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Ashland Area Development Corp FY2023 filing

Tax-deductible

Ashland, WI501(c)(3)Community Development EIN 39-1483663Revenue $1.6M in FY2023

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.
76¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · 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
76%
of spending
Looks good: 76% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
15 mo
of spending, in cash
Looks good: 15.2 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
$118K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.6M
+138% vs prior year
Spent
$1.2M
To programs
76%
Net assets
$2.5M
By yearFY2020–FY2024
Revenue
$1.6M
FY2023▲ +138%
Tap a bar for its year
Revenue by fiscal year
FY2020$352K
FY2021$398K
FY2022$685K
FY2023$1.6M
FY2024$552K
Expenses
$1.2M
FY2023▲ +133%
Tap a bar for its year
Expenses by fiscal year
FY2020$319K
FY2021$324K
FY2022$496K
FY2023$1.2M
FY2024$923K
Net assets
$2.5M
FY2023▲ +24%
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 FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

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

76 cents of each dollar spent went to programs.

Program services 76% · $882K Management & general 24% · $275K

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

11 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
Jennifer Eng
Director
$0Pt VII · Sec A
Jean Ronning
Director
$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 · $882K · in their own filed words · FY2023
01

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

$882Kprogram 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 FY2023 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$1.6M
Ln 12
Gifts and grantsLn 1h$1.3M
Fees for servicesLn 2g$315K
Investment incomeLn 3$20K
Money outPt IX
$1.2M
Ln 25
Programscol B$882K
Managementcol C$275K
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$2.6M
LiabilitiesLn 26$118K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.3M
Government grantsLn 1e$1.3M
Fees for servicesLn 2g$315K
Investment incomeLn 3$20K
Other incomeLn 4–11$20K
Total revenueLn 12$1.6M
Assets in detailPt X, end of year
CashLn 1$749K
SavingsLn 2$717K
Cash and savings togetherLn 1–2$1.5M
Land, buildings, equipmentLn 10c$964K
Other assetsLn 15$56
Total assetsLn 16$2.6M
LiabilitiesLn 26$118K
Net assetsLn 32$2.5M
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 FY23End FY23
Cash and savingsLn 1–2$897K$1.5M
Land, buildings, equipmentLn 10c$1.0M$964K
Total assetsLn 16$2.1M$2.6M
LiabilitiesLn 26$145K$118K
Net assetsLn 32$2.0M$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$278K$95K$182K
Other employee benefitsLn 9$24K$8K$16K
Payroll taxesLn 10$20K$7K$13K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$12K$12K
OccupancyLn 16$86K$40K$46K
TravelLn 17$6K$6K
InterestLn 20$2K$2K
Depreciation, depletion and amortizationLn 22$48K$48K
InsuranceLn 23$15K$15K
Other expenses (24a–d)Ln 24$608K$608K
All other expensesLn 24e$47K$47K
Total functional expensesLn 25$1.2M$882K$275K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $552K$923K−$371K$2.1M 990 PDF
FY2023 Viewing $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 FY2023 990 (6 parts)
Part I · Summary $1,632,428 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $377,400$1,278,121
I-9 Program service revenuePrior year $258,750$314,651
I-10 Investment incomePrior year $2,006$20,020
I-11 Other revenuePrior year $46,735$19,636
I-12 Total revenuePrior year $684,891$1,632,428
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $293,975$322,414
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $202,472$834,206
I-18 Total expensesPrior year $496,447$1,156,620
I-19 Revenue less expensesPrior year $188,444$475,808
Part VI · Governance 11 of 11 board members independent, 3 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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 $1,632,428 across 7 lines filed
Lines not itemized here account for $32 of total revenue; see the IRS return.
VIII-1e Government grants$1,265,121
VIII-1f All other contributions, gifts and grants$13,000
VIII-1h Total contributions, gifts and grants$1,278,121
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $314,619$314,619
VIII-3 Investment incomeRelated to mission $20,020$20,020
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $19,636$19,636
VIII-12 Total revenueRelated to mission $354,307$1,632,428
Part IX · Statement of functional expenses $1,156,620 across 13 lines filed
IX-7 Other salaries and wagesPrograms $95,329 · Management $182,481$277,810
IX-9 Other employee benefitsPrograms $8,258 · Management $16,029$24,287
IX-10 Payroll taxesPrograms $6,908 · Management $13,409$20,317
IX-11c Accounting feesManagement $4,493$4,493
IX-12 Advertising and promotionPrograms $4,731$4,731
IX-13 Office expensesManagement $12,170$12,170
IX-16 OccupancyPrograms $39,780 · Management $46,020$85,800
IX-17 TravelPrograms $6,049$6,049
IX-20 InterestPrograms $2,215$2,215
IX-22 Depreciation, depletion and amortizationPrograms $48,468$48,468
IX-23 InsurancePrograms $14,657$14,657
IX-24 Other expenses (24a–d)Programs $608,275$608,275
IX-24e All other expensesPrograms $47,348$47,348
IX-25 Total functional expensesPrograms $882,018 · Management $274,602 · Fundraising $0$1,156,620
Part X · Balance sheet $2,584,401 assets, 14 lines filed
Asset lines not itemized here account for $27,273; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $146,487$748,860
X-2 Savings and temporary cash investmentsStart of year $750,942$716,983
X-4 Accounts receivableStart of year $136,176$127,311
X-10c Land, buildings and equipment, netStart of year $1,012,385$963,918
X-15 Other assetsStart of year $56$56
X-16 Total assetsStart of year $2,135,703$2,584,401
X-17 Accounts payable and accrued expensesStart of year $69,241$49,696
X-19 Deferred revenueStart of year $5,637$4,863
X-24 Unsecured notes and loans payableStart of year $70,000$63,209
X-26 Total liabilitiesStart of year $144,878$117,768
X-27 Net assets without donor restrictionsStart of year $1,745,260$2,215,960
X-28 Net assets with donor restrictionsStart of year $245,565$250,673
X-32 Total net assets or fund balancesStart of year $1,990,825$2,466,633
X-33 Total liabilities and net assetsStart of year $2,135,703$2,584,401
Part XI · Reconciliation of net assets $2,466,633 net assets at year end
XI-1 Total revenue$1,632,428
XI-2 Total expenses$1,156,620
XI-3 Revenue less expenses$475,808
XI-4 Net assets at start of year$1,990,825
XI-10 Net assets at end of year$2,466,633

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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