Vermillion Cultural Association
- Assets
- $596.4k
- Revenue
- $393.2k
- Investments
- $0.0
- Employees
- 15
- Location
- Vermillion, SD
- Founding
- 11/2015
- Data as of
- 12/2022
- EIN
- 47-4247389
Organization Overview
Vermillion Cultural Association is located in Vermillion, SD. The organization was established in 2015. 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. As of 12/2022, Vermillion Cultural Association employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermillion Cultural Association 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, Vermillion Cultural Association generated $393.2k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $268.5k during the year ending 12/2022. While expenses have increased by 17.3% per year over the past 6 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
THE VERMILLION CULTURAL ASSOCIATION INC MISSION IS TO MAKE VERMILLION THE CREATIVE CENTER OF THE REGION BY DEVELOPING AND SUPPORTING CULTURAL OPPORTUNITIES FOR THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FOSTER, PROMOTE AND INCREASE THE PUBLIC KNOWLEDGE AND APPRECIATION OF THE ARTS, FILM, AND CULTURAL ACTIVITIES IN VERMILLION, SD THROUGH OFFERING A VARIETY OF CULTURAL EXPERIENCES
MISCELLANEOUS PROGRAM SERVICE PROJECTS
THE BARN QUILT PROJECT, A STATEWIDE ARTS PROGRAM INVITING RESIDENTS OF NINE COMMUNITIES TO CREATE PAPER BARN QUILTS AND REFLECT ON LESSONS FROM THEIR PANDEMIC EXPERIENCES AND ENCOURAGE VACCINE CONFIDENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon Cole Executive Director | Officer | 30 | $25,886 |
Susan Heggestad President | OfficerTrustee | 1 | $0 |
Susan Tuve Vice-President | OfficerTrustee | 1 | $0 |
Mary Giffin Treasurer | OfficerTrustee | 1 | $0 |
Kevin Bliss Director | Trustee | 1 | $0 |
Marcus Destin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $181,443 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $181,471 |
| Total Program Service Revenue | $19,140 |
| Investment income | $146 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $50,564 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $136,562 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $393,212 |
| 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 | $72,793 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,250 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,113 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,357 |
| Office expenses | $1,788 |
| Information technology | $3,394 |
| Royalties | $0 |
| Occupancy | $18,800 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,238 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,238 |
| Insurance | $7,661 |
| All other expenses | $1,488 |
| Total functional expenses | $268,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $195,168 |
| Savings and temporary cash investments | $167,611 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,565 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $750 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $231,299 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $596,393 |
| Accounts payable and accrued expenses | $26,777 |
| 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 | $143,973 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $170,750 |
| Net assets without donor restrictions | $425,643 |
| 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 | $596,393 |