Civic Intelligence

The Met Development Inc.

990 • Fiscal year 2021 • EIN 83-2503851

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileN/A
1450 North BroadwayLexington, KY 40505-3162

(859) 231-0054

Siviq Scores

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

Liabilities / Assets

87th percentile

0.78x

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

97th percentile

12.12x

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

69th percentile

24%

Higher net margin than 69% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

59th percentile

$281,327

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 17.0% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

27th percentile

2.5%

Faster asset growth than 27% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

100th percentile

6063%

Faster revenue growth than 100% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$25,897,702

Up $629,385 (+2.5%) from 2020

Net Assets

Up

$5,815,406

Up $1,278,809 (+28%) from 2020

Liabilities

Down

$20,082,296

Down $649,424 (-3.1%) from 2020

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin69th percentile

Revenue

Up

$1,656,816

Up $1,629,931 (+6063%) from 2020

Expenses

Up

$1,259,354

Up $848,788 (+207%) from 2020

Net Income

Up

$397,462

Up $781,143 (+204%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth27th percentile

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

2021

Assets$25,897,702
Liabilities$20,082,296
Net Assets$5,815,406
Open 2021 Filing

Operations Trend

Revenue Growth100th percentile

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

2021

Revenue$1,656,816
Expenses$1,259,354
Net Income$397,462
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$1,656,816
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$24,351,954$24,357,417▲ $5,463
Cash and Non-Interest-Bearing Accounts$901,814$319,394▼ $582,420
Total Assets$25,763,517$25,897,702▲ $134,185
Other Assets Total$509,749$1,220,891▲ $711,142
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,035,000$20,035,000→ $0
Accounts Payable and Accrued Expenses$310,573$47,296▼ $263,277
Total Liabilities$20,345,573$20,082,296▼ $263,277
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,417,944$5,815,406▲ $397,462
Total Net Assets Fund Balance$5,417,944$5,815,406▲ $397,462
Total Liabilities and Net Assets / Fund Balance$25,763,517$25,897,702▲ $134,185

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,149,521$695,539$21,845,060
Land$3,079,276-$3,079,276
Equipment$128,620$50,715$179,335
Compensation and Service Providers
Top Officer Pay59th percentile

Board Members and Trustees

NameTitle
Kevin SmithPresident
John WatzDirector
William MoodyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$262,174
Program Service Revenue
$1,394,642
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$397,462

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$262,174Fair Market Value (FMV)
Total Noncash Contributions1$262,174-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,656,816
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,656,816
Total Revenue per Form 990
$1,656,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,259,354
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
Interest$622,734--$622,734
Depreciation Depletion$596,028--$596,028
Fees for Services Accounting-$24,600-$24,600
Insurance$133--$133
Other Expenses$5,516$26-$26
Total Functional Expenses$1,234,728$24,626$0$1,259,354

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,259,354
Total Expenses per Audited Statements$1,259,354
Total Expenses per Form 990$1,259,354
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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, 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
2022-11-15
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
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, 2018.”

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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, 2018.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt045000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0281327
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IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/ThirdPartiesUsedInd00
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
IRS990ScheduleR/DivRelatedOrganizationInd00
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MET DEVELOPMENT INC
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ReturnHeader/Filer/PhoneNum08592310054
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
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ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES W HORD II
ReturnHeader/ReturnTs02022-11-15T12:05:22-06:00
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,897,702
Liabilities
$20,082,296
Net assets
$5,815,406
Revenue
$1,656,816
Expenses
$1,259,354
Net income
$397,462
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
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.3$12.4$4.92$4.95$0.03$4.92