Michigan City Economic Development Corporation
- Assets
- $731.1k
- Revenue
- $681.1k
- Investments
- $0.0
- Employees
- 6
- Location
- Michigan City, IN
- Founding
- 02/1973
- Data as of
- 12/2022
- EIN
- 23-7258115
Organization Overview
Michigan City Economic Development Corporation, operating under the name Economic Development Corporation Michigan City, is located in Michigan City, IN. The organization was established in 1973. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Economic Development Corporation Michigan City employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Corporation Michigan City is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Economic Development Corporation Michigan City generated $681.1k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $601.6k during the year ending 12/2022. While expenses have increased by 8.8% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT/JOB CREATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
EMPLOYED A FULL-TIME ECONOMIC DEVELOPMENT DIRECTOR AND STAFF TO RECRUIT NEW INDUSTRIAL AND MANUFACTURING BUSINESSES TO LOCATE IN MICHIGAN CITY (INCLUDES PAYROLL TAXES AND BENEFITS). IN ADDITION, THE ORGANIZATION MAINTAINED AN OFFICE TO COORDINATE ITS EFFORTS.
PROVIDED PROSPECTS WITH INFORMATION ABOUT MICHIGAN CITY, ASSISTED PROSPECTS WITH INCENTIVE PROGRAMS, CONTINUED THE BUSINESS RETENTION PROGRAM, INFORMED THE PUBLIC ABOUT THE ORGANIZATION'S ACTIVITIES. ASSISTED EXISTING BUSINESSES AND PROSPECTS WITH PROJECT PLANNING AND EXECUTION.
STAFF ATTENDED VARIOUS CONVENTIONS, TRADE SHOWS, ETC. TO MARKET MICHIGAN CITY'S INDUSTRIAL SITES AND BUSINESS INCENTIVES. ALSO HOSTED A DINNER TO RECOGNIZE BUSINESS WITHIN THE COMMUNITY. ORGANIZATION WAS A MEMBER OF LOCAL AND STATE ORGANIZATIONS INVOLVED IN ECONOMIC DEVELOPMENT. COMMISSIONED A STRATEGIC PLAN TO GUIDE FUTURE EFFORTS. MADE CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Hackney Chairperson | OfficerTrustee | 10 | $0 |
Seth Spencer Vice Chair | OfficerTrustee | 5 | $0 |
Steve Kring Treasurer | OfficerTrustee | 5 | $0 |
Linda Simmons Past Chair | Trustee | 5 | $0 |
Brenda Temple Secretary | Trustee | 5 | $0 |
Katie Eaton Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $389,394 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $389,394 |
| Total Program Service Revenue | $291,231 |
| Investment income | $429 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $681,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $228,640 |
| Compensation of current officers, directors, key employees. | $66,817 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $6,672 |
| Other employee benefits | $39,711 |
| Payroll taxes | $17,218 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,994 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $33,697 |
| Office expenses | $23,103 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,100 |
| Travel | $31,545 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,620 |
| Interest | $35 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,479 |
| All other expenses | $135,124 |
| Total functional expenses | $601,623 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $473,084 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $204,288 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $574 |
| Net Land, buildings, and equipment | $53,140 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $731,086 |
| Accounts payable and accrued expenses | $27,252 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $27,252 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $703,834 |
| Total liabilities and net assets/fund balances | $731,086 |