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← WATERTOWN DEVELOPMENT COMPANY

Form 990 for tax year 2022

Filed by WATERTOWN DEVELOPMENT COMPANY.

Totals

Total revenue
$1,410,951
Total expenses
$2,390,900
Contributions and grants received
$166,476
Grants paid
$52,560
Program service revenue
$1,100,649
Investment income
$145,283
Other revenue
-$1,457
Total assets, end of year
$25,950,816
Total liabilities, end of year
$19,782,483
Net assets or fund balances, end of year
$6,168,333
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 1e · Government grants (contributions)

    $163,921

  • 1f · All other contributions, gifts and grants

    $2,555

  • 2a · Program service revenue: QUALIFYING RENT INCOME

    total $1,100,649 · related or exempt $1,100,649

  • 3 · Investment income

    total $122,264 · excluded $122,264

  • 7a · Gross sales of assets other than inventory

    other assets $74,400

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

    other assets $51,381

  • 7c · Gain or loss

    other assets $23,019

  • 7d · Net gain or loss

    total $23,019 · related or exempt $23,019

  • 11a · Other revenue: INTERSTATE OFFICE ADD VENTURE

    total $41 · related or exempt $41

  • 11b · Other revenue: KAMPESKA CAPITAL, LLC

    total -$1,498 · related or exempt -$1,498

  • 11e · Other revenue, total

    -$1,457

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $52,560

  • 5 · Compensation of officers, directors and key employees

    total $160,343

  • 7 · Other salaries and wages

    total $179,779

  • 9 · Other employee benefits

    total $68,816

  • 10 · Payroll taxes

    total $26,774

  • 11b · Fees: legal

    total $26,117

  • 11c · Fees: accounting

    total $75,156

  • 11g · Fees: other

    total $188,815

  • 12 · Advertising and promotion

    total $102,284

  • 13 · Office expenses

    total $84,624

  • 16 · Occupancy

    total $58,525

  • 17 · Travel

    total $17,776

  • 19 · Conferences, conventions and meetings

    total $42,172

  • 20 · Interest

    total $781,731

  • 22 · Depreciation, depletion and amortization

    total $444,608

  • 23 · Insurance

    total $17,520

  • 24a · Other expenses: WORKFORCE CAMPAIGNS

    total $45,543

  • 24b · Other expenses: ECONOMIC INCENTIVES

    total $45,344

  • 24c · Other expenses: PROVISION FOR BAD DEBT

    total -$27,587

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $404,627

  • 2 · Savings and temporary cash investments

    beginning of year $3,854,636 · end of year $3,583,950

  • 3 · Pledges and grants receivable

    beginning of year $827,935 · end of year $226,971

  • 4 · Accounts receivable

    beginning of year $61,377 · end of year $12,100

  • 7 · Other notes and loans receivable

    beginning of year $6,925,418 · end of year $6,816,339

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,682 · end of year $6,243

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

    $17,697,958

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

    $3,018,999

  • 10c · Land, buildings and equipment, net

    beginning of year $13,877,597 · end of year $14,678,959

  • 11 · Investments: publicly traded securities

    beginning of year $110,427

  • 13 · Investments: program-related

    end of year $108,970

  • 14 · Intangible assets

    beginning of year $57,475 · end of year $112,657

  • 15 · Other assets

    beginning of year $1,059,047

  • 17 · Accounts payable and accrued expenses

    beginning of year $106,566 · end of year $59,471

  • 23 · Secured mortgages and notes payable

    beginning of year $19,522,746 · end of year $19,723,012

  • 27 · Net assets without donor restrictions

    end of year $6,168,333

  • 29 · Capital stock, trust principal or current funds

    beginning of year $881,966

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,266,316

Mission and programs · 2022

Mission

ECONOMIC DEVELOPMENT IN THE WATERTOWN, SOUTH DAKOTA AREA.

  • THE WATERTOWN DEVELOPMENT COMPANY SERVES TO IMPROVE THE OVERALL STANDARD OF LIVING IN THE COMMUNITY BY WAY OF STIMULATING ECONOMIC DEVELOPMENT BY ASSISTING NEW AND EXISTING BUSINESSES WITH CREATION OF NEW JOBS AND THE RETENTION OF EXISTING JOBS.

As filed on the 2022 return.

Listed in Part VII

  • Michelle Kakacek

    ED THROUGH M

    Total calculated
    $145,781
    From this org
    $114,625
    From related orgs
    $0
    Other
    $31,156
    Hours/week
    40

  • Christopher Clifton

    EXECUTIVE DI

    Total calculated
    $0
    Hours/week
    40

  • Steve Lehner

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Troy Zebroski

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • Mark Dunn

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Troy Vandusen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amanda Mack

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Allen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Corey Baloun

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dustin Flatten

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Garvey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brent Hasslen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Josh Hogue

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Roby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Seurer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Steinbauer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sam Mooney

    DIRECTOR

    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

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • INTERSTATE OFFICE ADDITION VENTURE

    RELATED · REAL ESTAT · SD · 75% owned · share of income $41 · share of assets $79,294 · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
11 June 2024
IRS schema version
2022v5.0
Source object
202421639349301612

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