Vermillion Development Company
- Assets
- $13.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 20
- Location
- Vermillion, SD
- Founding
- 08/1978
- Data as of
- 12/2021
- EIN
- 46-0284795
Organization Overview
Vermillion Development Company is located in Vermillion, SD. The organization was established in 1978. According to its NTEE Classification (A60) the organization is classified as: Performing Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Vermillion Development Company employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermillion Development Company 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 12/2021, Vermillion Development Company generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 11.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND DEVELOP ECONOMIC GROWTH FOR THE CITY OF VERMILLION, SD
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORK TOWARDS THE ORGANIZATIONS COMMUNITY BETTERMENT AND ECONOMIC DEVELOPMENT GOALS OF SUSTAINABLE BUSINESS DEVELOPMENT AND GREATER COMMUNITY AWARENESS THROUGH ITS PROGRAMS AND ECONOMIC DEVELOPMENT INITIATIVES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Prescott John Treasurer | OfficerTrustee | 2 | $0 |
Jeff Erickson Vice President | OfficerTrustee | 2 | $0 |
Scott Pohlson President | OfficerTrustee | 2 | $0 |
Jami Baedke Past President | OfficerTrustee | 1 | $0 |
Damon Alvey Director | Trustee | 1 | $0 |
Joe Hoose Secretary | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $94,295 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $265,091 |
| All other contributions, gifts, grants, and similar amounts not included above | $437,144 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $796,530 |
| Total Program Service Revenue | $59,522 |
| Investment income | $253 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $530,085 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$98,475 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$9,202 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,278,713 |
| 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 | $430,036 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $33,671 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,931 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $226,264 |
| Office expenses | $31,911 |
| Information technology | $46,026 |
| Royalties | $0 |
| Occupancy | $57,047 |
| Travel | $25,275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,971 |
| Interest | $360,225 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $271,905 |
| Insurance | $25,400 |
| All other expenses | $0 |
| Total functional expenses | $1,664,667 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $335,966 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,105,028 |
| Accounts receivable, net | $172,355 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $155,800 |
| Inventories for sale or use | $2,731,164 |
| Prepaid expenses and deferred charges | $3,538 |
| Net Land, buildings, and equipment | $8,843,720 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,347,571 |
| Accounts payable and accrued expenses | $367,501 |
| Grants payable | $0 |
| Deferred revenue | $1,925,507 |
| 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 | $9,315,044 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $291,799 |
| Total liabilities | $11,899,851 |
| Net assets without donor restrictions | $1,447,720 |
| 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 | $13,347,571 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Vermillion Development Company has recieved totaling $45,000.
| Awarding Organization | Amount |
|---|---|
Sanford Sioux Falls, SD PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |
University Of South Dakota Foundation Vermillion, SD PURPOSE: PROGRAM SUPPORT | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Omaha Performing Arts Society Omaha, NE | $32,168,813 | $11,794,799 |
Springboard For The Arts Saint Paul, MN | $11,189,893 | $6,226,382 |
Penumbra Theatre Company Inc St Paul, MN | $11,072,613 | $11,767,246 |
Vermillion Development Company Vermillion, SD | $13,347,571 | $1,278,713 |
Great River Educational Arts Theatre Waite Park, MN | $2,124,043 | $1,298,564 |
The Cedar Cultural Center Inc Minneapolis, MN | $2,037,241 | $1,717,061 |
The Fitzgerald Theater Company St Paul, MN | $560 | $643,988 |
Echo Ministries Inc St Paul, MN | $978,838 | $1,341,066 |
Fargo Theatre Management Corporation Fargo, ND | $1,892,050 | $869,304 |
Minnesota Crop Production Retailers Minnetonka, MN | $432,818 | $533,286 |
Hot Summer Jazz Festival Maplewood, MN | $190,330 | $633,699 |
Creative Plains Foundation Fargo, ND | $0 | $107,526 |