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Ashland Area Development Corp

Tax-deductible

Ashland, WI501(c)(3)Community Development EIN 39-1483663Revenue $552K in FY2024

On file with the IRS422 3rd St W Ste 101, 54806-1564 · Ashland, WITax-exempt since Nov 1984Publicly supported — 509(a)(2)

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To further economic Development in the Ashland Area of wisconsin.

501(c)(3) charity; gifts are tax-deductible.
63¢ of each $1 spent went to programs.
Run by 12 volunteers and 3 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $80K a year · 11% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
63%
of spending
Worth a look: 63% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$129K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$552K
-66% vs prior year
Spent
$923K
To programs
63%
Net assets
$2.1M
By yearFY2020–FY2024
Revenue
$552K
FY2024▼ -66%
Tap a bar for its year
Revenue by fiscal year
FY2020$352K
FY2021$398K
FY2022$685K
FY2023$1.6M
FY2024$552K
Expenses
$923K
FY2024▼ -20%
Tap a bar for its year
Expenses by fiscal year
FY2020$319K
FY2021$324K
FY2022$496K
FY2023$1.2M
FY2024$923K
Net assets
$2.1M
FY2024▼ -15%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.7M
FY2021$1.8M
FY2022$2.0M
FY2023$2.5M
FY2024$2.1M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1984.

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

Where the money goes

63 cents of each dollar spent went to programs.

Program services 63% · $582K Management & general 37% · $341K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Tony Singler
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Rob Prater
Vice-Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Brant Kucera
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Carver Harries’s $54K as Executive Di is at the 32nd percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Ashland Area Development Corp 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 15aYes

Programs and updates

Promotes economic growth in Ashland, Wisconsin.

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Provided by the organization

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1 program · $582K · in their own filed words · FY2024
01

To further economic development in the ashland county area of wisconsin.

$582Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Morgan Stanley Global Impact Funding Trust INCFY2024$5K
Total grants receivedfrom 1 funder$5K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$552K
Ln 12
Fees for servicesLn 2g$285K
Gifts and grantsLn 1h$227K
Investment incomeLn 3$36K
Money outPt IX
$923K
Ln 25
Programscol B$582K
Managementcol C$341K
Owns and owesPt X
$2.1M
net assets · Ln 32
Cash and savingsLn 1–2$433K
Total assetsLn 16$2.2M
LiabilitiesLn 26$129K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$227K
Government grantsLn 1e$213K
Fees for servicesLn 2g$285K
Investment incomeLn 3$36K
Other incomeLn 4–11$4K
Total revenueLn 12$552K
Assets in detailPt X, end of year
CashLn 1$200
SavingsLn 2$433K
Cash and savings togetherLn 1–2$433K
Land, buildings, equipmentLn 10c$961K
Other assetsLn 15$773K
Total assetsLn 16$2.2M
LiabilitiesLn 26$129K
Net assetsLn 32$2.1M
OperationsPt I, VI
EmployeesI 53
VolunteersI 612
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 FY24End FY24
Cash and savingsLn 1–2$1.5M$433K
Land, buildings, equipmentLn 10c$964K$961K
Total assetsLn 16$2.6M$2.2M
LiabilitiesLn 26$118K$129K
Net assetsLn 32$2.5M$2.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$335K$93K$242K
Other employee benefitsLn 9$29K$8K$21K
Payroll taxesLn 10$26K$7K$19K
Accounting feesLn 11c$3K$3K
Advertising and promotionLn 12$10K$10K
Office expensesLn 13$10K$10K
OccupancyLn 16$79K$33K$46K
TravelLn 17$7K$7K
InterestLn 20$2K$2K
Depreciation, depletion and amortizationLn 22$49K$49K
InsuranceLn 23$18K$18K
Other expenses (24a–d)Ln 24$341K$341K
All other expensesLn 24e$13K$13K
Total functional expensesLn 25$923K$582K$341K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $552K$923K−$371K$2.1M 990 PDF
FY2023 $1.6M$1.2M$476K$2.5M 990 PDF
FY2022 $685K$496K$188K$2.0M 990 PDF
FY2021 $398K$324K$74K$1.8M 990 PDF
FY2020 $352K$319K$33K$1.7M 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 FY2024 990 (6 parts)
Part I · Summary $551,806 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,278,121$227,014
I-9 Program service revenuePrior year $314,651$284,794
I-10 Investment incomePrior year $20,020$35,765
I-11 Other revenuePrior year $19,636$4,233
I-12 Total revenuePrior year $1,632,428$551,806
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $322,414$389,431
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $834,206$533,312
I-18 Total expensesPrior year $1,156,620$922,743
I-19 Revenue less expensesPrior year $475,808−$370,937
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $551,806 across 7 lines filed
Lines not itemized here account for $61 of total revenue; see the IRS return.
VIII-1e Government grants$212,514
VIII-1f All other contributions, gifts and grants$14,500
VIII-1h Total contributions, gifts and grants$227,014
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $284,733$284,733
VIII-3 Investment incomeRelated to mission $35,765$35,765
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,233$4,233
VIII-12 Total revenueRelated to mission $324,792$551,806
Part IX · Statement of functional expenses $922,743 across 13 lines filed
IX-7 Other salaries and wagesPrograms $92,926 · Management $241,944$334,870
IX-9 Other employee benefitsPrograms $7,979 · Management $20,776$28,755
IX-10 Payroll taxesPrograms $7,161 · Management $18,645$25,806
IX-11c Accounting feesManagement $3,400$3,400
IX-12 Advertising and promotionPrograms $9,923$9,923
IX-13 Office expensesManagement $10,103$10,103
IX-16 OccupancyPrograms $33,290 · Management $46,020$79,310
IX-17 TravelPrograms $7,491$7,491
IX-20 InterestPrograms $1,901$1,901
IX-22 Depreciation, depletion and amortizationPrograms $48,795$48,795
IX-23 InsurancePrograms $18,456$18,456
IX-24 Other expenses (24a–d)Programs $340,927$340,927
IX-24e All other expensesPrograms $13,006$13,006
IX-25 Total functional expensesPrograms $581,855 · Management $340,888 · Fundraising $0$922,743
Part X · Balance sheet $2,224,237 assets, 14 lines filed
Asset lines not itemized here account for $53,381; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $748,860$200
X-2 Savings and temporary cash investmentsStart of year $716,983$432,974
X-4 Accounts receivableStart of year $127,311$2,881
X-10c Land, buildings and equipment, netStart of year $963,918$961,488
X-15 Other assetsStart of year $56$773,313
X-16 Total assetsStart of year $2,584,401$2,224,237
X-17 Accounts payable and accrued expensesStart of year $49,696$69,611
X-19 Deferred revenueStart of year $4,863$2,825
X-24 Unsecured notes and loans payableStart of year $63,209$56,105
X-26 Total liabilitiesStart of year $117,768$128,541
X-27 Net assets without donor restrictionsStart of year $2,215,960$1,843,800
X-28 Net assets with donor restrictionsStart of year $250,673$251,896
X-32 Total net assets or fund balancesStart of year $2,466,633$2,095,696
X-33 Total liabilities and net assetsStart of year $2,584,401$2,224,237
Part XI · Reconciliation of net assets $2,095,696 net assets at year end
XI-1 Total revenue$551,806
XI-2 Total expenses$922,743
XI-3 Revenue less expenses−$370,937
XI-4 Net assets at start of year$2,466,633
XI-10 Net assets at end of year$2,095,696

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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