Civic Intelligence

The Met Development Inc

EIN 83-2503851 • 501(c)3 • Lexington, KY

Profile

To engage in economic development by revitalizing a severely economically distressed community.

1450 North BroadwayLexington, KY 40505-3162

n/A

Siviq Scores

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

Liabilities / Assets

85th percentile

0.77x

Higher debt load relative to assets than 85% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

14.38x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

48th percentile

3.7%

Higher net margin than 48% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

58th percentile

$294,446

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 21.1% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

30th percentile

0.2%

Faster asset growth than 30% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

32nd percentile

0.0%

Faster revenue growth than 32% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$26,104,344

Up $51,792 (+0.2%) from 2023

Liabilities

Flat

$20,058,217

Flat from 2023

Net Assets

Up

$6,046,127

Up $51,792 (+0.9%) from 2023

Revenue

Flat

$1,394,642

Flat from 2023

Expenses

Up

$1,342,850

Up $25,482 (+1.9%) from 2023

Net Income

Down

$51,792

Down $25,482 (-33%) from 2023

Trend Graphs

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2019: $17,271,571Liabilities 2019: $12,351,293Net Assets 2019: $4,920,2782019Assets 2020: $25,268,317Liabilities 2020: $20,731,720Net Assets 2020: $4,536,5972020Assets 2021: $25,897,702Liabilities 2021: $20,082,296Net Assets 2021: $5,815,4062021Assets 2022: $26,000,068Liabilities 2022: $20,083,007Net Assets 2022: $5,917,0612022Assets 2023: $26,052,552Liabilities 2023: $20,058,217Net Assets 2023: $5,994,3352023Assets 2024: $26,104,344Liabilities 2024: $20,058,217Net Assets 2024: $6,046,1272024

Highlighted filing

2024

Assets$26,104,344
Liabilities$20,058,217
Net Assets$6,046,127

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $4,953,558Expenses 2019: $33,280Net Income 2019: $4,920,2782019Revenue 2020: $26,885Expenses 2020: $410,566Net Income 2020: -$383,6812020Revenue 2021: $1,656,816Expenses 2021: $1,259,354Net Income 2021: $397,4622021Revenue 2022: $1,394,642Expenses 2022: $1,292,987Net Income 2022: $101,6552022Revenue 2023: $1,394,642Expenses 2023: $1,317,368Net Income 2023: $77,2742023Revenue 2024: $1,394,642Expenses 2024: $1,342,850Net Income 2024: $51,7922024

Highlighted filing

2024

Revenue$1,394,642
Expenses$1,342,850
Net Income$51,792

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 13, 2025
Return Version
2024v5.2
Gross Receipts
$1,394,642
Mission and Program Overview

Mission

To engage in economic development by revitalizing a severely economically distressed community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,210,249$22,611,222▼ $599,027
Cash and Non-Interest-Bearing Accounts$199,128$138,805▼ $60,323
Total Assets$26,052,552$26,104,344▲ $51,792
Other Assets Total$2,643,175$3,354,317▲ $711,142
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,035,000$20,035,000→ $0
Accounts Payable and Accrued Expenses$23,217$23,217→ $0
Total Liabilities$20,058,217$20,058,217→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,994,335$6,046,127▲ $51,792
Total Net Assets Fund Balance$5,994,335$6,046,127▲ $51,792
Total Liabilities and Net Assets / Fund Balance$26,052,552$26,104,344▲ $51,792

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,531,946$2,542,612$22,074,558
Land$3,079,276-$3,079,276
Other Assets Org$3,354,317--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Kevin SmithPresident
John WatzDirector
William MoodyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,394,642
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$51,792

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,394,642
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,394,642
Total Revenue per Form 990
$1,394,642
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,203,463
Grants and Similar Amounts Paid$139,387
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$599,027--$599,027
Interest$575,439--$575,439
Grants to Domestic Orgs$139,387--$139,387
Fees for Services Accounting-$21,554-$21,554
Insurance$324--$324
Other Expenses$240$4-$4
Total Functional Expenses$1,321,292$21,558$0$1,342,850

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,342,850
Total Expenses per Audited Statements$1,342,850
Total Expenses per Form 990$1,342,850
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Community Ventures CorporationLexington, KY501c3FUTHERANCE OF ORGANIZATION'S MISSION$139,387
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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Form 990 is reviewed and approved by organization officers before filing.

Form 990, Part VI, Section C, Line 19

Documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
The Met Development Inc
EIN
83-2503851
Phone
8592310054
Address
1450 NORTH BROADWAY, LEXINGTON, KY 40505-3162

Signing Officer

Name
Kevin Smith
Title
President
Phone
8592310054
Signed
2025-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Smith
Formed
2018
Legal Domicile
Ky
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Breeding Henderson & Hord Pllc
Address
1050 MONARCH ST STE 110, LEXINGTON, KY 40513
Preparer
Charles W Hord Ii
Phone
8592780112
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Effective november 13, 2018, the met development, lnc. Was determined to be a type ii supporting organization and public charity under section 509(a)(3) of the lnternal revenue code. The fasb asc prescribes a recognition threshold and measurement attribute for how an entity should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the entity has taken or expects to take on a tax return. The fasb asc requires that the financial statements reflect expected future tax consequences of such positions presuming the taxing authorities' full knowledge of the position and all relevant facts, but without considering time values. The met is subject to routine audits by taxing authorities, however, there are currently no audits for any tax periods in progress. Under federal tax statutes of limitations, the met believes it is no longer subject to federal income tax examinations for years prior to december 31, 2021.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EFFECTIVE NOVEMBER 13, 2018, THE MET DEVELOPMENT, LNC. WAS DETERMINED TO BE A TYPE II SUPPORTING ORGANIZATION AND PUBLIC CHARITY UNDER SECTION 509(A)(3) OF THE LNTERNAL REVENUE CODE. THE FASB ASC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR HOW AN ENTITY SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE IN ITS FINANCIAL STATEMENTS UNCERTAIN TAX POSITIONS THAT THE ENTITY HAS TAKEN OR EXPECTS TO TAKE ON A TAX RETURN. THE FASB ASC REQUIRES THAT THE FINANCIAL STATEMENTS REFLECT EXPECTED FUTURE TAX CONSEQUENCES OF SUCH POSITIONS PRESUMING THE TAXING AUTHORITIES' FULL KNOWLEDGE OF THE POSITION AND ALL RELEVANT FACTS, BUT WITHOUT CONSIDERING TIME VALUES. THE MET IS SUBJECT TO ROUTINE AUDITS BY TAXING AUTHORITIES, HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. UNDER FEDERAL TAX STATUTES OF LIMITATIONS, THE MET BELIEVES IT IS NO LONGER SUBJECT TO FEDERAL INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO DECEMBER 31, 2021.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt049074
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KEVIN SMITH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0294446
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED AND APPROVED BY ORGANIZATION OFFICERS BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
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IRS990ScheduleR/PaidEmployeesSharingInd00
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IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0139387
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1683500
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FMV
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0COMMUNITY VENTURES CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1COMMUNITY VENTURES CORPORATION
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
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IRS990/TerminateOperationsInd00
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IRS990/TotalLiabilitiesGrp/EOYAmt020058217
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05994335
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/USAddress/AddressLine1Txt01450 NORTH BROADWAY
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IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd0405053162
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08592310054
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MET DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0METD
ReturnHeader/Filer/EIN0832503851
ReturnHeader/Filer/PhoneNum08592310054
ReturnHeader/Filer/USAddress/AddressLine1Txt01450 NORTH BROADWAY
ReturnHeader/Filer/USAddress/CityNm0LEXINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd0405053162
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0800874573
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BREEDING HENDERSON & HORD PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01050 MONARCH ST STE 110
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LEXINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd040513
ReturnHeader/PreparerPersonGrp/PhoneNum08592780112
ReturnHeader/PreparerPersonGrp/PreparationDt02025-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES W HORD II
ReturnHeader/ReturnTs02025-11-17T09:18:10-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31

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