Civic Intelligence

The Met Development Inc.

990 • Fiscal year 2019 • EIN 83-2503851

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

Organization ProfileN/A
1450 N BroadwayLexington, KY 40505

(859) 231-0054

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.72x

Higher debt load relative to assets than 83% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

2.49x

Higher debt load relative to revenue than 89% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

99th percentile

99%

Higher net margin than 99% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

73rd percentile

$265,481

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 5.4% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Balance Sheet
Liabilities / Assets83rd percentile

Assets

$17,271,571

No earlier filing loaded for comparison.

Net Assets

$4,920,278

No earlier filing loaded for comparison.

Liabilities

$12,351,293

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin99th percentile

Revenue

$4,953,558

No earlier filing loaded for comparison.

Expenses

$33,280

No earlier filing loaded for comparison.

Net Income

$4,920,278

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$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

2019

Assets$17,271,571
Liabilities$12,351,293
Net Assets$4,920,278
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$4,953,558
Expenses$33,280
Net Income$4,920,278
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 15, 2020
Return Version
2019v5.0
Gross Receipts
$4,953,558
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-$13,847,190-
Cash and Non-Interest-Bearing Accounts-$3,422,323-
Prepaid Expenses and Deferred Charges-$2,058-
Total Assets$0$17,271,571▲ $17,271,571
Liabilities
Mortgage Notes Payable Secured by Investment Property-$10,335,000-
Accounts Payable and Accrued Expenses-$2,016,293-
Total Liabilities$0$12,351,293▲ $12,351,293
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$4,920,278-
Total Net Assets Fund Balance$0$4,920,278▲ $4,920,278
Total Liabilities and Net Assets / Fund Balance$0$17,271,571▲ $17,271,571

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,767,914-$10,767,914
Land$3,079,276-$3,079,276
Compensation and Service Providers
Top Officer Pay73rd percentile

Board Members and Trustees

NameTitle
Kevin SmithPresident
John WatzDirector
William MoodyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$4,953,558
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$4,920,278

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Commercial1$4,953,558Fair Market Value (FMV)
Total Noncash Contributions1$4,953,558-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,953,558
Total Revenue per Audited Statements
$4,953,558
Total Revenue per Form 990
$4,953,558
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,280
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal$12,363--$12,363
Occupancy$9,852--$9,852
Insurance$6,059--$6,059
Other Expenses$4,951--$4,951
Office Expenses$55--$55
Total Functional Expenses$33,280$0$0$33,280

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$33,280
Total Expenses per Audited Statements$33,280
Total Expenses per Form 990$33,280
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

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

Form 990, Page 6, Part VI, 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 N BROADWAY, LEXINGTON, KY 40505

Signing Officer

Name
Kevin Smith
Title
President
Phone
8592310054
Signed
2020-11-15
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

Preparer

Firm
Breeding Henderson & Hord Pllc
Address
1050 MONARCH ST STE 300, LEXINGTON, KY 40513-1877
Preparer
Charles W Hord Ii
Phone
8592780112
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Cvc is a not-for-profit organization as described under section 501(c)(3) of the internal revenue code. Cvc as a nonprofit organization is subject to taxes on gross unrelated business income less expenses directly connected to this income, subject to a 1,000 exemption. Cvc has no material sources of net unrelated business income. Cvp, crp, cfc i, chef space llc, cv midland companies, mpact pro llc, and the met funding, llc are single-member limited liability companies and disregarded entities for federal income tax purposes. As a disregarded entity, no separate income tax filings were required, and the income and expenses are included in the income tax returns of cvc. Effective november 13, 2018, the met development, inc. Was determined to be a public charity under section 509 (a)(3) of the internal revenue code. Effective may 15, 2019, cva was determined to be a public charity under section 501(c)(3) of the internal 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. Cvc 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, cvc believes it is no longer subject to federal income tax examinations for years prior to december 31, 2016.”

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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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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0LEXINGTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0KY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd040505
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt04953558
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0COMMUNITY VENTURES CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0C
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt017271571
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt04953558
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt033280
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IRS990/TotalProgramServiceExpensesAmt033280
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04953558
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt017271571
IRS990/TotReportableCompRltdOrgAmt0224278
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt01450 N BROADWAY
IRS990/USAddress/CityNm0LEXINGTON
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IRS990/USAddress/ZIPCd040505
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ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08592310054
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MET DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0METD
ReturnHeader/Filer/EIN0832503851
ReturnHeader/Filer/PhoneNum08592310054
ReturnHeader/Filer/USAddress/AddressLine1Txt01450 N BROADWAY
ReturnHeader/Filer/USAddress/CityNm0LEXINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd040505
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0508A680F0A22F0C4B65B93C61535F04E9E3DFAAC
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0508A680F0A22F0C4B65B93C61535F04E9E3DFAAC
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0162.221.223.241
ReturnHeader/FilingSecurityInformation/IPDt02020-11-16
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm013:34:45
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0800874573
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BREEDING HENDERSON & HORD PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01050 MONARCH ST STE 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LEXINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0405131877
ReturnHeader/PreparerPersonGrp/PhoneNum08592780112
ReturnHeader/PreparerPersonGrp/PreparationDt02020-11-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES W HORD II
ReturnHeader/ReturnTs02020-11-16T13:34:45-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$17,271,571
Liabilities
$12,351,293
Net assets
$4,920,278
Revenue
$4,953,558
Expenses
$33,280
Net income
$4,920,278
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.1$20.1$6.05$1.39$1.34$0.05
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$26.1$20.1$5.99$1.39$1.32$0.08
2022Detailed filing. Detailed filing data is available for this year.$26.0$20.1$5.92$1.39$1.29$0.10
2021Detailed filing. Detailed filing data is available for this year.$25.9$20.1$5.82$1.66$1.26$0.40
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.3$20.7$4.54$0.03$0.41$0.38
2019Detailed filing. Detailed filing data is available for this year.$17.3$12.4$4.92$4.95$0.03$4.92
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $10M-$25M nonprofits