Civic Intelligence

Crossett Economic Development Foundation

990 • Fiscal year 2023 • EIN 71-0855990

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 04, 2024

Organization ProfileWWW.CITYOFCROSSETT.NET
125 Main StreetCrossett, AR 71635

(870) 364-8745

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.08x

Higher debt load relative to assets than 52% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

62nd percentile

0.17x

Higher debt load relative to revenue than 62% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

49th percentile

3.6%

Higher net margin than 49% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

12th percentile

-11%

Faster asset growth than 12% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

86th percentile

61%

Faster revenue growth than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Down

$2,111,006

Down $259,198 (-11%) from 2022

Net Assets

Up

$1,946,969

Up $35,469 (+1.9%) from 2022

Liabilities

Down

$164,037

Down $294,667 (-64%) from 2022

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin49th percentile

Revenue

Up

$973,402

Up $367,601 (+61%) from 2022

Expenses

Up

$937,933

Up $399,838 (+74%) from 2022

Net Income

Down

$35,469

Down $32,237 (-48%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth12th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,486,202Liabilities 2011: $95,498Net Assets 2011: $1,390,7042011Assets 2012: $1,590,927Liabilities 2012: $99,532Net Assets 2012: $1,491,3952012Assets 2013: $1,601,077Liabilities 2013: $61,315Net Assets 2013: $1,539,7622013Assets 2014: $1,625,414Liabilities 2014: $35,640Net Assets 2014: $1,589,7742014Assets 2015: $1,604,433Liabilities 2015: $15,018Net Assets 2015: $1,589,4152015Assets 2016: $1,690,595Liabilities 2016: $89,098Net Assets 2016: $1,601,4972016Assets 2017: $2,138,845Liabilities 2017: $111,494Net Assets 2017: $2,027,3512017Assets 2018: $2,036,525Liabilities 2018: $116,974Net Assets 2018: $1,919,5512018Assets 2019: $1,776,603Liabilities 2019: $26,467Net Assets 2019: $1,750,1362019Assets 2020: $2,202,442Liabilities 2020: $409,261Net Assets 2020: $1,793,1812020Assets 2021: $2,309,779Liabilities 2021: $465,988Net Assets 2021: $1,843,7912021Assets 2022: $2,370,204Liabilities 2022: $458,704Net Assets 2022: $1,911,5002022Assets 2023: $2,111,006Liabilities 2023: $164,037Net Assets 2023: $1,946,9692023Assets 2024: $1,975,439Liabilities 2024: $10,548Net Assets 2024: $1,964,8912024

Highlighted filing

2023

Assets$2,111,006
Liabilities$164,037
Net Assets$1,946,969
Open 2023 Filing

Operations Trend

Revenue Growth86th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $490,201Expenses 2011: $472,861Net Income 2011: $17,3402011Revenue 2012: $478,148Expenses 2012: $377,457Net Income 2012: $100,6912012Revenue 2013: $506,407Expenses 2013: $458,041Net Income 2013: $48,3662013Revenue 2014: $496,018Expenses 2014: $446,006Net Income 2014: $50,0122014Revenue 2015: $499,456Expenses 2015: $499,808Net Income 2015: -$3522015Revenue 2016: $460,039Expenses 2016: $447,956Net Income 2016: $12,0832016Revenue 2017: $1,096,542Expenses 2017: $670,692Net Income 2017: $425,8502017Revenue 2018: $689,180Expenses 2018: $796,979Net Income 2018: -$107,7992018Revenue 2019: $679,179Expenses 2019: $848,594Net Income 2019: -$169,4152019Revenue 2020: $529,954Expenses 2020: $486,909Net Income 2020: $43,0452020Revenue 2021: $673,074Expenses 2021: $622,464Net Income 2021: $50,6102021Revenue 2022: $605,801Expenses 2022: $538,095Net Income 2022: $67,7062022Revenue 2023: $973,402Expenses 2023: $937,933Net Income 2023: $35,4692023Revenue 2024: $669,941Expenses 2024: $652,016Net Income 2024: $17,9252024

Highlighted filing

2023

Revenue$973,402
Expenses$937,933
Net Income$35,469
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 4, 2024
Return Version
2023v5.0
Gross Receipts
$973,402
Mission and Program Overview

Mission

Provide economic development services to the city of crossett, arkansas, and to generally promote the economic development of the city of crossett and the surrounding area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,156,831$1,211,252▲ $54,421
Savings and Temporary Cash Investments$9,231$416,634▲ $407,403
Cash and Non-Interest-Bearing Accounts$546,331$247,197▼ $299,134
Pledges and Grants Receivable$653,767$231,070▼ $422,697
Prepaid Expenses and Deferred Charges$3,773$4,853▲ $1,080
Total Assets$2,370,204$2,111,006▼ $259,198
Other Assets Total$271--
Liabilities
Deferred Revenue$446,953$148,984▼ $297,969
Accounts Payable and Accrued Expenses$11,739$15,011▲ $3,272
Other Liabilities$12$42▲ $30
Total Liabilities$458,704$164,037▼ $294,667
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,911,500$1,946,969▲ $35,469
Total Net Assets Fund Balance$1,911,500$1,946,969▲ $35,469
Total Liabilities and Net Assets / Fund Balance$2,370,204$2,111,006▼ $259,198

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$726,949$1,160,885$1,887,834
Land$484,303-$484,303
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Howard BeatyPresident
Crystal MarshallBoard Member
James KnightBoard Member
Justin ReedBoard Member
Lori WalshBoard Member
Mandy VicersBoard Member
Phil GilmoreBoard Member
Toyce NewtonBorad Member
James Michael SmithExecutive Di
Linda RushingSecretary/ T
Dan PevyVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$438,690
Investment Income
$8,727
Other Revenue
$525,985
Change in Net Assets
$35,469

Audited Revenue Reconciliation

Revenue per Audited Statements
$973,402
Total Revenue per Audited Statements
$973,402
Total Revenue per Form 990
$973,402
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$765,883
Salaries, Compensation, and Employee Benefits$172,050
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$117,324$38,961-$156,285
Depreciation Depletion$11,329$47,264-$58,593
All Other Expenses$17,172$23,221-$40,393
Insurance$5,542$17,021-$22,563
Occupancy-$20,376-$20,376
Fees for Services Accounting-$20,177-$20,177
Advertising$1,731$13,280-$15,011
Other Expenses$12,000$29,069-$12,000
Payroll Taxes$8,996$3,002-$11,998
Office Expenses$7,073--$7,073
Conferences and Meetings$5,755--$5,755
Pension Plan Contributions$3,767--$3,767
Travel$1,459--$1,459
Fees for Services Other$221--$221
Interest-$93-$93
Total Functional Expenses$725,469$212,464$0$937,933

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$937,933
Total Expenses per Audited Statements$937,933
Total Expenses per Form 990$937,933
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued State Unemployment$42
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
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, Page 6, Part VI, Line 11B

“The form 990 is available to the board for their inspection prior to filing and this information is included in the minutes fo the may board meeting.”

Form 990, Page 6, Part VI, Line 19

“Governing documents and the financial statements are all available to the public upon request”

Filing and Contact Details

Filer

Filer Name
Crossett Economic Dev Foundation
EIN
71-0855990
Phone
8703648745
Address
125 MAIN STREET, CROSSETT, AR 71635

Signing Officer

Name
James Michael Smith
Title
Executive Director
Phone
8703648745
Signed
2024-09-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Michael Smith
Formed
2000
Legal Domicile
Ar
Voting Board Members
8
Independent Board Members
8
Employees
2

Preparer

Firm
Maxwell CPA
Address
101 CHERRYWOOD LN, CROSSETT, AR 71635-3921
Preparer
Craig Kaminicki
Phone
8703648992
Supplemental Narrative

Additional Explanations

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

“Provided economic development services to the city of crossett, arkansas, and to generally promote the economic development of the city of crossett adn surrounding area.”

Raw XML AppendixShowing 400 of 408 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/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0438690
IRS990/ProgSrvcAccomActyOtherGrp/Desc0PROVIDED ECONOMIC DEVELOPMENT SERVICES TO THE CITY OF CROSSETT, ARKANSAS, AND TO GENERALLY PROMOTE THE ECONOMIC DEVELOPMENT OF THE CITY OF CROSSETT ADN SURROUNDING AREA.
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IRS990/PYRevenuesLessExpensesAmt067706
IRS990/PYSalariesCompEmpBnftPaidAmt0153600
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IRS990/PYTotalRevenueAmt0605801
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/CurrentTaxYearMinus1YearAmt0125000
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IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/CurrentTaxYearMinus3YearsAmt0125000
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/CurrentTaxYearMinus4YearsAmt0125000
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt0625000
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt066743
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt058236
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt02455
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt04376
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0139006
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0270816
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02243086
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IRS990ScheduleA/PublicSupportCY170Pct00.92060
IRS990ScheduleA/PublicSupportPY170Pct00.90110
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0484303
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0726949
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01160885
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01887834
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt042
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED STATE UNEMPLOYMENT
IRS990ScheduleD/RevenueSubtotalAmt0973402
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01211252
IRS990ScheduleD/TotalExpensesPerForm990Amt0937933
IRS990ScheduleD/TotalLiabilityAmt042
IRS990ScheduleD/TotalRevenuePerForm990Amt0973402
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVIDED ECONOMIC DEVELOPMENT SERVICES TO THE CITY OF CROSSETT, ARKANSAS, AND TO GENERALLY PROMOTE THE ECONOMIC DEVELOPMENT OF THE CITY OF CROSSETT ADN SURROUNDING AREA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS AVAILABLE TO THE BOARD FOR THEIR INSPECTION PRIOR TO FILING AND THIS INFORMATION IS INCLUDED IN THE MINUTES FO THE MAY BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS AND THE FINANCIAL STATEMENTS ARE ALL AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt02111006
IRS990/TotalAssetsGrp/BOYAmt02370204
IRS990/TotalAssetsGrp/EOYAmt02111006
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0212464
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0725469
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IRS990/TotalGrossUBIAmt00
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IRS990/TravelGrp/ProgramServicesAmt01459
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0CROSSETT
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd071635
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IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.CITYOFCROSSETT.NET
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES MICHAEL SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum08703648745
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CROSSETT ECONOMIC DEV FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0CROS
ReturnHeader/Filer/EIN0710855990
ReturnHeader/Filer/PhoneNum08703648745
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ReturnHeader/Filer/USAddress/CityNm0CROSSETT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AR
ReturnHeader/Filer/USAddress/ZIPCd071635
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0710800049
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MAXWELL CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0101 CHERRYWOOD LN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CROSSETT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0AR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0716353921

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,111,006
Liabilities
$164,037
Net assets
$1,946,969
Revenue
$973,402
Expenses
$937,933
Net income
$35,469
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.98$0.01$1.96$0.67$0.65$0.02
2023Detailed filing. Detailed filing data is available for this year.$2.11$0.16$1.95$0.97$0.94$0.04
2022Detailed filing. Detailed filing data is available for this year.$2.37$0.46$1.91$0.61$0.54$0.07
2021Detailed filing. Detailed filing data is available for this year.$2.31$0.47$1.84$0.67$0.62$0.05
2020Detailed filing. Detailed filing data is available for this year.$2.20$0.41$1.79$0.53$0.49$0.04
2019Detailed filing. Detailed filing data is available for this year.$1.78$0.03$1.75$0.68$0.85$0.17
2018Detailed filing. Detailed filing data is available for this year.$2.04$0.12$1.92$0.69$0.80$0.11
2017Detailed filing. Detailed filing data is available for this year.$2.14$0.11$2.03$1.10$0.67$0.43
2016Detailed filing. Detailed filing data is available for this year.$1.69$0.09$1.60$0.46$0.45$0.01
2015Summary only. Only limited summary data is available for this year.$1.60$0.02$1.59$0.50$0.50$0.00
2014Summary only. Only limited summary data is available for this year.$1.63$0.04$1.59$0.50$0.45$0.05
2013Summary only. Only limited summary data is available for this year.$1.60$0.06$1.54$0.51$0.46$0.05
2012Summary only. Only limited summary data is available for this year.$1.59$0.10$1.49$0.48$0.38$0.10
2011Summary only. Only limited summary data is available for this year.$1.49$0.10$1.39$0.49$0.47$0.02