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Osakis Economic Development Corporation

IRS exemption revoked

Osakis, MNUnknown exempt organizationEIN 41-1474752Revenue −$18K in FY2020

On file with the IRSPo Box 327 · Osakis, MN

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The organization conducts activities to promote community Economic Development.

100¢ of each $1 spent went to programs.
Run by 7 volunteers and 3 employees.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
191 mo
of spending, in cash
Looks good: 191.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$18K
Spent
$1K
To programs
100%
Net assets
$23K

From the FY2020 Form 990 · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on May 15, 2024

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

100 cents of each dollar spent went to programs.

Program services 100% · $1K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation
Becky Hensley
President
$0Pt VII · Sec A
Rodger Larson
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Greta Koch
Treasurer
$0Pt VII · Sec A
Shad Schmidt
Director
$0Pt VII · Sec A
Greg Weiler
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Osakis Economic 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

Promotes community economic development through various activities.

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Provided by the organization

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3 programs · $1K · in their own filed words · FY2020
01

The osakis economic development corporation advanced, promoted, encouraged, and stimulated the economic and industrial growth of osakis and the surrounding area. It also encouraged the establishment or expansion of businesses and industries. It also supported the VISITOR/HERITAGE center. The organization has approximately 72 members.

$1Kprogram expense
02

Donation for Back Pack Attack

For school children food for home. Donation to osakis fire department.

$270program expense
03

Donations to the city of osakis for the purpose of economic development total of $1,732 during 2020 in MN lawful gambling expenditures. These expenditures benefit thousands of local citizens.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
−$18K
Ln 12
Fees for servicesLn 2g$3K
Investment incomeLn 3$17
Money outPt IX
$1K
Ln 25
Programscol B$1K
Owns and owesPt X
$23K
net assets · Ln 32
Cash and savingsLn 1–2$23K
Total assetsLn 16$23K
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3K
Investment incomeLn 3$17
Total revenueLn 12−$18K
Assets in detailPt X, end of year
CashLn 1$23K
Cash and savings togetherLn 1–2$23K
Total assetsLn 16$23K
LiabilitiesLn 26$0
Net assetsLn 32$23K
OperationsPt I, VI
EmployeesI 53
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$37K$23K
Total assetsLn 16$43K$23K
LiabilitiesLn 26$702$0
Net assetsLn 32$42K$23K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$2K$2K
Legal feesLn 11b$912$912
Information technologyLn 14$88$88
OccupancyLn 16$151$151
Other expenses (24a–d)Ln 24−$1K−$1K
Total functional expensesLn 25$1K$1K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing −$18K$1K−$20K$23K 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 FY2020 990 (6 parts)
Part I · Summary −$18,332 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $793$0
I-9 Program service revenuePrior year $3,805$2,622
I-10 Investment incomePrior year $36$17
I-11 Other revenuePrior year $6,390−$20,971
I-12 Total revenuePrior year $11,024−$18,332
I-13 Grants and similar amounts paidPrior year $43,000$1,732
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year −$40,287−$311
I-18 Total expensesPrior year $2,713$1,421
I-19 Revenue less expensesPrior year $8,311−$19,753
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue −$18,332 across 3 lines filed
Lines not itemized here account for −$20,971 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,622$2,622
VIII-3 Investment incomeExcluded from tax $17$17
VIII-12 Total revenueRelated to mission $2,622 · Unrelated business −$20,971 · Excluded from tax $17−$18,332
Part IX · Statement of functional expenses $1,421 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $1,732$1,732
IX-11b Legal feesPrograms $912$912
IX-14 Information technologyPrograms $88$88
IX-16 OccupancyPrograms $151$151
IX-24 Other expenses (24a–d)Programs −$1,462−$1,462
IX-25 Total functional expensesPrograms $1,421 · Management $0 · Fundraising $0$1,421
Part X · Balance sheet $22,670 assets, 5 lines filed
X-1 Cash, non-interest-bearingStart of year $37,170$22,670
X-16 Total assetsStart of year $43,125$22,670
X-26 Total liabilitiesStart of year $702$0
X-32 Total net assets or fund balancesStart of year $42,423$22,670
X-33 Total liabilities and net assetsStart of year $43,125$22,670
Part XI · Reconciliation of net assets $22,670 net assets at year end
XI-1 Total revenue−$18,332
XI-2 Total expenses$1,421
XI-3 Revenue less expenses−$19,753
XI-4 Net assets at start of year$42,423
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$22,670

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

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