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Nonprofiteer
← GREATER MANKATO GROWTH INC

Form 990 for tax year 2024

Filed by GREATER MANKATO GROWTH INC.

Totals

Total revenue
$3,240,825
Total expenses
$3,231,984
Contributions and grants received
$1,380,754
Grants paid
$0
Program service revenue
$1,699,647
Investment income
$127,456
Other revenue
$32,968
Total assets, end of year
$4,543,819
Total liabilities, end of year
$1,319,425
Net assets or fund balances, end of year
$3,224,394
Program services expenses (Part IX)
$2,885,502
Management and general expenses
$336,532
Fundraising expenses
$9,950
Program service expenses (Part III)
not reported

Program services were 89.3% 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

    $639,489

  • 1d · Related organizations

    $13,156

  • 1e · Government grants (contributions)

    $245,822

  • 1f · All other contributions, gifts and grants

    $482,287

  • 1g · Noncash contributions included above

    $48,161

  • 2a · Program service revenue: LODGING TAX INCOME

    total $654,715 · related or exempt $654,715

  • 2b · Program service revenue: PROGRAM SERVICE REVENUE

    total $617,402 · related or exempt $617,402

  • 2c · Program service revenue: ECONOMIC DEVELOPMENT

    total $336,030 · related or exempt $336,030

  • 2d · Program service revenue: SPONSORSHIPS

    total $91,500 · related or exempt $91,500

  • 3 · Investment income

    total $124,865 · excluded $124,865

  • 7a · Gross sales of assets other than inventory

    securities $100,005

  • 7b · Less cost or other basis and sales expenses

    securities $96,591 · other assets $823

  • 7c · Gain or loss

    securities $3,414 · other assets -$823

  • 7d · Net gain or loss

    total $2,591 · related or exempt -$823 · excluded $3,414

  • 8a · Fundraising events: gross income

    $14,148

  • 8b · Fundraising events: direct expenses

    $798

  • 8c · Net income from fundraising events

    total $13,350 · excluded $13,350

  • 11a · Other revenue: MISCELLENEOUS INCOME

    total $19,618 · excluded $19,618

  • 11e · Other revenue, total

    $19,618

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $105,014 · program services $94,911 · management and general $9,483 · fundraising $620

  • 7 · Other salaries and wages

    total $1,298,589 · program services $1,173,666 · management and general $117,262 · fundraising $7,661

  • 9 · Other employee benefits

    total $185,961 · program services $168,072 · management and general $16,792 · fundraising $1,097

  • 10 · Payroll taxes

    total $96,991 · program services $87,661 · management and general $8,758 · fundraising $572

  • 11b · Fees: legal

    total $360 · program services $291 · management and general $69

  • 11c · Fees: accounting

    total $30,503 · program services $24,689 · management and general $5,814

  • 11f · Fees: investment management

    total $6,856 · program services $6,856

  • 11g · Fees: other

    total $126,976 · program services $102,774 · management and general $24,202

  • 13 · Office expenses

    total $39,895 · program services $32,291 · management and general $7,604

  • 14 · Information technology

    total $63,176 · program services $51,135 · management and general $12,041

  • 16 · Occupancy

    total $198,586 · program services $160,735 · management and general $37,851

  • 17 · Travel

    total $62,030 · program services $50,207 · management and general $11,823

  • 20 · Interest

    total $602 · program services $487 · management and general $115

  • 22 · Depreciation, depletion and amortization

    total $34,413 · program services $27,854 · management and general $6,559

  • 23 · Insurance

    total $10,010 · program services $8,102 · management and general $1,908

  • 24a · Other expenses: EVENTS

    total $571,957 · program services $571,957

  • 24b · Other expenses: MARKETING RESEARCH

    total $210,231 · program services $170,161 · management and general $40,070

  • 24c · Other expenses: PRIZES

    total $34,223 · program services $27,700 · management and general $6,523

  • 24d · Other expenses: TECH REPAIRS & MAINT

    total $31,333 · program services $25,361 · management and general $5,972

  • 24e · All other expenses

    total $124,278 · program services $100,592 · management and general $23,686

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $49,711 · end of year $588,446

  • 2 · Savings and temporary cash investments

    beginning of year $2,321,446

  • 3 · Pledges and grants receivable

    beginning of year $485,171 · end of year $656,754

  • 4 · Accounts receivable

    beginning of year $140,249 · end of year $181,432

  • 9 · Prepaid expenses and deferred charges

    beginning of year $107,443 · end of year $90,663

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

    $283,440

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

    $211,716

  • 10c · Land, buildings and equipment, net

    beginning of year $113,793 · end of year $71,724

  • 11 · Investments: publicly traded securities

    beginning of year $640,941 · end of year $2,176,798

  • 14 · Intangible assets

    beginning of year $852,814 · end of year $773,346

  • 15 · Other assets

    beginning of year $3,118 · end of year $4,656

  • 17 · Accounts payable and accrued expenses

    beginning of year $186,992 · end of year $97,636

  • 19 · Deferred revenue

    beginning of year $447,297 · end of year $422,950

  • 24 · Unsecured notes and loans payable

    beginning of year $30,566

  • 25 · Other liabilities

    beginning of year $871,691 · end of year $798,839

  • 27 · Net assets without donor restrictions

    beginning of year $3,178,140 · end of year $3,224,394

Mission and programs · 2024

Mission

GREATER MANKATO GROWTH EXISTS TO INTENTIONALLY DEVELOP THE REGIONAL CENTER BY PROMOTING, SUPPORTING AND SERVING AS A CATALYST FOR ECONOMIC DEVELOPMENT THROUGH BUSINESS GROWTH, RETENTION AND ATTRACTION, TALENT GROWTH RETENTION AND ATTRACTION, REGIONAL LIVABILITY AND ADVOCACY OF THE MARKETPLACE. GREATER MANKATO GROWTH, INC. INCLUDES THREE LLC'S: VISIT MANKATO, LLC WHICH FOCUSES ON VISITOR ATTRACTION AND SERVICING, THE CITY CENTER PARTNERSHIP, LLC, WHICH FOCUSES ON DEVELOPMENT IN THE CITY CENTER, AND GREENSEAM, LLC WHICH FOCUSES ON DEVELOPMENT OF EXISTING AG BUSINESS ACROSS SOUTHERN MINNESOTA - NORTHERN IOWA TO BE THE PREMIER AG BUSINESS EPICENTER IN THE UNITED STATES.

Activities or mission (Part I)

SEE PAGE 2, PART III LINE 1

  • BUSINESS DEVELOPMENT --THE 2023 BUSINESS AWARDS AND HALL OF FAME SOLD OUT. 417 PARTICIPANTS AND 14 AWARDS WERE PRESENTED BETWEEN OUR FOUR BUSINESS UNITS. --7.8 MILLION RESIDENTIAL RECRUITMENT BILLBOARD IMPRESSIONS --571,000 ORGANIC LINKEDIN IN IMPRESSIONS --13,500 SUPPORT LOCAL BUSINESSES' FACEBOOK PAGE --SECURED 195,000 TO SUPPORT WORK-BASED LEARNING OPPORTUNITIES FOR STUDENTS --1,600 ATTENDEES FOR MONTHLY BUSINESS AFTER HOURS MONTHLY NETWORKING EVENTS. --GREENSEAM HOSTED THE CELEBRATION OF AG WITH OVER 250 ATTENDEES.

  • LIVABILITY --556 BONUS GIFT CARDS DISTRIBUTED FOR DOWNTOWN SPENDING WITH 50,000 OF RECEIPTS TURNED IN --17 BUSINESSES PARTICIPATED IN LET IT GLOW --CITY ART WALKING SCULPTURE SAW VISITORS FROM 20 STATES, 81 ZIP CODES, AND 24% FROM MORE THAN 75 MILES AWAY

  • ADVOCACY & VISIBILITY --HOSTED 4 ELECTION FORUMS WITH 13 CANDIDATE PARTICIPANTS --GMG TOOK OWNERSHIP OF THE I-90 PARTY, HOSTING MORE THAN 250 ATTENDEES AND 100 LEGISLATORS --WORKED WITH MN DEPT OF EMPLOYMENT TO EDUCATE OVER 100 BUSINESS LEADERS ON THE NE PAID LEAVE ACT IN MN

  • TALENT --188 MEMBERS ARE INVOLVED IN YOUNG PROFESSIONALS, WITH 82 NEW MEMBERS. --GREENSEAM HELPED MANKATO AREA SCHOOLS SECURE FUNDING TO HIRE A NEW AGRICULTURE TEACHER, WHICH ALLOWED MORE THAN 400 STUDENTS TO GO THROUGH THE AGRICULTURE PROGRAM IN 2021. --42 PARTICIPANTS GRADUATED FROM THE LEADERSHIP INSTITUTE IN AUG 2024. --DEI COLLABORATIVE GRADUATED 19 PARTICIPANTS IN MAY 2024. --16 BUSINESS AND NON-PROFIT LEADERS PARTICIPATED IN THE EXECUTIVE SOUNDING BOARD PROGRAM. --GLOBAL WORKFORCE PROGRAM TECHNICAL ASSISTANCE FOR AG BUSINESSES SEEKING TO HIRE NON-US CITIZENS. ORGANIZATIONAL --5TH LARGEST CHAMBER OF COMMERCE IN MN --911 MEMBERS, --80 VOLUNTEERS WITH GREATER MANKATO CAVALIERS AND AMBASSADORS --105 AMBASSADORS' VISITS FOR NEW BUSINESSES IN THE GREATER MANKATO AREA

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Krause

    CHAIR

    Total calculated
    $0
    Hours/week
    2.5 + 1 related

  • Wes Otto

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    2.5 + 1 related

  • Ben Ellingson

    TREASURER/SE

    Total calculated
    $0
    Hours/week
    2.5 + 1 related

  • Della Schmidt

    PRESIDENT AN

    Total calculated
    $111,010
    From this org
    $105,014
    From related orgs
    $0
    Other
    $5,996
    Hours/week
    40 + 5 related

  • Jamie Jacobs

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Christine Powers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Spaude

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jo Guck Bailey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Liz Ulman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Kim

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alec Pfeffer

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Keri Johnson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Paul Peterson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr James Hebl MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Arntz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Samantha Boeck

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kevin McCann

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jessica Potter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Edward Inch

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Annette Parker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Charlie Whitaker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Wes Beck

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Aaron Jones

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • VISIT MANKATO LLC

    PROMOTION · MN · income $1,052,084 · assets $958,933

    Directly controlled by GMG INC

  • CITY CENTER PARTNERSHIP LLC

    PROMOTION · MN · income $45,578 · assets $81,185

    Directly controlled by GMG INC

  • GREENSEAM LLC

    PROMOTION · MN · income $628,280 · assets $968,690

    Directly controlled by GMG INC

Provenance

Return type
form_990
Tax year
2024
Filed
13 August 2025
IRS schema version
2024v5.0
Source object
202542279349302159

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