Civic Intelligence

The Met Development Inc.

990 • Fiscal year 2022 • EIN 83-2503851

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 08, 2023

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

0.77x

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

97th percentile

14.40x

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

52nd percentile

7.3%

Higher net margin than 52% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

62nd percentile

$307,722

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 22.1% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

51st percentile

0.4%

Faster asset growth than 51% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

20th percentile

-16%

Faster revenue growth than 20% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$26,000,068

Up $102,366 (+0.4%) from 2021

Net Assets

Up

$5,917,061

Up $101,655 (+1.7%) from 2021

Liabilities

Up

$20,083,007

Up $711 (+0.0%) from 2021

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin52nd percentile

Revenue

Down

$1,394,642

Down $262,174 (-16%) from 2021

Expenses

Up

$1,292,987

Up $33,633 (+2.7%) from 2021

Net Income

Down

$101,655

Down $295,807 (-74%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth51st 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

2022

Assets$26,000,068
Liabilities$20,083,007
Net Assets$5,917,061
Open 2022 Filing

Operations Trend

Revenue Growth20th 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

2022

Revenue$1,394,642
Expenses$1,292,987
Net Income$101,655
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 8, 2023
Return Version
2022v5.0
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$24,357,417$23,808,075▼ $549,342
Cash and Non-Interest-Bearing Accounts$319,394$259,960▼ $59,434
Total Assets$25,897,702$26,000,068▲ $102,366
Other Assets Total$1,220,891$1,932,033▲ $711,142
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,035,000$20,035,000→ $0
Accounts Payable and Accrued Expenses$47,296$48,007▲ $711
Total Liabilities$20,082,296$20,083,007▲ $711
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,815,406$5,917,061▲ $101,655
Total Net Assets Fund Balance$5,815,406$5,917,061▲ $101,655
Total Liabilities and Net Assets / Fund Balance$25,897,702$26,000,068▲ $102,366

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,625,798$1,268,223$21,894,021
Land$3,079,276-$3,079,276
Equipment$103,001$76,334$179,335
Other Assets Org$1,932,033--
Compensation and Service Providers
Top Officer Pay62nd percentile

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
$101,655

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$1,180,041
Grants and Similar Amounts Paid$112,946
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$598,303--$598,303
Interest$551,359--$551,359
Grants to Domestic Orgs$112,946--$112,946
Fees for Services Accounting-$22,319-$22,319
Fees for Services Legal-$493-$493
Insurance$330--$330
Other Expenses$360$2-$2
Total Functional Expenses$1,270,173$22,814$0$1,292,987

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,292,987
Total Expenses per Audited Statements$1,292,987
Total Expenses per Form 990$1,292,987
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$112,946
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
2023-11-08
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, 2019 .”

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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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, 2019 .
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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, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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IRS990ScheduleR/SharingOfFacilitiesInd00
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-02

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,000,068
Liabilities
$20,083,007
Net assets
$5,917,061
Revenue
$1,394,642
Expenses
$1,292,987
Net income
$101,655
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