Civic Intelligence

Shiawassee Economic Development

990 • Fiscal year 2020 • EIN 26-3911625

Jan 01, 2020 to Dec 31, 2020 • Filed on May 01, 2021

Organization ProfileWWW.SEDPWEB.ORG
215 N WaterOwosso, MI 48867

(989) 725-9241

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

79th percentile

0.35x

Higher debt load relative to assets than 79% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

66th percentile

0.22x

Higher debt load relative to revenue than 66% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Net Margin

82nd percentile

23%

Higher net margin than 82% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

69th percentile

$102,342

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 18.3% of source-year revenue.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Asset Growth

98th percentile

233%

Faster asset growth than 98% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

36%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$348,267

Up $243,680 (+233%) from 2019

Net Assets

Up

$227,629

Up $127,109 (+126%) from 2019

Liabilities

Up

$120,638

Up $116,571 (+2866%) from 2019

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin82nd percentile

Revenue

Up

$558,720

Up $148,116 (+36%) from 2019

Expenses

Up

$431,962

Up $26,258 (+6.5%) from 2019

Net Income

Up

$126,758

Up $121,858 (+2487%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600K$400K$200K$0Assets 2010: $48,633Liabilities 2010: $247Net Assets 2010: $48,3862010Assets 2011: $83,197Liabilities 2011: $126Net Assets 2011: $83,0712011Assets 2012: $101,724Liabilities 2012: $0Net Assets 2012: $101,7242012Assets 2013: $115,339Liabilities 2013: $0Net Assets 2013: $115,3392013Assets 2014: $168,115Liabilities 2014: $0Net Assets 2014: $168,1152014Assets 2015: $172,766Liabilities 2015: $0Net Assets 2015: $172,7662015Assets 2016: $95,181Liabilities 2016: $0Net Assets 2016: $95,1812016Assets 2017: $72,654Liabilities 2017: $3,236Net Assets 2017: $69,4182017Assets 2018: $97,547Liabilities 2018: $3,920Net Assets 2018: $93,6272018Assets 2019: $104,587Liabilities 2019: $4,067Net Assets 2019: $100,5202019Assets 2020: $348,267Liabilities 2020: $120,638Net Assets 2020: $227,6292020Assets 2021: $386,438Liabilities 2021: $8,344Net Assets 2021: $378,0942021Assets 2022: $285,543Liabilities 2022: $11,748Net Assets 2022: $273,7952022Assets 2023: $340,020Liabilities 2023: $7,302Net Assets 2023: $332,7182023Assets 2024: $559,266Liabilities 2024: $5,155Net Assets 2024: $554,1112024

Highlighted filing

2020

Assets$348,267
Liabilities$120,638
Net Assets$227,629
Open 2020 Filing

Operations Trend

Revenue Growth94th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $221,2442010Expenses 2011: $207,0222011Expenses 2012: $278,3482012Revenue 2013: $297,005Expenses 2013: $283,390Net Income 2013: $13,6152013Revenue 2014: $356,343Expenses 2014: $300,860Net Income 2014: $55,4832014Revenue 2015: $297,340Expenses 2015: $288,467Net Income 2015: $8,8732015Revenue 2016: $408,585Expenses 2016: $487,666Net Income 2016: -$79,0812016Revenue 2017: $327,261Expenses 2017: $354,494Net Income 2017: -$27,2332017Revenue 2018: $381,146Expenses 2018: $354,047Net Income 2018: $27,0992018Revenue 2019: $410,604Expenses 2019: $405,704Net Income 2019: $4,9002019Revenue 2020: $558,720Expenses 2020: $431,962Net Income 2020: $126,7582020Revenue 2021: $687,438Expenses 2021: $546,080Net Income 2021: $141,3582021Revenue 2022: $468,084Expenses 2022: $530,309Net Income 2022: -$62,2252022Revenue 2023: $750,354Expenses 2023: $718,091Net Income 2023: $32,2632023Revenue 2024: $1,019,599Expenses 2024: $819,798Net Income 2024: $199,8012024

Highlighted filing

2020

Revenue$558,720
Expenses$431,962
Net Income$126,758
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 1, 2021
Return Version
2020v4.0
Gross Receipts
$558,720
Mission and Program Overview

Mission

To improve shiawassee county's economy through a program of business attraction, retention, expansion, and entrepreneurial development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$43,204$270,261▲ $227,057
Investments in Publicly Traded Securities$25,919$78,006▲ $52,087
Savings and Temporary Cash Investments$35,464--
Total Assets$104,587$348,267▲ $243,680
Liabilities
Mortgage Notes Payable Secured by Investment Property-$109,000-
Accounts Payable and Accrued Expenses$4,067$11,638▲ $7,571
Total Liabilities$4,067$120,638▲ $116,571
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$100,520$227,629▲ $127,109
Total Net Assets Fund Balance$100,520$227,629▲ $127,109
Total Liabilities and Net Assets / Fund Balance$104,587$348,267▲ $243,680
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Justin HorvathCEOFT$91,789$10,553$102,342

Board Members and Trustees

NameTitle
Joe Sawyer City of CorunnaChair
Brad Kirkland Oxford BankTrustee
Brian Boggs Shiawassee CountyTrustee
Bruce Cook Cook Family FoundationTrustee
Chad Cushman Indian TrailsTrustee
Charlene Hebekeuser Tri-mer CorpTrustee
Chris Taphouse Covenant EyesTrustee
Collen Patrick Fifth Third BankTrustee
Craig Bishop Chemical BankTrustee
David Schulte Shiawassee ResdTrustee
Gary Holzhauseb Shiawassee CountyTrustee
Kathryn Burkholder Consumers EnergyTrustee
Mark Fraser Perry TownshipTrustee
Mark Hudson Daystarr CommunicationsTrustee
Marty Johnson City of DurandTrustee
Mike Konopacke Baker CollegeTrustee
Nathan Henne City of OwossoTrustee
Pat May Crest MarineTrustee
Paul Cook Wolverine Sign WorksTrustee
Rick Freeman Rowe Professional SevTrustee
Tom Bridges Tom Bridges AttorneyTrustee
Tom Kurtz Memorial HealthcareTrustee
Bryan Marks Great Lakes FushionSecretary
Greg Klapko Chamber of CommerceTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$150,267
Program Service Revenue
$353,319
Investment Income
$2,057
Other Revenue
$53,077
All Other Contributions
$5,168
Change in Net Assets
$126,758

Audited Revenue Reconciliation

Revenue per Audited Statements
$558,060
Revenue Not Reported on Financial Statements
$660
Revenue Not Reported on Form 990
$1,011
Total Revenue per Audited Statements
$559,071
Total Revenue per Form 990
$558,720
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$228,634
Other Expenses$203,328
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising---$104,170
Current Officers, Directors, Trustees, and Key Employees---$102,342
Other Salaries and Wages---$95,952
Fees for Services Other---$37,863
Occupancy---$32,597
Other Expenses---$17,225
Payroll Taxes---$14,758
Other Employee Benefits---$13,154
Office Expenses---$4,545
Fees for Services Accounting---$2,550
Pension Plan Contributions---$2,428
Travel---$2,358
Insurance---$2,020
Total Functional Expenses$0$0$0$431,962

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$431,962
Total Expenses per Audited Statements$431,962
Total Expenses per Form 990$431,962
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Bruce cook paul cook director director family”

Form 990, Page 6, Part VI, Line 7A

“Each member investor making a 10,000 annual contribution is entitled to a seat on the board of directors.”

Form 990, Page 6, Part VI, Line 11B

“Board representative review of completed filing.”

Form 990, Page 6, Part VI, Line 12C

“Reviewed via disclosures by board of directors and staff.”

Form 990, Page 6, Part VI, Line 15A

“Performance assessments provide a basis for compensation in conjunction with market analysis of similar functions. Compensation contracts are approved by the board.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Shiawassee Economic Development
EIN
26-3911625
Phone
9897259241
Address
215 N WATER, OWOSSO, MI 48867

Signing Officer

Name
Justin Horvath
Title
CEO
Phone
9897259241
Signed
2021-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justin Horvath
Formed
2009
Legal Domicile
Mi
Voting Board Members
25
Independent Board Members
25
Employees
4
Volunteers
25

Preparer

Firm
Vmd & Associates Pllc
Address
PO BOX 37, OWOSSO, MI 48867-0037
Preparer
Randy F Meder
Phone
9897238171
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Assist shiawassee county residents in starting and growing their own businesses by providing business support services.”

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IRS990/MissionDesc0TO IMPROVE SHIAWASSEE COUNTY'S ECONOMY THROUGH A PROGRAM OF BUSINESS ATTRACTION, RETENTION, EXPANSION, AND ENTREPRENEURIAL DEVELOPMENT.
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0JUSTIN HORVATH
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IRS990/ProgSrvcAccomActy2Grp/Desc0BUSINESS ATTRACTION: DESIGN AND IMPLEMENT A MARKETING PROGRAM TO SHOWCASE SHIAWASSEE COUNTY AS A BUSINESS DESTINTION AND FOR INTERESTED PARTIES PROVIDE ASSISTANCE SIMILAR TO EXISTING BUSINESS CLIENTS.
IRS990/ProgSrvcAccomActy3Grp/Desc0INVESTOR PUBLIC RELATIONS: INCREASE THE KNOWLEDGE AND AWARENESS OF SEDP ACTIVITIES AND OFFERINGS WITH MEMBERS, COMMUNITY GROUPS, PUBLIC, AND ECONOMIC DEVELOPMENT PEERS.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0ASSIST SHIAWASSEE COUNTY RESIDENTS IN STARTING AND GROWING THEIR OWN BUSINESSES BY PROVIDING BUSINESS SUPPORT SERVICES.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ASSIST SHIAWASSEE COUNTY RESIDENTS IN STARTING AND GROWING THEIR OWN BUSINESSES BY PROVIDING BUSINESS SUPPORT SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BRUCE COOK PAUL COOK DIRECTOR DIRECTOR FAMILY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH MEMBER INVESTOR MAKING A 10,000 ANNUAL CONTRIBUTION IS ENTITLED TO A SEAT ON THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD REPRESENTATIVE REVIEW OF COMPLETED FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4REVIEWED VIA DISCLOSURES BY BOARD OF DIRECTORS AND STAFF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5PERFORMANCE ASSESSMENTS PROVIDE A BASIS FOR COMPENSATION IN CONJUNCTION WITH MARKET ANALYSIS OF SIMILAR FUNCTIONS. COMPENSATION CONTRACTS ARE APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$348,267
Liabilities
$120,638
Net assets
$227,629
Revenue
$558,720
Expenses
$431,962
Net income
$126,758
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.56$0.01$0.55$1.02$0.82$0.20
2023Detailed filing. Detailed filing data is available for this year.$0.34$0.01$0.33$0.75$0.72$0.03
2022Detailed filing. Detailed filing data is available for this year.$0.29$0.01$0.27$0.47$0.53$0.06
2021Detailed filing. Detailed filing data is available for this year.$0.39$0.01$0.38$0.69$0.55$0.14
2020Detailed filing. Detailed filing data is available for this year.$0.35$0.12$0.23$0.56$0.43$0.13
2019Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.10$0.41$0.41$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.09$0.38$0.35$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.07$0.00$0.07$0.33$0.35$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.10$0.41$0.49$0.08
2015Detailed filing. Detailed filing data is available for this year.$0.17$0.00$0.17$0.30$0.29$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.17$0.00$0.17$0.36$0.30$0.06
2013Detailed filing. Detailed filing data is available for this year.$0.12$0.00$0.12$0.30$0.28$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.10$0.00$0.10$0.28
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.08$0.00$0.08$0.21
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.00$0.05$0.22