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Frederick Development Corporation FY2020 filing

Not tax-deductible

Frederick, SD501(c)(4)Since 1972 EIN 23-7109867Revenue $107K in FY2020

On file with the IRSPo Box 484, 57441-0484 · Frederick, SDTax-exempt since May 1971

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To provide affordable housing to the community with rentals and fuel to the community with gas pumps. To help Frederick grow to sustain the school and community.

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
94¢ of each $1 spent went to programs.
$5K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $208 a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$5K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$933K
97% of total assets
Concern: liabilities are 97% of assets; over 80%.
Pt X · Ln 26
Independent board members
21
of 31 voting members
Looks good: 21 of 31 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$107K
Spent
$103K
To programs
94%
Net assets
$34K
By yearFY2020–FY2025
Revenue
$107K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$107K
FY2021$159K
FY2022$142K
FY2023$146K
FY2024$143K
FY2025$126K
Expenses
$103K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$103K
FY2021$121K
FY2022$140K
FY2023$150K
FY2024$153K
FY2025$156K
Net assets
$34K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$34K
FY2021$72K
FY2022$74K
FY2023$71K
FY2024$61K
FY2025$31K

From the FY2020 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1971.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $98K Management & general 6% · $6K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990; $5K paid to officers and key staff.

Part VII, Section A · reportable compensation
Karen Brotzel
Secretary/Tr
$5,400Pt VII · Sec A
$0Pt VII · Sec A
Gary Peterson
Vice Preside
$0Pt VII · Sec A
Bob Smith
Board Member
$0Pt VII · Sec A
Chris Sumption
Board Member
$0Pt VII · Sec A
Rich Achen
Board Member
$0Pt VII · Sec A
See Frederick Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers affordable housing and fuel, supporting community growth and schools.

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Provided by the organization

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2 programs · $98K · in their own filed words · FY2020
01

Gas pumps

$61Kprogram expense
02

Rental of 4 duplexes

$37Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$107K
Ln 12
Fees for servicesLn 2g$93K
Gifts and grantsLn 1h$14K
Investment incomeLn 3$5
Money outPt IX
$103K
Ln 25
Programscol B$98K
Managementcol C$6K
Owns and owesPt X
$34K
net assets · Ln 32
Cash and savingsLn 1–2$20K
Total assetsLn 16$967K
LiabilitiesLn 26$933K
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a31
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$14K
Fees for servicesLn 2g$93K
Investment incomeLn 3$5
Total revenueLn 12$107K
Assets in detailPt X, end of year
CashLn 1$17K
SavingsLn 2$3K
Cash and savings togetherLn 1–2$20K
Land, buildings, equipmentLn 10c$946K
Total assetsLn 16$967K
LiabilitiesLn 26$933K
Net assetsLn 32$34K
OperationsPt I, VI
EmployeesI 51
VolunteersI 630
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$39K$20K
Land, buildings, equipmentLn 10c$698K$946K
Total assetsLn 16$737K$967K
LiabilitiesLn 26$708K$933K
Net assetsLn 32$29K$34K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$5K$5K
Payroll taxesLn 10$413$413
OccupancyLn 16$11K$11K
InterestLn 20$25K$25K
Other expenses (24a–d)Ln 24$57K$57K
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$103K$98K$6K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $126K$156K−$30K$31K 990 PDF
FY2024 $143K$153K−$10K$61K 990 PDF
FY2023 $146K$150K−$3K$71K 990 PDF
FY2022 $142K$140K$2K$74K 990 PDF
FY2021 $159K$121K$38K$72K 990 PDF
FY2020 Viewing $107K$103K$4K$34K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $107,490 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $14,400$14,400
I-9 Program service revenue$93,085
I-10 Investment incomePrior year $102,265$5
I-11 Other revenue$0
I-12 Total revenuePrior year $116,665$107,490
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $7,906$5,813
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $104,090$97,671
I-18 Total expensesPrior year $111,996$103,484
I-19 Revenue less expensesPrior year $4,669$4,006
Part VI · Governance 21 of 31 board members independent, 4 to look at
VI-1a Voting members of the governing body31
VI-1b Independent voting members21
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $107,490 across 5 lines filed
VIII-1f All other contributions, gifts and grants$14,400
VIII-1h Total contributions, gifts and grants$14,400
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $93,085$93,085
VIII-3 Investment incomeRelated to mission $5$5
VIII-12 Total revenueRelated to mission $5 · Excluded from tax $93,085$107,490
Part IX · Statement of functional expenses $103,484 across 6 lines filed
IX-7 Other salaries and wagesManagement $5,400$5,400
IX-10 Payroll taxesManagement $413$413
IX-16 OccupancyPrograms $10,740$10,740
IX-20 InterestPrograms $25,071$25,071
IX-24 Other expenses (24a–d)Programs $57,429$57,429
IX-24e All other expensesPrograms $4,431$4,431
IX-25 Total functional expensesPrograms $97,671 · Management $5,813 · Fundraising $0$103,484
Part X · Balance sheet $966,553 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $35,467$17,028
X-2 Savings and temporary cash investmentsStart of year $3,794$3,299
X-10c Land, buildings and equipment, netStart of year $697,604$946,226
X-16 Total assetsStart of year $736,865$966,553
X-24 Unsecured notes and loans payableStart of year $18,000$18,000
X-25 Other liabilitiesStart of year $690,346$915,028
X-26 Total liabilitiesStart of year $708,346$933,028
X-32 Total net assets or fund balancesStart of year $28,519$33,525
X-33 Total liabilities and net assetsStart of year $736,865$966,553
Part XI · Reconciliation of net assets $33,525 net assets at year end
XI-1 Total revenue$107,490
XI-2 Total expenses$103,484
XI-3 Revenue less expenses$4,006
XI-4 Net assets at start of year$28,519
XI-9 Other changes in net assets$1,000
XI-10 Net assets at end of year$33,525

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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