River Falls Economic Development Corporation
- Assets
- $3.7m
- Revenue
- $263.6k
- Investments
- $0.0
- Employees
- 0
- Location
- River Falls, WI
- Founding
- 04/1992
- Data as of
- 12/2021
- EIN
- 39-1685445
Organization Overview
River Falls Economic Development Corporation is located in River Falls, WI. The organization was established in 1992. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, 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. River Falls Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, River Falls Economic Development Corporation generated $263.6k in total revenue. All expenses for the organization totaled $279.0k during the year ending 12/2021. While expenses have increased by 80.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
RIVER FALLS ECONOMIC DEVELOPMENT CORPORATION (RFEDC) IS A VOLUNTARY NON- PROFIT ORGANIZATION THAT COLLABORATES WITH THE CITY OF RIVER FALLS, PIERCE COUNTY ECONOMIC DEVELOPMENT CORPORATION, ST. CROIX ECONOMIC DEVELOPMENT CORPORATION, AND THE WISCONSIN ECONOMIC DEVELOPMENT CORPORATION TO INCREASE EMPLOYMENT OPPORTUNITIES THROUGH INDUSTRIAL DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST NEW BUSINESS START UPS AND PROVIDE RENTAL OR NEW CONSTRUCTION OPPORTUNITIES FOR NEW AND EXISTING BUSINESSES IN THE CITY OF RIVER FALLS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Leitch Vice Preside | OfficerTrustee | 1 | $0 |
Keri Schreiner Treasurer/se | OfficerTrustee | 1 | $0 |
Joe Fischer President | OfficerTrustee | 1 | $0 |
Scot Simpson Executive Di | OfficerTrustee | 1 | $0 |
Max Neuhaus Director | Trustee | 1 | $0 |
Rosanne Bump Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,000 |
| Total Program Service Revenue | $232,413 |
| Investment income | $175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $263,588 |
| 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 | $0 |
| Fees for services: Accounting | $2,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,439 |
| Advertising and promotion | $1,328 |
| Office expenses | $15,000 |
| Information technology | $2,250 |
| Royalties | $0 |
| Occupancy | $64,481 |
| Travel | $145 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $554 |
| Interest | $69,959 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $101,467 |
| Insurance | $12,425 |
| All other expenses | $0 |
| Total functional expenses | $279,009 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $210,549 |
| Savings and temporary cash investments | $214,964 |
| Pledges and grants receivable | $11,280 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,189,229 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $49,561 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,675,583 |
| Accounts payable and accrued expenses | $11,951 |
| 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 | $1,325,537 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,337,488 |
| Net assets without donor restrictions | $2,338,095 |
| 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 | $3,675,583 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that River Falls Economic Development Corporation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Westconsin Credit Union Menomonie, WI PURPOSE: BUS INCUBATION CTR DONATION | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Cooperative Services Oronoco, MN | $177,535,847 | $51,884,380 |
Ann Arbor Spark Ann Arbor, MI | $15,665,812 | $11,784,140 |
Benedictine Living Community Owatonna Minneapolis, MN | $16,154,920 | $11,439,984 |
German-American Chamber Of Commerce Of The Midwest Chicago, IL | $9,537,423 | $9,672,106 |
Greater Milwaukee Convention & Visitors Bureau Inc Milwaukee, WI | $13,303,680 | $5,924,757 |
The Chicago Association Of Realtors Inc Chicago, IL | $11,107,922 | $7,821,690 |
Illinois Small Business Growth Corporation Springfield, IL | $2,478,514 | $7,890,542 |
Mainstreet Organization Of Realtors Downers Grove, IL | $23,598,352 | $9,176,226 |
Small Business Assoc Of Mich Lansing, MI | $1,798,183 | $7,497,354 |
Rochester Mn Convention & Visitors Bureau Rochester, MN | $3,813,150 | $6,781,864 |
Builders Association Of The Twin Cities Roseville, MN | $16,664,252 | $7,996,813 |
International Society Of Transport Aircraft Traders Chicago, IL | $15,949,487 | $6,305,891 |