Binghampton Development Corporation
- Assets
- $12.4m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 17
- Location
- Memphis, TN
- Founding
- 06/2004
- Data as of
- 06/2021
- EIN
- 20-0062075
Organization Overview
Binghampton Development Corporation is located in Memphis, TN. The organization was established in 2004. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Binghampton Development Corporation employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Binghampton Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Binghampton Development Corporation generated $1.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 1.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE IN THE BINGHAMPTON COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE QUALITY OF LIFE IN THE BINGHAMPTON COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Noah Gray Executive Director | OfficerTrustee | 40 | $75,000 |
Robert Montague President | OfficerTrustee | 3 | $0 |
Margaret Gilliland Board Member | Trustee | 1 | $0 |
Mike Cloutier Board Member | Trustee | 1 | $0 |
Phil Mischke Chairman | Trustee | 3 | $0 |
Walter Casey Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $156,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $734,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $890,688 |
| Total Program Service Revenue | $461,384 |
| Investment income | $1,400 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$6,262 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,404,895 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $71,112 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $75,000 |
| Compensation of current officers, directors, key employees. | $7,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $340,189 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,649 |
| Payroll taxes | $31,702 |
| Fees for services: Management | $18,905 |
| Fees for services: Legal | $5,845 |
| Fees for services: Accounting | $34,760 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,000 |
| Office expenses | $37,866 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,431 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $92,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $224,611 |
| Insurance | $58,329 |
| All other expenses | $86,452 |
| Total functional expenses | $1,411,883 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $487,934 |
| Savings and temporary cash investments | $506,174 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $869,701 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $744,848 |
| Inventories for sale or use | $1,474,256 |
| Prepaid expenses and deferred charges | $46,931 |
| Net Land, buildings, and equipment | $6,890,636 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $168,356 |
| Other assets | $1,176,627 |
| Total assets | $12,365,463 |
| Accounts payable and accrued expenses | $44,144 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,040,626 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $27,723 |
| Total liabilities | $5,112,493 |
| Net assets without donor restrictions | $6,985,672 |
| Net assets with donor restrictions | $267,298 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $12,365,463 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Binghampton Development Corporation has recieved totaling $261,317.
| Awarding Organization | Amount |
|---|---|
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $156,275 |
J R Hyde Iii Foundation Memphis, TN PURPOSE: SUPPORT FOR THE 2021-22 NETWORK FOR GOOD JUMPSTART PROGRAM AND THE BDC BUSINESS HUB | $95,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $42 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |
White River Planning & Development Dist Inc Batesville, AR | $13,868,468 | $4,307,468 |
Common Ground Alliance Alexandria, VA | $4,149,136 | $2,873,132 |
Forward Cities Inc Durham, NC | $1,196,373 | $2,460,187 |
Wepower Saint Louis, MO | $83,554 | $1,807,746 |
Industrial Commons Morganton, NC | $6,060,975 | $4,558,553 |
Partners In Ministry Laurinburg, NC | $1,633,972 | $2,541,350 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
Catalytic Development Funding Corp Of Northern Kentucky Covington, KY | $17,082,435 | $2,043,108 |