Aberdeen Development Corporation: FY2020 Form 990

Revenue by fiscal year
FY2020	$2.5M
FY2021	$504K
FY2022	$1.6M
FY2023	$921K
FY2024	$912K

Expenses by fiscal year
FY2020	$1.4M
FY2021	$1.2M
FY2022	$1.0M
FY2023	$1.7M
FY2024	$1.3M

Net assets by fiscal year
FY2020	$10.3M
FY2021	$9.8M
FY2022	$9.7M
FY2023	$9.2M
FY2024	$8.5M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1974.

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

Who runs it and what they're paid

17 people listed on the 990; $160K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation

Michael Bockorny

CEO

$159,697Pt VII · Sec A

Debbie Streier

Vice-Chair

$0Pt VII · Sec A

Scott Noeldner

Director(april-June)/Secretary/Treas(july-Dec)

$0Pt VII · Sec A

Kip Hansen

Director

$0Pt VII · Sec A

Tim Hanigan

Director

$0Pt VII · Sec A

David Kreber

Director

$0Pt VII · Sec A

Paul Darling

Director

$0Pt VII · Sec A

Mark Gederos

Director

$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

Name	FY2024	FY2023	FY2022	FY2021	FY2020
Michael Bockorny	$209,729	$178,047	$163,047	$147,289	$159,697
Tim Hanigan-Chair Jan-Sep	$25,000	—	—	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization, with a nickname or small spelling change read as the same person. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Aberdeen Development Corporation executive salaries →

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

Updates and questions

Promotes business development in Brown County, South Dakota, and surrounding areas.

Our summary of the filed mission and programs (Form 990 Part III, line 4), not the words of the organization.

Questions for Aberdeen Development Corporation

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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 · from the funders’ 2024 returns

Dated by each funder’s own filing year, which may not match this organization’s fiscal year.

Sanford Group Return$10K

Avera Health$10K

Total grants received, 2020–2024from 5 funders$151K

See all 5 funders, 2020–2024 →

Grants paid · 8 grants · $433K · 2020–2024

Minds Matter PllcFY2024$10,000

Harris Machine CompanyFY2023$333,260

Youth Development CenterFY2022$50,000

Sanford HealthSD · FY2022$12,241

Individual RecipientFY2022$8,966

Avera HealthSD · FY2022$8,691

Montgomery's of AberdeenFY2020$5,000

Aberdeen Area Chamber of Commerce INCSD · FY2020$5,000

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$2.5M

Ln 12

Gifts and grantsLn 1h$1.2M

Fees for servicesLn 2g$844K

Other incomeLn 4–11$448K

Money outPt IX

$1.4M

Ln 25

Owns and owesPt X

$10.3M

net assets · Ln 32

Cash and savingsLn 1–2$2.5M

Total assetsLn 16$17.0M

LiabilitiesLn 26$6.6M

PeoplePt VI, VII

17

listed · VII A

PaidVII A1

Voting boardVI 1a14

IndependentVI 1b14

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.2M

Government grantsLn 1e$1.1M

Noncash giftsLn 1g$63K

Fees for servicesLn 2g$844K

Investment incomeLn 3$36K

Other incomeLn 4–11$448K

Gains on assetsLn 7$431K

Total revenueLn 12$2.5M

Assets in detailPt X, end of year

SavingsLn 2$2.5M

Cash and savings togetherLn 1–2$2.5M

Pledges and grants receivableLn 3$1.7M

Accounts receivableLn 4$514K

Notes and loans receivableLn 7$1.7M

Prepaid expenses and deferred chargesLn 9$12K

Land, buildings, equipmentLn 10c$7.7M

InvestmentsLn 11–13$2.5M

Other assetsLn 15$234K

Total assetsLn 16$17.0M

LiabilitiesLn 26$6.6M

Net assetsLn 32$10.3M

OperationsPt I, VI

EmployeesI 55

VolunteersI 618

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14Yes

3More from this return

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$63K

4Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$2.2M	$2.5M
InvestmentsLn 11–13	$2.0M	$2.5M
Land, buildings, equipmentLn 10c	$7.9M	$7.7M
Total assetsLn 16	$15.4M	$17.0M
LiabilitiesLn 26	$6.7M	$6.6M
Net assetsLn 32	$8.7M	$10.3M

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$568K
Pay of officers and key staff (Part IX, line 5)Ln 5	$135K
Other salaries and wagesLn 7	$69K
Pension plan contributionsLn 8	$5K
Other employee benefitsLn 9	$23K
Payroll taxesLn 10	$14K
Investment management feesLn 11f	$11K
Other fees for servicesLn 11g	$107K
Advertising and promotionLn 12	$8K
Office expensesLn 13	$19K
OccupancyLn 16	$76K
TravelLn 17	$861
Conferences, conventions and meetingsLn 19	$2K
InterestLn 20	$148K
Depreciation, depletion and amortizationLn 22	$128K
InsuranceLn 23	$15K
Other expenses (24a–d)Ln 24	$52K
All other expensesLn 24e	$8K
Total functional expensesLn 25	$1.4M

Part VII lists each person's pay for the calendar year, including pay from related organizations and from people who have left; Part IX, line 5 is this organization's own cost for its current officers and key staff over its fiscal year.

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Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 LatestFiled with the IRS Oct 15, 2025	$912K	$1.3M	−$372K	$8.5M	990 PDF
FY2023Filed with the IRS Oct 21, 2024	$921K	$1.7M	−$764K	$9.2M	990 PDF
FY2022Filed with the IRS Aug 30, 2023	$1.6M	$1.0M	$565K	$9.7M	990 PDF
FY2021Filed with the IRS Nov 11, 2022	$504K	$1.2M	−$665K	$9.8M	990 PDF
FY2020 ViewingFiled with the IRS Aug 27, 2021	$2.5M	$1.4M	$1.2M	$10.3M	990 PDF

Schedules filed Part IV

A · Public support D · Assets and endowments I · Grants J · Pay M · Noncash O · Explanations

See the full FY2020 990

Parts IV and V and the Schedule O notes are not shown yet: we do not hold this return's e-file. The Parts below come from the IRS data we do hold, and the full 990 PDF has every Part.

Part I · Summary $2,549,970 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $201,000$1,221,659

I-9 Program service revenuePrior year $875,128$844,083

I-10 Investment incomePrior year $1,252,867$467,128

I-11 Other revenuePrior year $24,287$17,100

I-12 Total revenuePrior year $2,353,282$2,549,970

I-13 Grants and similar amounts paidPrior year $10,000$568,409

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

I-15 Salaries and benefitsPrior year $377,449$245,142

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

I-17 Other expensesPrior year $1,976,891$573,478

I-18 Total expensesPrior year $2,364,340$1,387,029

I-19 Revenue less expensesPrior year −$11,058$1,162,941

Part III · Program service accomplishments 1 program, $0 spent

III-4a The corporation focuses on recruitment of new business and retention/expansion of existing business by promoting the region through disbursement of information and the building, selling and leasing of development sites. During 2020, the corporation served 100 clients. The corporation continued its industry efforts, but also placed an emphasis on entrepreneurial support and labor retention and recruitment.—

Part VI · Governance 14 of 14 board members independent, 1 to look at

VI-1a Voting members of the governing body14

VI-1b Independent voting members14

VI-13 Written whistleblower policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VII · Officers, directors and key employees 17 people listed, 1 paid by the organization

VII-1a Michael BockornyCEO$159,697

VII-1a Angie HammrichDirector (july-Dec)$0

VII-1a Char HagerChair$0

VII-1a Chris PearsonDirector$0

VII-1a Dave BurgardDirector (april-June)$0

VII-1a David KreberDirector$0

VII-1a Debbie StreierVice-Chair$0

VII-1a Kip HansenDirector$0

VII-1a Mark GederosDirector$0

VII-1a Mark MalchowDirector (oct-Dec)$0

VII-1a Mike JungDirector (april-June)$0

VII-1a Mike SommersDirector$0

VII-1a Mike WilliamsDirector$0

VII-1a Paul DarlingDirector$0

VII-1a Scott NoeldnerDirector(april-June)/Secretary/Treas(july-Dec)$0

VII-1a Spencer SommersDirector (oct-Dec)$0

VII-1a Tim HaniganDirector$0

Part VIII · Statement of revenue $2,549,970 across 10 lines filed

VIII-1e Government grants$1,148,959

VIII-1f All other contributions, gifts and grants$72,700

VIII-1g Noncash contributions (included above)$62,700

VIII-1h Total contributions, gifts and grants$1,221,659

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $844,083$844,083

VIII-3 Investment incomeExcluded from tax $35,955$35,955

VIII-6 Net rental income or lossExcluded from tax $12,000$12,000

VIII-7 Net gain or loss on sales of assetsExcluded from tax $431,173$431,173

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,100$5,100

VIII-12 Total revenueRelated to mission $849,183 · Unrelated business $0 · Excluded from tax $479,128$2,549,970

Part IX · Statement of functional expenses $1,387,029 across 18 lines filed

IX-1 Grants to domestic organizations$568,409

IX-5 Pay of officers and key staff (Part IX, line 5)Part VII lists each person's pay for the calendar year, including pay from related organizations and from people who have left; Part IX, line 5 is this organization's own cost for its current officers and key staff over its fiscal year.$134,688

IX-7 Other salaries and wages$68,556

IX-8 Pension plan contributions$5,484

IX-9 Other employee benefits$22,612

IX-10 Payroll taxes$13,802

IX-11f Investment management fees$10,819

IX-11g Other fees for services$106,674

IX-12 Advertising and promotion$8,018

IX-13 Office expenses$18,974

IX-16 Occupancy$75,868

IX-17 Travel$861

IX-19 Conferences, conventions and meetings$2,363

IX-20 Interest$147,532

IX-22 Depreciation, depletion and amortization$127,913

IX-23 Insurance$15,313

IX-24 Other expenses (24a–d)$51,539

IX-24e All other expenses$7,604

IX-25 Total functional expenses$1,387,029

Part X · Balance sheet $16,953,277 assets, 19 lines filed

X-2 Savings and temporary cash investmentsStart of year $2,172,388$2,497,181

X-3 Pledges and grants receivableStart of year $325,269$1,748,069

X-4 Accounts receivableStart of year $502,600$514,313

X-7 Notes and loans receivableStart of year $1,243,370$1,695,906

X-9 Prepaid expenses and deferred chargesStart of year $20,471$11,517

X-10c Land, buildings and equipment, netStart of year $7,896,408$7,749,546

X-12 Other securitiesStart of year $2,023,345$2,503,099

X-15 Other assetsStart of year $1,228,324$233,646

X-16 Total assetsStart of year $15,412,175$16,953,277

X-17 Accounts payable and accrued expensesStart of year $217,138$642,647

X-18 Grants payable$5,000

X-19 Deferred revenueStart of year $248,099$134,439

X-23 Secured mortgages and notes payableStart of year $5,710,859$5,360,502

X-24 Unsecured notes and loans payableStart of year $500,000$500,000

X-26 Total liabilitiesStart of year $6,676,096$6,642,588

X-27 Net assets without donor restrictionsStart of year $4,111,829$5,260,190

X-28 Net assets with donor restrictionsStart of year $4,624,250$5,050,499

X-32 Total net assets or fund balancesStart of year $8,736,079$10,310,689

X-33 Total liabilities and net assetsStart of year $15,412,175$16,953,277

Part XI · Reconciliation of net assets $10,310,689 net assets at year end

XI-1 Total revenue$2,549,970

XI-2 Total expenses$1,387,029

XI-3 Revenue less expenses$1,162,941

XI-4 Net assets at start of year$8,736,079

XI-5 Net unrealized gains (losses) on investments$411,669

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$10,310,689

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

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Aberdeen Development Corporation FY2020 filing

What it does

Before you give

Is it real?

Who runs it and what they're paid

Compensation history total reportable pay by year · 2 named individuals · Part VII

Questions the 990 asks

Updates and questions

Questions for Aberdeen Development Corporation

Funders

Grants

By the numbers

The full sourced Quadrant report on Aberdeen Development Corporation

Filing history

Schedules filed Part IV

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