Civic Intelligence

Shiawassee Economic Development

990 • Fiscal year 2023 • EIN 26-3911625

Jan 01, 2023 to Dec 31, 2023 • Filed on May 22, 2024

Organization ProfileWWW.SEDPWEB.ORG
PO Box 995Owosso, MI 48867

(989) 725-9241

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.02x

Higher debt load relative to assets than 42% of similar nonprofits.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

35th percentile

0.01x

Higher debt load relative to revenue than 35% of similar nonprofits.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2023

Net Margin

52nd percentile

4.3%

Higher net margin than 52% of similar nonprofits.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

78th percentile

$118,629

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 15.8% of source-year revenue.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2023

Asset Growth

79th percentile

19%

Faster asset growth than 79% of similar nonprofits.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

92nd percentile

60%

Faster revenue growth than 92% of similar nonprofits.

2023 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$340,020

Up $54,477 (+19%) from 2022

Net Assets

Up

$332,718

Up $58,923 (+22%) from 2022

Liabilities

Down

$7,302

Down $4,446 (-38%) from 2022

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin52nd percentile

Revenue

Up

$750,354

Up $282,270 (+60%) from 2022

Expenses

Up

$718,091

Up $187,782 (+35%) from 2022

Net Income

Up

$32,263

Up $94,488 (+152%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth79th 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

2023

Assets$340,020
Liabilities$7,302
Net Assets$332,718
Open 2023 Filing

Operations Trend

Revenue Growth92nd 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

2023

Revenue$750,354
Expenses$718,091
Net Income$32,263
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 22, 2024
Return Version
2023v5.0
Gross Receipts
$890,353
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
Investments in Publicly Traded Securities$198,740$233,636▲ $34,896
Cash and Non-Interest-Bearing Accounts$85,748$106,384▲ $20,636
Other Notes and Loans Receivable, Net$1,055--
Total Assets$285,543$340,020▲ $54,477
Liabilities
Accounts Payable and Accrued Expenses$11,748$7,302▼ $4,446
Total Liabilities$11,748$7,302▼ $4,446
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$273,795$300,218▲ $26,423
Net Assets With Donor Restrictions-$32,500-
Total Net Assets Fund Balance$273,795$332,718▲ $58,923
Total Liabilities and Net Assets / Fund Balance$285,543$340,020▲ $54,477
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Justin HorvathCEOFT$105,000$13,629$118,629

Board Members and Trustees

NameTitle
Bryan Marks Great Lakes FushionChair
Tom Kurtz Memorial HealthcareVice-chair
Amy Holek Caledonia TownshipTrustee
Charlene Hebekeuser Tri-mer CorpTrustee
Chris Taphouse Covenant EyesTrustee
Collin Rose DaystarrTrustee
Craig Bishop Huntington BankTrustee
David Schulte Shiawassee ResdTrustee
Diane Krajcovic Owosso TownshipTrustee
Eric Walther Crest MarineTrustee
Gary Holzhausen Shiawassee CountyTrustee
Jason Ball Rowe Professional ServTrustee
Joe Sawyer City of CorunnaTrustee
Kent Edwards Rowe Professional SevTrustee
Mark Fraser Perry TownshipTrustee
Michael Modlin Fifth Third BankTrustee
Mike Konopacke Baker CollegeTrustee
Nathan Henne City of OwossoTrustee
Paul Cook Cook Family FoundationTrustee
Rafael Turner Consumers EnergyTrustee
Ron Mallory Mallory BuildingTrustee
Chad Cushman Indian TrailsSecretary
Sammy Beydoun Sa AutomotiveTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$765,801
Program Service Revenue
$44,897
Investment Income
$-135,091
Other Revenue
$74,747
All Other Contributions
$41,423
Change in Net Assets
$32,263

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$35,016
Other Non Cash Contri Table1$24,809
Other Non Cash Contri Table1$3,442
Total Noncash Contributions3$63,267

Audited Revenue Reconciliation

Revenue per Audited Statements
$748,049
Revenue Not Reported on Financial Statements
$2,305
Revenue Not Reported on Form 990
$168,964
Total Revenue per Audited Statements
$917,013
Total Revenue per Form 990
$750,354
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$399,450
Salaries, Compensation, and Employee Benefits$318,641
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising---$334,768
Other Salaries and Wages---$155,376
Current Officers, Directors, Trustees, and Key Employees---$105,000
Occupancy---$35,017
Other Employee Benefits---$29,964
Payroll Taxes---$20,490
Pension Plan Contributions---$7,811
Fees for Services Accounting---$6,720
Conferences and Meetings---$6,285
Information Technology---$5,266
Travel---$4,286
Office Expenses---$3,333
Insurance---$2,370
Fees for Services Other---$1,405
Total Functional Expenses$0$0$0$718,091

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$718,091
Expenses per Audited Statements$717,036
Total Expenses per Audited Statements$717,036
Expenses Not Reported on Financial Statements$1,055
Other Expense Adjustments$1,055
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
Yes
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 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
PO BOX 995, OWOSSO, MI 48867

Signing Officer

Name
Justin Horvath
Title
CEO
Phone
9897259241
Signed
2024-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justin Horvath
Formed
2009
Legal Domicile
Mi
Voting Board Members
23
Independent Board Members
23
Employees
4
Volunteers
50

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.”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Land option income (impairment) 139,999”

Schedule D, Page 4, Part XII, Line 4B

“PRIOR YEAR 1,055”

Raw XML AppendixShowing 400 of 490 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt13CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE-CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
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IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO IMPROVE SHIAWASSEE COUNTY'S ECONOMY THROUGH A PROGRAM OF BUSINESS ATTRACTION, RETENTION, EXPANSION, AND ENTREPRENEURIAL DEVELOPMENT.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NetUnrlzdGainsLossesInvstAmt028968
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IRS990/OtherRevenueMiscGrp/Desc0ADMINISTRATIVE SERVICES
IRS990/OtherRevenueMiscGrp/Desc1SPECIAL EVENTS
IRS990/OtherRevenueMiscGrp/Desc2PROPERTY MANAGEMENT
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt122815
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt122815
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IRS990/OtherRevenueTotalAmt074747
IRS990/OtherSalariesAndWagesGrp/TotalAmt0155376
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IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/TotalAmt020490
IRS990/PensionPlanContributionsGrp/TotalAmt07811
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0JUSTIN HORVATH
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0519100
IRS990/ProgramServiceRevenueGrp/Desc0CONTRACTED GRANT WRITING
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt044897
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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LAND OPTION INCOME (IMPAIRMENT) 139,999
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PRIOR YEAR 1,055
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleD/TotalRevenuePerForm990Amt0750354
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IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0SERVICES
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IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt124809
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt235016
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IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ASSIST SHIAWASSEE COUNTY RESIDENTS IN STARTING AND GROWING THEIR OWN BUSINESSES BY PROVIDING BUSINESS SUPPORT SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH MEMBER INVESTOR MAKING A 10,000 ANNUAL CONTRIBUTION IS ENTITLED TO A SEAT ON THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD REPRESENTATIVE REVIEW OF COMPLETED FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED VIA DISCLOSURES BY BOARD OF DIRECTORS AND STAFF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PERFORMANCE ASSESSMENTS PROVIDE A BASIS FOR COMPENSATION IN CONJUNCTION WITH MARKET ANALYSIS OF SIMILAR FUNCTIONS. COMPENSATION CONTRACTS ARE APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$340,020
Liabilities
$7,302
Net assets
$332,718
Revenue
$750,354
Expenses
$718,091
Net income
$32,263
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