Civic Intelligence

Worthington Regional Economic Development Corporation

990 • Fiscal year 2017 • EIN 36-3339749

Jan 01, 2017 to Dec 31, 2017 • Filed on Aug 14, 2018

Organization ProfileWWW.WORTHINGTON-MINNESOTA.COM
1121 Third AveWorthington, MN 56187

(507) 372-5515

Siviq Scores

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

Liabilities / Assets

21st percentile

0.02x

Higher debt load relative to assets than 21% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

34th percentile

0.08x

Higher debt load relative to revenue than 34% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Net Margin

93rd percentile

31%

Higher net margin than 93% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

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

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Asset Growth

60th percentile

8.6%

Faster asset growth than 60% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

10th percentile

-13%

Faster revenue growth than 10% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$1,230,929

Up $97,690 (+8.6%) from 2016

Net Assets

Up

$1,206,041

Up $96,120 (+8.7%) from 2016

Liabilities

Up

$24,888

Up $1,570 (+6.7%) from 2016

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin93rd percentile

Revenue

Down

$305,218

Down $43,879 (-13%) from 2016

Expenses

Down

$209,098

Down $10,555 (-4.8%) from 2016

Net Income

Down

$96,120

Down $33,324 (-26%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

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

$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

2017

Assets$1,230,929
Liabilities$24,888
Net Assets$1,206,041
Open 2017 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income across loaded years, with this 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

2017

Revenue$305,218
Expenses$209,098
Net Income$96,120
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Aug 14, 2018
Return Version
2017v2.3
Gross Receipts
$305,218
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
Other Notes and Loans Receivable, Net$662,074$733,694▲ $71,620
Cash and Non-Interest-Bearing Accounts$331,836$332,898▲ $1,062
Savings and Temporary Cash Investments$102,707$142,108▲ $39,401
Land, Buildings, and Equipment, Net$21,539$22,028▲ $489
Accounts Receivable$15,083$201▼ $14,882
Total Assets$1,133,239$1,230,929▲ $97,690
Liabilities
Deferred Revenue$20,035$18,135▼ $1,900
Accounts Payable and Accrued Expenses$3,283$6,753▲ $3,470
Total Liabilities$23,318$24,888▲ $1,570
Net Assets / Fund Balance
Unrestricted Net Assets$1,109,921$1,206,041▲ $96,120
Total Net Assets Fund Balance$1,109,921$1,206,041▲ $96,120
Total Liabilities and Net Assets / Fund Balance$1,133,239$1,230,929▲ $97,690

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,500$21,803$38,303
Equipment$1,528$28,412$29,940
Land$4,000-$4,000
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Bill WeteringChairman
Jason VotePast Chairma
Brad HellingaVice Chairma
Chad CummingsDirector
Jay MilbrandtDirector
Kevin DonovanDirector
Maria ThierDirector
Scott HainDirector
Steve RobinsonDirector
Tom JohnsonDirector
Adam TromblayTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$251,208
Program Service Revenue
$0
Investment Income
$11,458
Other Revenue
$42,552
All Other Contributions
$201,208
Change in Net Assets
$96,120

Audited Revenue Reconciliation

Revenue per Audited Statements
$305,218
Total Revenue per Audited Statements
$305,218
Total Revenue per Form 990
$305,218
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$131,127
Other Expenses$77,971
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$95,652$23,913-$119,565
Conferences and Meetings$23,536$24-$23,560
Payroll Taxes$9,249$2,313-$11,562
Advertising$11,194--$11,194
Travel$9,030--$9,030
Office Expenses$5,735$1,434-$7,169
Occupancy$4,709$1,177-$5,886
Insurance$3,874$968-$4,842
Fees for Services Accounting-$3,780-$3,780
Depreciation Depletion$2,045$259-$2,304
Other Expenses$2,200$1,165-$1,165
All Other Expenses$727$10-$737
Total Functional Expenses$172,714$36,384$0$209,098

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$209,098
Total Expenses per Audited Statements$209,098
Total Expenses per Form 990$209,098
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
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
1121 THIRD AVE, WORTHINGTON, MN 56187

Signing Officer

Name
Abraham Algadi
Title
Executive Director
Phone
5073725515
Signed
2018-08-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Abraham Algadi
Formed
1984
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
4

Preparer

Firm
Drealan Kvilhaug Hoefker & Co Pa
Address
909 FOURTH AVENUE SUITE 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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IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0102707
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0142108
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt016500
IRS990ScheduleD/BuildingsGrp/DepreciationAmt021803
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt038303
IRS990ScheduleD/EquipmentGrp/BookValueAmt01528
IRS990ScheduleD/EquipmentGrp/DepreciationAmt028412
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt029940
IRS990ScheduleD/ExpensesSubtotalAmt0209098
IRS990ScheduleD/LandGrp/BookValueAmt04000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04000
IRS990ScheduleD/RevenueSubtotalAmt0305218
IRS990ScheduleD/TotalBookValueLandBuildingsAmt022028
IRS990ScheduleD/TotalExpensesPerForm990Amt0209098
IRS990ScheduleD/TotalRevenuePerForm990Amt0305218
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0305218
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0209098
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01133239
IRS990/TotalAssetsEOYAmt01230929
IRS990/TotalAssetsGrp/BOYAmt01133239
IRS990/TotalAssetsGrp/EOYAmt01230929
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0251208
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt036384
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0172714
IRS990/TotalFunctionalExpensesGrp/TotalAmt0209098
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt023318
IRS990/TotalLiabilitiesEOYAmt024888
IRS990/TotalLiabilitiesGrp/BOYAmt023318
IRS990/TotalLiabilitiesGrp/EOYAmt024888
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01109921
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01206041
IRS990/TotalProgramServiceExpensesAmt0172714
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt054010
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0305218
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01133239
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01230929
IRS990/TravelGrp/ProgramServicesAmt09030
IRS990/TravelGrp/TotalAmt09030
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01109921
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01206041
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01121 THIRD AVE
IRS990/USAddress/CityNm0WORTHINGTON
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd056187
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.WORTHINGTON-MINNESOTA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ABRAHAM ALGADI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05073725515
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-08-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WORTHINGTON REGIONAL ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0WORT
ReturnHeader/Filer/EIN0363339749
ReturnHeader/Filer/PhoneNum05073725515
ReturnHeader/Filer/USAddress/AddressLine1Txt01121 THIRD AVE
ReturnHeader/Filer/USAddress/CityNm0WORTHINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd056187
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0B44145B537D4BA4022F17EFB572D02F43D5A0EB7
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId01388D009F02C1283D190410046824FD329B94606
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt075.76.173.14
ReturnHeader/FilingSecurityInformation/IPDt02018-08-16
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm016:56:01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411735717
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DREALAN KVILHAUG HOEFKER & CO PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0909 FOURTH AVENUE SUITE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WORTHINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0561872326
ReturnHeader/PreparerPersonGrp/PhoneNum05073764151
ReturnHeader/PreparerPersonGrp/PreparationDt02018-08-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ELLEN K HOEFKER MBACPA
ReturnHeader/ReturnTs02018-08-16T16:56:01-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,230,929
Liabilities
$24,888
Net assets
$1,206,041
Revenue
$305,218
Expenses
$209,098
Net income
$96,120
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