Tellico Reservoir Development Agency
- Assets
- $30.2m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 18
- Location
- Vonore, TN
- Founding
- 11/1992
- Data as of
- 08/2023
- EIN
- 62-1144094
Organization Overview
Tellico Reservoir Development Agency is located in Vonore, TN. The organization was established in 1992. 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 08/2023, Tellico Reservoir Development Agency employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tellico Reservoir Development Agency 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 08/2023, Tellico Reservoir Development Agency generated $4.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $3.4m during the year ending 08/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP AND EFFECT PLANS FOR THE COMPREHENSIVE DEVELOPMENT OF THE TELLICO RESERVOIR PROJECT AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDUSTRIAL DEVELOPMENT PROGRAM - SINCE 1982 AGENCY HAS RECRUITED 19 MANUFACTURING/DISTRIBUTION COMPANIES AND 10 COMMERCIAL SERVICE BUSINESSES TO TELLICO WEST.
COMMERCIAL RECREATION PROGRAM DEVELOPMENT OF LAND INFRASTRUCTURE FROM COMMERCIAL RECREATION.
PUBLIC USE RECREATION PROGRAM - OPERATES PUBLIC CAMPGROUNDS, PUBLIC WALKING TRAILHEAD, AND 12 PUBLIC BOAT LAUNCH AND FISHING PIER FACILITIES.
WASTEWATER TREATMENT- OPERATES WASTE WATER TREATMENT PLANT TO THE INDUSTRIAL PARK AND LOCAL TELLICO COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buddy Bradshaw Chairman | OfficerTrustee | $0 | |
Ed Mitchell Vice Chairma | OfficerTrustee | $0 | |
Susan Pangle Secretary | OfficerTrustee | 40 | $94,399 |
Mitch Ingram Board Member | Trustee | $0 | |
David Black Board Member | Trustee | $0 | |
Henry Cullen Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $115,548 |
| 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 | $115,548 |
| Total Program Service Revenue | $3,425,447 |
| Investment income | $239,718 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,443 |
| Net Gain/Loss on Asset Sales | $483,566 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,266,722 |
| 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. | $214,675 |
| Compensation of current officers, directors, key employees. | $21,468 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $590,726 |
| Pension plan accruals and contributions | $46,886 |
| Other employee benefits | $226,952 |
| Payroll taxes | $62,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,495 |
| Fees for services: Accounting | $54,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,270 |
| Fees for services: Other | $238,056 |
| Advertising and promotion | $1,791 |
| Office expenses | $128,686 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $375,952 |
| 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 | $532,835 |
| Insurance | $76,281 |
| All other expenses | $122,796 |
| Total functional expenses | $3,425,967 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,274,523 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,948,958 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,940 |
| Prepaid expenses and deferred charges | $77,283 |
| Net Land, buildings, and equipment | $19,870,383 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,229 |
| Total assets | $30,221,316 |
| Accounts payable and accrued expenses | $606,445 |
| Grants payable | $0 |
| Deferred revenue | $357,198 |
| 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 | $5,878,577 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,092,397 |
| Total liabilities | $8,934,617 |
| Net assets without donor restrictions | $0 |
| 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 | $21,286,699 |
| Total liabilities and net assets/fund balances | $30,221,316 |
Grants Awarded
Over the last fiscal year, Tellico Reservoir Development Agency has awarded $1,110,859 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HYDRASPORTS CUSTOM PURPOSE: RETROFIT BUILDING | $500,000 |
CLEVELAND STATE COMMUNITY COLLEGE PURPOSE: EDUCATIONAL | $610,859 |