Civic Intelligence

Sullivan Cty Economic Dev Commisssion DBA Networks - Sullivan Partnership

990 • Fiscal year 2023 • EIN 62-0945243

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.NETWORKSTN.COM
PO Box 747Blountville, TN 37617

(423) 279-7681

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.58x

Higher debt load relative to assets than 82% of similar nonprofits.

2023 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

8.83x

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

2023 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2023

Net Margin

6th percentile

-20%

Higher net margin than 6% of similar nonprofits.

2023 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

20th percentile

$210,428

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 26.8% of source-year revenue.

2023 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2023

Asset Growth

58th percentile

9.5%

Faster asset growth than 58% of similar nonprofits.

2023 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

21st percentile

-4.0%

Faster revenue growth than 21% of similar nonprofits.

2023 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$12,069,698

Up $1,050,945 (+9.5%) from 2022

Net Assets

Up

$5,127,847

Up $1,744,062 (+52%) from 2022

Liabilities

Down

$6,941,851

Down $693,117 (-9.1%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin6th percentile

Revenue

Down

$786,295

Down $32,851 (-4.0%) from 2022

Expenses

Down

$943,959

Down $5,094 (-0.5%) from 2022

Net Income

Down

-$157,664

Down $27,757 (-21%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$15M$10M$5.0M$0Assets 2011: $8,841,203Liabilities 2011: $8,274,900Net Assets 2011: $566,3032011Assets 2012: $9,002,550Liabilities 2012: $7,886,358Net Assets 2012: $1,116,1922012Assets 2013: $8,827,246Liabilities 2013: $7,242,218Net Assets 2013: $1,585,0282013Assets 2014: $8,872,723Liabilities 2014: $6,854,813Net Assets 2014: $2,017,9102014Assets 2015: $8,579,538Liabilities 2015: $6,803,790Net Assets 2015: $1,775,7482015Assets 2016: $7,799,013Liabilities 2016: $6,315,244Net Assets 2016: $1,483,7692016Assets 2017: $7,957,039Liabilities 2017: $6,333,232Net Assets 2017: $1,623,8072017Assets 2018: $7,699,967Liabilities 2018: $5,675,000Net Assets 2018: $2,024,9672018Assets 2019: $7,559,389Liabilities 2019: $5,311,978Net Assets 2019: $2,247,4112019Assets 2020: $6,764,298Liabilities 2020: $4,592,269Net Assets 2020: $2,172,0292020Assets 2021: $6,760,827Liabilities 2021: $4,028,419Net Assets 2021: $2,732,4082021Assets 2022: $11,018,753Liabilities 2022: $7,634,968Net Assets 2022: $3,383,7852022Assets 2023: $12,069,698Liabilities 2023: $6,941,851Net Assets 2023: $5,127,8472023Assets 2024: $9,878,247Liabilities 2024: $6,084,850Net Assets 2024: $3,793,3972024

Highlighted filing

2023

Assets$12,069,698
Liabilities$6,941,851
Net Assets$5,127,847
Open 2023 Filing

Operations Trend

Revenue Growth21st percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2011: $743,840Expenses 2011: $1,027,991Net Income 2011: -$284,1512011Revenue 2012: $711,009Expenses 2012: $1,015,105Net Income 2012: -$304,0962012Expenses 2013: $1,058,2642013Revenue 2014: $729,411Expenses 2014: $1,063,916Net Income 2014: -$334,5052014Revenue 2015: $328,367Expenses 2015: $1,033,302Net Income 2015: -$704,9352015Revenue 2016: $291,968Expenses 2016: $937,502Net Income 2016: -$645,5342016Revenue 2017: $760,404Expenses 2017: $891,809Net Income 2017: -$131,4052017Revenue 2018: $730,563Expenses 2018: $989,776Net Income 2018: -$259,2132018Revenue 2019: $821,288Expenses 2019: $988,902Net Income 2019: -$167,6142019Revenue 2020: $555,062Expenses 2020: $943,079Net Income 2020: -$388,0172020Revenue 2021: $925,193Expenses 2021: $791,769Net Income 2021: $133,4242021Revenue 2022: $819,146Expenses 2022: $949,053Net Income 2022: -$129,9072022Revenue 2023: $786,295Expenses 2023: $943,959Net Income 2023: -$157,6642023Revenue 2024: $693,107Expenses 2024: $2,921,712Net Income 2024: -$2,228,6052024

Highlighted filing

2023

Revenue$786,295
Expenses$943,959
Net Income-$157,664
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$786,295
Mission and Program Overview

Mission

To develop and implement an overall economic development strategic plan whose overall goals are to create value added jobs, expand and diversify the economic base, and generate increased local tax revenues for the local governments.

ECONOMIC DEVELOPMENT

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$5,891,983$10,025,103▲ $4,133,120
Cash and Non-Interest-Bearing Accounts$380,191$457,904▲ $77,713
Pledges and Grants Receivable$52,249$212,007▲ $159,758
Other Notes and Loans Receivable, Net$150,000$150,000→ $0
Land, Buildings, and Equipment, Net$8,973$6,758▼ $2,215
Prepaid Expenses and Deferred Charges$1,192$0▼ $1,192
Total Assets$11,018,753$12,069,698▲ $1,050,945
Other Assets Total$4,534,165$1,217,926▼ $3,316,239
Liabilities
Other Liabilities$7,610,526$6,929,770▼ $680,756
Accounts Payable and Accrued Expenses$24,442$12,081▼ $12,361
Total Liabilities$7,634,968$6,941,851▼ $693,117
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,383,785$5,127,847▲ $1,744,062
Total Net Assets Fund Balance$3,383,785$5,127,847▲ $1,744,062
Total Liabilities and Net Assets / Fund Balance$11,018,753$12,069,698▲ $1,050,945

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$10,025,103--
Equipment$6,758$73,966-
Other Assets Org$810,527--
Compensation and Service Providers
Top Officer Pay20th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Clay WalkerCEOFT$184,837$25,591$210,428

Board Members and Trustees

NameTitle
Bill SumnerChairman
David WagnerVice Chairman
Abby MeaseDirector
Erin DownsDirector
Jeff BroylesDirector
Jerry CaldwellDirector
Lea PowersDirector
Mahlon LettrellDirector
Mark VanceDirector
Mayor Mahlon LuttrellDirector
Mayor Pat ShullDirector
Mayor Richard VenableDirector
Michael ParkerDirector
Pat BreedingDirector
Sam JonesDirector
Troy WilsonDirector
Ceegee MccordSecretary/treasurer
Pat BreedingSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$733,369
Program Service Revenue
$50,000
Investment Income
$349
Other Revenue
$2,577
Change in Net Assets
$-157,664

Audited Revenue Reconciliation

Revenue per Audited Statements
$786,295
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$786,295
Total Revenue per Form 990
$786,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$548,808
Salaries, Compensation, and Employee Benefits$395,151
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest-$233,771-$233,771
Current Officers, Directors, Trustees, and Key Employees$92,419$92,418-$184,837
Other Salaries and Wages$74,611$74,610-$149,221
Fees for Services Accounting-$44,000-$44,000
Travel$40,057--$40,057
Other Employee Benefits$18,911$18,910-$37,821
Occupancy-$28,213-$28,213
Payroll Taxes$11,636$11,636-$23,272
Fees for Services Legal-$23,231-$23,231
Conferences and Meetings$22,368--$22,368
Information Technology$21,811--$21,811
Insurance-$16,551-$16,551
Office Expenses-$14,663-$14,663
Depreciation Depletion-$5,515-$5,515
Other Expenses$3,295$1,330-$1,330
Total Functional Expenses$379,111$564,848$0$943,959

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$943,959
Total Expenses per Audited Statements$943,959
Total Expenses per Form 990$943,959
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Sullivan County$6,640,000
Accrued Interest$241,567
Deferred Inflow of Resources-pension Plan Investments$48,203
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
Yes
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 B, Line 11B

“The ceo and director of finance both review the form 990 before it is filed. All board memebers are informed via email that the draft form 990 is available for review upon request.”

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

“All employees and board members are required to read and sign the organizations code of ethics on an annual basis. Included in the code of ethics is a detailed outline of the organizations conflict of interest policy.”

Form 990, Part VI, Section B, Line 15

“Compensation of the executive director and key employees is based on a salary comparison with sullivan county tennessee's salary survey.”

Form 990, Part VI, Section C, Line 18

“Documents are available upon request.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Sullivan Cty Economic Dev Commission
EIN
62-0945243
Phone
4232797681
Address
PO BOX 747, BLOUNTVILLE, TN 37617

Signing Officer

Name
Ceegee Mccord
Title
Treasurer
Phone
4232797681
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clay Walker
Formed
1994
Legal Domicile
Tn
Voting Board Members
13
Independent Board Members
13
Employees
3
Volunteers
0

Preparer

Firm
Brown Edwards & Company Llp
Address
636 SHELBY STREET 4TH FLOOR, BRISTOL, TN 37620
Preparer
Jared D Brown CPA
Phone
4237975564
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Capital contributions from member governments. 1,901,726.”

FORM 990, PART XII, LINE 2C:

“This process has not changed from prior years.”

Financial Statement Notes

PART X, LINE 2:

“Networks accounts for uncertain tax positions in accordance with the accounting standard accounting for uncertain tax positions. This accounting standard provides detailed guidance for financial statement recognition, measurement, and disclosure of uncertain tax positions recognized in networks' financial statements. It requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. As of june 30, 2023, networks had no uncertain tax positions that would require financial statement recognition, derecognition, or disclosure. Networks files form 990 in the u.s. Federal jurisdiction. There are no internal revenue service (irs) examinations in progress. Networks is generally no longer subject to examination by the irs for tax years before 2018. Networks includes penalties and interest assessed by income taxing authorities in general and administrative expenses. Networks did not have penalties and interest assessed by taxing authorities during the year ended june 30, 2023.”

Raw XML AppendixShowing 400 of 543 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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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0PENSION ASSET
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEFERRED CHARGE ON REFUNDING
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2PENSION RELATED DEFERRED OUTFLOWS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3DUE FROM SULLIVAN COUNTY

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Filings

Displayed year

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

Open filing
Assets
$12,069,698
Liabilities
$6,941,851
Net assets
$5,127,847
Revenue
$786,295
Expenses
$943,959
Net income
-$157,664
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.88$6.08$3.79$0.69$2.92$2.23
2023Detailed filing. Detailed filing data is available for this year.$12.1$6.94$5.13$0.79$0.94$0.16
2022Detailed filing. Detailed filing data is available for this year.$11.0$7.63$3.38$0.82$0.95$0.13
2021Detailed filing. Detailed filing data is available for this year.$6.76$4.03$2.73$0.93$0.79$0.13
2020Detailed filing. Detailed filing data is available for this year.$6.76$4.59$2.17$0.56$0.94$0.39
2019Detailed filing. Detailed filing data is available for this year.$7.56$5.31$2.25$0.82$0.99$0.17
2018Detailed filing. Detailed filing data is available for this year.$7.70$5.68$2.02$0.73$0.99$0.26
2017Detailed filing. Detailed filing data is available for this year.$7.96$6.33$1.62$0.76$0.89$0.13
2016Detailed filing. Detailed filing data is available for this year.$7.80$6.32$1.48$0.29$0.94$0.65
2015Detailed filing. Detailed filing data is available for this year.$8.58$6.80$1.78$0.33$1.03$0.70
2014Detailed filing. Detailed filing data is available for this year.$8.87$6.85$2.02$0.73$1.06$0.33
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.83$7.24$1.59$1.06
2012Summary only. Only limited summary data is available for this year.$9.00$7.89$1.12$0.71$1.02$0.30
2011Summary only. Only limited summary data is available for this year.$8.84$8.27$0.57$0.74$1.03$0.28