Development Corporation Of Austin
- Assets
- $5.3m
- Revenue
- $505.1k
- Investments
- $212.0
- Employees
- 3
- Location
- Austin, MN
- Founding
- 10/1973
- Data as of
- 12/2022
- EIN
- 23-7276266
Organization Overview
Development Corporation Of Austin is located in Austin, MN. The organization was established in 1973. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Development Corporation Of Austin employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Development Corporation Of Austin is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Development Corporation Of Austin generated $505.1k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.2% each year . All expenses for the organization totaled $434.9k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT NEW/EXISTING INDUSTRIAL/COMMERCIAL ENTERPRISES FOR THE BETTERMENT OF MOWER COUNTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
MOWER COUNTY BUSINESS RESILIENCY GRANT PROGRAM AWARDED ABOUT 130 GRANTS OF UP TO $5,000 FOR UPGRADING THEIR RESILICIENCY TO ECONOMIC SHOCKS SUCH AS COVID 19.
DCA'S SMALL BUSINESS DEVELOPMENT CENTER (SBDC) SATELLITE OFFICE PROVIDES PROFESSIONAL BUSINESS ADVICE AT NO COST TO THE CLIENT IN SUCH AREAS AS: ACCESS TO CAPITAL AND LOAN PACKAGING; FINANCIAL ANALYSIS AND ASSESSMENT; ACCOUNTING SYSTEMS AND LITERACY; MARKETING AND RESEARCH; MARKETING PLAN DEVELOPMENT; FEASIBILITY ANALYSIS; STARTUP ASSISTANCEBUSINESS PLAN DEVELOPMENT; ELECTRONIC COMMERCE/WEB SITE DEVELOPMENT, SUCCESSION AND STRATEGIC PLANNING.
DCA SUPPORTING ORGANIZATION, AUSTIN COMMUNITY GROWTH VENTURES, OPERATES LAUNCH (CO-OFFICING SPACE) AND STARTUP FACTORY (INTENSIVE BUSINESS DEVELOPMENT SUPPORT AND COMMERCIALIZATION GUIDANCE).DCA SUPPORTING ORGANIZATION, AUSTIN COMMUNITY CHARITABLE FUND, SUPPORTS AUSTIN AREA MINORITY BUSINESS PROJECT. THIS PROJECT PROVIDES COMPREHENSIVE ECONOMIC DEVELOPMENT LEGAL SERVICES TO IMMIGRANT AND MINORITY BUSINESS OWNERS AND EMPLOYEES IN THE AREA OF AUSTIN, MINNESOTA. COMPREHENSIVE SERVICES UNDER THIS PROJECT PROVIDE BUSINESS TECHNICAL LEGAL SUPPORT AND EDUCATION, IMMIGRATION LEGAL SERVICES, HOLISTIC PRO BONO LEGAL SERVICES, AND LONGITUDINAL, HOLISTIC EVALUATION AND OUTCOME ANALYSIS. PARTNERS PROVIDING THESE SERVICES ARE THE DEVELOPMENT CORPORATION OF AUSTIN, IMMIGRANT LAW CENTER OF MINNESOTA, THE BALLARD SPAHR PRO BONO TEAM, AND HISPANIC ADVOCACY AND COMMUNITY EMPOWERMENT THROUGH RESEARCH, WHOSE SERVICES OCCUPY DISTINCT PROJECT ROLES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adenuga Atewologun Chair | OfficerTrustee | 4 | $0 |
Scott Fox Vice Chair | OfficerTrustee | 3 | $0 |
Tanya Medgaarden Treasurer | OfficerTrustee | 3 | $0 |
John Hernandez Secretary | OfficerTrustee | 3 | $0 |
Nan Hanegraaf Director | Trustee | 1 | $0 |
Steve Hovey Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $67,250 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $66,880 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $134,130 |
| Total Program Service Revenue | $348,532 |
| Investment income | $22,481 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $505,143 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $138,458 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,166 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,861 |
| Payroll taxes | $13,049 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $481 |
| Fees for services: Accounting | $16,246 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $60 |
| Fees for services: Other | $56,201 |
| Advertising and promotion | $6,169 |
| Office expenses | $7,356 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,278 |
| Travel | $3,253 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $723 |
| Interest | $48,544 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $60,966 |
| Insurance | $4,269 |
| All other expenses | $257 |
| Total functional expenses | $434,896 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,710 |
| Savings and temporary cash investments | $305,950 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,740 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,520,495 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,213 |
| Net Land, buildings, and equipment | $1,249,480 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $212 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $479,185 |
| Total assets | $5,288,985 |
| Accounts payable and accrued expenses | $4,157 |
| Grants payable | $312,411 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,444,514 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,065 |
| Total liabilities | $3,772,147 |
| Net assets without donor restrictions | $1,516,838 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,288,985 |
Grants Awarded
Over the last fiscal year, Development Corporation Of Austin has awarded $26,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BIOBUSINESS RESOURCE GROUP PURPOSE: PROMOTE PROGRAMS | $16,000 |
AUSTIN COMMUNITY GROWTH VENTURES PURPOSE: PROMOTE PROGRAMS | $10,000 |