Civic Intelligence

The Met Development Inc.

990 • Fiscal year 2020 • EIN 83-2503851

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

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

87th percentile

0.82x

Higher debt load relative to assets than 87% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

100th percentile

771.13x

Higher debt load relative to revenue than 100% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

1st percentile

-1427%

Higher net margin than 1% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

57th percentile

$277,141

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 1030.8% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

90th percentile

46%

Faster asset growth than 90% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-99%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Assets

Up

$25,268,317

Up $7,996,746 (+46%) from 2019

Net Assets

Down

$4,536,597

Down $383,681 (-7.8%) from 2019

Liabilities

Up

$20,731,720

Up $8,380,427 (+68%) from 2019

Revenue

Down

$26,885

Down $4,926,673 (-99%) from 2019

Expenses

Up

$410,566

Up $377,286 (+1134%) from 2019

Net Income

Down

-$383,681

Down $5,303,959 (-108%) from 2019

Historical Trend

Balance Sheet Trend

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

2020

Assets$25,268,317
Liabilities$20,731,720
Net Assets$4,536,597

Operations Trend

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

2020

Revenue$26,885
Expenses$410,566
Net Income-$383,681
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.0
Gross Receipts
$26,885
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$24,351,953▲ $10,504,763
Cash and Non-Interest-Bearing Accounts$3,422,323$916,364▼ $2,505,959
Prepaid Expenses and Deferred Charges$2,058--
Total Assets$17,271,571$25,268,317▲ $7,996,746
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,335,000$20,035,000▲ $9,700,000
Accounts Payable and Accrued Expenses$2,016,293$696,720▼ $1,319,573
Total Liabilities$12,351,293$20,731,720▲ $8,380,427
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,920,278$4,536,597▼ $383,681
Total Net Assets Fund Balance$4,920,278$4,536,597▼ $383,681
Total Liabilities and Net Assets / Fund Balance$17,271,571$25,268,317▲ $7,996,746

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,108,190$135,378$21,243,568
Land$3,079,276-$3,079,276
Equipment$164,487$14,848$179,335
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
$26,885
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-383,681

Audited Revenue Reconciliation

Revenue per Audited Statements
$26,885
Total Revenue per Audited Statements
$26,885
Total Revenue per Form 990
$26,885
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$410,566
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
Depreciation Depletion$150,226--$150,226
Interest$143,860--$143,860
Occupancy$60,871--$60,871
Fees for Services Legal$16,051--$16,051
Fees for Services Accounting$15,120--$15,120
Other Expenses$229--$229
All Other Expenses$228--$228
Total Functional Expenses$410,566$0$0$410,566

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$410,566
Total Expenses per Audited Statements$410,566
Total Expenses per Form 990$410,566
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
2021-11-15
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, the met funding, llc, and mustard seed development company, 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, lnc. Was determined to be a type ii supporting organization and public charity under section 509 (a)(3) of the lnternal revenue code. Effective may 15, 2019, cva was determined to be a public charity under section 170(b)(1)(a)(vi) 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. 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, 2017.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CVC 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, THE MET FUNDING, LLC, AND MUSTARD SEED DEVELOPMENT COMPANY, 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, LNC. WAS DETERMINED TO BE A TYPE II SUPPORTING ORGANIZATION AND PUBLIC CHARITY UNDER SECTION 509 (A)(3) OF THE LNTERNAL REVENUE CODE. EFFECTIVE MAY 15, 2019, CVA WAS DETERMINED TO BE A PUBLIC CHARITY UNDER SECTION 170(B)(1)(A)(VI) 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. 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, 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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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, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08592310054
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MET DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0METD
ReturnHeader/Filer/EIN0832503851
ReturnHeader/Filer/PhoneNum08592310054
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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/PreparationDt02021-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES W HORD II
ReturnHeader/ReturnTs02021-11-11T14:39:58-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KEVIN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SMITH
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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