Vermillion Development Company
- Assets
- $14.8m
- Revenue
- $1.5m
- Investments
- $290.1k
- Employees
- 9
- Location
- Vermillion, SD
- Founding
- 08/1978
- Data as of
- 12/2023
- 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 12/2023, Vermillion Development Company employed 9 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 12/2023, Vermillion Development Company generated $1.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 6.9% per year over the past 9 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
2023
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 |
|---|---|---|---|
Joe Hoose Chair | OfficerTrustee | 2 | $0 |
Andy Schulz Vice Chair | OfficerTrustee | 2 | $0 |
Jeff Erickson Past Chair | Trustee | 1 | $0 |
Dustin Sockness Treasurer | OfficerTrustee | 2 | $0 |
Katey Ulrich Secretary | OfficerTrustee | 2 | $0 |
Veronica Schmidt Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $140,985 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $290,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $165,708 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $597,193 |
| Total Program Service Revenue | $265,524 |
| Investment income | $157,662 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $397,287 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $3,695 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $18,343 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,497,971 |
| 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 | $323,733 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $41,157 |
| Fees for services: Management | $386 |
| Fees for services: Legal | $35,494 |
| Fees for services: Accounting | $17,327 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $75,656 |
| Office expenses | $18,950 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,529 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,280 |
| Interest | $318,747 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $191,019 |
| Insurance | $30,772 |
| All other expenses | $35,244 |
| Total functional expenses | $1,442,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $501,176 |
| Savings and temporary cash investments | $855,000 |
| Pledges and grants receivable | $94,996 |
| Accounts receivable, net | $88,916 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,524,648 |
| Inventories for sale or use | $2,042,023 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,405,495 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $290,138 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,802,392 |
| Accounts payable and accrued expenses | $5,788 |
| Grants payable | $0 |
| Deferred revenue | $3,810,535 |
| 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 | $9,505,754 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,322,077 |
| Net assets without donor restrictions | $1,480,315 |
| 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 | $14,802,392 |