+1.5%) from 2023

Operations
Liabilities / Revenue98th percentileNet Margin52nd percentile

Revenue

Down

$842,115

Down $74,161 (-8.1%) from 2023

Expenses

Down

$798,537

Down $63,423 (-7.4%) from 2023

Net Income

Down

$43,578

Down $10,738 (-20%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth51st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2011: $5,195,569Liabilities 2011: $1,431,876Net Assets 2011: $3,763,6932011Assets 2012: $5,155,641Liabilities 2012: $1,433,214Net Assets 2012: $3,722,4272012Assets 2013: $5,281,370Liabilities 2013: $1,587,307Net Assets 2013: $3,694,0632013Assets 2014: $4,644,073Liabilities 2014: $1,565,213Net Assets 2014: $3,078,8602014Assets 2015: $3,489,920Liabilities 2015: $478,062Net Assets 2015: $3,011,8582015Assets 2016: $4,318,180Liabilities 2016: $397,847Net Assets 2016: $3,920,3332016Assets 2017: $4,223,846Liabilities 2017: $392,887Net Assets 2017: $3,830,9592017Assets 2018: $4,037,989Liabilities 2018: $411,985Net Assets 2018: $3,626,0042018Assets 2019: $3,887,026Liabilities 2019: $433,385Net Assets 2019: $3,453,6412019Assets 2020: $3,807,332Liabilities 2020: $581,583Net Assets 2020: $3,225,7492020Assets 2021: $4,723,839Liabilities 2021: $1,629,004Net Assets 2021: $3,094,8352021Assets 2022: $4,846,974Liabilities 2022: $1,962,131Net Assets 2022: $2,884,8432022Assets 2023: $4,692,480Liabilities 2023: $1,832,643Net Assets 2023: $2,859,8372023Assets 2024: $4,955,546Liabilities 2024: $2,051,859Net Assets 2024: $2,903,6872024

Highlighted filing

2024

Assets$4,955,546
Liabilities$2,051,859
Net Assets$2,903,687
Open 2024 Filing

Operations Trend

Revenue Growth16th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2011: $700,1112011Expenses 2012: $719,7832012Expenses 2013: $677,5952013Revenue 2014: $97,283Expenses 2014: $712,486Net Income 2014: -$615,2032014Revenue 2015: $902,955Expenses 2015: $969,957Net Income 2015: -$67,0022015Revenue 2016: $1,616,168Expenses 2016: $707,693Net Income 2016: $908,4752016Revenue 2017: $500,092Expenses 2017: $589,466Net Income 2017: -$89,3742017Revenue 2018: $423,054Expenses 2018: $628,009Net Income 2018: -$204,9552018Revenue 2019: $459,466Expenses 2019: $631,829Net Income 2019: -$172,3632019Revenue 2020: $459,203Expenses 2020: $687,095Net Income 2020: -$227,8922020Revenue 2021: $543,985Expenses 2021: $674,899Net Income 2021: -$130,9142021Revenue 2022: $790,376Expenses 2022: $925,805Net Income 2022: -$135,4292022Revenue 2023: $916,276Expenses 2023: $861,960Net Income 2023: $54,3162023Revenue 2024: $842,115Expenses 2024: $798,537Net Income 2024: $43,5782024

Highlighted filing

2024

Revenue$842,115
Expenses$798,537
Net Income$43,578
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,955,546
Liabilities
$2,051,859
Net assets
$2,903,687
Revenue
$842,115
Expenses
$798,537
Net income
$43,578
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.96$2.05$2.90$0.84$0.80$0.04
2023Detailed filing. Detailed filing data is available for this year.$4.69$1.83$2.86$0.92$0.86$0.05
2022Detailed filing. Detailed filing data is available for this year.$4.85$1.96$2.88$0.79$0.93$0.14
2021Detailed filing. Detailed filing data is available for this year.$4.72$1.63$3.09$0.54$0.67$0.13
2020Summary only. Only limited summary data is available for this year.$3.81$0.58$3.23$0.46$0.69$0.23
2019Summary only. Only limited summary data is available for this year.$3.89$0.43$3.45$0.46$0.63$0.17
2018Summary only. Only limited summary data is available for this year.$4.04$0.41$3.63$0.42$0.63$0.20
2017Summary only. Only limited summary data is available for this year.$4.22$0.39$3.83$0.50$0.59$0.09
2016Summary only. Only limited summary data is available for this year.$4.32$0.40$3.92$1.62$0.71$0.91
2015Summary only. Only limited summary data is available for this year.$3.49$0.48$3.01$0.90$0.97$0.07
2014Summary only. Only limited summary data is available for this year.$4.64$1.57$3.08$0.10$0.71$0.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.28$1.59$3.69$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.16$1.43$3.72$0.72
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.20$1.43$3.76$0.70
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$927,249
Mission and Program Overview

Mission

To promote industrial and commercial development in shelby county, kentucky.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,222,200$2,132,405▼ $89,795
Savings and Temporary Cash Investments$1,371,619$1,311,641▼ $59,978
Land, Buildings, and Equipment, Net$550,520$920,778▲ $370,258
Investments in Publicly Traded Securities$464,938$486,613▲ $21,675
Accounts Receivable$38,358$44,649▲ $6,291
Prepaid Expenses and Deferred Charges$20,158$33,221▲ $13,063
Inventories for Sale or Use$24,687$26,238▲ $1,551
Cash and Non-Interest-Bearing Accounts-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$4,692,480$4,955,546▲ $263,066
Other Assets Total-$1-
Liabilities
Mortgage Notes Payable Secured by Investment Property$977,032$1,211,046▲ $234,014
Other Liabilities$773,604$771,380▼ $2,224
Accounts Payable and Accrued Expenses$45,194$35,030▼ $10,164
Deferred Revenue$36,813$34,403▼ $2,410
Total Liabilities$1,832,643$2,051,859▲ $219,216
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,859,837$2,903,687▲ $43,850
Total Net Assets Fund Balance$2,859,837$2,903,687▲ $43,850
Total Liabilities and Net Assets / Fund Balance$4,692,480$4,955,546▲ $263,066

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$829,822$592,813$1,422,635
Equipment$45,380$147,342$192,722
Land$45,576-$45,576
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Ray LeathersPresident & CEOFT$82,253$82,253

Board Members and Trustees

NameTitle
Pat HargadonChairman
Steve MeadorVice-Chairman
Aaron GarofolaDirector
Brian WebbDirector
Dan IsonDirector
Doug LangleyDirector
Dr Joshua MatthewsDirector
Jerry KaremDirector
Ronald SowderDirector
Roxann FryDirector
Troy EthingtonDirector
Wayne KaremDirector
Jack BraggTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Md Electric CompanyConstruction121 COMMERCE BLVD, Frankfort, KY 40601$420,557
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$401,232
Investment Income
$217,859
Other Revenue
$223,024
Change in Net Assets
$43,578

Audited Revenue Reconciliation

Revenue per Audited Statements
$842,115
Revenue Not Reported on Form 990
$85,406
Total Revenue per Audited Statements
$927,521
Total Revenue per Form 990
$842,115
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$401,311
Salaries, Compensation, and Employee Benefits$397,226
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$280,180
Occupancy---$105,434
Current Officers, Directors, Trustees, and Key Employees---$82,253
Depreciation Depletion---$72,545
Interest---$35,140
Payroll Taxes---$34,793
Insurance---$33,561
Office Expenses---$27,174
Fees for Services Accounting---$26,931
Fees for Services Legal---$7,064
All Other Expenses---$6,489
Other Expenses---$6,467
Conferences and Meetings---$5,155
Travel---$4,198
Advertising---$3,536
Total Functional Expenses$0$0$0$798,537

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$883,671
Expenses per Audited Statements$798,537
Total Expenses per Form 990$798,537
Expenses Not Reported on Form 990$85,134
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Gain$771,380
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Board members Jerry Karem & Wayne Karem have a family relationship, as they are cousins.”

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

“President and Board Members Review the Form 990 before filing.”

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

“All Directors sign a conflict of interest form. If there is ever a conflict with items being completed or projects discussed any director with a conflict abstains from any vote and it is recorded in the minutes.”

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

“Vote by non-compensated officers and directors.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Shelby County Industrial & Development
EIN
61-6035011
Phone
5026335068
Address
316 MAIN ST, SHELBYVILLE, KY 40065

Signing Officer

Name
Ray Leathers
Title
President & CEO
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Formed
1957
Legal Domicile
Ky
Voting Board Members
14
Independent Board Members
13
Employees
17

Preparer

Firm
Raisor Zapp & Woods PSC
Address
513 Highland Ave, Carrollton, KY 41008
Preparer
Susan a Dukes
Phone
5027326655
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The Audit Committee Assumes Responsibility for oversight.”

Financial Statement Notes

Part X : FIN48 Footnote

“The organization is exempt from federal, state, and local income taxes as a nonprofit corporation as described under Internal Revenue Code Section 501(c)(6). The organization files an information tax return in the U.S. Federal Jurisdiction and with the Kentucky office of the Attorney General. However, income from certain activities not directly related to the organization's tax-exempt purposes may be subject to taxation as unrelated business income. Management does not believe that the organization has unrelated business income for the year ended December 31, 2024. As of December 31, 2024, the organization did not have any accrued interest or penalties related to income tax liabilities, and no interest or penalties have been charged to operations for the year then ended.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Cost of goods sold of inventory $85134”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Cost of goods sold of inventory $85134”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice-Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
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IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InsuranceGrp/TotalAmt033561
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0To promote industrial and commercial development in Shelby County, Kentucky.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0977032
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0182811
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0182811
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt029400
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt029400
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IRS990/OtherExpensesGrp/Desc0BAD DEBT
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc2SPONSORSHIPS & DONATIONS
IRS990/OtherExpensesGrp/Desc3TAXES & LICENSES
IRS990/OtherExpensesGrp/TotalAmt028818
IRS990/OtherExpensesGrp/TotalAmt125378
IRS990/OtherExpensesGrp/TotalAmt213421
IRS990/OtherExpensesGrp/TotalAmt36467
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IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt010813
IRS990/OtherRevenueTotalAmt010813
IRS990/OtherSalariesAndWagesGrp/TotalAmt0280180
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt02222200
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt02132405
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt034793
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IRS990ScheduleD/OtherRevenueAmt085134
IRS990ScheduleD/RevenueNotReportedAmt085406
IRS990ScheduleD/RevenueSubtotalAmt0842115
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The organization is exempt from federal, state, and local income taxes as a nonprofit corporation as described under Internal Revenue Code Section 501(c)(6). The organization files an information tax return in the U.S. Federal Jurisdiction and with the Kentucky office of the Attorney General. However, income from certain activities not directly related to the organization's tax-exempt purposes may be subject to taxation as unrelated business income. Management does not believe that the organization has unrelated business income for the year ended December 31, 2024. As of December 31, 2024, the organization did not have any accrued interest or penalties related to income tax liabilities, and no interest or penalties have been charged to operations for the year then ended.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1COST OF GOODS SOLD OF INVENTORY $85134
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2COST OF GOODS SOLD OF INVENTORY $85134
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d: Other expenses and losses per audited F/S
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IRS990ScheduleD/TotalExpensesPerForm990Amt0798537
IRS990ScheduleD/TotalLiabilityAmt0771380
IRS990ScheduleD/TotalRevenuePerForm990Amt0842115
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0927521
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0883671
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board members Jerry Karem & Wayne Karem have a family relationship, as they are cousins.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1President and Board Members Review the Form 990 before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All Directors sign a conflict of interest form. If there is ever a conflict with items being completed or projects discussed any director with a conflict abstains from any vote and it is recorded in the minutes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Vote by non-compensated officers and directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Audit Committee Assumes Responsibility for oversight.
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 B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c
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IRS990/TotalAssetsGrp/EOYAmt04955546
IRS990/TotalCompGreaterThan150KInd0false

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