Brandon Development Foundation Inc
- Assets
- $4.6m
- Revenue
- -$7.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Brandon, SD
- Founding
- 03/2000
- Data as of
- 09/2022
- EIN
- 36-3276322
Organization Overview
Brandon Development Foundation Inc is located in Brandon, SD. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brandon Development Foundation Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE BRANDON DEVELOPMENT FOUNDATION (BDF) IS TO CREATE AND TO RETAIN JOBS WITHIN THE COMMUNITY. AS A NON-PROFIT ORGANIZATION WITH A VOLUNTEER BOARD OF DIRECTORS, BDF TAKES THE LONG-VIEW AND REALIZES THAT ECONOMIC DEVELOPMENT IS A LONG-TERM EFFORT. ECONOMIC DEVELOPMENT BRINGS NEW JOBS INTO TOWN WHICH BENEFITS THE COMMUNITY THROUGH INCREASED LOCAL PAYROLLS THAT IN TURN COME BACK TO BRANDON IN TERMS OF RETAIL ACTIVITY, SALES TAX, AND INCREASED HOME OWNERSHIP. ADDITIONALLY, COMMERCIAL AND INDUSTRIAL PROPERTIES PAY PROPORTIONATELY MORE PROPERTY TAX AND TAKE BACK LESS IN SERVICES THAN RESIDENTIAL OWNERS. THE BOTTOM LINE IS THAT INDUSTRIAL GROWTH IS TAX RELIEF AND ECONOMIC DEVELOPMENT IS GOOD FOR THE CITY OF BRANDON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES IN THE CORSON INDUSTRIAL PARK IN THE PAST YEAR INCLUDED TWO LOTS OF A TOTAL OF 217,801.827 SQUARE FEET OF BARE LAND. THESE ARE THE REMAINING LOTS THAT WERE INHERITED BY THE BRANDON DEVELOPMENT FOUNDATION AFTER THE CORSON DEVELOPMENT ASSOCIATION DISBANDED AND DISTRIBUTED ASSETS LAST YEAR. AT THAT TIME, THE BRANDON DEVELOPMENT FOUNDATION ALSO INHERITED THE RAILROAD SPUR EASEMENT. ALL INDUSTRIAL PARK RAIL EASEMENTS HAVE BEEN TRANSFERRED TO THE BRANDON RAIL ASSOCIATION. SALES IN THE ROVANG INDUSTRIAL PARK IN THE PAST YEAR INCLUDED TWO LOTS FOR A TOTAL OF 237,522 SQUARE FEET OF BARE LAND. THE MAJORITY OF OUR WORK THIS PAST YEAR HAS BEEN WORKING WITH ENGINEERS AND THE EXCAVATION COMPANY TO COMPLETE THE REMAINING INFRASTRUCTURE IMPROVEMENTS IN THE ROVANG INDUSTRIAL PARK (PHASE 2). WE HAVE SEVERAL PURCHASE AGREEMENTS IN PLACE, BUT THOSE WILL LIKELY NOT CLOSE UNTIL AFTER THE IMPROVEMENTS HAVE BEEN COMPLETED. WE ANTICIPATE THIS WILL OCCUR SOMETIME AFTER OCTOBER 1, 2022.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Vandeberg Vice Chairma | OfficerTrustee | 0.5 | $0 |
Chuck Parsons Chairman | OfficerTrustee | 3 | $0 |
Patrick Andrews Secretary/tr | Officer | 3 | $0 |
Jay Buchholz Director | Trustee | 0.5 | $0 |
Steve Kolbeck Director | Trustee | 0.5 | $0 |
Tim Jorgenson Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $17,200 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $81,180 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $98,380 |
| Total Program Service Revenue | $0 |
| Investment income | $106 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,325 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$107,002 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$7,191 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,608 |
| Fees for services: Accounting | $5,330 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $217 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $42,207 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,269 |
| All other expenses | $0 |
| Total functional expenses | $73,788 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,739 |
| Savings and temporary cash investments | $99,442 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,483,967 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,000 |
| Total assets | $4,621,148 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,738,049 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $100,000 |
| Total liabilities | $1,838,049 |
| Net assets without donor restrictions | $2,783,099 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,621,148 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Brandon Development Foundation Inc has recieved totaling $72,466.
| Awarding Organization | Amount |
|---|---|
Sioux Falls Development Foundation Inc Sioux Falls, SD PURPOSE: Dissolution | $72,466 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Watertown Development Company Watertown, SD | $26,777,594 | $1,539,881 |
Destination Medical Center Corporation Rochester, MN | $379,838 | $2,053,572 |
Northside Economic Opportunity Network Minneapolis, MN | $8,534,205 | $5,326,140 |
Greater Fargo Moorhead Economic Development Corporation Fargo, ND | $1,995,409 | $1,379,514 |
Pottawattamie County Development Corporation Council Bluffs, IA | $7,450,789 | $1,451,387 |
Newbo City Market Cedar Rapids, IA | $2,228,131 | $819,874 |
Northspan Group Incorporated Duluth, MN | $484,560 | $824,081 |
Ocdc Inc Orange City, IA | $11,104,202 | $1,328,566 |
West Broadway Area Coalition Minneapolis, MN | $5,268,017 | $711,000 |
Downtown Billings Bid Inc Billings, MT | $644,647 | $678,748 |
Lee County Economic Development Group Inc Montrose, IA | $1,195,323 | $903,692 |
Mitchell Area Development Corporation Mitchell, SD | $4,585,529 | $855,472 |