Civic Intelligence

Desoto County Economic Development Council Inc

990 • Fiscal year 2019 • EIN 64-0616656

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 15, 2020

Organization ProfileWWW.DESOTOCOUNTY.COM

View Organization Page

316 W Commerce StHernando, MS 38632

(662) 429-4414

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

22nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Net Margin

75th percentile

13%

Higher net margin than 75% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

43rd percentile

$0

Higher top officer pay than 43% of similar nonprofits.

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

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Asset Growth

82nd percentile

23%

Faster asset growth than 82% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

79th percentile

17%

Faster revenue growth than 79% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$563,800

Up $106,908 (+23%) from 2018

Net Assets

Up

$563,800

Up $106,908 (+23%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin75th percentile

Revenue

Up

$831,312

Up $121,063 (+17%) from 2018

Expenses

Down

$724,404

Down $41,823 (-5.5%) from 2018

Net Income

Up

$106,908

Up $162,886 (+291%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

$1.5M$1.0M$500K$0Assets 2010: $817,444Liabilities 2010: $0Net Assets 2010: $817,4442010Assets 2011: $877,848Liabilities 2011: $0Net Assets 2011: $877,8482011Assets 2012: $990,546Liabilities 2012: $0Net Assets 2012: $990,5462012Assets 2013: $1,006,813Liabilities 2013: $0Net Assets 2013: $1,006,8132013Assets 2014: $1,072,371Liabilities 2014: $0Net Assets 2014: $1,072,3712014Assets 2015: $1,055,218Liabilities 2015: $0Net Assets 2015: $1,055,2182015Assets 2016: $560,538Liabilities 2016: $0Net Assets 2016: $560,5382016Assets 2017: $512,870Liabilities 2017: $0Net Assets 2017: $512,8702017Assets 2018: $456,892Liabilities 2018: $0Net Assets 2018: $456,8922018Assets 2019: $563,800Liabilities 2019: $0Net Assets 2019: $563,8002019Assets 2020: $897,293Liabilities 2020: $0Net Assets 2020: $897,2932020Assets 2021: $791,749Liabilities 2021: $0Net Assets 2021: $791,7492021Assets 2022: $674,247Liabilities 2022: $14,871Net Assets 2022: $659,3762022Assets 2023: $719,565Liabilities 2023: $18,386Net Assets 2023: $701,1792023Assets 2024: $834,719Liabilities 2024: $23,745Net Assets 2024: $810,9742024

Highlighted filing

2019

Assets$563,800
Liabilities$0
Net Assets$563,800
Open 2019 Filing

Operations Trend

Revenue Growth79th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $640,2282010Expenses 2011: $662,9102011Expenses 2012: $746,8672012Revenue 2013: $716,135Expenses 2013: $699,868Net Income 2013: $16,2672013Revenue 2014: $808,680Expenses 2014: $743,122Net Income 2014: $65,5582014Revenue 2015: $900,855Expenses 2015: $918,008Net Income 2015: -$17,1532015Revenue 2016: $768,826Expenses 2016: $1,263,506Net Income 2016: -$494,6802016Revenue 2017: $684,243Expenses 2017: $731,911Net Income 2017: -$47,6682017Revenue 2018: $710,249Expenses 2018: $766,227Net Income 2018: -$55,9782018Revenue 2019: $831,312Expenses 2019: $724,404Net Income 2019: $106,9082019Revenue 2020: $1,013,523Expenses 2020: $680,030Net Income 2020: $333,4932020Revenue 2021: $866,441Expenses 2021: $738,334Net Income 2021: $128,1072021Revenue 2022: $878,105Expenses 2022: $1,022,457Net Income 2022: -$144,3522022Revenue 2023: $972,815Expenses 2023: $931,012Net Income 2023: $41,8032023Revenue 2024: $1,089,408Expenses 2024: $979,613Net Income 2024: $109,7952024

Highlighted filing

2019

Revenue$831,312
Expenses$724,404
Net Income$106,908
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 15, 2020
Return Version
2019v5.0
Gross Receipts
$859,143
Mission and Program Overview

Mission

Desoto county economic development council's primary exempt purpose is to develop, coordinate and recruit new and expanded industry,business and trade in desoto county. The council also was a part of an education- industry partnershp that created a new career tech center in olive branch to promote job creation and training programs to meet the growing needs of the county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$208,642$211,054▲ $2,412
Cash and Non-Interest-Bearing Accounts$91,089$149,296▲ $58,207
Land, Buildings, and Equipment, Net$13,712$39,238▲ $25,526
Total Assets$456,892$563,800▲ $106,908
Other Assets Total$143,449$164,212▲ $20,763
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$435,618$529,419▲ $93,801
Net Assets With Donor Restrictions$21,274$34,381▲ $13,107
Total Net Assets Fund Balance$456,892$563,800▲ $106,908
Total Liabilities and Net Assets / Fund Balance$456,892$563,800▲ $106,908

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$164,212--
Compensation and Service Providers
Top Officer Pay43rd percentile

Board Members and Trustees

NameTitle
Shad SimsChairman
James HuffmanPast Chairma
Chris BrownVice Chairma
Allen WhitsettBoard Member
Bryant CashionBoard Member
Dan CordellBoard Member
Derek CoulterBoard Member
Diego LejwaBoard Member
Dr Michael HeindlBoard Member
Harry WelchBoard Member
Jack TalbertBoard Member
Jennifer WardBoard Member
John RawlskyBoard Member
Kevin DoddridgeBoard Member
Lisa JohnsonBoard Member
Melissa MireBoard Member
Patrick GinnBoard Member
Renita CarrBoard Member
Rhodes ThompsonBoard Member
Rob LasterBoard Member
Robert HillBoard Member
Sarah EdmistonBoard Member
Shawn ClaytonBoard Member
Tracy HuffmanBoard Member
Vickie BlackwellBoard Member
Vince MalavasiBoard Member
Wayne SpellBoard Member
Zack DavisBoard Member
James FlanaganExecutive Di
Ritchie HamptonSecretary
Susan ReichTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$676,730
Program Service Revenue
$140,157
Investment Income
$17,720
Other Revenue
$-3,295
All Other Contributions
$990
Change in Net Assets
$106,908

Audited Revenue Reconciliation

Revenue per Audited Statements
$831,312
Total Revenue per Audited Statements
$831,312
Total Revenue per Form 990
$831,312
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$448,832
Other Expenses$275,572
Total Fundraising Expense$30,238
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$304,010$81,069$20,267$405,346
Fees for Services Other$90,689--$90,689
Occupancy$38,221$10,192$2,548$50,961
Office Expenses$37,086$9,890$2,472$49,448
Insurance$18,144$4,838$1,210$24,192
Payroll Taxes$17,181$4,581$1,145$22,907
Pension Plan Contributions$15,434$4,116$1,029$20,579
Advertising$15,531--$15,531
Conferences and Meetings$9,166$2,444$611$12,221
Fees for Services Accounting$7,710$2,056$514$10,280
Depreciation Depletion$9,465$83$21$9,569
Travel$6,309$1,682$421$8,412
Fees for Services Legal$4,269--$4,269
Total Functional Expenses$573,215$120,951$30,238$724,404

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$724,404
Total Expenses per Audited Statements$724,404
Total Expenses per Form 990$724,404
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$15,950
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$27,988-$15,950-
Total Events$27,988-$15,950$-15,950
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
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, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 15A

“Each year a proposed budget based on current income and expenses, including salaries and wages, must be submitted and approved by the board.”

Form 990, Page 6, Part VI, Line 19

“Audited financials and form 990 available upon request at our office and online at www2.guidestar.org”

Filing and Contact Details

Filer

Filer Name
Desoto County Economic Development
EIN
64-0616656
Phone
6624294414
Address
316 W COMMERCE ST, HERNANDO, MS 38632

Signing Officer

Name
James Flanagan
Title
Executive Direc
Phone
6624294414
Signed
2020-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Flanagan
Formed
1978
Legal Domicile
Ms
Voting Board Members
30
Independent Board Members
30
Employees
4

Preparer

Firm
Williams Pitts & Beard Pllc
Address
2042 MCINGVALE RD STE A, HERNANDO, MS 38632-8706
Preparer
Kristopher a Whitten
Phone
6624294436
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Desoto county economic development council's primary exempt purpose is to develop, coordinate and recruit new and expanded industry,business and trade in desoto county. The council also was a part of an education- industry partnershp that created a new career tech center in olive branch to promote job creation and training programs to meet the growing needs of the county.”

Form 990, Page 2, Part III, Line 4D

“The council continued new industry recruitment and expansion in desoto”

Form 990, Part IX, Line 11G

“Program expenses 39,345 0 0 donations 219 0 0 dues & subscriptioins 13,682 0 0 various fundraising 37,443 0 0 total 90,689 0 0”

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IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt27BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt30BOARD MEMBER
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IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0DESOTO COUNTY ECONOMIC DEVELOPMENT COUNCIL'S PRIMARY EXEMPT PURPOSE IS TO DEVELOP, COORDINATE AND RECRUIT NEW AND EXPANDED INDUSTRY,BUSINESS AND TRADE IN DESOTO COUNTY. THE COUNCIL ALSO WAS A PART OF AN EDUCATION- INDUSTRY PARTNERSHP THAT CREATED A NEW CAREER TECH CENTER IN OLIVE BRANCH TO PROMOTE JOB CREATION AND TRAINING PROGRAMS TO MEET THE GROWING NEEDS OF THE COUNTY.
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$563,800
Liabilities
$0
Net assets
$563,800
Revenue
$831,312
Expenses
$724,404
Net income
$106,908
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.83$0.02$0.81$1.09$0.98$0.11
2023Detailed filing. Detailed filing data is available for this year.$0.72$0.02$0.70$0.97$0.93$0.04
2022Detailed filing. Detailed filing data is available for this year.$0.67$0.01$0.66$0.88$1.02$0.14
2021Detailed filing. Detailed filing data is available for this year.$0.79$0.00$0.79$0.87$0.74$0.13
2020Detailed filing. Detailed filing data is available for this year.$0.90$0.00$0.90$1.01$0.68$0.33
2019Detailed filing. Detailed filing data is available for this year.$0.56$0.00$0.56$0.83$0.72$0.11
2018Detailed filing. Detailed filing data is available for this year.$0.46$0.00$0.46$0.71$0.77$0.06
2017Detailed filing. Detailed filing data is available for this year.$0.51$0.00$0.51$0.68$0.73$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.56$0.00$0.56$0.77$1.26$0.49
2015Detailed filing. Detailed filing data is available for this year.$1.06$0.00$1.06$0.90$0.92$0.02
2014Detailed filing. Detailed filing data is available for this year.$1.07$0.00$1.07$0.81$0.74$0.07
2013Detailed filing. Detailed filing data is available for this year.$1.01$0.00$1.01$0.72$0.70$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.99$0.00$0.99$0.75
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.88$0.00$0.88$0.66
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.00$0.82$0.64