Osakis Economic Development Corporation
- Assets
- $22.7k
- Revenue
- -$18.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Osakis, MN
- Founding
- 00/0000
- Data as of
- 12/2020
- EIN
- 41-1474752
Organization Overview
Osakis Economic Development Corporation is located in Osakis, MN. The organization was established in 0000. 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 12/2020, Osakis Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Osakis Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2020, Osakis Economic Development Corporation generated -$18.3k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 23.3% each year . All expenses for the organization totaled $1.4k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION CONDUCTS ACTIVITIES TO PROMOTE COMMUNITY ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OSAKIS ECONOMIC DEVELOPMENT CORPORATION ADVANCED, PROMOTED, ENCOURAGED, AND STIMULATED THE ECONOMIC AND INDUSTRIAL GROWTH OF OSAKIS AND THE SURROUNDING AREA. IT ALSO ENCOURAGED THE ESTABLISHMENT OR EXPANSION OF BUSINESSES AND INDUSTRIES. IT ALSO SUPPORTED THE VISITOR/HERITAGE CENTER. THE ORGANIZATION HAS APPROXIMATELY 72 MEMBERS.
DONATIONS TO THE CITY OF OSAKIS FOR THE PURPOSE OF ECONOMIC DEVELOPMENT TOTAL OF $1,732 DURING 2020 IN MN LAWFUL GAMBLING EXPENDITURES. THESE EXPENDITURES BENEFIT THOUSANDS OF LOCAL CITIZENS.
DONATION FOR BACK PACK ATTACK - FOR SCHOOL CHILDREN FOOD FOR HOME. DONATION TO OSAKIS FIRE DEPARTMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nichol Nessman Secretary | OfficerTrustee | 1 | $0 |
Greta Koch Treasurer | OfficerTrustee | 2 | $0 |
Becky Hensley President | OfficerTrustee | 2 | $0 |
Rodger Larson Vice President | OfficerTrustee | 1 | $0 |
Shad Schmidt Director | Trustee | 1 | $0 |
Greg Weiler Director | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,622 |
| Investment income | $17 |
| 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 | -$20,971 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$18,332 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,732 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $912 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $88 |
| Royalties | $0 |
| Occupancy | $151 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,670 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,670 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $7,300 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $15,370 |
| Total liabilities and net assets/fund balances | $22,670 |
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 |