Maddock Economic Development Inc
- Assets
- $125.2k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Maddock, ND
- Founding
- 11/1997
- Data as of
- 12/2020
- EIN
- 45-0379098
Organization Overview
Maddock Economic Development Inc is located in Maddock, ND. The organization was established in 1997. 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. Maddock Economic Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Maddock Economic Development Inc generated $25.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (19.0%) each year. All expenses for the organization totaled $18.2k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (24.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2020
Describe the Organization's Program Activity:
Part 3
TO ACT AS AN AGENT OR TRUSTEE IN RELATIONSHIPS IN THE RETENTION AND DEVELOPMENT OF THE CITY AND ADJACNT TRADE AREA
TO ACT AS AN AGENT OR TRUSTEE IN RELATIONSHIPS IN THE RETENTION AND DEVELOPMENT OF THE CITY AND ADJACNT TRADE AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Swanson President | 1 | $0 | |
Randy Simon Director | 0 | $0 | |
Dave Kenner Vice President | 1 | $0 | |
Lu Mathison Director | 0 | $0 | |
Doug Arnston Director | 0 | $0 | |
Lee Jacobson Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $25,499 |
| Membership dues | $0 |
| Investment income | $273 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $25,772 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $15,308 |
| Professional fees and other payments to independent contractors | $450 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $2,490 |
| Total expenses | $18,248 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $122,349 |
| Other assets | $0 |
| Total assets | $125,158 |
| Total liabilities | $2,227 |
| Net assets or fund balances | $122,931 |
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 |
Northspan Group Incorporated Duluth, MN | $484,560 | $824,081 |
West Broadway Area Coalition Minneapolis, MN | $5,268,017 | $711,000 |
Downtown Billings Bid Inc Billings, MT | $644,647 | $678,748 |
Mitchell Area Development Corporation Mitchell, SD | $4,585,529 | $855,472 |
Dunn County Fair Association Killdeer, ND | $4,427,351 | $801,598 |
Lemmon Area Charitable And Economic Development Corporation Lemmon, SD | $1,191,759 | $524,299 |
Anaconda Local Development Corp Anaconda, MT | $2,603,988 | $452,869 |
Timber Lake & Area Development Inc Timber Lake, SD | $616,290 | $242,800 |