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St Croix Economic Development Corp FY2022 filing

Not tax-deductible

River Falls, WI501(c)(6)EIN 39-1758489Revenue $224K in FY2022

On file with the IRSstcroixedc.com1091 Sutherland Ave 11, 54022-7509 · River Falls, WITax-exempt since Sep 1995

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To promote Economic Development, which shall include industrial and commercial Development, job creation and retention and job training. To provide direction and coordination to Development. To assist towns, villages, cities and other organizations with financing and permit applications for Economic Development. To research available resources and create and maintain a central source of information and assistance to support Economic Development. To maintain contact and cooperate with public agencies and private organizations which promote Economic Development.

69¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
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
3 of 5
filings with a surplus
Average deficit $4K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
69%
of spending
Fine: 69% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
18 mo
of spending, in cash
Looks good: 18.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$20K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
19
of 19 voting members
Looks good: 19 of 19 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$224K
+6% vs prior year
Spent
$214K
To programs
69%
Net assets
$308K
By yearFY2020–FY2024
Revenue
$224K
FY2022▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2020$213K
FY2021$212K
FY2022$224K
FY2023$258K
FY2024$257K
Expenses
$214K
FY2022▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$207K
FY2021$204K
FY2022$214K
FY2023$290K
FY2024$267K
Net assets
$308K
FY2022▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$291K
FY2021$298K
FY2022$308K
FY2023$277K
FY2024$266K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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 Sep 1995.

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

Where the money goes

69 cents of each dollar spent went to programs.

Program services 69% · $148K Management & general 28% · $60K Fundraising 3% · $7K

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

19 people listed on the 990.

Part VII, Section A · reportable compensation
Tom Aaby
Director
$0Pt VII · Sec A
Paul Berning
Director
$0Pt VII · Sec A
Tom Borowski
Director
$0Pt VII · Sec A
Mark Carlson
Director
$0Pt VII · Sec A
Steve Gossel
Director
$0Pt VII · Sec A
Carah Koch
Director
$0Pt VII · Sec A
Rob Kreibich
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See St Croix Economic 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

Drives economic growth through job creation, training, and assistance with development financing and permits.

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Provided by the organization

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3 programs · $148K · in their own filed words · FY2022
01

Promotion

$84Kprogram expense
02

Prospect development

$36Kprogram expense
03

Retention

$29Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Twin Cities-Metro Certified Development CompanyFY2024$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 2 grants · $13K · 2020–2023
Individual RecipientFY2023$6,000
Individual RecipientFY2020$7,000

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$224K
Ln 12
Gifts and grantsLn 1h$207K
Fees for servicesLn 2g$15K
Investment incomeLn 3$2K
Money outPt IX
$214K
Ln 25
Programscol B$148K
Managementcol C$60K
Fundraisingcol D$7K
Owns and owesPt X
$308K
net assets · Ln 32
Cash and savingsLn 1–2$321K
Total assetsLn 16$329K
LiabilitiesLn 26$20K
PeoplePt VI, VII
19
listed · VII A
PaidVII A0
Voting boardVI 1a19
IndependentVI 1b19
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$207K
Government grantsLn 1e$140K
Fundraising eventsLn 1c$3K
Fees for servicesLn 2g$15K
Investment incomeLn 3$2K
Total revenueLn 12$224K
Assets in detailPt X, end of year
SavingsLn 2$321K
Cash and savings togetherLn 1–2$321K
Land, buildings, equipmentLn 10c$2K
Total assetsLn 16$329K
LiabilitiesLn 26$20K
Net assetsLn 32$308K
OperationsPt I, VI
EmployeesI 52
VolunteersI 620
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 FY22End FY22
Cash and savingsLn 1–2$343K$321K
Land, buildings, equipmentLn 10c$1K$2K
Total assetsLn 16$346K$329K
LiabilitiesLn 26$48K$20K
Net assetsLn 32$298K$308K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$7K$7K
Pay of current officers, directors and key staffLn 5$108K$82K$22K$4K
Other salaries and wagesLn 7$41K$31K$8K$2K
Pension plan contributionsLn 8$4K$3K$862$173
Other employee benefitsLn 9$517$401$97$19
Payroll taxesLn 10$11K$8K$2K$444
Accounting feesLn 11c$5K$5K
Other fees for servicesLn 11g$1K$813$202$41
Office expensesLn 13$4K$802$3K$38
OccupancyLn 16$10K$10K
TravelLn 17$2K$2K$422
Conferences, conventions and meetingsLn 19$104$104
Depreciation, depletion and amortizationLn 22$723$723
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$16K$12K$4K
All other expensesLn 24e$2K$591$2K$31
Total functional expensesLn 25$214K$148K$60K$7K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $257K$267K−$10K$266K 990 PDF
FY2023 $258K$290K−$32K$277K 990 PDF
FY2022 Viewing $224K$214K$10K$308K 990 PDF
FY2021 $212K$204K$8K$298K 990 PDF
FY2020 $213K$207K$6K$291K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $224,013 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $190,297$207,111
I-9 Program service revenuePrior year $19,669$15,498
I-10 Investment incomePrior year $2,445$2,052
I-11 Other revenuePrior year −$417−$648
I-12 Total revenuePrior year $211,994$224,013
I-13 Grants and similar amounts paidPrior year $10,000$7,000
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $153,993$164,336
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $40,095$42,742
I-18 Total expensesPrior year $204,088$214,078
I-19 Revenue less expensesPrior year $7,906$9,935
Part VI · Governance 19 of 19 board members independent, 3 to look at
VI-1a Voting members of the governing body19
VI-1b Independent voting members19
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 $224,013 across 9 lines filed
VIII-1b Membership dues$64,211
VIII-1c Fundraising events$2,600
VIII-1e Government grants$140,300
VIII-1h Total contributions, gifts and grants$207,111
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,498$15,498
VIII-3 Investment incomeExcluded from tax $2,052$2,052
VIII-8 Net income from fundraising eventsExcluded from tax −$691−$691
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $43$43
VIII-12 Total revenueRelated to mission $15,498 · Excluded from tax $1,404$224,013
Part IX · Statement of functional expenses $214,078 across 16 lines filed
IX-1 Grants to domestic organizationsPrograms $7,000$7,000
IX-5 Pay of current officers, directors and key staffPrograms $81,924 · Management $21,559 · Fundraising $4,312$107,795
IX-7 Other salaries and wagesPrograms $30,860 · Management $8,121 · Fundraising $1,624$40,605
IX-8 Pension plan contributionsPrograms $3,275 · Management $862 · Fundraising $173$4,310
IX-9 Other employee benefitsPrograms $401 · Management $97 · Fundraising $19$517
IX-10 Payroll taxesPrograms $8,443 · Management $2,222 · Fundraising $444$11,109
IX-11c Accounting feesManagement $4,681$4,681
IX-11g Other fees for servicesPrograms $813 · Management $202 · Fundraising $41$1,056
IX-13 Office expensesPrograms $802 · Management $3,235 · Fundraising $38$4,075
IX-16 OccupancyManagement $10,002$10,002
IX-17 TravelPrograms $1,504 · Management $422$1,926
IX-19 Conferences, conventions and meetingsManagement $104$104
IX-22 Depreciation, depletion and amortizationManagement $723$723
IX-23 InsuranceManagement $1,957$1,957
IX-24 Other expenses (24a–d)Programs $12,245 · Management $3,516$15,761
IX-24e All other expensesPrograms $591 · Management $1,835 · Fundraising $31$2,457
IX-25 Total functional expensesPrograms $147,858 · Management $59,538 · Fundraising $6,682$214,078
Part X · Balance sheet $328,622 assets, 12 lines filed
X-2 Savings and temporary cash investmentsStart of year $342,513$320,830
X-4 Accounts receivableStart of year $550$3,350
X-9 Prepaid expenses and deferred chargesStart of year $2,045$2,521
X-10c Land, buildings and equipment, netStart of year $1,378$1,921
X-16 Total assetsStart of year $346,486$328,622
X-17 Accounts payable and accrued expensesStart of year $20,550$19,506
X-19 Deferred revenueStart of year $27,505$750
X-26 Total liabilitiesStart of year $48,055$20,256
X-27 Net assets without donor restrictionsStart of year $287,681$294,616
X-28 Net assets with donor restrictionsStart of year $10,750$13,750
X-32 Total net assets or fund balancesStart of year $298,431$308,366
X-33 Total liabilities and net assetsStart of year $346,486$328,622
Part XI · Reconciliation of net assets $308,366 net assets at year end
XI-1 Total revenue$224,013
XI-2 Total expenses$214,078
XI-3 Revenue less expenses$9,935
XI-4 Net assets at start of year$298,431
XI-10 Net assets at end of year$308,366

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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