Madisonville-Hopkins County Development Corporation
- Assets
- $3.6m
- Revenue
- $841.2k
- Investments
- $0.0
- Employees
- 6
- Location
- Madisonville, KY
- Founding
- 11/1995
- Data as of
- 06/2021
- EIN
- 61-1264426
Organization Overview
Madisonville-Hopkins County Development Corporation is located in Madisonville, KY. The organization was established in 1995. 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 06/2021, Madisonville-Hopkins County Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madisonville-Hopkins County 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, Madisonville-Hopkins County Development Corporation generated $841.2k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $721.9k during the year ending 06/2021. While expenses have increased by 7.8% 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 MAINTAIN, ENHANCE, IMPROVE, AND ENLARGE THE EMPLOYMENT BASE OF MADISONVILLE AND HOPKINS COUNTY, KENTUCKY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO MAINTAIN, ENHANCE, IMPROVE, AND ENLARGE THE EMPLOYMENT BASE OF THE CITIZENS AND RESIDENTS OF MADISONVILLE AND HOPKINS COUNTY.
TO PROMOTE INDUSTRIAL FACILITIES AND LAND TO PROSPECTIVE INDUSTRIES.
MAKER SPACE - THE INVESTMENT WILL FACILITATE AN ENTREPRENEURIAL ECOSYSTEM IN THE REGION THAT WILL FOCUS ON TRANSFORMING DISPLACED COAL WORKERS AND SPOUSES OF DISPLACED WORKERS INTO ENTREPRENEURS IN HOPKINS AND MUHLENBERG COUNTIES.
INMATE TRAINING - THE GOAL IS TO SERVE A NINIMUM OF 50 INMATES THROUGH THE SKILLS DEVELOPMENT TRAINING PROGRAM. THUS ENABLING THEM TO OBTAIN EMPLOYMENT ONCE THEY ARE RELEASED FROM JAIL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Hagerman President | Officer | 45 | $155,000 |
Bentley Badgett Director | Trustee | 2 | $0 |
Deanna Ashby Director | Trustee | 2 | $0 |
Steve Cox Director | Trustee | 2 | $0 |
Jennifer Keach Director | Trustee | 2 | $0 |
Skip Mcgaw Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $73,375 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $309,107 |
| All other contributions, gifts, grants, and similar amounts not included above | $373,778 |
| Noncash contributions included in lines 1a–1f | $141,778 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $756,260 |
| Total Program Service Revenue | $46,778 |
| Investment income | $35,010 |
| 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 | $841,217 |
| 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. | $155,000 |
| Compensation of current officers, directors, key employees. | $23,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $174,789 |
| Pension plan accruals and contributions | $18,826 |
| Other employee benefits | $46,438 |
| Payroll taxes | $25,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,047 |
| Fees for services: Accounting | $18,364 |
| 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 | $4,457 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $75,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,856 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,047 |
| Insurance | $18,495 |
| All other expenses | $27,049 |
| Total functional expenses | $721,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $140,462 |
| Savings and temporary cash investments | $257,127 |
| Pledges and grants receivable | $16,766 |
| Accounts receivable, net | $111,708 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,039,550 |
| Inventories for sale or use | $814,451 |
| Prepaid expenses and deferred charges | $3,659 |
| Net Land, buildings, and equipment | $1,238,023 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,761 |
| Total assets | $3,625,507 |
| Accounts payable and accrued expenses | $4,065 |
| 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 | $46,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $50,065 |
| Net assets without donor restrictions | $3,500,442 |
| Net assets with donor restrictions | $75,000 |
| 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 | $3,625,507 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Madisonville-Hopkins County Development Corporation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
J Rogers Badgett Sr Foundation Inc Madisonville, KY PURPOSE: TO BE USED IN EXEMPT PURPOSE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Chicago Convention & Tourism Bureau Inc Chicago, IL | $13,640,210 | $19,015,508 |
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |