Logan County Economic Development Corporation
- Assets
- $546.4k
- Revenue
- $320.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Sterling, CO
- Founding
- 11/2006
- Data as of
- 12/2023
- EIN
- 26-0017546
Organization Overview
Logan County Economic Development Corporation is located in Sterling, CO. The organization was established in 2006. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Logan County Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Logan County Economic 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 12/2023, Logan County Economic Development Corporation generated $320.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $262.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS RESPONSIBLE FOR ECONOMIC DEVELOPMENT ACTIVITIES THAT INCLUDES BUSINESS RECRUITMENT, RETENTION AND EXPANSION, AND RELATED INFRASTRUCTURE DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STRENGTHENS THE ECONOMY THROUGH RETENTION & EXPANSION OF EXISTING BUSINESSES, NEW BUSINESS RECRUITMENT, RESOURCES POINT OF CONTACT AND DEVELOPMENT OF NEEDED INFRASTRUCTURE LIKE HOUSING AND WORKFORCE. OPERATE AND EXPANDING A COMMUNITY CO-WORKING SPACE TO PROVIDE FLEXIBLE WORK SPACE FOR STARTUP BUSINESSES, FREELANCERS, AND REMOTE WORKERS. BUILDING ENTREPRENEUR SUPPORT SYSTEMS BY CONTINUING TO HOST ANNUAL DEMYSTIFYING ENTREPRENEURSHIP WORKSHOP, HOSTING REGULAR MEET-UPS, AND PROVIDING RESOURCES FOR ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trae Miller Executive Director | 45 | $113,473 | |
Albert Delgado Director | Trustee | 0 | $0 |
Tom Kiel President | OfficerTrustee | 1 | $0 |
Ned Resch Director | Trustee | 0 | $0 |
Chip Powell Vice President | OfficerTrustee | 1 | $0 |
Andrew Fritzler Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $26,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $164,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $86,846 |
| Noncash contributions included in lines 1a–1f | $8,244 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $276,846 |
| Total Program Service Revenue | $30,782 |
| Investment income | $12,877 |
| 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 | $320,715 |
| 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. | $113,473 |
| Compensation of current officers, directors, key employees. | $28,368 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,725 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $914 |
| Payroll taxes | $8,978 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,434 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $525 |
| Advertising and promotion | $0 |
| Office expenses | $1,013 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,244 |
| Travel | $7,016 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $370 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $929 |
| Insurance | $3,024 |
| All other expenses | $4,826 |
| Total functional expenses | $262,824 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,002 |
| Savings and temporary cash investments | $439,318 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,466 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,572 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $546,358 |
| Accounts payable and accrued expenses | $1,313 |
| Grants payable | $0 |
| Deferred revenue | $500 |
| 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 | $1,813 |
| Net assets without donor restrictions | $544,545 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $546,358 |