RANDOLPH COUNTY DEVELOPMENT AUTHORITY
(A STATUTORY CORPORATION)
STATEMENT OF FINANCIAL POSITION – PROPRIETARY FUND
JUNE 30, 2023
ASSETS
Current Assets
Cash and cash equivalents $ 3,527,196
Accounts Receivable, net 69,065
Total Current Assets 3,596,261
Real Estate, property, and equipment,
less accumulated depreciation 4,078,723
Restricted Land 51,517
Construction in Progress-Event Center 4,485,970
Total Fixed Assets 8,616,210
Other Assets
Investments 295,750
Restricted Asset 5,570
Total Other Assets 301,320
Total Assets $ 12,513,792
LIABILITIES AND NET ASSETS
Current Liabilities
Current Portion of long-term debt $ 6,898
Accounts Payable 1,210,473
Payroll Withholdings 48
Total Current Liabilities 1,217,419
Long term debt, less current portion 334,758
Net Position
Net invested in capital assets 8,564,693
Restricted 57,087
Unrestricted 2,339,834
Total Net Position 10,961,614
12,513,792
Total Liabilities and Net Position
RANDOLPH COUNTY DEVELOPMENT AUTHORITY (A STATUTORY CORPORATION) STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION – PROPRIETARY FUND
FOR THE YEAR ENDED JUNE 30, 2025
Operating Revenues
Tuition $ 313,340
Rental Income 85,849
Dues 17,920
WTC Projects 12,548
Other 16,840
Total Revenues 446,496
Operating Expenses
Administrative and general expenses 39,085
Contracted services 175
Depreciation 150,055
Insurance 29,941
Marketing 10,334
Professional development, travel and meetings 11,483
Professional fees 7,808
Repairs and maintenance 50,431
Salaries and wages 224,296
Shop Expenses 96,292
Utilities 48,634
Total expenses 668,535
Non Operating Revenues (Expenses)
Grant Income 4,696,977
Contribution Income 78,500
Proceeds from sale/property transfer 58,300
Interest Income 58,300
Dividend Income 3,305
Unrealized Gain (Loss) on investments 7,704
Interest Expense (13,421)
Grant Expense (174,720)
Total other revenues (expenses) 4,782,956
Increase (Decrease) in net position 4,560,917
Net position at beginning of year 6,400,698
Net position at end of year $ 10,961,614
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Elkins-August 29, 2025