Somerset Pulaski Economic Development Authority Inc
- Assets
- $7.3m
- Revenue
- $719.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Somerset, KY
- Founding
- Data as of
- 06/2022
- EIN
- 83-3393196
Organization Overview
Somerset Pulaski Economic Development Authority Inc, operating under the name Speda, is located in Somerset, KY. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Speda employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Speda 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 06/2022, Speda generated $719.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (36.9%) each year. All expenses for the organization totaled $935.8k during the year ending 06/2022. 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
SPEDA'S MISSION WILL BE TO ENHANCE THE BUSINESS CLIMATE IN AND FOSTER COOPERATION AMONG VARIOUS GOVERNMENT ENTITIES AND PRIVATE SECTOR ORGANIZATIONS. IT WILL BE AN ESSENTIAL POINT OF CONTACT FOR BUSINESSES INTERESTED IN LOCATING OR EXPANDING TO THE COMMUNITY AS WELL AS ASSISTING EXISTING LOCAL COMPANIES IN EXPANSION AND THE REGION'S WORKFORCE DEVELOPMENT EFFORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUTREACH TO ADDRESS RETAIL AND COMMERCIAL DEVELOPMENT, TOURISM MARKETING AND PROMOTION, WORKFORCE DEVELOPMENT, EDUCATION, OVERALL COMMUNITY PLANNING AND COLLABORATION ALONG WITH SIMPLY HELPING TO FILL VARIOUS VOIDS AND COORDINATE PROJECTS FOR OUR COMMUNITY AND REGION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brook Ping Chairman | OfficerTrustee | 2 | $0 |
Seth Atwell Treasurer | OfficerTrustee | 2 | $0 |
Michelle Allen Vice Chair | OfficerTrustee | 2 | $0 |
Alan Keck Member | Trustee | 2 | $0 |
Ameet Patel Member | Trustee | 2 | $0 |
Steve Kelley Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $436,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $36,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $436,000 |
| Total Program Service Revenue | $0 |
| Investment income | $10,992 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $223,827 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $719,037 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $210,700 |
| Pension plan accruals and contributions | $6,321 |
| Other employee benefits | $0 |
| Payroll taxes | $16,653 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,661 |
| Fees for services: Accounting | $17,142 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,948 |
| Advertising and promotion | $60,496 |
| Office expenses | $16,389 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,000 |
| Travel | $12,538 |
| 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 | $57,268 |
| Insurance | $40,503 |
| All other expenses | $16,720 |
| Total functional expenses | $935,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,920,615 |
| Savings and temporary cash investments | $0 |
| 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 | $121,664 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $300 |
| Net Land, buildings, and equipment | $4,244,303 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,286,882 |
| Accounts payable and accrued expenses | $21,564 |
| Grants payable | $400,000 |
| Deferred revenue | $10,000 |
| 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 | $988 |
| Total liabilities | $432,552 |
| Net assets without donor restrictions | $6,854,330 |
| 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 | $7,286,882 |
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