Desoto County Economic Development Council
- Assets
- $791.7k
- Revenue
- $866.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Southaven, MS
- Founding
- 12/1994
- Data as of
- 12/2021
- EIN
- 64-0616656
Organization Overview
Desoto County Economic Development Council is located in Southaven, MS. 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 12/2021, Desoto County Economic Development Council employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Desoto County Economic Development Council 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 12/2021, Desoto County Economic Development Council generated $866.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $738.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 7 years. 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
DESOTO COUNTY ECONOMIC DEVELOPMENT COUNCIL'S PRIMARY EXEMPT PURPOSE IS TO DEVELOP, COORDINATE AND RECRUIT NEW AND EXPANDED INDUSTRY,BUSINESS AND TRADE IN DESOTO COUNTY. THE COUNCIL ALSO WAS A PART OF AN EDUCATION- INDUSTRY PARTNERSHP THAT CREATED A NEW CAREER TECH CENTER IN OLIVE BRANCH TO PROMOTE JOB CREATION AND TRAINING PROGRAMS TO MEET THE GROWING NEEDS OF THE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COUNCIL CONTINUED NEW INDUSTRY RECRUITMENT AND EXPANSION IN DESOTO COUNTY AND ASSISTED WITH THE AMAZING GROWTH IN DESOTO COUNTY OF 7 NEW COMPANIES AND 10 EXISTING INDUSTRIES EXPANDING THEIR OPERATIONS.
THE COUNCIL CONTINUED NEW INDUSTRY RECRUITMENT AND EXPANSION IN DESOTO
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James B Flanagan Executive Di | Officer | $269,892 | |
John Ray Secretary | OfficerTrustee | $0 | |
Ritchie Hampton Vice Chairma | OfficerTrustee | $0 | |
Chris Brown Past Chairma | OfficerTrustee | $0 | |
Diego Lejwa Treasurer | OfficerTrustee | $0 | |
Susan Reich Chairman | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $257,601 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $421,760 |
| 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 | $679,361 |
| Total Program Service Revenue | $61,466 |
| Investment income | $138 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $32,769 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $866,441 |
| 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. | $269,892 |
| Compensation of current officers, directors, key employees. | $53,978 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $232,055 |
| Pension plan accruals and contributions | $22,993 |
| Other employee benefits | $0 |
| Payroll taxes | $11,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,105 |
| Advertising and promotion | $9,665 |
| Office expenses | $29,344 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,515 |
| Travel | $8,278 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,960 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,804 |
| Insurance | $51,377 |
| All other expenses | $1,315 |
| Total functional expenses | $738,334 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $291,002 |
| Savings and temporary cash investments | $286,054 |
| 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 | $20,220 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $194,473 |
| Total assets | $791,749 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $739,459 |
| Net assets with donor restrictions | $52,290 |
| 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 | $791,749 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Arkansas Development Council Benton, AR | $22,711,775 | $63,852,394 |
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
New Orleans & Company New Orleans, LA | $100,855,624 | $31,406,983 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Central Planning & Development District Inc<410 Decatur St Newton, MS | $22,970,956 | $8,929,943 |
Knoxville Convention & Visitors Bureau Inc Knoxville, TN | $5,768,468 | $5,619,069 |
Northwest Arkansas Economic Development District Inc Harrison, AR | $3,285,809 | $5,390,544 |