Lexington Industrial Foundation Inc
- Assets
- $460.5k
- Revenue
- $32.3k
- Investments
- $449.4k
- Employees
- 0
- Location
- Lexington, KY
- Founding
- 11/1963
- Data as of
- 12/2022
- EIN
- 61-6032773
Organization Overview
Lexington Industrial Foundation Inc is located in Lexington, KY. The organization was established in 1963. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lexington Industrial Foundation Inc 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 12/2022, Lexington Industrial Foundation Inc generated $32.3k 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 (14.9%) each year. All expenses for the organization totaled $95.8k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND ENCOURAGE THE CREATION OF JOBS IN THE CENTRAL KENTUCKY AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE AND ENCOURAGE THE CREATION OF JOBS IN THE CENTRAL KENTUCKY AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Job D Darby Turner President | Trustee | 0.2 | $0 |
Robert M Hewitt Vice President | Trustee | 0.2 | $0 |
Harry Richart III Treasurer | Trustee | 0.2 | $0 |
Robert L Quick Secretary | Trustee | 0.2 | $0 |
Ann B Bakhaus Director | Trustee | 0.2 | $0 |
John Gohmann Director | Trustee | 0.2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $9,480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,784 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,286 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $90,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,009 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $851 |
| All other expenses | $0 |
| Total functional expenses | $95,777 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,107 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $449,417 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $460,524 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $1,020 |
| 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 | $1,020 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $29,900 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $429,604 |
| Total liabilities and net assets/fund balances | $460,524 |
Grants Awarded
Over the last fiscal year, Lexington Industrial Foundation Inc has awarded $90,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COMMERCE LEXINGTON - LEXINGTON STRIDES AHEAD PURPOSE: SUPPORT FOR THE MISSION TO PROMOTE ECONOMIC DEVELOPMENT AND EXPANSION IN LEXINGTON | $60,000 |
LEXINGTON FOR EVERYONE INC PURPOSE: SUPPORT FOR THE MISSION TO PROMOTE ECONOMIC DEVELOPMENT AND EXPANSION IN LEXINGTON | $30,000 |