Civic Intelligence

Worthington Regional Economic Development Corporation

EIN 36-3339749 • 501(c)6 • Worthington, MN

Profile

To promote worthington and nobles county as the area to conduct business and to provide leadership for growth and expansion.

700 Second AveWorthington, MN 56187

www.worthington-minnesota.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

24th percentile

0.02x

Higher debt load relative to assets than 24% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

56th percentile

0.20x

Higher debt load relative to revenue than 56% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

90th percentile

28%

Higher net margin than 90% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

30th percentile

$0

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

42nd percentile

2.8%

Faster asset growth than 42% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

82nd percentile

24%

Faster revenue growth than 82% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$1,706,433

Up $46,590 (+2.8%) from 2023

Liabilities

Up

$28,807

Up $7,643 (+36%) from 2023

Net Assets

Up

$1,677,626

Up $38,947 (+2.4%) from 2023

Operations
Liabilities / Revenue56th percentileNet Margin90th percentile

Revenue

Up

$140,689

Up $27,402 (+24%) from 2023

Expenses

Up

$101,742

Up $38,296 (+60%) from 2023

Net Income

Down

$38,947

Down $10,894 (-22%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth42nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0Assets 2010: $290,776Liabilities 2010: $3,849Net Assets 2010: $286,9272010Assets 2011: $334,515Liabilities 2011: $3,511Net Assets 2011: $331,0042011Assets 2012: $338,980Liabilities 2012: $3,574Net Assets 2012: $335,4062012Assets 2013: $417,731Liabilities 2013: $3,820Net Assets 2013: $413,9112013Assets 2014: $446,247Liabilities 2014: $50,915Net Assets 2014: $395,3322014Assets 2015: $1,009,944Liabilities 2015: $29,467Net Assets 2015: $980,4772015Assets 2016: $1,133,239Liabilities 2016: $23,318Net Assets 2016: $1,109,9212016Assets 2017: $1,230,929Liabilities 2017: $24,888Net Assets 2017: $1,206,0412017Assets 2018: $1,235,718Liabilities 2018: $7,309Net Assets 2018: $1,228,4092018Assets 2019: $1,339,076Liabilities 2019: $22,985Net Assets 2019: $1,316,0912019Assets 2020: $1,391,557Liabilities 2020: $91Net Assets 2020: $1,391,4662020Assets 2021: $1,452,329Liabilities 2021: $18,146Net Assets 2021: $1,434,1832021Assets 2022: $1,599,553Liabilities 2022: $10,715Net Assets 2022: $1,588,8382022Assets 2023: $1,659,843Liabilities 2023: $21,164Net Assets 2023: $1,638,6792023Assets 2024: $1,706,433Liabilities 2024: $28,807Net Assets 2024: $1,677,6262024

Highlighted filing

2024

Assets$1,706,433
Liabilities$28,807
Net Assets$1,677,626
Open 2024 Filing

Operations Trend

Revenue Growth82nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $191,4402010Expenses 2011: $310,7912011Expenses 2012: $213,4072012Revenue 2013: $256,585Expenses 2013: $178,080Net Income 2013: $78,5052013Revenue 2014: $208,851Expenses 2014: $227,430Net Income 2014: -$18,5792014Revenue 2015: $812,290Expenses 2015: $227,145Net Income 2015: $585,1452015Revenue 2016: $349,097Expenses 2016: $219,653Net Income 2016: $129,4442016Revenue 2017: $305,218Expenses 2017: $209,098Net Income 2017: $96,1202017Revenue 2018: $210,728Expenses 2018: $188,360Net Income 2018: $22,3682018Revenue 2019: $228,542Expenses 2019: $140,860Net Income 2019: $87,6822019Revenue 2020: $128,674Expenses 2020: $53,299Net Income 2020: $75,3752020Revenue 2021: $119,491Expenses 2021: $76,774Net Income 2021: $42,7172021Revenue 2022: $218,077Expenses 2022: $63,422Net Income 2022: $154,6552022Revenue 2023: $113,287Expenses 2023: $63,446Net Income 2023: $49,8412023Revenue 2024: $140,689Expenses 2024: $101,742Net Income 2024: $38,9472024

Highlighted filing

2024

Revenue$140,689
Expenses$101,742
Net Income$38,947
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,706,433
Liabilities
$28,807
Net assets
$1,677,626
Revenue
$140,689
Expenses
$101,742
Net income
$38,947
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.71$0.03$1.68$0.14$0.10$0.04
2023Detailed filing. Detailed filing data is available for this year.$1.66$0.02$1.64$0.11$0.06$0.05
2022Detailed filing. Detailed filing data is available for this year.$1.60$0.01$1.59$0.22$0.06$0.15
2021Detailed filing. Detailed filing data is available for this year.$1.45$0.02$1.43$0.12$0.08$0.04
2020Detailed filing. Detailed filing data is available for this year.$1.39$0.00$1.39$0.13$0.05$0.08
2019Detailed filing. Detailed filing data is available for this year.$1.34$0.02$1.32$0.23$0.14$0.09
2018Detailed filing. Detailed filing data is available for this year.$1.24$0.01$1.23$0.21$0.19$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.23$0.02$1.21$0.31$0.21$0.10
2016Detailed filing. Detailed filing data is available for this year.$1.13$0.02$1.11$0.35$0.22$0.13
2015Detailed filing. Detailed filing data is available for this year.$1.01$0.03$0.98$0.81$0.23$0.59
2014Detailed filing. Detailed filing data is available for this year.$0.45$0.05$0.40$0.21$0.23$0.02
2013Detailed filing. Detailed filing data is available for this year.$0.42$0.00$0.41$0.26$0.18$0.08
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.34$0.00$0.34$0.21
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.33$0.00$0.33$0.31
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.29$0.00$0.29$0.19
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 9, 2025
Return Version
2024v5.0
Gross Receipts
$140,689
Mission and Program Overview

Mission

To promote worthington and nobles county as the area to conduct business and to provide leadership for growth and expansion.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$579,585$617,802▲ $38,217
Savings and Temporary Cash Investments$403,494$513,657▲ $110,163
Other Notes and Loans Receivable, Net$542,754$467,010▼ $75,744
Accounts Receivable$37,000$19,217▼ $17,783
Land, Buildings, and Equipment, Net$4,898$3,498▼ $1,400
Prepaid Expenses and Deferred Charges$2,112$249▼ $1,863
Total Assets$1,659,843$1,706,433▲ $46,590
Other Assets Total$90,000$85,000▼ $5,000
Liabilities
Other Liabilities$21,164$28,807▲ $7,643
Total Liabilities$21,164$28,807▲ $7,643
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,638,679$1,677,626▲ $38,947
Total Net Assets Fund Balance$1,638,679$1,677,626▲ $38,947
Total Liabilities and Net Assets / Fund Balance$1,659,843$1,706,433▲ $46,590

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,498$22,148$25,646
Compensation and Service Providers
Top Officer Pay30th percentile

Board Members and Trustees

NameTitle
Mark VisChair
Melissa GehlVice Chair
Jill CuperusDirector
Jon StandaferDirector
Matt AltmanDirector
Minilik MershaDirector
Paige KinleyDirector
Robin MoserDirector
Jaime SalinasExecutive Di
Bob Demuth JrStakeholder
Scott HainStakeholder
Steve RobinsonStakeholder
Cindy ElsingTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$103,000
Program Service Revenue
$0
Investment Income
$37,689
Other Revenue
$0
All Other Contributions
$103,000
Change in Net Assets
$38,947

Audited Revenue Reconciliation

Revenue per Audited Statements
$140,689
Total Revenue per Audited Statements
$140,689
Total Revenue per Form 990
$140,689
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$101,742
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting-$7,800-$7,800
Insurance$7,243--$7,243
Depreciation Depletion$5,119$1,280-$6,399
Office Expenses$1,951$44-$1,995
Conferences and Meetings$1,919--$1,919
Advertising$1,194--$1,194
Travel$825--$825
Other Expenses$500--$500
Total Functional Expenses$92,618$9,124$0$101,742

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$101,742
Total Expenses per Audited Statements$101,742
Total Expenses per Form 990$101,742
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Chamber$28,679
A/p State Elp Funds$128
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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 11B

“Board presentation and approval prior to filing.”

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

“Executive director annual review by board of directors”

Form 990, Page 6, Part VI, Line 19

“Available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Worthington Regional Economic
EIN
36-3339749
Phone
5073725515
Address
700 SECOND AVE, WORTHINGTON, MN 56187

Signing Officer

Name
Jaime Salinas
Title
Executive Director
Phone
5073725515
Signed
2025-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cindy Elsing
Formed
1984
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
0

Preparer

Firm
Drealan Kvilhaug Hoefker & Co Pa
Address
909 4TH AVE STE A, WORTHINGTON, MN 56187-2326
Preparer
Ellen K Hoefker Mbacpa
Phone
5073764151
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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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt028679
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1128
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO CHAMBER
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1A/P STATE ELP FUNDS
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt03498
IRS990ScheduleD/TotalExpensesPerForm990Amt0101742
IRS990ScheduleD/TotalLiabilityAmt028807
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD PRESENTATION AND APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EXECUTIVE DIRECTOR ANNUAL REVIEW BY BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0140689
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01659843
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01706433
IRS990/TravelGrp/ProgramServicesAmt0825
IRS990/TravelGrp/TotalAmt0825
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0700 SECOND AVE
IRS990/USAddress/CityNm0WORTHINGTON
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd056187
IRS990/VotingMembersGoverningBodyCnt012
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IRS990/WebsiteAddressTxt0WWW.WORTHINGTON-MINNESOTA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JAIME SALINAS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05073725515
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-08-09
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WORTHINGTON REGIONAL ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0WORT
ReturnHeader/Filer/EIN0363339749
ReturnHeader/Filer/PhoneNum05073725515
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ReturnHeader/Filer/USAddress/CityNm0WORTHINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411735717
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DREALAN KVILHAUG HOEFKER & CO PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0909 4TH AVE STE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WORTHINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0561872326
ReturnHeader/PreparerPersonGrp/PhoneNum05073764151
ReturnHeader/PreparerPersonGrp/PreparationDt02025-08-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ELLEN K HOEFKER MBACPA
ReturnHeader/ReturnTs02025-08-29T01:12:31-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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