Fayette County Local Development Corporation in Lexington, Kentucky (KY)

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Fayette County Local Development Corporation
Employer Identification Number (EIN)611057380
Name of OrganizationFayette County Local Development Corporation
Address148 Deweese St, Lexington, KY 40507-1921
ActivitiesOther housing activities, Described in section 509(a)(2) of the Code
SubsectionCharitable Organization
Ruling Date02/1986
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$5,000,000 to $9,999,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$5,139,250
Amount of Income$435,343
Form 990 Revenue Amount$435,343
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Rural Development


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Amount of income in 2012: $435,343 (it was $685,715 in 2011)
This organization: 

 $435,343
Other organizations performing similar types of work: 

 $462,991

Assets in 2012: $5,139,250 (it was $4,061,787 in 2011)
Fayette County Local Development Corporation: 

 $5,139,250
Other organizations performing similar types of work: 

 $1,176,123

Financial snapshot ($)

Revenue for 2011

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$685,715
Contributions, Gifts, Grants and Other Similar Amounts$95,000
Program Service Revenue$345,141
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$25,603
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$219,971
Statement of Functional Expenses (for 2011)
Total functional expenses$554,010
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$554,010
Balance Sheet (for 2011)
Total assets$4,061,787
Total liabilities$2,832,504
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$1,582,955
Unsecured notes and loans payable to unrelated third parties$0
Other$1,249,549
Total net assets or fund balances$1,229,283
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
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)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2011)
2007 - 2011 Total
Total Support$1,561,823
Gifts, grants, contributions, and membership fees received$1,446,801
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
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$115,022
Gross receipts from related activities, etc.$986,575
Unrelated Trade or Business Income (for 2009)
IncomeExpensesNet
Total$90,467$1,335,711$43,104
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$90,467$133,571$43,104
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2009)
Total deductions$0
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$43,104
Unrelated business taxable income before net operating loss deduction$43,104
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$43,104
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Southeast Kentucky Economic Development Corporation Inc2292 S Highway 27 Ste 340, Somerset, KY 42501-2905KY1986-09$1,967,528
2Meigs County Community Improvement Corporation238 W Main St, Pomeroy, OH 45769-1287OH1997-04$756,994
3Pathstone Corporation400 East Ave, Rochester, NY 14607-1910NY1982-09$35,633,050
4Hoosier Uplands Economic Development Corporation500 W Main St, Mitchell, IN 47446-1411IN1972-12$27,205,437
5Adams And Brown Counties Economic Opportunities Inc406 W Plum St, Georgetown, OH 45121-1056OH1965-06$12,978,799
6East Central Kansas Economic Opportunity Corp1320 S Ash St, Ottawa, KS 66067-3419KS1967-10$12,141,820
7Black River Area Development Corporation1403 Hospital Dr, Pocahontas, AR 72455-3847AR1966-01$6,790,473
8Mountain Association For Community433 Chestnut St, Berea, KY 40403-1510KY1977-03$6,318,874
9Missouri Incutech Foundation900 Innovation Dr Ste 300, Rolla, MO 65401-2993MO1985-07$4,470,197
10Pride Community Services IncPO BOX 1346, Logan, WV 25601-1346WV1965-04$4,058,966
11Central Oklahoma Economic Development District400 N Bell Ave, Shawnee, OK 74801-6924OK1976-12$4,037,338
12Kentucky Mountain Housing Development Corporation IncPO BOX 729, Manchester, KY 40962-0729KY1976-01$1,683,320
13Fayette County Local Development Corporation148 Deweese St, Lexington, KY 40507-1921KY1986-02$435,343
14Graves Growth Alliance Inc201 E College St, Mayfield, KY 42066-2728KY1982-03$353,933
15Lake Cumberland Development Council IncPO BOX 1570, Russell Spgs, KY 42642-1570KY1984-08$236,980
16Head CorporationPO BOX 504, Berea, KY 40403-0504KY1974-11$94,642
17Community Farm Alliance Inc119 1/2 W Main St, Frankfort, KY 40601-2807KY1988-03$91,468
18Barren River Development CouncilPO BOX 90005, Bowling Green, KY 42102-9005KY1983-07$80,997
19Kentucky Science Teachers Association, Ksta1625 Mobley Mill Rd, Coxs Creek, KY 40013-7655KY1985-04$58,004
20Pennyrile Development & Governmental Center Inc300 Hammond Dr, Hopkinsville, KY 42240-7952KY1986-12$57,731
Number of organizations performing similar types of work
Alabama2
Arkansas4
Arizona1
California3
Colorado1
District of Columbia1
Florida1
Georgia1
Iowa1
Illinois2
Indiana2
Kansas4
Kentucky12
Louisiana2
Massachusetts1
Maine3
Minnesota3
Missouri3
Mississippi2
Montana1
North Carolina3
North Dakota3
Nebraska1
New Mexico3
New York14
Ohio7
Oklahoma2
Pennsylvania4
South Dakota2
Tennessee2
Texas3
Utah1
Virginia3
Vermont1
Washington1
Wisconsin5
West Virginia5
International1
Total111

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