Mitchell Area Development Corporation
- Assets
- $4.6m
- Revenue
- $855.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Mitchell, SD
- Founding
- 06/1988
- Data as of
- 09/2021
- EIN
- 46-0394983
Organization Overview
Mitchell Area Development Corporation is located in Mitchell, SD. The organization was established in 1988. According to its NTEE Classification (S31) the organization is classified as: Urban & Community 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. Mitchell Area 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 09/2021, Mitchell Area Development Corporation generated $855.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $524.2k during the year ending 09/2021. While expenses have increased by 0.9% 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
PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL, SD AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICES INCLUDE ACTIVITIES TO PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL AREA. THE ORGANIZATION PROVIDES FUNDING TO RECRUIT VARIOUS BUSINESSES TO THE MITCHELL AREA. WITH THE GOAL OF CREATING NEW JOBS IMPROVING THE LOCAL ECONOMIC BASE. LAND HAS BEEN ACQIRED FOR FUTURE PROSPECTS BUILDINGS HAVE BEEN ACQUIRED TO LEASE TO COMMERCIAL TENANTS.
ECONOMIC DEVELOPMENT FOR ASSISTANCE IN CREATING JOBS IN THE MITCHELL TRADE AREA.
WORKFORCE DEVELOPMENT PROVIDES ASSISTANCE TO DEVELOP THE MITCHELL AREA WORKFORCE BY FACILITATING MANUFACTURING BUSINESS EXPANSIONS IN THE REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Geri Beck Exec Director | Officer | 40 | $126,500 |
Ken Schlimgen Vice President | OfficerTrustee | 2 | $0 |
Teresa Sternhagen Director | Trustee | 1 | $0 |
Becky Pitz Director | Trustee | 1 | $0 |
Chad Glanzer Treasurer | Trustee | 1 | $0 |
Ryan Thompson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $720,795 |
| Investment income | $70,162 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $64,515 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $855,472 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $244,068 |
| Pension plan accruals and contributions | $3,992 |
| Other employee benefits | $15,017 |
| Payroll taxes | $17,173 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $105,258 |
| Fees for services: Accounting | $4,879 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,339 |
| Office expenses | $11,950 |
| Information technology | $11,053 |
| Royalties | $0 |
| Occupancy | $14,311 |
| Travel | $5,591 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,335 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,964 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $524,201 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $504,854 |
| Savings and temporary cash investments | $1,086,548 |
| 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 | $610,147 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,895 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $121,245 |
| Total assets | $4,585,529 |
| Accounts payable and accrued expenses | $38,380 |
| 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 | $342,627 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $381,007 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $4,204,522 |