Covington County Economic Development Commission
- Assets
- $710.3k
- Revenue
- $475.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Andalusia, AL
- Founding
- 10/1993
- Data as of
- 09/2023
- EIN
- 62-1504373
Organization Overview
Covington County Economic Development Commission is located in Andalusia, AL. The organization was established in 1993. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Covington County Economic Development Commission employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covington County Economic Development Commission 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 09/2023, Covington County Economic Development Commission generated $475.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $552.5k during the year ending 09/2023. While expenses have increased by 11.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE INDUSTRY AND DEVELOP TRADE BY INDUCING MANUFACTURING, AND COMMERCIAL ENTERPRISES TO LOCATE AND/OR EXPAND IN COVIINGTON COUNTY, ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE ORGANIZATIONS MISSION STATEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shane Parker Director | Trustee | 0.25 | $0 |
Patricia Gunter Director | Trustee | 0.25 | $0 |
Greg White Director | Trustee | 0.25 | $0 |
Brent Floyd Director | Trustee | 0.25 | $0 |
Jed Blackwell Director | Trustee | 0.25 | $0 |
Scott Jerigan Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $110,450 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $195,700 |
| Total Program Service Revenue | $0 |
| Investment income | $13,467 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $31,489 |
| Net Gain/Loss on Asset Sales | -$14,833 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $475,240 |
| 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. | $125,868 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $66,868 |
| Pension plan accruals and contributions | $2,475 |
| Other employee benefits | $0 |
| Payroll taxes | $14,860 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,719 |
| Fees for services: Other | $0 |
| Advertising and promotion | $600 |
| Office expenses | $9,318 |
| Information technology | $37,337 |
| Royalties | $0 |
| Occupancy | $33,944 |
| Travel | $86,123 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $61,939 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,661 |
| Insurance | $8,779 |
| All other expenses | $9,925 |
| Total functional expenses | $552,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,185 |
| Savings and temporary cash investments | $34,431 |
| 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 | $185,545 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $221,859 |
| Investments—publicly traded securities | $201,281 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $710,301 |
| Accounts payable and accrued expenses | $3,986 |
| 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 | $235,712 |
| Total liabilities | $239,698 |
| 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 | $470,603 |
| Total liabilities and net assets/fund balances | $710,301 |