New Ulm Economic Development Corporation
- Assets
- $947.0k
- Revenue
- -$38.3k
- Investments
- $0.0
- Employees
- 1
- Location
- New Ulm, MN
- Founding
- 07/1996
- Data as of
- 12/2022
- EIN
- 41-1826572
Organization Overview
New Ulm Economic Development Corporation is located in New Ulm, MN. The organization was established in 1996. 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. New Ulm 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ACT AS A CATALYST FOR PROMOTION OF THE ECONOMIC WELL-BEING OF NEW ULM, MN
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE ORGANIZATION CONTINUED ITS PURSUIT OF SUPPORTING ECONOMIC DEVELOPMENT IN NEW ULM. SEVERAL LOTS THAT WERE HELD FOR FUTURE DEVELOPMENT WERE SOLD FOR REDEVELOPMENT. A STRATEGIC PLANNING RETREAT WAS HELD TO DEFINE NUBRIC'S FOCUS FOR THE COMING YEARS. THE ORGANIZATION CONTINUED TO EDUCATE THE COMMUNITY ON THE VARIOUS FACETS OF ECONOMIC DEVELOPMENT AND OPPORTUNITIES THAT EXIST, INCLUDING A CONTINUED RELATIONSHIP WITH THE CTE CENTER AT ISD 88, WHICH WAS FUNDED IN 2021 AS A WAY TO PROVIDE CURRENT STUDENTS TRAINING FOR JOBS REQUIRING TECHNICAL CERTIFICATION AS ANOTHER WAY TO IMPROVE ECONOMIC DEVELOPMENT BY INCREASING NEEDED WORKFORCE SKILLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Wessel Executive Di | Trustee | 25 | $21,289 |
Chris Bowler Secretary | OfficerTrustee | 2 | $0 |
Mark Denn Director | OfficerTrustee | 1 | $0 |
Mojra Hauenstein Director | Trustee | 1 | $0 |
Shannon Hillesheim Vice Preside | OfficerTrustee | 2 | $0 |
Tim Knaak President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $37,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,550 |
| Total Program Service Revenue | $0 |
| Investment income | $1,702 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,100 |
| Net Gain/Loss on Asset Sales | -$81,669 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$38,317 |
| 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 | $40,327 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,905 |
| Payroll taxes | $3,339 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,882 |
| Fees for services: Accounting | $955 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,250 |
| Advertising and promotion | $1,296 |
| Office expenses | $515 |
| Information technology | $2,791 |
| Royalties | $0 |
| Occupancy | $1,587 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,235 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $209 |
| Insurance | $402 |
| All other expenses | $1,555 |
| Total functional expenses | $87,315 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,375 |
| Savings and temporary cash investments | $661,158 |
| 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 | $163,421 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $100,000 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $946,954 |
| Accounts payable and accrued expenses | $20,496 |
| 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 | $20,496 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $106,120 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $820,338 |
| Total liabilities and net assets/fund balances | $946,954 |