Form 990 for tax year 2023
Filed by MITCHELL AREA DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $1,050,468
- Total expenses
- $833,318
- Contributions and grants received
- $703,025
- Grants paid
- $50,000
- Program service revenue
- $0
- Investment income
- $445,765
- Other revenue
- -$98,322
- Total assets, end of year
- $5,553,609
- Total liabilities, end of year
- $1,324,119
- Net assets or fund balances, end of year
- $4,229,490
- Program services expenses (Part IX)
- $482,090
- Management and general expenses
- $351,228
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $432,090
Program services were 57.9% 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
$45,591
-
1e · Government grants (contributions)
$202,000
-
1f · All other contributions, gifts and grants
$455,434
-
3 · Investment income
total $57,495
-
6a · Gross rents
real property $56,042
-
6b · Less rental expenses
real property $151,057
-
6c · Rental income or loss
real property -$95,015
-
6d · Net rental income or loss
total -$95,015
-
7a · Gross sales of assets other than inventory
other assets $2,096,084
-
7b · Less cost or other basis and sales expenses
other assets $1,707,814
-
7c · Gain or loss
other assets $388,270
-
7d · Net gain or loss
total $388,270
-
11e · Other revenue, total
-$3,307
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $50,000 · program services $50,000
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $211,487 · management and general $211,487
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $107,851 · program services $107,851
-
8 · Pension plan contributions
total $7,982 · management and general $7,982
-
9 · Other employee benefits
total $35,670 · management and general $35,670
-
10 · Payroll taxes
total $22,095 · program services $8,251 · management and general $13,844
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $53,519 · program services $53,519
-
11c · Fees: accounting
total $5,682 · management and general $5,682
-
11d · Fees: lobbying
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $156,853 · program services $156,853
-
13 · Office expenses
total $32,834 · management and general $32,834
-
14 · Information technology
total $4,586 · management and general $4,586
-
15 · Royalties
total $0
-
16 · Occupancy
total $10,800 · program services $4,320 · management and general $6,480
-
17 · Travel
total $14,865 · program services $14,865
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $5,423 · program services $5,423
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $8,059 · management and general $8,059
-
23 · Insurance
total $0
-
24a · Other expenses: DUES SUBSCRIPTIONS
total $15,828 · management and general $15,828
-
24b · Other expenses: DEVELOPMENT, RECRUITMENT
total $77,123 · program services $77,123
-
24c · Other expenses: TRAINING
total $7,770 · program services $3,885 · management and general $3,885
-
24d · Other expenses: MISCELLANEOUS
total $4,891 · management and general $4,891
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,638,622 · end of year $2,559,448
-
2 · Savings and temporary cash investments
beginning of year $1,088,569 · end of year $999,660
-
4 · Accounts receivable
end of year $95
-
7 · Other notes and loans receivable
beginning of year $513,114 · end of year $511,114
-
9 · Prepaid expenses and deferred charges
end of year $8,708
-
10a · Land, buildings and equipment: cost or other basis
$1,921,925
-
10b · Land, buildings and equipment: accumulated depreciation
$610,971
-
10c · Land, buildings and equipment, net
beginning of year $1,921,925 · end of year $1,310,954
-
13 · Investments: program-related
end of year $153,070
-
14 · Intangible assets
beginning of year $10,560 · end of year $10,560
-
15 · Other assets
beginning of year $154,589
-
17 · Accounts payable and accrued expenses
beginning of year $35,069 · end of year $44,119
-
23 · Secured mortgages and notes payable
beginning of year $1,280,000 · end of year $1,280,000
-
27 · Net assets without donor restrictions
beginning of year $74,752 · end of year $48,706
-
28 · Net assets with donor restrictions
beginning of year $3,937,558 · end of year $4,180,784
Mission and programs · 2023
Mission
PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL, SD AREA
-
PROGRAM SERVICES INCLUDE ACTIVITIES TO PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL AREA. THE ORGANIZATION PROVIDES FUNDING TO RECRUIT VARIOUS BUSINESSES TO THE MITCHELL AREA. WITH THE GOAL OF CREATING NEW JOBS IMPROVING THE LOCAL ECONOMIC BASE. LAND HAS BEEN ACQIRED FOR FUTURE PROSPECTS BUILDINGS HAVE BEEN ACQUIRED TO LEASE TO COMMERCIAL TENANTS.
Expenses $198,114
-
ECONOMIC DEVELOPMENT FOR ASSISTANCE IN CREATING JOBS IN THE MITCHELL TRADE AREA.
Expenses $77,123
-
WORKFORCE DEVELOPMENT PROVIDES ASSISTANCE TO DEVELOP THE MITCHELL AREA WORKFORCE BY FACILITATING MANUFACTURING BUSINESS EXPANSIONS IN THE REGION.
Expenses $156,853 · Grants $50,000
As filed on the 2023 return.
Listed in Part VII
-
Mike LauritsenMIKE LAURITSEN
EXEC DIRECTOR
- Total calculated
- $91,117
- From this org
- $0
- From related orgs
- $91,117
- Other
- $0
- Hours/week
- 40 + 40 related
-
Ken SchlimgenKEN SCHLIMGEN
PRESIDENT
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Lee AndersonLEE ANDERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Becky PitzBECKY PITZ
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Chad GlanzerCHAD GLANZER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Ryan ThompsonRYAN THOMPSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Dr Joe ChildsDR JOE CHILDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jeff SmithJEFF SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
John ClaggettJOHN CLAGGETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Dr Hilary RockwellDR HILARY ROCKWELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Brian KlockBRIAN KLOCK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jordan HansonJORDAN HANSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Josh MoodyJOSH MOODY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mark WilsonMARK WILSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Trevor DierksTREVOR DIERKS
PAST PRESIDENT
- Total calculated
- $0
- Hours/week
- 2 + 2 related
Schedule J breakdown matched by us
- Base
- not reported
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- not reported
-
Dr Joe KittleDR JOE KITTLE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Justin LutherJUSTIN LUTHER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
Mitchell Area Chamber of Commerce
501c6 · Promote Mitchell business community · SD
-
501C3 · PROMOTE WORKFORCE HOUSING IN MITCHELL AREA · SD
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 27 January 2025
- IRS schema version
- 2023v6.0
- Source object
- 202520279349300207
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