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MISSISSIPPI ECONOMIC RESOURCE TRUST: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
MISSISSIPPI ECONOMIC RESOURCE TRUST (EIN 64-6193927)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-05-14
IRS object ID
202101349349301610
Schema version
2020v4.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2021-05-14T08:00:36-05:00ReturnTs
Tax Period End2020-12-31TaxPeriodEndDt
Return Type990ReturnTypeCd
Tax Period Begin2020-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN646193927EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1MISSISSIPPI ECONOMIC RESOURCE TRUSTBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlMISSBusinessNameControlTxt
Phone5045992191PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1701 POYDRAS ST STE 3200AddressLine1Txt
CityNEW ORLEANSCityNm
State AbbreviationLAStateAbbreviationCd
ZIP701397727ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonHANCOCK WHITNEY BANKPersonNm
Person TitleVP TRUST OFFICEPersonTitleTxt
Phone5045992191PhoneNum
Signature2021-05-14SignatureDt

Additional Filer Information AdditionalFilerInformation

FieldValueIRS element (for citing)
Trusted CustomerTrustedCustomerGrp
FieldValueIRS element (for citing)
Tax2020TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990 IRS990

Principal Ofcr Business Name PrincipalOfcrBusinessName

FieldValueIRS element (for citing)
Business Name Line1HANCOCK WHITNEY BANKBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1701 POYDRAS ST STE 3200AddressLine1Txt
CityNEW ORLEANSCityNm
State AbbreviationLAStateAbbreviationCd
ZIP701397727ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$4,400,513GrossReceiptsAmt
Group Return For AffiliatesfalseGroupReturnForAffiliatesInd
Organization501cYes (X)Organization501cInd
Website AddressN/AWebsiteAddressTxt
Type Of Organization TrustYes (X)TypeOfOrganizationTrustInd
Formation2009FormationYr
Legal Domicile StateMSLegalDomicileStateCd
Activity Or MissionMISSISSIPPI POWER COMPANY, A MISSISSIPPI CORPORATION, DETERMINED THAT THERE IS A NEED TO ENCOURAGE ECONOMIC GROWTH AND INVESTMENT IN THEIR SERVICE AREA AND WITHIN THE STATE OF MISSISSIPPI.THE PURPOSE OF THIS TRUST IS TO (1) PROVIDE FUNDS TO IMPROVE THE ECONOMIC GROWTH AND DEVELOPMENT OF BUSINESS AND INDUSTRY IN MS THROUGH FUNDING A SEED CAPITAL CORPORATION OR SIMILAR ENTITY.(2) THE TRUST WILL PROVIDE THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE STATE OF MS WITH FUNDS FOR A RESOURCE PRESENTATION CENTER.(3) THE TRUST ENCOURAGES PRIVATE INDUSTRY TO CONTRIBUTE, INVEST, AND PARTICIPATE IN THE ECONOMIC DEVELOPMENT IN THE STATE OF MS IN THE SPIRIT OF THE ECONOMIC DEVELOPMENT REFORM ACT.ActivityOrMissionDesc
Voting Members Governing Body1VotingMembersGoverningBodyCnt
Voting Members Independent1VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$1,000,000PYContributionsGrantsAmt
CY Contributions Grants$20,500CYContributionsGrantsAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
PY Investment Income$349,281PYInvestmentIncomeAmt
CY Investment Income$443,794CYInvestmentIncomeAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$1,349,281PYTotalRevenueAmt
CY Total Revenue$464,294CYTotalRevenueAmt
PY Grants And Similar Paid$25,000PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$25,000CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$25,825PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$29,128CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$3,233PYOtherExpensesAmt
CY Other Expenses$3,026CYOtherExpensesAmt
PY Total Expenses$54,058PYTotalExpensesAmt
CY Total Expenses$57,154CYTotalExpensesAmt
PY Revenues Less Expenses$1,295,223PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$407,140CYRevenuesLessExpensesAmt
Total Assets BOY$7,325,717TotalAssetsBOYAmt
Total Assets EOY$7,735,066TotalAssetsEOYAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$7,325,717NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$7,735,066NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionMISSISSIPPI POWER COMPANY, A MISSISSIPPI CORPORATION, DETERMINED THAT THERE IS A NEED TO ENCOURAGE ECONOMIC GROWTH AND INVESTMENT IN THEIR SERVICE AREA AND WITHIN THE STATE OF MISSISSIPPI.THE PURPOSE OF THIS TRUST IS TO (1) PROVIDE FUNDS TO IMPROVE THE ECONOMIC GROWTH AND DEVELOPMENT OF BUSINESS AND INDUSTRY IN MS THROUGH FUNDING A SEED CAPITAL CORPORATION OR SIMILAR ENTITY.(2) THE TRUST WILL PROVIDE THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE STATE OF MS WITH FUNDS FOR A RESOURCE PRESENTATION CENTER.(3) THE TRUST ENCOURAGES PRIVATE INDUSTRY TO CONTRIBUTE, INVEST, AND PARTICIPATE IN THE ECONOMIC DEVELOPMENT IN THE STATE OF MS IN THE SPIRIT OF THE ECONOMIC DEVELOPMENT REFORM ACT.MissionDesc
Significant New Program SrvcfalseSignificantNewProgramSrvcInd
Significant ChangefalseSignificantChangeInd
Expense$25,000ExpenseAmt
Grant$25,000GrantAmt
DescPROJECT READY. MS POWER'S ECONOMIC DEVELOPMENT DEPARTMENT, THROUGH IT'S ECONOMIC DEVELOPMENT TRUST, LAUNCHED PROJECT READY, AN UNPRECEDENTED INDUSTRIAL SITES PROGRAM, TO ATTRACT NEW INDUSTRIES TO SOUTHEAST MISSISSIPPI. THE PURPOSE OF THIS PROGRAM IS TO GET SE MS DEVELOPMENT READY IN AN EFFORT TO LURE NEW INDUSTRIES AND BETTER QUALITY JOBS TO THE AREA. PROJECT READY WILL IDENTIFY SITES IN EACH COUNTY THAT ARE APPROPRIATE FOR DEVELOPMENT AND IMPROVE THE READINESS OF THOSE SITES ALREADY IN THE ECONOMIC OPPORTUNITY INVENTORY IN THE REGION.Desc
Total Program Service Expenses$25,000TotalProgramServiceExpensesAmt
Described In Section501c3falseDescribedInSection501c3Ind
Schedule B RequiredfalseScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Subject To Proxy TaxfalseSubjectToProxyTaxInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Donor Rstr Or Quasi EndowmentsfalseDonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentfalseReportLandBuildingEquipmentInd
Report Investments Other SecfalseReportInvestmentsOtherSecInd
Report Program Related InvstfalseReportProgramRelatedInvstInd
Report Other AssetsfalseReportOtherAssetsInd
Report Other LiabilitiesfalseReportOtherLiabilitiesInd
Include FIN48 FootnotefalseIncludeFIN48FootnoteInd
Independent Audit Fincl StmtfalseIndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtfalseConsolidatedAuditFinclStmtInd
School OperatingfalseSchoolOperatingInd
Foreign OfficefalseForeignOfficeInd
Foreign ActivitiesfalseForeignActivitiesInd
More Than5000 K To OrgfalseMoreThan5000KToOrgInd
More Than5000 K To IndividualsfalseMoreThan5000KToIndividualsInd
Professional FundraisingfalseProfessionalFundraisingInd
Fundraising ActivitiesfalseFundraisingActivitiesInd
Gaming ActivitiesfalseGamingActivitiesInd
Operate HospitalfalseOperateHospitalInd
Grants To OrganizationsYes (true)GrantsToOrganizationsInd
Grants To IndividualsfalseGrantsToIndividualsInd
Schedule J RequiredfalseScheduleJRequiredInd
Tax Exempt BondsfalseTaxExemptBondsInd
PY Excess Benefit TransfalsePYExcessBenefitTransInd
Loan OutstandingfalseLoanOutstandingInd
Grant To Related PersonfalseGrantToRelatedPersonInd
Business Rln With Org MemfalseBusinessRlnWithOrgMemInd
Business Rln With Fam MemfalseBusinessRlnWithFamMemInd
Business Rln With35 Ctrl EntfalseBusinessRlnWith35CtrlEntInd
Deductible Non Cash ContrifalseDeductibleNonCashContriInd
Deductible Art ContributionfalseDeductibleArtContributionInd
Terminate OperationsfalseTerminateOperationsInd
Partial LiquidationfalsePartialLiquidationInd
Disregarded EntityfalseDisregardedEntityInd
Related EntityfalseRelatedEntityInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Activities Conducted PrtshpfalseActivitiesConductedPrtshpInd
Schedule O RequiredYes (true)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee0EmployeeCnt
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Foreign Financial AccountfalseForeignFinancialAccountInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Taxable Party NotificationfalseTaxablePartyNotificationInd
Nondeductible ContributionsfalseNondeductibleContributionsInd
Quid Pro Quo ContributionsfalseQuidProQuoContributionsInd
Form8282 Property Disposed OffalseForm8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Indoor Tanning ServicesfalseIndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst IncfalseSubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members1GoverningBodyVotingMembersCnt
Independent Voting Member1IndependentVotingMemberCnt
Family Or Business RlnfalseFamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesfalseDelegationOfMgmtDutiesInd
Change To Org DocumentsfalseChangeToOrgDocumentsInd
Material Diversion Or MisusefalseMaterialDiversionOrMisuseInd
Members Or StockholdersfalseMembersOrStockholdersInd
Election Of Board MembersfalseElectionOfBoardMembersInd
Decisions Subject To ApprovafalseDecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (true)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (true)MinutesOfCommitteesInd
Officer Mailing AddressfalseOfficerMailingAddressInd
Local ChaptersfalseLocalChaptersInd
Form990 Provided To Gvrn BodyYes (true)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyfalseConflictOfInterestPolicyInd
Whistleblower PolicyfalseWhistleblowerPolicyInd
Document Retention PolicyfalseDocumentRetentionPolicyInd
Compensation Process CEOfalseCompensationProcessCEOInd
Compensation Process OtherfalseCompensationProcessOtherInd
Investment In Joint VenturefalseInvestmentInJointVentureInd
States Where Copy Of Return Is FldMSStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1MERT TRUST COMMITTEEBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone2288641211PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line12992 WEST BEACH BLVDAddressLine1Txt
CityGULFPORTCityNm
State AbbreviationMSStateAbbreviationCd
ZIP395024079ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1HANCOCK WHITNEY BANKBusinessNameLine1Txt
FieldValueIRS element (for citing)
TitleTRUSTEETitleTxt
Average Hours Per Week1.0AverageHoursPerWeekRt
Institutional TrusteeYes (X)InstitutionalTrusteeInd
Reportable Comp From Org$0ReportableCompFromOrgAmt
Reportable Comp From Rltd Org$0ReportableCompFromRltdOrgAmt
Other Compensation$29,128OtherCompensationAmt
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$29,128TotalOtherCompensationAmt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KfalseTotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd
All Other Contributions$20,500AllOtherContributionsAmt
Total Contributions$20,500TotalContributionsAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$137,356TotalRevenueColumnAmt
Exclusion$137,356ExclusionAmt

Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,965TotalRevenueColumnAmt
Exclusion$1,965ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Securities$4,240,692SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Securities$3,936,219SecuritiesAmt

Gain Or Loss GainOrLossGrp

FieldValueIRS element (for citing)
Securities$304,473SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

FieldValueIRS element (for citing)
Total Revenue Column$304,473TotalRevenueColumnAmt
Related Or Exempt Func Income$304,473RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$464,294TotalRevenueColumnAmt
Related Or Exempt Func Income$304,473RelatedOrExemptFuncIncomeAmt
Exclusion$139,321ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

FieldValueIRS element (for citing)
Total$25,000TotalAmt
Program Services$25,000ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$29,128TotalAmt
Management And General$29,128ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$750TotalAmt
Management And General$750ManagementAndGeneralAmt

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$2,276TotalAmt
Management And General$2,276ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$57,154TotalAmt
Program Services$25,000ProgramServicesAmt
Management And General$32,154ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$127,706BOYAmt
EOY$219,075EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

FieldValueIRS element (for citing)
BOY$7,198,011BOYAmt
EOY$7,515,991EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$7,325,717BOYAmt
EOY$7,735,066EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$7,325,717BOYAmt
EOY$7,735,066EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$7,325,717BOYAmt
EOY$7,735,066EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$7,325,717BOYAmt
EOY$7,735,066EOYAmt
FieldValueIRS element (for citing)
Info In Schedule O Part XIYes (X)InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss$407,140ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$2,209OtherChangesInNetAssetsAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or ReviewfalseAccountantCompileOrReviewInd
Acct Compile Or Review BasisAcctCompileOrReviewBasisGrp
FS AuditedfalseFSAuditedInd
FS Audited BasisFSAuditedBasisGrp
Federal Grant Audit RequiredfalseFederalGrantAuditRequiredInd

Schedule I IRS990ScheduleI

FieldValueIRS element (for citing)
Grant Records MaintainedYes (true)GrantRecordsMaintainedInd

Recipient Table RecipientTable

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1PROJECT READYBusinessNameLine1Txt
Business Name Line2MISSISSIPPI POWER ECONOMIC DEVELOPMENT DEPARTMENTBusinessNameLine2Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line12992 WEST BEACH BLVDAddressLine1Txt
CityGULFPORTCityNm
State AbbreviationMSStateAbbreviationCd
ZIP395024079ZIPCd
FieldValueIRS element (for citing)
Cash Grant$25,000CashGrantAmt
Purpose Of GrantAPPROPRIATE FOR DEVELOPMENT AND IMPROVE THEREADINESS OF THOSE SITES.PurposeOfGrantTxt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferenceEXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2FormAndLineReferenceDesc
ExplanationTHE TRUSTEE SHALL APPLY THE TRUST FUND, AT SUCH TIMES, IN SUCH MANNER AND IN SUCH AMOUNTS AS IT SHALL BE DIRECTED BY THE COMMITTEE.ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
LINE 1a AND LINE 1bHANCOCK WHITNEY BANK IS SOLE TRUSTEE, BUT MISSISSIPPI POWER COMPANY APPOINTS AN ACTION COMMITTEE OF 3 OR MORE INDIVIDUALS. THE ACTION COMMITTEE MAKES DISTRIBUTION RECOMMENDATIONS ANNUALLY AND HELPS SET INVESTMENT OBJECTIVES.
FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEWHANCOCK WHITNEY BANK AS TRUSTEE AND AS GOVERNING BODY PREPARES AND REVIEWS THE FORM 990 ANNUALLY.
FORM 990, PAGE 6, PART VI, LINE 19UPON REQUEST MISSISSIPPI ECONOMIC RESOURCE TRUST WILL MAKE AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS.
FORM 990, PAGE 7, PART VII, SECTION AHANCOCK WHITNEY BANK TRUSTEE TRUST COMMITTEE COMPOSED OF J. CORLEY, D. MASON, M. WILSON, R. KELLY
EXPLANATION FOR FORM 990, PART XI, LINE 9ROUNDING AND RIC

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