Hillsboro Economic Development Corporation
- Assets
- $661.0k
- Revenue
- $269.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Hillsboro, ND
- Founding
- 08/2006
- Data as of
- 12/2022
- EIN
- 45-0280838
Organization Overview
Hillsboro Economic Development Corporation is located in Hillsboro, ND. The organization was established in 2006. According to its NTEE Classification (S80) the organization is classified as: Community Service Clubs, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Hillsboro Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hillsboro Economic Development Corporation 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 12/2022, Hillsboro Economic Development Corporation generated $269.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 30.0% each year . All expenses for the organization totaled $74.2k during the year ending 12/2022. While expenses have increased by 12.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
TO LESSEN THE GOVERNMENT'S BURDEN OF UNDERTAKING ECONOMIC DEVELOPMENT TO SUSTAIN HILLSBORO, ND AS A COMMUNITY BY ENCOURAGING THE DEVELOPMENT OF INDUSTRY AND BUSINESS IN
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ECONOMIC DEVELOPMENT AND PROMOTION OF HILLSBORO, ND WITH THE PURPOSE OF EASING GOVERNMENT EXPENSES IN THIS AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Sando President | OfficerTrustee | 1 | $0 |
Dustin Nagel Vice President | OfficerTrustee | 1 | $0 |
Ryan Opdahl Treasurer | OfficerTrustee | 1 | $0 |
Brett Boeddeker Director | Trustee | 1 | $0 |
Cathy Brenan Director | Trustee | 1 | $0 |
Jon Dryburgh Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $152,257 |
| 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 | $152,257 |
| Total Program Service Revenue | $0 |
| Investment income | $1,358 |
| 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 | $111,070 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $269,380 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,243 |
| Grants and other assistance to domestic individuals. | $5,000 |
| 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 | $0 |
| Fees for services: Accounting | $850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $33,030 |
| Office expenses | $0 |
| Information technology | $750 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $1,150 |
| All other expenses | $0 |
| Total functional expenses | $74,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $617,692 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,820 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,852 |
| 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 | $27,931 |
| Intangible assets | $0 |
| Other assets | $700 |
| Total assets | $660,995 |
| Accounts payable and accrued expenses | $1,207 |
| 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 | $1,207 |
| Net assets without donor restrictions | $546,261 |
| Net assets with donor restrictions | $113,527 |
| 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 | $660,995 |
Grants Awarded
Over the last fiscal year, Hillsboro Economic Development Corporation has awarded $29,643 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF HILLSBORO PURPOSE: SUPPORT OF INFRASTRUCTURE, PURCHASE TENT AND CHRISTMAS DECORATIONS | $23,643 |
HILLSBORO PARK BOARD PURPOSE: SOFTBALL LIGHTS | $6,000 |