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Aberdeen Development Corporation FY2021 filing

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Aberdeen, SD501(c)(6)Mutual / membership EIN 46-6011831Total revenue $504K in FY2021FY2021 return filed Nov 11, 2022

On file with the IRSadcsd.comTax-exempt since Mar 1974

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Formed to encourage and promote development of industrial, commercial, and other types of business in Brown County, SD and the surrounding area.

Form 990 Part I, line 1, FY2021. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 46-6011831) · Dispute this line
501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
$147K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Business Master File (deductibility code) · Pay: Part VII

What it does

1 program · in their own filed words · FY2021
01

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 2021, the corporation served over 450 clients.

Form 990 Part III, line 4, FY2021. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 46-6011831) · Dispute this line
Pt IX · Ln 25 · col B

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
The IRS does not list gifts to it as deductible.
IRS BMF (deductibility code)
Latest return
FY2024
latest Form 990
The latest return is for FY2024, current with the IRS.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $15K a year · 1% of revenue · last 5 filings
A surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$147K
to officers and key staff · 13% of spending
Pay to officers and key staff is 13% of spending.
Part VII, Section A
Cash reserves
27.1 mo
of spending, in cash
Plus $2.7M in investments, Pt X · Ln 11–13
27.1 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $151K · 2020–2024
5 funders name it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$4.2M
30% of total assets
Liabilities are 30% of assets.
Pt X · Ln 26
Independent board members
15
of 15 voting members
15 of 15 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Total revenue
$504K
-80% vs prior year
Total expenses
$1.2M
Net assets
$9.8M
By yearFY2020–FY2024
Revenue
$504K
FY2021-80% in FY2021
Tap a bar for its year
Revenue by fiscal year
FY2020$2.5M
FY2021$504K
FY2022$1.6M
FY2023$921K
FY2024$912K
Expenses
$1.2M
FY2021-16% in FY2021
Tap a bar for its year
Expenses by fiscal year
FY2020$1.4M
FY2021$1.2M
FY2022$1.0M
FY2023$1.7M
FY2024$1.3M
Net assets
$9.8M
FY2021-5% in FY2021
Tap a bar for its year
Net assets by fiscal year
FY2020$10.3M
FY2021$9.8M
FY2022$9.7M
FY2023$9.2M
FY2024$8.5M

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Mar 1974.

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

Who runs it and what they're paid

18 people listed on the 990; $147K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
$147,289Pt VII · Sec A
$0Pt VII · Sec A
Kip Hansen
Vice-Chair
$0Pt VII · Sec A
Debbie Streier
Vice-Chair Until Feb 2021
$0Pt VII · Sec A
Scott Noeldner
Secretary/Treasurer
$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

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

NameFY2024FY2023FY2022FY2021FY2020
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 FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$504K
Ln 12
Fees for servicesLn 2g$512K
Gifts and grantsLn 1h$336K
Investment incomeLn 3$60K
Money outPt IX
$1.2M
Ln 25
Owns and owesPt X
$9.8M
net assets · Ln 32
Cash and savingsLn 1–2$2.6M
Total assetsLn 16$14.0M
LiabilitiesLn 26$4.2M
PeoplePt VI, VII
18
listed · VII A
PaidVII A1
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$336K
Government grantsLn 1e$263K
Noncash giftsLn 1g$2K
Fees for servicesLn 2g$512K
Investment incomeLn 3$60K
Gains on assetsLn 7−$427K
Total revenueLn 12$504K
Assets in detailPt X, end of year
SavingsLn 2$2.6M
Cash and savings togetherLn 1–2$2.6M
Pledges and grants receivableLn 3$735K
Notes and loans receivableLn 7$2.1M
Prepaid expenses and deferred chargesLn 9$7K
Land, buildings, equipmentLn 10c$3.3M
InvestmentsLn 11–13$2.7M
Other assetsLn 15$2.5M
Total assetsLn 16$14.0M
LiabilitiesLn 26$4.2M
Net assetsLn 32$9.8M
OperationsPt I, VI
EmployeesI 55
VolunteersI 618
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$2.5M$2.6M
InvestmentsLn 11–13$2.5M$2.7M
Land, buildings, equipmentLn 10c$7.7M$3.3M
Total assetsLn 16$17.0M$14.0M
LiabilitiesLn 26$6.6M$4.2M
Net assetsLn 32$10.3M$9.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of officers and key staff (Part IX, line 5)Ln 5$170K
Other salaries and wagesLn 7$99K
Pension plan contributionsLn 8$7K
Other employee benefitsLn 9$27K
Payroll taxesLn 10$19K
Investment management feesLn 11f$17K
Other fees for servicesLn 11g$110K
Advertising and promotionLn 12$9K
Office expensesLn 13$50K
OccupancyLn 16$99K
TravelLn 17$3K
Conferences, conventions and meetingsLn 19$3K
InterestLn 20$185K
Depreciation, depletion and amortizationLn 22$189K
InsuranceLn 23$16K
Other expenses (24a–d)Ln 24$153K
All other expensesLn 24e$13K
Total functional expensesLn 25$1.2M

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

YearMoney inMoney outIn minus outNet assetsDownload
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
FY2021 ViewingFiled with the IRS Nov 11, 2022 $504K$1.2M−$665K$9.8M 990 PDF
FY2020Filed 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 O · Explanations
See the full FY2021 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 $503,905 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,221,659$335,525
I-9 Program service revenuePrior year $844,083$511,715
I-10 Investment incomePrior year $467,128−$367,105
I-11 Other revenuePrior year $17,100$23,770
I-12 Total revenuePrior year $2,549,970$503,905
I-13 Grants and similar amounts paidPrior year $568,409$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $245,142$322,630
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $573,478$846,656
I-18 Total expensesPrior year $1,387,029$1,169,286
I-19 Revenue less expensesPrior year $1,162,941−$665,381
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 2021, the corporation served over 450 clients. The corporation continued its industry efforts, but also placed an emphasis on entrepreneurial support and labor retention and recruitment.—
Part VI · Governance 15 of 15 board members independent, 1 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
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 18 people listed, 1 paid by the organization
VII-1a Michael BockornyCEO$147,289
VII-1a Angie HammrichDirector$0
VII-1a Bea SmithDirector Beg March 2021$0
VII-1a Char HagerChair$0
VII-1a Chris PearsonDirector Until June 2021$0
VII-1a Dave GiovanniniDirector Beg Sept 2021$0
VII-1a David KreberDirector$0
VII-1a Debbie StreierVice-Chair Until Feb 2021$0
VII-1a Dr Neal SchnoorDirector Beg Sept 2021$0
VII-1a Kip HansenVice-Chair$0
VII-1a Mark GederosDirector$0
VII-1a Mark MalchowDirector$0
VII-1a Mike SommersDirector$0
VII-1a Paul DarlingDirector$0
VII-1a Scott NoeldnerSecretary/Treasurer$0
VII-1a Spencer SommersDirector$0
VII-1a Tess MoellerDirector Beg Jan 2021$0
VII-1a Tim HaniganDirector$0
Part VIII · Statement of revenue $503,905 across 10 lines filed
VIII-1e Government grants$263,063
VIII-1f All other contributions, gifts and grants$72,462
VIII-1g Noncash contributions (included above)$2,500
VIII-1h Total contributions, gifts and grants$335,525
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $511,715$511,715
VIII-3 Investment incomeExcluded from tax $59,602$59,602
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 −$426,707−$426,707
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $11,770$11,770
VIII-12 Total revenueRelated to mission $523,485 · Unrelated business $0 · Excluded from tax −$355,105$503,905
Part IX · Statement of functional expenses $1,169,286 across 17 lines filed
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.$170,350
IX-7 Other salaries and wages$98,582
IX-8 Pension plan contributions$7,288
IX-9 Other employee benefits$27,383
IX-10 Payroll taxes$19,027
IX-11f Investment management fees$16,620
IX-11g Other fees for services$109,999
IX-12 Advertising and promotion$8,863
IX-13 Office expenses$50,085
IX-16 Occupancy$99,014
IX-17 Travel$3,002
IX-19 Conferences, conventions and meetings$3,075
IX-20 Interest$185,405
IX-22 Depreciation, depletion and amortization$188,657
IX-23 Insurance$15,992
IX-24 Other expenses (24a–d)$153,013
IX-24e All other expenses$12,931
IX-25 Total functional expenses$1,169,286
Part X · Balance sheet $13,966,811 assets, 20 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,497,181$2,644,917
X-3 Pledges and grants receivableStart of year $1,748,069$734,724
X-4 Accounts receivableStart of year $514,313$0
X-7 Notes and loans receivableStart of year $1,695,906$2,139,636
X-9 Prepaid expenses and deferred chargesStart of year $11,517$6,749
X-10c Land, buildings and equipment, netStart of year $7,749,546$3,252,001
X-11 Publicly traded securities$2,543,405
X-12 Other securitiesStart of year $2,503,099$191,480
X-15 Other assetsStart of year $233,646$2,453,899
X-16 Total assetsStart of year $16,953,277$13,966,811
X-17 Accounts payable and accrued expensesStart of year $642,647$98,832
X-18 Grants payableStart of year $5,000$0
X-19 Deferred revenueStart of year $134,439$0
X-23 Secured mortgages and notes payableStart of year $5,360,502$3,595,275
X-24 Unsecured notes and loans payableStart of year $500,000$500,000
X-26 Total liabilitiesStart of year $6,642,588$4,194,107
X-27 Net assets without donor restrictionsStart of year $5,260,190$4,883,928
X-28 Net assets with donor restrictionsStart of year $5,050,499$4,888,776
X-32 Total net assets or fund balancesStart of year $10,310,689$9,772,704
X-33 Total liabilities and net assetsStart of year $16,953,277$13,966,811
Part XI · Reconciliation of net assets $9,772,704 net assets at year end
XI-1 Total revenue$503,905
XI-2 Total expenses$1,169,286
XI-3 Revenue less expenses−$665,381
XI-4 Net assets at start of year$10,310,689
XI-5 Net unrealized gains (losses) on investments$127,396
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,772,704

Form 990 e-file FY2021 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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