Tri-County Economic Development Corporation
- Assets
- $22.5m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 18
- Location
- Ft Mitchell, KY
- Founding
- 02/1988
- Data as of
- 06/2023
- EIN
- 61-1125577
Organization Overview
Tri-County Economic Development Corporation is located in Ft Mitchell, KY. The organization was established in 1988. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Tri-County Economic Development Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tri-County Economic Development Corporation 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 06/2023, Tri-County Economic Development Corporation generated $4.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $2.4m during the year ending 06/2023. While expenses have increased by 2.7% per year over the past 8 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.
Since 2015, Tri-County Economic Development Corporation has awarded 41 individual grants totaling $1,615,281. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
BUILD A WORLD-CLASS ECONOMY IN NORTHERN KENTUCKY THROUGH THE EXPANSION OF EXISTING BUSINESSES AND THE CREATION AND ATTRACTION OF HIGH QUALITY, PRIMARY INDUSTRY EMPLOYERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ECONOMIC DEVELOPMENT SERVICES TO BOONE, CAMPBELL AND KENTON COUNTIES AND THE MUNICIPALITIES AND BUSINESS INTERESTS THEREIN COMPRISED OF MARKETING, ATTRACTION, BUSINESS RETENSION & EXPANSION AND ENTREPRENEURIAL SUPPORT ON A REGIONAL, COOPERATIVE AND UNIFIED BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert A Heil Director | Trustee | 1 | $0 |
Gary Moore Director | Trustee | 1 | $0 |
Steve Pendery Director | Trustee | 1 | $0 |
Kris Knochelmann Director | Trustee | 1 | $0 |
James Dressman Vice Chair | OfficerTrustee | 1 | $0 |
Rhonda Whitaker Director | 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 | $3,824,088 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,824,088 |
| Total Program Service Revenue | $0 |
| Investment income | $132,960 |
| 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 | $3,967,048 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $154,793 |
| 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. | $423,478 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $625,235 |
| Pension plan accruals and contributions | $41,044 |
| Other employee benefits | $83,058 |
| Payroll taxes | $72,669 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $134,031 |
| Advertising and promotion | $132,615 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $121,828 |
| Travel | $118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,719 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,639 |
| Insurance | $22,183 |
| All other expenses | $96,408 |
| Total functional expenses | $2,368,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,510,717 |
| Savings and temporary cash investments | $1,200,000 |
| Pledges and grants receivable | $600,000 |
| Accounts receivable, net | $1,040,429 |
| 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 | $51,177 |
| Net Land, buildings, and equipment | $46,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $48,889 |
| Other assets | $22,192 |
| Total assets | $22,520,353 |
| Accounts payable and accrued expenses | $47,782 |
| Grants payable | $0 |
| Deferred revenue | $17,400,000 |
| 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 | $17,447,782 |
| Net assets without donor restrictions | $4,435,499 |
| Net assets with donor restrictions | $637,072 |
| 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 | $22,520,353 |
Grants Awarded
Over the last fiscal year, Tri-County Economic Development Corporation has awarded $154,793 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
NORTHERN KY CHAMBER OF COMMERCE FOUNDATION INC PURPOSE: WORKFORCE DEVELOPMENT | $19,793 |
REDI CINCINNATI PURPOSE: BUSINESS DEVELOPMENT | $125,000 |
NORTHERN KENTUCKY REGIONAL ALLIANCE PURPOSE: BUSINESS DEVELOPMENT | $10,000 |