Worthington Regional Economic Development Corporation
- Assets
- $1.5m
- Revenue
- $119.5k
- Investments
- $0.0
- Employees
- 1
- Location
- Worthington, MN
- Founding
- 02/1985
- Data as of
- 12/2021
- EIN
- 36-3339749
Organization Overview
Worthington Regional Economic Development Corporation is located in Worthington, MN. The organization was established in 1985. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worthington Regional Economic Development Corporation 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 12/2021, Worthington Regional Economic Development Corporation generated $119.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (24.0%) each year. All expenses for the organization totaled $76.8k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (14.4%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE WORTHINGTON AND NOBLES COUNTY AS THE AREA TO CONDUCT BUSINESS AND TO PROVIDE LEADERSHIP FOR GROWTH AND EXPANSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT ACTIVITIES DESIGNED TO ENHANCE BUSINESS AND COMMUNITY IN THE GREATER WORTHINGTON AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Daley Executive Di | Officer | 40 | $0 |
Reed Fricke Treasurer | Officer | 1 | $0 |
Matt Altman Director | Trustee | 1 | $0 |
Nai Assassa Director | Trustee | 1 | $0 |
Chad Cummings Chair | Trustee | 1 | $0 |
Scott Hain Stakeholder | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $103,010 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $103,010 |
| Total Program Service Revenue | $0 |
| Investment income | $16,481 |
| 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 | $119,491 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,169 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $728 |
| Office expenses | $1,986 |
| Information technology | $2,169 |
| Royalties | $0 |
| Occupancy | $6,348 |
| Travel | $343 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,425 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,315 |
| Insurance | $8,328 |
| All other expenses | $0 |
| Total functional expenses | $76,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $482,345 |
| Savings and temporary cash investments | $248,603 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $674,083 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,048 |
| Net Land, buildings, and equipment | $15,250 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,452,329 |
| Accounts payable and accrued expenses | $9,103 |
| Grants payable | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,043 |
| Total liabilities | $18,146 |
| Net assets without donor restrictions | $1,434,183 |
| 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 | $1,452,329 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Worthington Regional Economic Development Corporation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Southwest Initiative Foundation Hutchinson, MN PURPOSE: WORTHINGTON GLOBAL MARKET FEASIBILITY ANALYSIS | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |
Minnesota Business Finance Corporation St Cloud, MN | $6,710,385 | $3,673,437 |
Madison Region Economic Partnership Inc Madison, WI | $2,651,221 | $3,362,304 |