Nonprofit · EIN 13-4311862
FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC
Tax-exempt · FRANKLIN, VA 23851
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $438,136 | $551,723 | -$113,587 | $1,093,648 | $27,736 | $1,065,912 |
| June 30, 2024 | 990 | $449,138 | $495,513 | -$46,375 | $1,197,978 | $18,479 | $1,179,499 |
| June 30, 2023 | 990 | $388,962 | $450,990 | -$62,028 | $1,240,197 | $14,323 | $1,225,874 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $398,750
- of which government grants
- $200,000
- Program service revenue
- $0
- Investment income
- $39,136
- Other revenue
- $250
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $97,000
- Other salaries and wages
- $131,834
- Salaries, compensation and benefits (total)
- $292,252
- Professional fundraising fees
- $0
- Accounting fees
- $21,020
- Occupancy
- $14,256
- Travel
- $16,910
- Depreciation
- $6,950
- Program services (functional)
- $470,444
- Management and general (functional)
- $81,279
Balance sheet and other
- Total assets, start of year
- $1,197,978
- Total assets, end of year
- $1,093,648
- Total liabilities, end of year
- $27,736
- Net assets, end of year
- $1,065,912
- Land, buildings and equipment
- $24,143
- Publicly traded securities
- $168,606
- Net assets without donor restrictions
- $1,043,414
- Net assets with donor restrictions
- $22,498
- Gross receipts
- $438,136
- Employees
- 4
- Volunteers
- 0
- Year formed
- 2005
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KARL HECK | PRESIDENT Officer | 40 | $97,000 | $2,910 |
| MARSHALL RABIL | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| MEGHAN COUNCILL | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| ROBERT POPE | SECRETARY Trustee or director | 1 | $0 | $0 |
| BRIAN HEDGEPETH | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| WILL HOLT | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2024: 6 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KARL HECK | PRESIDENT Officer | 40 | $92,820 | $2,785 |
| MARSHALL RABIL | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| MEGHAN COUNCILL | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| ROBERT POPE | SECRETARY Trustee or director | 1 | $0 | $0 |
| BRIAN HEDGEPETH | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| WILL HOLT | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 7 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KARL HECK | PRESIDENT Officer | 40 | $85,000 | $2,550 |
| MARSHALL RABIL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| HARRIET BAIN DUCK | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| MEGHAN COUNCILL | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| ROBERT POPE | SECRETARY Trustee or director | 1 | $0 | $0 |
| BRIAN HEDGEPETH | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| WILL HOLT | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 601 N MECHANIC STREET SUITE 300, FRANKLIN, VA 23851-1455
- In care of
- % WILLIAM A PEAK
- Principal officer (990 for 2024)
- KARL HECK, 601 N MECHANIC STREET SUITE 300, FRANKLIN, VA 23851
- Signed the 990
- KARL HECK, PRESIDENT
- Phone
- (757) 562-1958
- Return prepared by
- CAVANAUGH NELSON PLC
Mission
47TO DIVERSIFY THE ECONOMY, CREATE HIGH QUALITY JOBS, AND PROVIDE A FUTURE FOR THE FAMILIES AND YOUTH OF FRANKLIN AND SOUTHAMPTON COUNTY.
Program accomplishments
- ACTIVITES TO PROMOTE THE ECONOMIC VITALITY OF FRANKLIN AND SOUTHAMPTON COUNTY INCLUDING:MARKET THE COMMUNITY'S ASSETS TO ATTACT NEW BUSINESSES WITH CAPITAL INVESTMENT AND OPPORTUNITIES FOR JOB CREATION, INCLUDING COORDINATING LOCAL AND STATE INCENTIVE PROGRAMS. PROVIDE TECHINCAL TRAINING AND ASSITANCE TO EXISTING BUSINESSES, INCLUDING OPERATION OF THE FRANKLIN BUSINESS CENTER. DEVELOP PROGRAMS TO FOSTER SMALL BUSINESS GROWTH AND ENTREPRENEURSHIP. CREATE AN ATMOSPHERE TO FOSTER TOURISM THAT WILL TAKE ADVANTAGE OF THE COMMUNITY'S EXISTING NATURAL AND HISTORIC ASSETS.Expenses $470,444
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 13-4311862
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2007
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $1,093,648
- Income (IRS master file)
- $438,136
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $438,136 | $551,723 | $1,093,648 | XML |
| 990 | June 2024 | $449,138 | $495,513 | $1,197,978 | XML |
| 990 | June 2023 | $388,962 | $450,990 | $1,240,197 | XML |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 13-4311862).
Questions about FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC
- What is the EIN of FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC?
- The employer identification number (EIN) of FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC is 13-4311862.
- Is FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2007.
- Are donations to FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC?
- The 990 for the year ended June 30, 2025 names KARL HECK.
- Who are the officers and directors of FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC?
- The 990 for the year ended June 30, 2025 lists 6 people; 1 received compensation from the organization, the highest $97,000 (KARL HECK, PRESIDENT).
- How much revenue does FRANKLIN-SOUTHAMPTON ECONOMIC DEVELOPMENT INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $438,136, expenses of $551,723 and total assets of $1,093,648 at year end.
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