Vernon Economic Development Association Inc
- Assets
- $4.6m
- Revenue
- $534.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Viroqua, WI
- Founding
- 07/2007
- Data as of
- 12/2021
- EIN
- 37-1520081
Organization Overview
Vernon Economic Development Association Inc is located in Viroqua, WI. The organization was established in 2007. 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. As of 12/2021, Vernon Economic Development Association Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vernon Economic Development Association Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Vernon Economic Development Association Inc generated $534.2k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $499.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) 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 CREATE ECONOMIC WEALTH AND PROSPERITY WHILE PRESERVING THE RURAL VERNON COUNTY LIFESTYLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT ENTREPRENEURSHIP AND THE DEVELOPMENT OF NEW BUSINESSES. FOSTER THE RETENTION AND EXPANSION OF EXISTING BUSINESSES. RECRUIT NEW BUSINESSES TO THE COUNTY. PROVIDE EDUCATIONAL FORUMS AND TECHNICAL ASSISTANCE AND PROMOTE JOB TRAINING AND EDUCATION OF THE LABOR FORCE. SERVE AS A CENTRAL SOURCE OF ASSISTANCE, INFORMATION, AND RESOURCES TO SUPPORT ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Noble Executive Di | Officer | 50 | $72,800 |
Mike Breckel President | OfficerTrustee | 1 | $0 |
Jim Servais Vice Preside | OfficerTrustee | 1 | $0 |
Dave Maxwell Secretary | OfficerTrustee | 1 | $0 |
Kay Buck Treasurer | OfficerTrustee | 1 | $0 |
Kathleen Crittenden Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $38,268 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $40,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,362 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $119,880 |
| Total Program Service Revenue | $409,442 |
| Investment income | $406 |
| 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 | $534,228 |
| 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. | $72,800 |
| Compensation of current officers, directors, key employees. | $14,560 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,280 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,667 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,324 |
| Advertising and promotion | $252 |
| Office expenses | $3,146 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $111,570 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $14,870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $190,344 |
| Insurance | $10,589 |
| All other expenses | $0 |
| Total functional expenses | $499,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $105,542 |
| Pledges and grants receivable | $2,546 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,455,870 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $13,940 |
| Other assets | $0 |
| Total assets | $4,577,898 |
| Accounts payable and accrued expenses | $2,098 |
| 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 | $35,592 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $73,849 |
| Total liabilities | $111,539 |
| Net assets without donor restrictions | $4,466,359 |
| 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 | $4,577,898 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Vernon Economic Development Association Inc has recieved totaling $29.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $29 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Chicago Convention & Tourism Bureau Inc Chicago, IL | $13,640,210 | $19,015,508 |
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |