Covington County Economic Development Commission
- Assets
- $1.2m
- Revenue
- $644.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Andalusia, AL
- Founding
- 10/1993
- Data as of
- 09/2021
- 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 09/2021, 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 09/2021, Covington County Economic Development Commission generated $644.8k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.3% each year . All expenses for the organization totaled $470.3k during the year ending 09/2021. While expenses have increased by 11.9% 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 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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Short Chairmandirector | OfficerTrustee | 4 | $0 |
Tim Loggins Vice Chairmandirector | OfficerTrustee | 2 | $0 |
Tom Lane Sectreadirector | OfficerTrustee | 2 | $0 |
James R Clifton Executive Director | Officer | 40 | $0 |
Charles Smith Director | Trustee | 0.25 | $0 |
Greg Henderson Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $70,805 |
| All other contributions, gifts, grants, and similar amounts not included above | $385,053 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $455,858 |
| Total Program Service Revenue | $0 |
| Investment income | $1,024 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $34,100 |
| 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 | $644,791 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,340 |
| 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. | $117,473 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $58,473 |
| Pension plan accruals and contributions | $2,925 |
| Other employee benefits | $0 |
| Payroll taxes | $13,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $621 |
| Office expenses | $13,233 |
| Information technology | $9,451 |
| Royalties | $0 |
| Occupancy | $25,675 |
| Travel | $69,395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,793 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,777 |
| Insurance | $14,826 |
| All other expenses | $5,780 |
| Total functional expenses | $470,342 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,972 |
| Savings and temporary cash investments | $194,482 |
| 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 | $200,874 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $227,000 |
| Investments—publicly traded securities | $444,510 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,167,838 |
| Accounts payable and accrued expenses | $3,987 |
| 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 | $545,481 |
| Total liabilities | $549,468 |
| 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 | $618,370 |
| Total liabilities and net assets/fund balances | $1,167,838 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Three Rivers Planning & Development District Pontotoc, MS | $48,398,868 | $43,682,575 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Csra Economic Opportunity Authority Inc Augusta, GA | $4,657,645 | $27,091,304 |
Neighborhood Improvement Project Inc Augusta, GA | $12,770,161 | $24,738,698 |
Hope Enterprise Corporation Jackson, MS | $150,349,143 | $24,959,106 |
Action Pact Inc Waycross, GA | $10,194,672 | $25,026,911 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |
Tallatoona Community Action Partnership Inc Cartersville, GA | $2,878,907 | $21,403,724 |
Macon Bibb County Economic Opportunity Council Inc Macon, GA | $9,862,743 | $18,330,804 |
Economic Opportunity For Savannah Chatham County Area Inc Savannah, GA | $8,523,279 | $14,850,530 |
Coastal Plain Area Economic Opportunity Authority Inc Valdosta, GA | $6,623,534 | $13,801,263 |