Covington Economic Development Corporation in Covington, Tennessee (TN)
Table of contents:
| Covington Economic Development Corporation | |
| Employer Identification Number (EIN) | 300136039 |
| Name of Organization | Covington Economic Development Corporation |
| In Care of Name | Tim Sloan |
| Address | PO BOX 683, Covington, TN 38019-0683 |
| Subsection | Charitable Organization |
| Ruling Date | 03/2003 |
| Deductibility | Contributions are deductible |
| Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 06/2014 |
| Assets | $100,000 to $499,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 - Required to file Form 990-N - Income less than $25,000 per year |
| Asset Amount | $229,804 |
| Amount of Income | $31,946 |
| Form 990 Revenue Amount | $31,946 |
| National Taxonomy of Exempt Entities (NTEE) | Community Improvement, Capacity Building: Economic Development |
Non-representatives - add comments:
Amount of income in 2014: $31,946 (it was $32,570 in 2013)
| This organization: | $31,946 |
| Other organizations performing similar types of work: | $135,279 |
Assets in 2014: $229,804 (it was $235,341 in 2013)
| Covington Economic Development Corporation: | $229,804 |
| Other organizations performing similar types of work: | $114,906 |
Expenses in 2014: $29,370
| This organization: | $29,370 |
| Other organizations performing similar types of work: | $121,073 |
Income to expenses ratio in 2014: 1.1
| This organization: | 1.1 |
| Other organizations performing similar types of work: | 1.4 |
Grants share in income in 2014: 65.9%
| Covington Economic Development Corporation: | 65.9% |
| Other organizations performing similar types of work: | 8.8% |
Revenue for 2014
Support schedule
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total revenue | $25,289 | $32,570 | $31,946 |
| Contributions, gifts, grants, and similar amounts received | $25,258 | $25,469 | $21,049 |
| Program service revenue including government fees and contracts | $0 | $0 | $0 |
| Membership dues and assessments | $0 | $0 | $0 |
| Investment income | $31 | $31 | $32 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $0 | $0 | $0 |
| Gross profit/loss from sales of inventory | $0 | $0 | $0 |
| Other revenue | $0 | $7,070 | $10,865 |
| Total expenses | $16,946 | $24,781 | $29,370 |
| Total net assets | $204,399 | $212,188 | $209,165 |
| Excess/Deficit for the year | $8,343 | $7,789 | $2,576 |
| Net assets or fund balances at beginning of year | $196,056 | $204,399 | $212,189 |
| Other changes in net assets or fund balances | $0 | $0 | $-5,600 |
| Net assets or fund balances at end of year | $212,188 | $209,165 | |
| Balance Sheets | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total assets | $230,076 | $235,341 | $229,804 |
| Total liabilities | $25,677 | $23,153 | $20,639 |
| Net assets or fund balances | $204,399 | $212,188 | $209,165 |
| Other Information | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
| Were any significant changes made to the organizing or governing documents? | No | No | |
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
| Amount of political expenditures, direct or indirect | $0 | $0 | |
| Did the organization file Form 1120-POL for this year? | No | No | |
| Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
| Total amount involved | $0 | $0 | |
| Initiation fees and capital contributions | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $0 |
| Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |
| Reason for Public Charity Status (for 2014) | |
| The organization is not a private foundation because it is: | An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi) |
| Number of organizations supported | 0 |
| Sum of amounts of support | $0 |
| Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014) | |
| 2010 - 2014 Total | |
|---|---|
| Public Support | $187,361 |
| Subtotal Support | $187,361 |
| Gifts, grants, contributions, and membership fees received | $187,361 |
| Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
| The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
| The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support | $0 |
| Total Support | $194,561 |
| Public Support | $187,361 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $7,200 |
| Net income from unrelated business activities, whether or not the business is regularly carried on | $0 |
| Other income. Do not include gain or loss from the sale of capital assets | $0 |
| Gross receipts from related activities, etc. | $10,897 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | West River Foundation For Economic And Community Development | PO BOX 605, Sturgis, SD 57785-0605 | SD | 2000-10 | $1,093,865 |
| 2 | Riverfront Development Corporation | 22 N Front St Ste 960, Memphis, TN 38103-2194 | TN | 2000-07 | $9,468,515 |
| 3 | Tennessee Technology Development Corporation, Launch Tennessee | 211 7th Ave N Ste 205, Nashville, TN 37219-1863 | TN | 1999-06 | $5,725,388 |
| 4 | Technology 2020 | 1020 Commerce Park Drive, Oak Ridge, TN 37830-8099 | TN | 1996-11 | $2,803,204 |
| 5 | Williamson County Convention &visitors Bureau Inc | 400 Main St Ste 200, Franklin, TN 37064-2741 | TN | 2008-08 | $1,287,630 |
| 6 | Community Lift Corp | 301 Washington Ave Ste 303, Memphis, TN 38103-1989 | TN | 2011-06 | $1,208,023 |
| 7 | Bolivar Downtown Developmentcorporation | 116 S Main St, Bolivar, TN 38008-2327 | TN | 2008-08 | $742,278 |
| 8 | Ripley Downtown Development Corporation | 110 S Washington St, Ripley, TN 38063-1530 | TN | 2010-03 | $675,932 |
| 9 | Tennessee Multicultural Chamber Of Commerce Inc | 535 Chestnut St Ste 200, Chattanooga, TN 37402-4944 | TN | 2000-04 | $587,855 |
| 10 | Well Coffeehouse | 2035 Richard Jones Rd, Nashville, TN 37215-2801 | TN | 2012-12 | $542,464 |
| 11 | Re-Vision Inc | 427 Golfview Ct, Murfreesboro, TN 37127-7133 | TN | 2010-09 | $520,984 |
| 12 | Launchyourcity Launchmemphis, Launchmemphis | 516 Tennessee St No 133, Memphis, TN 38103 | TN | 2009-07 | $476,473 |
| 13 | Rhea Economic And Tourism Council Inc | 107 Main St, Dayton, TN 37321-1320 | TN | 1998-09 | $447,227 |
| 14 | Tennessee Valley Corridor Inc | 105 Mitchell Rd Ste 201, Oak Ridge, TN 37830-8040 | TN | 2000-09 | $232,777 |
| 15 | Main Street Dayton | 107 Main St, Dayton, TN 37321-1320 | TN | 2011-02 | $205,172 |
| 16 | Southbrook Properties | 3160 High Meadow Dr, Memphis, TN 38128-4209 | TN | 2014-07 | $114,008 |
| 17 | Southeast Regional Development Corporation | 4600 Cromwell Ave Ste 101, Memphis, TN 38118-6341 | TN | 1996-09 | $64,195 |
| 18 | Williamson Works Inc | 389-A Nichol Mill Ln Ste 101, Franklin, TN 37067 | TN | 2001-03 | $32,104 |
| 19 | Tennessee Industrial Renewal Network Inc | 2918 E Magnolia Ave Ste 150, Knoxville, TN 37914-4517 | TN | 1994-09 | $27,448 |
| 20 | Tri-Cities Tennessee-Virginia Regional Partnership Inc | 3211 N Roan St, Johnson City, TN 37601-1213 | TN | 2001-12 | $2,236 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 3,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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