Madisonville-Hopkins County Development Corporation
- Assets
- $3.6m
- Revenue
- $641.7k
- Investments
- $0.0
- Employees
- 4
- Location
- Madisonville, KY
- Founding
- 11/1995
- Data as of
- 06/2024
- 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 06/2024, Madisonville-Hopkins County Development Corporation employed 4 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 06/2024, Madisonville-Hopkins County Development Corporation generated $641.7k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $547.8k during the year ending 06/2024. 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
2024
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.
FUNDRAISING - FUNDRAISING EVENT HELD TO GENERATE FUNDS FOR THE CONTINUED OPERATION OF THE MAKER SPACE AS WELL AS AN OPPORTUNITY FOR SMALL BUSINESS OWNERS TO SHOWCASE THEIR PRODUCTS FOR A SUBSTANTIAL AUDIENCE IN THE REGION.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Bachman Director | Trustee | 2 | $0 |
Brad Baldwin Director | Trustee | 2 | $0 |
Alisa Coleman Director | Trustee | 2 | $0 |
Joe Collins Director | Trustee | 2 | $0 |
Kevin Cotton Director | Trustee | 2 | $0 |
Steve Cox Treasurer | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $43,592 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $386,000 |
| Noncash contributions included in lines 1a–1f | $75,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $514,592 |
| Total Program Service Revenue | $69,320 |
| Investment income | $57,083 |
| 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 | $641,745 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $145,041 |
| Pension plan accruals and contributions | $6,260 |
| Other employee benefits | $8,777 |
| Payroll taxes | $11,512 |
| Fees for services: Management | $70,397 |
| Fees for services: Legal | $1,960 |
| Fees for services: Accounting | $45,091 |
| 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 | $10,007 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,070 |
| Insurance | $20,888 |
| All other expenses | $20,926 |
| Total functional expenses | $547,767 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $551,031 |
| Savings and temporary cash investments | $717,537 |
| Pledges and grants receivable | $243 |
| Accounts receivable, net | $24,667 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $676,982 |
| Inventories for sale or use | $581,092 |
| Prepaid expenses and deferred charges | $2,721 |
| Net Land, buildings, and equipment | $1,028,268 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,853 |
| Total assets | $3,584,394 |
| Accounts payable and accrued expenses | $2,947 |
| 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 | $2,947 |
| Net assets without donor restrictions | $3,581,447 |
| 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 | $3,584,394 |