Civic Intelligence

Morrow Development Corporation

EIN 93-1170796 • 501(c)4 • Heppner, OR

Profile

To promote economic development in rural oregon by providing long-term borrowings at low rates to lend to entities within those counties. Mdc provides financing assistance for business development and community development projects in morrow county.

645 Hager StreetHeppner, OR 97836

www.morrowdevelopmentcorporation.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

65th percentile

0.14x

Higher debt load relative to assets than 65% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

6.53x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Net Margin

15th percentile

-15%

Higher net margin than 15% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

63rd percentile

$0

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Asset Growth

26th percentile

-2.8%

Faster asset growth than 26% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

27th percentile

-2.3%

Faster revenue growth than 27% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets65th percentile

Assets

Down

$4,954,795

Down $140,326 (-2.8%) from 2023

Liabilities

Down

$679,121

Down $124,983 (-16%) from 2023

Net Assets

Down

$4,275,674

Down $15,343 (-0.4%) from 2023

Operations
Liabilities / Revenue98th percentileNet Margin15th percentile

Revenue

Down

$103,929

Down $2,425 (-2.3%) from 2023

Expenses

Down

$119,272

Down $10,621 (-8.2%) from 2023

Net Income

Up

-$15,343

Up $8,196 (+35%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth26th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2011: $2,877,680Liabilities 2011: $1,959,672Net Assets 2011: $918,0082011Assets 2012: $2,806,204Liabilities 2012: $1,830,082Net Assets 2012: $976,1222012Assets 2013: $2,743,223Liabilities 2013: $1,697,900Net Assets 2013: $1,045,3232013Assets 2015: $2,783,205Liabilities 2015: $1,707,258Net Assets 2015: $1,075,9472015Assets 2016: $3,322,216Liabilities 2016: $1,647,275Net Assets 2016: $1,674,9412016Assets 2017: $5,266,020Liabilities 2017: $1,510,848Net Assets 2017: $3,755,1722017Assets 2018: $5,488,883Liabilities 2018: $1,416,377Net Assets 2018: $4,072,5062018Assets 2019: $5,543,814Liabilities 2019: $1,316,713Net Assets 2019: $4,227,1012019Assets 2020: $5,479,142Liabilities 2020: $1,175,037Net Assets 2020: $4,304,1052020Assets 2021: $5,388,391Liabilities 2021: $1,052,707Net Assets 2021: $4,335,6842021Assets 2022: $5,243,209Liabilities 2022: $928,653Net Assets 2022: $4,314,5562022Assets 2023: $5,095,121Liabilities 2023: $804,104Net Assets 2023: $4,291,0172023Assets 2024: $4,954,795Liabilities 2024: $679,121Net Assets 2024: $4,275,6742024

Highlighted filing

2024

Assets$4,954,795
Liabilities$679,121
Net Assets$4,275,674
Open 2024 Filing

Operations Trend

Revenue Growth27th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $188,347Expenses 2011: $148,377Net Income 2011: $39,9702011Expenses 2012: $123,6252012Expenses 2013: $125,4662013Revenue 2015: $181,953Expenses 2015: $148,431Net Income 2015: $33,5222015Revenue 2016: $718,993Expenses 2016: $119,999Net Income 2016: $598,9942016Revenue 2017: $2,248,065Expenses 2017: $167,834Net Income 2017: $2,080,2312017Revenue 2018: $445,995Expenses 2018: $128,661Net Income 2018: $317,3342018Revenue 2019: $286,125Expenses 2019: $131,530Net Income 2019: $154,5952019Revenue 2020: $203,469Expenses 2020: $126,465Net Income 2020: $77,0042020Revenue 2021: $156,767Expenses 2021: $127,818Net Income 2021: $28,9492021Revenue 2022: $102,597Expenses 2022: $123,725Net Income 2022: -$21,1282022Revenue 2023: $106,354Expenses 2023: $129,893Net Income 2023: -$23,5392023Revenue 2024: $103,929Expenses 2024: $119,272Net Income 2024: -$15,3432024

Highlighted filing

2024

Revenue$103,929
Expenses$119,272
Net Income-$15,343
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$4,954,795
Liabilities
$679,121
Net assets
$4,275,674
Revenue
$103,929
Expenses
$119,272
Net income
-$15,343
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.95$0.68$4.28$0.10$0.12$0.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.10$0.80$4.29$0.11$0.13$0.02
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.24$0.93$4.31$0.10$0.12$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.39$1.05$4.34$0.16$0.13$0.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.48$1.18$4.30$0.20$0.13$0.08
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.54$1.32$4.23$0.29$0.13$0.15
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.49$1.42$4.07$0.45$0.13$0.32
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.27$1.51$3.76$2.25$0.17$2.08
2016Detailed filing. Detailed filing data is available for this year.$3.32$1.65$1.67$0.72$0.12$0.60
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.78$1.71$1.08$0.18$0.15$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.74$1.70$1.05$0.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$1.83$0.98$0.12
2011Summary only. Only limited summary data is available for this year.$2.88$1.96$0.92$0.19$0.15$0.04
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2016 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 13, 2017
Return Version
2015v3.0
Gross Receipts
$1,001,379
Mission and Program Overview

Mission

To promote economic development in rural oregon by providing long-term borrowings at low rates to lend to entities within those counties. Mdc provides financing assistance for business development and community development projects in morrow county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,027,534$2,838,763▲ $811,229
Cash and Non-Interest-Bearing Accounts$326,163$330,263▲ $4,100
Land, Buildings, and Equipment, Net$282,106$0▼ $282,106
Savings and Temporary Cash Investments$132,788$133,087▲ $299
Accounts Receivable$13,434$18,880▲ $5,446
Prepaid Expenses and Deferred Charges$1,180$1,223▲ $43
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,783,205$3,322,216▲ $539,011
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,698,641$1,632,873▼ $65,768
Accounts Payable and Accrued Expenses$8,617$14,402▲ $5,785
Total Liabilities$1,707,258$1,647,275▼ $59,983
Net Assets / Fund Balance
Temporarily Rstr Net Assets$778,229$1,650,788▲ $872,559
Unrestricted Net Assets$297,718$24,153▼ $273,565
Total Net Assets Fund Balance$1,075,947$1,674,941▲ $598,994
Total Liabilities and Net Assets / Fund Balance$2,783,205$3,322,216▲ $539,011

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,000-$150,000
Leasehold Improvements-$51,503$51,503
Other Land Buildings-$850$850
Buildings$-150,000$-51,503$-201,503
Compensation and Service Providers
Top Officer Pay63rd percentile

Board Members and Trustees

NameTitle
Jerry HealyPresident
Karen PetigrewVice President
Daniel CreamerBoard Member
George KofflerBoard Member
Greg SmithBoard Member
Ken GriebBoard Member
John MoffittSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$826,625
Program Service Revenue
$162,491
Investment Income
$-273,363
Other Revenue
$3,240
All Other Contributions
$826,625
Change in Net Assets
$598,994

Audited Revenue Reconciliation

Revenue per Audited Statements
$718,993
Total Revenue per Audited Statements
$718,993
Total Revenue per Form 990
$718,993
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$119,999
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$17,687--$17,687
Other Expenses$11,644--$11,644
Insurance$3,074$-42-$3,032
Fees for Services Legal-$3,011-$3,011
Occupancy-$625-$625
Total Functional Expenses$116,405$3,594$0$119,999

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$119,999
Total Expenses per Audited Statements$119,999
Total Expenses per Form 990$119,999
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Jerry healy serves on the bord of windwave communication, inland development corporation and is a port of morrow commissioner. Windwave communications, inc is a borrower of mdc who held a loan during the year. The loan was made september 21, 2010 for $ 230,000 and was paid in full during the fiscal year ended june 30, 2016. A second loan was on october 26, 2012 for $ 103,000 and had a balance at june 30, 2016 of $30,416. Mdc collateralizes these loans by assets owned by windwave communications and owned by inland development corporation who is a guarantor on the loan.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The 990 is prepared based on the annual audit report which is reviewed by the governing body. In addition, staff review the 990 before signing and filing.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Morrow Development Corporation
EIN
93-1170796
Phone
5416768719
Address
645 HAGER STREET, HEPPNER, OR 97836

Signing Officer

Name
Jerry Healy
Title
President
Signed
2017-02-13
Discuss with paid preparer
Yes

Organization Details

Formed
1994
Legal Domicile
Or
Voting Board Members
5
Independent Board Members
4
Employees
0

Preparer

Firm
Lewis Poe Moeller Gunderson & Roberts LLC
Address
1121 Adams Avenue, La Grande, OR 97850
Preparer
Brent M Gunderson CPA
Phone
5419634191
Raw XML AppendixShowing 400 of 406 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.

Path#Value
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IRS990/ProgramServiceRevenueGrp/Desc1LOAN INTEREST INCOME
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt051503
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt051503
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0850
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0BUSINESS LOAN
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1103000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0WINDWAVE COMMUNICATION
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1WINDWAVE COMMUNICATION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JERRY HEALY SERVES ON THE BORD OF WINDWAVE COMMUNICATION, INLAND DEVELOPMENT CORPORATION AND IS A PORT OF MORROW COMMISSIONER. WINDWAVE COMMUNICATIONS, INC IS A BORROWER OF MDC WHO HELD A LOAN DURING THE YEAR. THE LOAN WAS MADE SEPTEMBER 21, 2010 FOR $ 230,000 AND WAS PAID IN FULL DURING THE FISCAL YEAR ENDED JUNE 30, 2016. A SECOND LOAN WAS ON OCTOBER 26, 2012 FOR $ 103,000 AND HAD A BALANCE AT JUNE 30, 2016 OF $30,416. MDC COLLATERALIZES THESE LOANS BY ASSETS OWNED BY WINDWAVE COMMUNICATIONS AND OWNED BY INLAND DEVELOPMENT CORPORATION WHO IS A GUARANTOR ON THE LOAN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS PREPARED BASED ON THE ANNUAL AUDIT REPORT WHICH IS REVIEWED BY THE GOVERNING BODY. IN ADDITION, STAFF REVIEW THE 990 BEFORE SIGNING AND FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/WebsiteAddressTxt0www.morrowdevelopmentcorporation.com
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JERRY HEALY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-02-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MORROW DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0MORR
ReturnHeader/Filer/EIN0931170796
ReturnHeader/Filer/PhoneNum05416768719
ReturnHeader/Filer/USAddress/AddressLine1Txt0645 HAGER STREET
ReturnHeader/Filer/USAddress/CityNm0HEPPNER
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OR
ReturnHeader/Filer/USAddress/ZIPCd097836
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Lewis Poe Moeller Gunderson & Roberts LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01121 Adams Avenue
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0La Grande
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd097850
ReturnHeader/PreparerPersonGrp/PhoneNum05419634191
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Brent M Gunderson CPA

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