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Nonprofiteer
← VERMILLION DEVELOPMENT COMPANY

Form 990 for tax year 2024

Filed by VERMILLION DEVELOPMENT COMPANY.

Totals

Total revenue
$2,969,160
Total expenses
$2,148,491
Contributions and grants received
$1,231,000
Grants paid
$0
Program service revenue
$87,811
Investment income
$144,545
Other revenue
$1,505,804
Total assets, end of year
$16,605,461
Total liabilities, end of year
$14,304,477
Net assets or fund balances, end of year
$2,300,984
Program services expenses (Part IX)
$795,221
Management and general expenses
$1,097,006
Fundraising expenses
$256,264
Program service expenses (Part III)
$795,221

Program services were 37.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $179,648

  • 1e · Government grants (contributions)

    $816,846

  • 1f · All other contributions, gifts and grants

    $234,506

  • 2a · Program service revenue: CONVENTION & VISITORS INCOME

    total $81,326 · related or exempt $81,326

  • 2b · Program service revenue: ECONOMIC DEVELOPMENT

    total $6,485 · related or exempt $6,485

  • 3 · Investment income

    total $144,545 · excluded $144,545

  • 6a · Gross rents

    real property $650,316

  • 6b · Less rental expenses

    real property $131,165

  • 6c · Rental income or loss

    real property $519,151

  • 6d · Net rental income or loss

    total $519,151 · excluded $519,151

  • 8a · Fundraising events: gross income

    $68,024

  • 8c · Net income from fundraising events

    total $68,024

  • 10a · Gross sales of inventory

    $268,256

  • 10b · Cost of goods sold

    $203,416

  • 10c · Net income from sales of inventory

    total $64,840 · excluded $64,840

  • 11a · Other revenue: VERMILLION NOW CAMPAIGN

    total $853,789 · related or exempt $853,789

  • 11e · Other revenue, total

    $853,789

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $366,556 · management and general $366,556

  • 10 · Payroll taxes

    total $47,046 · management and general $47,046

  • 11a · Fees: management

    total $1,946 · management and general $1,946

  • 11b · Fees: legal

    total $35,392 · management and general $35,392

  • 11c · Fees: accounting

    total $14,902 · management and general $14,902

  • 12 · Advertising and promotion

    total $253,676 · fundraising $253,676

  • 13 · Office expenses

    total $10,471 · management and general $10,471

  • 17 · Travel

    total $2,588 · fundraising $2,588

  • 19 · Conferences, conventions and meetings

    total $1,879 · management and general $1,879

  • 20 · Interest

    total $360,124 · program services $360,124

  • 22 · Depreciation, depletion and amortization

    total $192,793 · program services $192,793

  • 23 · Insurance

    total $12,826 · management and general $12,826

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $570,592 · management and general $570,592

  • 24b · Other expenses: PROPERTY TAXES

    total $163,015 · program services $163,015

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $52,153 · program services $52,153

  • 24d · Other expenses: TELECOMMUNICATIONS

    total $30,208 · management and general $30,208

  • 24e · All other expenses

    total $32,324 · program services $27,136 · management and general $5,188

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $501,176 · end of year $581,147

  • 2 · Savings and temporary cash investments

    beginning of year $855,000 · end of year $900,512

  • 3 · Pledges and grants receivable

    beginning of year $94,996 · end of year $728,679

  • 4 · Accounts receivable

    beginning of year $88,916 · end of year $254,159

  • 7 · Other notes and loans receivable

    beginning of year $5,524,648 · end of year $5,407,394

  • 8 · Inventories for sale or use

    beginning of year $2,042,023 · end of year $3,199,400

  • 10a · Land, buildings and equipment: cost or other basis

    $7,154,635

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,929,511

  • 10c · Land, buildings and equipment, net

    beginning of year $5,405,495 · end of year $5,225,124

  • 12 · Investments: other securities

    beginning of year $290,138 · end of year $309,046

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,788 · end of year $226,922

  • 19 · Deferred revenue

    beginning of year $3,810,535 · end of year $5,013,107

  • 23 · Secured mortgages and notes payable

    beginning of year $9,505,754 · end of year $9,028,461

  • 25 · Other liabilities

    end of year $35,987

  • 27 · Net assets without donor restrictions

    beginning of year $1,480,315 · end of year $2,300,984

Mission and programs · 2024

Mission

TO PROMOTE AND DEVELOP ECONOMIC GROWTH FOR THE CITY OF VERMILLION, SD.

  • WORK TOWARDS THE ORGANIZATIONS COMMUNITY BETTERMENT AND ECONOMIC DEVELOPMENT GOALS OF SUSTAINABLE BUSINESS DEVELOPMENT AND GREATER COMMUNITY AWARENESS THROUGH ITS PROGRAMS AND ECONOMIC DEVELOPMENT INITIATIVES.

    Expenses $795,221

As filed on the 2024 return.

Listed in Part VII

  • Joe Hoose

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Andy Schulz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Dustin Sockness

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Katey Ulrich

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Veronica Schmidt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gregg Peters

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Prescott

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Damon Alvey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jon Cole

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jessi Hanson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bekki Engquist-Schroeder

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Waters

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Burbach

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Peterson

    CEO

    Total calculated
    $0
    Hours/week
    40

  • Travis Mockler

    DIRECTOR

    Total calculated
    $0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
4 June 2025
IRS schema version
2024v5.0
Source object
202511569349300841

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