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Aberdeen Development Corporation FY2022 filing

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Aberdeen, SD501(c)(6)Mutual / membership EIN 46-6011831Total revenue $1.6M in FY2022FY2022 return filed Aug 30, 2023

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, FY2022. 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.
$163K 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 · FY2022
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.

Form 990 Part III, line 4, FY2022. 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

FY2022 · 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
$163K
to officers and key staff · 16% of spending
Pay to officers and key staff is 16% of spending.
Part VII, Section A
Cash reserves
19.1 mo
of spending, in cash
Plus $3.4M in investments, Pt X · Ln 11–13
19.1 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
$2.4M
20% of total assets
Liabilities are 20% 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
$1.6M
+219% vs prior year
Total expenses
$1.0M
Net assets
$9.7M
By yearFY2020–FY2024
Revenue
$1.6M
FY2022+219% in FY2022
Tap a bar for its year
Revenue by fiscal year
FY2020$2.5M
FY2021$504K
FY2022$1.6M
FY2023$921K
FY2024$912K
Expenses
$1.0M
FY2022-11% in FY2022
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
$9.7M
FY2022-0.4% in FY2022
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 FY2022 Form 990 · figures checked against the IRS filing · 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 Mar 1974.

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

Who runs it and what they're paid

15 people listed on the 990; $163K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
$163,047Pt VII · Sec A
Kip Hansen
Vice-Chair
$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
Mark Gederos
Director
$0Pt VII · Sec A
$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 FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.6M
Ln 12
Other incomeLn 4–11$1.2M
Fees for servicesLn 2g$236K
Gifts and grantsLn 1h$117K
Money outPt IX
$1.0M
Ln 25
Owns and owesPt X
$9.7M
net assets · Ln 32
Cash and savingsLn 1–2$1.7M
Total assetsLn 16$12.1M
LiabilitiesLn 26$2.4M
PeoplePt VI, VII
15
listed · VII A
PaidVII A1
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$117K
Government grantsLn 1e$82K
Fees for servicesLn 2g$236K
Investment incomeLn 3$84K
Other incomeLn 4–11$1.2M
Gains on assetsLn 7$1.2M
Total revenueLn 12$1.6M
Assets in detailPt X, end of year
SavingsLn 2$1.7M
Cash and savings togetherLn 1–2$1.7M
Pledges and grants receivableLn 3$390K
Accounts receivableLn 4$9K
Notes and loans receivableLn 7$3.0M
Prepaid expenses and deferred chargesLn 9$6K
Land, buildings, equipmentLn 10c$3.6M
InvestmentsLn 11–13$3.4M
Other assetsLn 15$29K
Total assetsLn 16$12.1M
LiabilitiesLn 26$2.4M
Net assetsLn 32$9.7M
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 FY22End FY22
Cash and savingsLn 1–2$2.6M$1.7M
InvestmentsLn 11–13$2.7M$3.4M
Land, buildings, equipmentLn 10c$3.3M$3.6M
Total assetsLn 16$14.0M$12.1M
LiabilitiesLn 26$4.2M$2.4M
Net assetsLn 32$9.8M$9.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$119K
Pay of officers and key staff (Part IX, line 5)Ln 5$188K
Other salaries and wagesLn 7$116K
Pension plan contributionsLn 8$5K
Other employee benefitsLn 9$25K
Payroll taxesLn 10$21K
Investment management feesLn 11f$20K
Other fees for servicesLn 11g$142K
Advertising and promotionLn 12$5K
Office expensesLn 13$42K
OccupancyLn 16$47K
TravelLn 17$11K
Conferences, conventions and meetingsLn 19$9K
InterestLn 20$106K
Depreciation, depletion and amortizationLn 22$75K
InsuranceLn 23$20K
Other expenses (24a–d)Ln 24$88K
All other expensesLn 24e$3K
Total functional expensesLn 25$1.0M

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
FY2022 ViewingFiled 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
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 J · Pay O · Explanations
See the full FY2022 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 $1,606,263 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $335,525$117,296
I-9 Program service revenuePrior year $511,715$236,461
I-10 Investment incomePrior year −$367,105$1,236,697
I-11 Other revenuePrior year $23,770$15,809
I-12 Total revenuePrior year $503,905$1,606,263
I-13 Grants and similar amounts paidPrior year $0$118,612
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $322,630$354,877
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $846,656$567,685
I-18 Total expensesPrior year $1,169,286$1,041,174
I-19 Revenue less expensesPrior year −$665,381$565,089
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. 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 15 people listed, 1 paid by the organization
VII-1a Michael BockornyCEO$163,047
VII-1a Angie HammrichDirector$0
VII-1a Bea SmithDirector$0
VII-1a Char HagerChair$0
VII-1a Dave GiovanniniDirector$0
VII-1a David KreberDirector$0
VII-1a Dr Neal SchnoorDirector$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 Tim HaniganDirector$0
Part VIII · Statement of revenue $1,606,263 across 9 lines filed
VIII-1e Government grants$81,534
VIII-1f All other contributions, gifts and grants$35,762
VIII-1h Total contributions, gifts and grants$117,296
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $236,461$236,461
VIII-3 Investment incomeUnrelated business −$8,992 · Excluded from tax $93,481$84,489
VIII-6 Net rental income or lossExcluded from tax $10,000$10,000
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,152,208$1,152,208
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,809$5,809
VIII-12 Total revenueRelated to mission $242,270 · Unrelated business −$8,992 · Excluded from tax $1,255,689$1,606,263
Part IX · Statement of functional expenses $1,041,174 across 18 lines filed
IX-1 Grants to domestic organizations$118,612
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.$187,808
IX-7 Other salaries and wages$116,082
IX-8 Pension plan contributions$5,200
IX-9 Other employee benefits$25,141
IX-10 Payroll taxes$20,646
IX-11f Investment management fees$19,828
IX-11g Other fees for services$141,708
IX-12 Advertising and promotion$5,230
IX-13 Office expenses$41,721
IX-16 Occupancy$46,810
IX-17 Travel$10,724
IX-19 Conferences, conventions and meetings$9,142
IX-20 Interest$106,385
IX-22 Depreciation, depletion and amortization$74,860
IX-23 Insurance$19,947
IX-24 Other expenses (24a–d)$88,216
IX-24e All other expenses$3,114
IX-25 Total functional expenses$1,041,174
Part X · Balance sheet $12,144,487 assets, 18 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,644,917$1,655,407
X-3 Pledges and grants receivableStart of year $734,724$390,136
X-4 Accounts receivable$8,651
X-7 Notes and loans receivableStart of year $2,139,636$3,022,704
X-9 Prepaid expenses and deferred chargesStart of year $6,749$5,759
X-10c Land, buildings and equipment, netStart of year $3,252,001$3,642,179
X-11 Publicly traded securitiesStart of year $2,543,405$3,188,419
X-12 Other securitiesStart of year $191,480$202,330
X-15 Other assetsStart of year $2,453,899$28,902
X-16 Total assetsStart of year $13,966,811$12,144,487
X-17 Accounts payable and accrued expensesStart of year $98,832$119,978
X-23 Secured mortgages and notes payableStart of year $3,595,275$2,293,341
X-24 Unsecured notes and loans payableStart of year $500,000$0
X-26 Total liabilitiesStart of year $4,194,107$2,413,319
X-27 Net assets without donor restrictionsStart of year $4,883,928$5,222,388
X-28 Net assets with donor restrictionsStart of year $4,888,776$4,508,780
X-32 Total net assets or fund balancesStart of year $9,772,704$9,731,168
X-33 Total liabilities and net assetsStart of year $13,966,811$12,144,487
Part XI · Reconciliation of net assets $9,731,168 net assets at year end
XI-1 Total revenue$1,606,263
XI-2 Total expenses$1,041,174
XI-3 Revenue less expenses$565,089
XI-4 Net assets at start of year$9,772,704
XI-5 Net unrealized gains (losses) on investments−$405,506
XI-8 Prior period adjustments−$201,119
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,731,168

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

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