Wiregrass Economic Development Corporation
- Assets
- $1.0m
- Revenue
- $445.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Enterprise, AL
- Founding
- 07/1994
- Data as of
- 12/2022
- EIN
- 63-1113305
Organization Overview
Wiregrass Economic Development Corporation is located in Enterprise, AL. The organization was established in 1994. 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 12/2022, Wiregrass Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wiregrass Economic Development Corporation 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, Wiregrass Economic Development Corporation generated $445.5k 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 $423.4k during the year ending 12/2022. While expenses have increased by 8.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE COMMERCIAL AND INDUSTRIAL GROWTH AND PROSPERITY FOR THE CITY OF ENTERPRISE, COFFEE COUNTY AND GENEVA COUNTY, ALABAMA. THE BOARD WILL PURSUE A PROGRAM WHICH INCLUDES, BUT IS NOT LIMITED TO: (1) ESTABLISH AND MAINTAIN A SUPPORT AND RETENTION PROGRAM FOR EXISTING BUSINESS AND INDUSTRY; (2) WORK TO MAINTAIN A HIGH PER CAPITA INCOME AND CREATE JOBS THAT PAY ABOVE THE AVERAGE WAGE RATES FOR SOUTHEAST ALABAMA; (3) RECRUIT NEW MANUFACTURING AND SERVICE SECTOR JOBS FOR OUR MARKET AREA; (4) WORK TO INCREASE RETAIL SALES WITHIN OUR TRADE AREA ON AN ANNUAL BASIS; AND, ALL OTHER AREAS DEEMED NECESSARY TO PROMOTE ECONOMIC DEVELOPMENT IN SOUTHEAST ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS AND INDUSTRY RECRUITMENT
BUSINESS RETENTION AND SUPPORT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Brown Board Member | Trustee | 0 | $0 |
Robbin Thompson Board Member | Trustee | 0 | $0 |
Jayme Stayton Board Member | Trustee | 0 | $0 |
Scott Davison Secretary | Trustee | 0 | $0 |
Trent Dillard Past Chair | Trustee | 0 | $0 |
Philip Wilkes Chairman | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $191,065 |
| All other contributions, gifts, grants, and similar amounts not included above | $133,042 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $324,107 |
| Total Program Service Revenue | $0 |
| Investment income | $739 |
| 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 | $445,491 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $22,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,724 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,352 |
| Payroll taxes | $16,287 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,399 |
| Advertising and promotion | $13,329 |
| Office expenses | $22,890 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,945 |
| Travel | $6,809 |
| 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 | $1,922 |
| Insurance | $0 |
| All other expenses | $6,430 |
| Total functional expenses | $423,414 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $692,004 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $302,028 |
| Accounts receivable, net | $9,625 |
| 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 | $4,700 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,008,357 |
| Accounts payable and accrued expenses | $12,381 |
| 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 | $12,381 |
| Net assets without donor restrictions | $995,976 |
| 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 | $1,008,357 |