Overview
What is Kentucky Highlands Investment Corp?
Kentucky Highlands Investment Corp, established in 1968 as Job Start Corporation, is a nonprofit organization located in London, Kentucky. Initially serving a nine-county area, it has expanded to cover twenty-two counties, primarily focusing on areas with high unemployment and poverty rates. By investing in businesses and providing financial services, Kentucky Highlands has created or maintained over 27,700 jobs, with a current portfolio of investments contributing to 17,700 jobs as of March 2021. The organization's primary concern is poverty, as the targeted investment area's average poverty rate was 27.9% in 2021, with a median household income of $38,413. As the lead agency for the Kentucky Highlands Empowerment Zone, Kentucky Highlands has been instrumental in managing resources and resulting in over 4,100 net new jobs. The organization's strengths include sophisticated financial services, easy access to financing, training, and national programs, and a dedicated, long-term staff familiar with the region and its needs. In 2014, Kentucky Highlands was named the first Rural Promise Zone in the nation by President Obama, aiming to reverse factors leading to poverty through strategic partnerships and local development plans. The initiative focuses on developing human capital and measures success based on job creation, tax base increase, and reduced government spending on social programs, among other factors.
Official website here: www.khic.org
Is Kentucky Highlands Investment Corp legitimate?
Kentucky Highlands Investment Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Kentucky Highlands Investment Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,251,034
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,292,987
For more financial information, click here
Official website here: www.khic.org
What is the mission statement of Kentucky Highlands Investment Corp?
Kentucky Highlands Investment Corp's mission is centered around fostering employment opportunities in various sectors through strategic investments and management assistance. Their primary goal is to orchestrate, promote, and coordinate community, economic, and social development initiatives. Utilizing a venture capital approach, they have achieved notable positive outcomes. With a substantial capital base and a self-sustaining portfolio, they are backed by a dedicated and experienced team, a supportive board of directors, and a clear-cut mission and methodology. Their strategy involves cultivating an environment that encourages entrepreneurship, achieving this by providing both financial support and management assistance to new and existing businesses. Additionally, they strive to nurture entrepreneurial talent, not only from within the region but also from outside sources.
Official website here: www.khic.org
Who is the CEO of Kentucky Highlands Investment Corp?
Jerry Rickett is the President/Ceo of Kentucky Highlands Investment Corp. The CEO's salary of Kentucky Highlands Investment Corp is $472,889 and their total compensation is $538,517.
Official website here: www.khic.org
What is the revenue of Kentucky Highlands Investment Corp?
Kentucky Highlands Investment Corp's revenue in 2022 was $9,285,837.
Official website here: www.khic.org
Who are the executives of Kentucky Highlands Investment Corp and what are their salaries?
The average compensation at Kentucky Highlands Investment Corp during 2022 was $110,610. There are 23 employees at Kentucky Highlands Investment Corp.
Here are 22 key members and their salaries (Kentucky Highlands Investment Corp's CEO's salary is $472,889 and their total compensation is $538,517):
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $2,450
- Related: $0
- Other: $0
- Compensation: $3,500
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $1,750
- Related: $0
- Other: $0
- Compensation: $3,150
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $12,000
- Related: $0
- Other: $0
- Compensation: $3,500
- Related: $0
- Other: $0
- Compensation: $3,500
- Related: $0
- Other: $0
- Compensation: $472,889
- Related: $0
- Other: $65,628
- Compensation: $421,141
- Related: $0
- Other: $67,034
- Compensation: $230,130
- Related: $0
- Other: $60,084
- Compensation: $59,813
- Related: $0
- Other: $34,976
- Compensation: $184,821
- Related: $0
- Other: $50,932
- Compensation: $137,576
- Related: $0
- Other: $38,798
- Compensation: $155,923
- Related: $0
- Other: $45,986
Official website here: www.khic.org
Where can I find the form 990 for Kentucky Highlands Investment Corp?
Kentucky Highlands Investment Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.khic.org
Learn more at the official website: www.khic.org
Mission Statement of Kentucky Highlands Investment Corp
Kentucky Highlands Investment Corp, a distinguished organization, is committed to fostering employment opportunities in southeastern Kentucky. It achieves this goal through strategic investments and management assistance. The corporation's primary purpose is to facilitate community, economic, and social development initiatives. With a robust portfolio and a self-sustaining capital base, Kentucky Highlands Investment Corp employs a venture capital approach that has yielded significant positive results.
The organization is headed by a dedicated and experienced staff, supported by a committed and resourceful Board of Directors. Kentucky Highlands Investment Corp is guided by a clear mission and methodology. Its strategy is twofold: to create an environment conducive to entrepreneurship and to provide both financial support and management assistance to new and existing businesses. The organization goes beyond mere financial aid, seeking to nurture entrepreneurial talent not only within the region but also from outside sources. By doing so, Kentucky Highlands Investment Corp contributes to the sustainable growth and prosperity of its community.
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Impact
October, 2024
Kentucky Highlands Investment Corporation (KHIC) has significantly influenced southeastern Kentucky by fostering economic development and creating job opportunities in a region grappling with chronic unemployment and poverty. Since its inception in 1968, KHIC has expanded its operations to encompass twenty-two counties characterized by high poverty rates—averaging 27.9% in 2021—and a persistent unemployment rate of 11.6%, significantly above national levels.
By investing in approximately 980 businesses and maintaining over 27,700 jobs, KHIC has acted as a catalyst for change in these economically distressed areas. Through its efforts, it has directly engaged in real estate and industrial development, facilitating around $100 million in financing for various projects. This has not only improved the local economy but also provided critical infrastructure and services.
As the lead agency for the Kentucky Highlands Empowerment Zone, KHIC has managed millions in federal, state, and local resources. This initiative has resulted in over 4,100 net new jobs, further demonstrating KHIC's effectiveness in leveraging public and private investments to spearhead economic growth.
KHIC's role extends beyond financial support; it emphasizes management assistance and training for local businesses, enhancing their capacity to thrive. The organization's deep-rooted familiarity with the region and its long-tenured staff enable it to understand and address the unique challenges faced by local entrepreneurs. This approach has contributed to the creation of a more vibrant and diversified economy, mitigating dependence on traditional sectors such as coal mining.
The designation of southeastern Kentucky as the first rural Promise Zone by President Obama in 2014 highlights KHIC's commitment to align federal resources with local strategic development plans. This initiative has fostered collaboration among various stakeholders across sectors, aiming for comprehensive improvements in housing, healthcare, education, and economic development.
Overall, KHIC's comprehensive strategy—anchored in its mission to develop entrepreneurship and community resources—positions it as a crucial player in transforming the economic landscape of southeastern Kentucky. Through job creation, investment in local businesses, and community development initiatives, KHIC continues to drive progress in an area that has long faced economic challenges.
This information is meant to be a general summary of Kentucky Highlands Investment Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $54,127
- Program Service Revenue: $4,290,165
- Gross Receipts: $9,285,837
Assets and Liabilities:
- Total Assets: $130,461,604
- Total Liabilities: $58,922,585
- Net Assets: $71,539,019
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME FROM P
Revenue
$3,414,508
INTEREST FROM WORKING
Revenue
$530,041
MANAGEMENT FEES (NET O
Revenue
$345,616
Organization Details
Founding Year
1968
Phone
(606) 864-5175Principal Officer
Jerry Rickett
Main Address
PO BOX 1738, LONDON, KY, 407431738
Website
www.khic.orgNTEE Category
Code: S31 - Community improvement
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