Faulkton Development Corporation INC: Nonprofit Profile, Financials & Form 990 (EIN 23-7167362)

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

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

Where the money goes

What each dollar paid for.

100%

Management & general 100% · $27K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation

Troy Hadrick

President

$0Pt VII · Sec A

Linda Bartholomew

Secretary

$0Pt VII · Sec A

Brandon Spanier

Treasurer

$0Pt VII · Sec A

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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

Supports Faulkton, South Dakota's growth and progress.

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1 program · in their own filed words · FY2020

01

The corporation has a housing development and an industrial park

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$39K

Ln 12

Gifts and grantsLn 1h$30K

Investment incomeLn 3$10K

Money outPt IX

$27K

Ln 25

Managementcol C$27K

Owns and owesPt X

$1.6M

net assets · Ln 32

Cash and savingsLn 1–2$142K

Total assetsLn 16$2.4M

LiabilitiesLn 26$848K

PeoplePt VI, VII

3

listed · VII A

PaidVII A0

Voting boardVI 1a0

IndependentVI 1b0

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$30K

Government grantsLn 1e$20K

Noncash giftsLn 1g$0

Fundraising eventsLn 1c$0

Investment incomeLn 3$10K

Total revenueLn 12$39K

Assets in detailPt X, end of year

CashLn 1$40K

SavingsLn 2$102K

Cash and savings togetherLn 1–2$142K

InvestmentsLn 11–13$0

Land, buildings, equipmentLn 10c$2.3M

Other assetsLn 15$0

Total assetsLn 16$2.4M

LiabilitiesLn 26$848K

Net assetsLn 32$1.6M

OperationsPt I, VI

EmployeesI 51

VolunteersI 60

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

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$160K	$142K
InvestmentsLn 11–13	$0	$0
Land, buildings, equipmentLn 10c	$2.3M	$2.3M
Total assetsLn 16	$2.5M	$2.4M
LiabilitiesLn 26	$852K	$848K
Net assetsLn 32	$1.6M	$1.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$0	$0	$0	$0
Pay of disqualified personsLn 6	$0	$0	$0	$0
Other salaries and wagesLn 7	$27K	$0	$27K	$0
Pension plan contributionsLn 8	$0	$0	$0	$0
Other employee benefitsLn 9	$0	$0	$0	$0
Payroll taxesLn 10	$0	$0	$0	$0
Total functional expensesLn 25	$27K	$0	$27K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2020 Latest Viewing	$39K	$27K	$13K	$1.6M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations

See the full FY2020 990 (6 parts)

Part I · Summary $39,141 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $73,903$29,559

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $12,291$9,582

I-11 Other revenuePrior year $85,000$0

I-12 Total revenuePrior year $171,194$39,141

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $50,675$26,598

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $111,884$0

I-18 Total expensesPrior year $162,559$26,598

I-19 Revenue less expensesPrior year $8,635$12,543

Part VI · Governance 4 to look at

VI-1a Voting members of the governing body0

VI-1b Independent voting members0

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 $39,141 across 13 lines filed

VIII-1a Federated campaigns$0

VIII-1b Membership dues$0

VIII-1c Fundraising events$0

VIII-1d Related organizations$0

VIII-1e Government grants$20,000

VIII-1f All other contributions, gifts and grants$9,559

VIII-1g Noncash contributions (included above)$0

VIII-1h Total contributions, gifts and grants$29,559

VIII-3 Investment incomeRelated to mission $9,582 · Unrelated business $0 · Excluded from tax $0$9,582

VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0

VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0

VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0

VIII-12 Total revenueRelated to mission $9,582 · Unrelated business $0 · Excluded from tax $0$39,141

Part IX · Statement of functional expenses $26,598 across 6 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$0

IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0

IX-7 Other salaries and wagesPrograms $0 · Management $26,598 · Fundraising $0$26,598

IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0

IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$0

IX-10 Payroll taxesPrograms $0 · Management $0 · Fundraising $0$0

IX-25 Total functional expensesPrograms $0 · Management $26,598 · Fundraising $0$26,598

Part X · Balance sheet $2,443,501 assets, 22 lines filed

X-1 Cash, non-interest-bearingStart of year $61,068$39,685

X-2 Savings and temporary cash investmentsStart of year $98,471$102,455

X-3 Pledges and grants receivableStart of year $0$0

X-4 Accounts receivableStart of year $0$0

X-8 Inventories for sale or useStart of year $0$0

X-9 Prepaid expenses and deferred chargesStart of year $0$0

X-10c Land, buildings and equipment, netStart of year $2,301,361$2,301,361

X-11 Publicly traded securitiesStart of year $0$0

X-12 Other securitiesStart of year $0$0

X-13 Program-related investmentsStart of year $0$0

X-14 Intangible assetsStart of year $0$0

X-15 Other assetsStart of year $0$0

X-16 Total assetsStart of year $2,460,900$2,443,501

X-17 Accounts payable and accrued expensesStart of year $0$0

X-18 Grants payableStart of year $0$0

X-19 Deferred revenueStart of year $0$0

X-20 Tax-exempt bond liabilitiesStart of year $0$0

X-24 Unsecured notes and loans payableStart of year $0$0

X-25 Other liabilitiesStart of year $0$0

X-26 Total liabilitiesStart of year $851,616$848,274

X-32 Total net assets or fund balancesStart of year $1,609,284$1,595,227

X-33 Total liabilities and net assetsStart of year $2,460,900$2,443,501

Part XI · Reconciliation of net assets $1,595,227 net assets at year end

XI-1 Total revenue$39,141

XI-2 Total expenses$26,598

XI-3 Revenue less expenses$12,543

XI-4 Net assets at start of year$1,609,284

XI-5 Net unrealized gains (losses) on investments$0

XI-6 Donated services and use of facilities$9,950

XI-7 Investment expenses$0

XI-8 Prior period adjustments−$24,007

XI-9 Other changes in net assets−$12,543

XI-10 Net assets at end of year$1,595,227

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

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Faulkton Development Corporation INC

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Faulkton Development Corporation INC

By the numbers

Filing history

Schedules filed Part IV