Bloomington-Normal Area Economic Development Council
- Assets
- $1.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 4
- Location
- Normal, IL
- Founding
- 07/1987
- Data as of
- 12/2020
- EIN
- 37-1169886
Organization Overview
Bloomington-Normal Area Economic Development Council is located in Normal, IL. The organization was established in 1987. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2020, Bloomington-Normal Area Economic Development Council employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bloomington-Normal Area Economic Development Council is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2020, Bloomington-Normal Area Economic Development Council generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $713.5k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE ECONOMIC DEVELOPMENT COUNCIL HELPS BUSINESSES IN MCLEAN COUNTY GROW AND ATTRACTS NEW BUSINESS TO THE COMMUNITY. THE EDC IS A LEADERSHIP ORGANIZATION, INVESTING IN THE COMMUNITY'S ASSETS TO GROW AND IMPROVE THE PROSPERITY AND QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Hoban CEO | Officer | 40 | $218,050 |
Bill Lawrence Chair | OfficerTrustee | 1 | $0 |
John Hesse Past Chair | OfficerTrustee | 1 | $0 |
Tony Penn Board Member | Trustee | 1 | $0 |
Pam Reece Board Member | Trustee | 1 | $0 |
Dan Stephens Board Member | Trustee | 1 | $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 | $547,773 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $547,773 |
| Total Program Service Revenue | $42,861 |
| Investment income | $600 |
| 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 | $1,149,476 |
| 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. | $220,958 |
| Compensation of current officers, directors, key employees. | $44,192 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $152,677 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $42,832 |
| Payroll taxes | $28,301 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $42,551 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $22,334 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,864 |
| Travel | $36,718 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,215 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,612 |
| Insurance | $3,481 |
| All other expenses | $8,313 |
| Total functional expenses | $713,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,103,145 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,621 |
| 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 | $1,129 |
| Net Land, buildings, and equipment | $13,999 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $75,188 |
| Total assets | $1,197,082 |
| Accounts payable and accrued expenses | $45,334 |
| 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 | $4,000 |
| Total liabilities | $49,334 |
| Net assets without donor restrictions | $1,147,748 |
| 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 | $1,197,082 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bloomington-Normal Area Economic Development Council has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Osf Healthcare System Peoria, IL PURPOSE: SUPPORT OF ORG OPERATIONS | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |