SOMERSET PULASKI COUNTY ECONOMIC DEVELOPMENT AUTHORITY INC

EIN: 833393196 Community Improvement

SOMERSET, KY

Total Revenue
$2,189,130
Total Expenses
$1,048,003
Total Assets
$7,357,476
Net Assets
$7,182,284
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2019
Legal Domicile
KY
Principal Officer
CHRIS GIRDLER
Phone
6064255409
Tax Period
2023-07-01 to 2024-06-30

SOMERSET PULASKI COUNTY ECONOMIC DEVELOPMENT AUTHORITY INC, founded in 2019, is a community nonprofit in the Community Improvement sector that reported $2.2M in total revenue in fiscal year 2023. Revenue surged 366% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.1M, a strong 52% operating margin.

Mission

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,064,947
Program Service Revenue $0
Investment Income $-28,217
Other Revenue $152,400
TOTAL REVENUE $2,189,130

Expense Breakdown

Grants Paid $0
Salaries & Benefits $293,298
Fundraising Expenses $121,481
Other Expenses $754,705
TOTAL EXPENSES $1,048,003

Year-over-Year Comparison

2023 2022 Change
Revenue $2,189,130 $469,946 +3.7%
Expenses $1,048,003 $1,283,119 -0.2%
Net Income $1,141,127 $-813,173 -2.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
8
Independent Members
N/A
Employees
2
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$0
Total Directors
8
$0
Key Employees
1
$159,936
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHRIS GIRDLER PRESIDENT + N/A
Key Emp
$159,936 $0 $159,936
MICHELLE ALLEN VICE CHAIR 2.00
Officer Director
$0 $0 $0
SETH ATWELL CHAIRMAN 2.00
Officer Director
$0 $0 $0
TINA HAMM MEMBER 2.00
Director
$0 $0 $0
ALAN KECK MEMBER 2.00
Director
$0 $0 $0
STEVE MERRICK MEMBER 2.00
Director
$0 $0 $0
BROOK PING MEMBER 2.00
Director
$0 $0 $0
FORREST SPILLMAN TREASURER 2.00
Officer Director
$0 $0 $0
MARSHALL TODD MEMBER 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $2,189,130 $1,048,003 $7,357,476 $1,141,127
2023 $469,946 $1,283,119 $7,359,151 $-813,173
2022 $719,037 $935,803 $7,286,882 $-216,766
2021 $489,070 $2,569,402 $7,580,323 $-2,080,332
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