Civic Intelligence

Tri-County Economic Development Charitable Corporation

990 • Fiscal year 2025 • EIN 83-2547630

Jul 01, 2024 to Jun 30, 2025

209 Greenup Street 400Covington, KY 41011

(859) 344-0040

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.24x

Higher debt load relative to assets than 72% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

94th percentile

2.38x

Higher debt load relative to revenue than 94% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Net Margin

1st percentile

-571%

Higher net margin than 1% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

97th percentile

$395,767

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 235.5% of source-year revenue.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2025

Asset Growth

3rd percentile

-31%

Faster asset growth than 3% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

7th percentile

-34%

Faster revenue growth than 7% of similar nonprofits.

2025 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Assets

Down

$1,667,929

Down $746,434 (-31%) from 2024

Net Assets

Down

$1,267,728

Down $964,214 (-43%) from 2024

Liabilities

Up

$400,201

Up $217,780 (+119%) from 2024

Revenue

Down

$168,061

Down $86,723 (-34%) from 2024

Expenses

Up

$1,127,562

Up $313,199 (+38%) from 2024

Net Income

Down

-$959,501

Down $399,922 (-71%) from 2024

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2019: $1Liabilities 2019: $02019Assets 2020: $9,726Liabilities 2020: $0Net Assets 2020: $9,7262020Assets 2022: $2,175,472Liabilities 2022: $0Net Assets 2022: $2,175,4722022Assets 2023: $2,926,916Liabilities 2023: $133,192Net Assets 2023: $2,793,7242023Assets 2024: $2,414,363Liabilities 2024: $182,421Net Assets 2024: $2,231,9422024Assets 2025: $1,667,929Liabilities 2025: $400,201Net Assets 2025: $1,267,7282025

Highlighted filing

2025

Assets$1,667,929
Liabilities$400,201
Net Assets$1,267,728

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $57,000Expenses 2020: $47,274Net Income 2020: $9,7262020Revenue 2022: $2,155,761Expenses 2022: $15Net Income 2022: $2,155,7462022Revenue 2023: $1,176,302Expenses 2023: $564,965Net Income 2023: $611,3372023Revenue 2024: $254,784Expenses 2024: $814,363Net Income 2024: -$559,5792024Revenue 2025: $168,061Expenses 2025: $1,127,562Net Income 2025: -$959,5012025

Highlighted filing

2025

Revenue$168,061
Expenses$1,127,562
Net Income-$959,501
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 27, 2026
Return Version
2024v5.5
Gross Receipts
$168,061
Mission and Program Overview

Mission

The misison of the tri-county economic development charitable corporation is to provide private-sector leadership and resources to the tri-county economic development corporation (tri-ed) in marketing and promoting the three northern kentucky counties on a national and international basis, as a location for new or expanding (1) manufacturing projects (2) office projects, (3) warehouse/distribution projects, and (4) large commercial and service projects.

To provide private-sector leadership and resources to the tri-county economic development corporation (tri-ed)

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,334,000$750,250▼ $583,750
Cash and Non-Interest-Bearing Accounts$1,080,363$567,679▼ $512,684
Other Notes and Loans Receivable, Net-$350,000-
Total Assets$2,414,363$1,667,929▼ $746,434
Liabilities
Accounts Payable and Accrued Expenses$182,421$289,701▲ $107,280
Deferred Revenue-$110,500-
Total Liabilities$182,421$400,201▲ $217,780
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,144,419$1,146,035▼ $998,384
Net Assets Without Donor Restrictions$87,523$121,693▲ $34,170
Total Net Assets Fund Balance$2,231,942$1,267,728▼ $964,214
Total Liabilities and Net Assets / Fund Balance$2,414,363$1,667,929▼ $746,434
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Cherly BeslVP of Marketing & CommunicationsPT$129,359$129,359
David McaleeseResearch DirectorPT$112,919$112,919

Board Members and Trustees

NameTitle
Ben BrandstetterChair
Jim DressmanFormer Chair
Lee CrumePresident & CEO
Carey SandersVice Chair
Gary MooreDirector
Kris KnochelmannDirector
Steve PenderyDirector
Normand DesmaraisSecretary
Adrian HothemTreasurer
Kimberly RossettiVP of Economic Development
Christine RussellVP of Strategy
Revenue and Support

Revenue Composition

Contributions and Grants
$129,174
Program Service Revenue
$0
Investment Income
$38,887
Other Revenue
$0
All Other Contributions
$129,174
Change in Net Assets
$-959,501
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$708,048
Grants and Similar Amounts Paid$279,750
Other Expenses$139,764
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$336,749--$336,749
Grants to Domestic Orgs$279,750--$279,750
Current Officers, Directors, Trustees, and Key Employees$257,349--$257,349
Other Employee Benefits$49,870--$49,870
Fees for Services Other$45,550--$45,550
Payroll Taxes$39,732--$39,732
Pension Plan Contributions$24,348--$24,348
Conferences and Meetings$20,209--$20,209
Advertising$9,715--$9,715
Other Expenses$15--$15
Total Functional Expenses$1,127,562$0$0$1,127,562
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Tri-county Economic Development CorporationFort Mitchell, KY501(c)(6)To Support the Workforce Initiative$279,750
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 A, Line 8B

"no" has been checked because the question is not applicable to the organization. The committees do not have the power to act for the board unless expressly provided.

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

A copy of the 990 is provided to the organization's executive committee, finance committee, and board for review and any appropriate suggseted changes are made.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, ethics, or conflicts of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Tri-county Economic Development
EIN
83-2547630
Phone
8593440040
Address
209 GREENUP STREET 400, COVINGTON, KY 41011

Signing Officer

Name
Lee Crume
Title
President
Phone
8593440040
Signed
2026-02-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lee Crume
Formed
2018
Legal Domicile
Ky
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
0

Preparer

Firm
Rudler Psc
Address
809 WRIGHTS SUMMIT PARKWAY SUITE, 200, FT WRIGHT, KY 41011
Preparer
Melanie Smart CPA
Phone
8593311717
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IRS990/PYContributionsGrantsAmt0211000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt043784
IRS990/PYOtherExpensesAmt0164253
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-559579
IRS990/PYSalariesCompEmpBnftPaidAmt0650110
IRS990/PYTotalExpensesAmt0814363
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0254784
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-959501
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0129174
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0211000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0727500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0577583
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt010000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01655257
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt038886
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt043783
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt016301
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt098982
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.48330
IRS990ScheduleA/PublicSupportPY170Pct00.48400
IRS990ScheduleA/PublicSupportTotal170Amt0847783
IRS990ScheduleA/SubstantialContributorsTotAmt0807474
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0129174
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0211000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0727500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0577583
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt010000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01655257
IRS990ScheduleA/TotalSupportAmt01754239
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt0279750
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(6)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0TO SUPPORT THE WORKFORCE INITIATIVE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0TRI-COUNTY ECONOMIC DEVELOPMENT CORPORATION
IRS990ScheduleI/RecipientTable/RecipientEIN0611125577
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0300 BUTTERMILK PIKE SUITE 332
IRS990ScheduleI/RecipientTable/USAddress/CityNm0FORT MITCHELL
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0KY
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd041017
IRS990ScheduleI/TotalOtherOrgCnt01
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt114760
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt212600
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0307128
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1164000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt2136088
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt010227
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt16560
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt22177
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0LEE CRUME
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1CHRISTINE RUSSELL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2KIMBERLY ROSSETTI
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1VP OF STRATEGY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2VP OF ECONOMIC DEVELOPMENT
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1188571
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2158965
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0"NO" HAS BEEN CHECKED BECAUSE THE QUESTION IS NOT APPLICABLE TO THE ORGANIZATION. THE COMMITTEES DO NOT HAVE THE POWER TO ACT FOR THE BOARD UNLESS EXPRESSLY PROVIDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE 990 IS PROVIDED TO THE ORGANIZATION'S EXECUTIVE COMMITTEE, FINANCE COMMITTEE, AND BOARD FOR REVIEW AND ANY APPROPRIATE SUGGSETED CHANGES ARE MADE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS, ETHICS, OR CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0TRI-COUNTY ECONOMIC DEVELOPMENT CORPORATION

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