Vermillion Development Company

Organization Overview

Vermillion Development Company is located in Vermillion, SD. The organization was established in 1978. According to its NTEE Classification (A60) the organization is classified as: Performing Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Vermillion Development Company employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermillion Development Company is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.

For the year ending 12/2021, Vermillion Development Company generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 11.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE AND DEVELOP ECONOMIC GROWTH FOR THE CITY OF VERMILLION, SD

Describe the Organization's Program Activity:

Part 3 - Line 4a

WORK TOWARDS THE ORGANIZATIONS COMMUNITY BETTERMENT AND ECONOMIC DEVELOPMENT GOALS OF SUSTAINABLE BUSINESS DEVELOPMENT AND GREATER COMMUNITY AWARENESS THROUGH ITS PROGRAMS AND ECONOMIC DEVELOPMENT INITIATIVES


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Board, Officers & Key Employees

Name (title)Compensation
Scott Pohlson
President
$0
Jeff Erickson
Vice President
$0
Jami Baedke
Past President
$0
Prescott John
Treasurer
$0
Joe Hoose
Secretary
$0
Mike Manning
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$94,295
Fundraising events$0
Related organizations$0
Government grants $265,091
All other contributions, gifts, grants, and similar amounts not included above$437,144
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$796,530
Total Program Service Revenue$59,522
Investment income $253
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $530,085
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events -$98,475
Net Income from Gaming Activities $0
Net Income from Sales of Inventory -$9,202
Miscellaneous Revenue$0
Total Revenue $1,278,713

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Vermillion Development Company has recieved totaling $45,000.

Awarding OrganizationAmount
Sanford

Sioux Falls, SD

PURPOSE: ECONOMIC DEVELOPMENT

$30,000
University Of South Dakota Foundation

Vermillion, SD

PURPOSE: PROGRAM SUPPORT

$15,000
View Grant Recipient Profile

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