Civic Intelligence

Rochester Area Economic Development Inc

990 • Fiscal year 2014 • EIN 36-3414363

Jan 01, 2014 to Dec 31, 2014 • Filed on Jun 10, 2015

Organization ProfileWWW.RAEDI.ORG
220 South Broadway No 100Rochester, MN 55904

(507) 288-0208

Siviq Scores

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

Liabilities / Assets

54th percentile

0.22x

Higher debt load relative to assets than 54% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

64th percentile

0.30x

Higher debt load relative to revenue than 64% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Net Margin

94th percentile

31%

Higher net margin than 94% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

55th percentile

$149,743

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 10.4% of source-year revenue.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Asset Growth

95th percentile

46%

Faster asset growth than 95% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

95th percentile

50%

Faster revenue growth than 95% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$1,942,067

Up $616,348 (+46%) from 2013

Net Assets

Up

$1,512,720

Up $446,798 (+42%) from 2013

Liabilities

Up

$429,347

Up $169,550 (+65%) from 2013

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin94th percentile

Revenue

Up

$1,442,497

Up $482,972 (+50%) from 2013

Expenses

Up

$995,699

Up $235,587 (+31%) from 2013

Net Income

Up

$446,798

Up $247,385 (+124%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$6.0M$4.0M$2.0M$0Assets 2010: $948,973Liabilities 2010: $139,121Net Assets 2010: $809,8522010Assets 2011: $987,231Liabilities 2011: $137,655Net Assets 2011: $849,5762011Assets 2012: $1,109,030Liabilities 2012: $242,521Net Assets 2012: $866,5092012Assets 2013: $1,325,719Liabilities 2013: $259,797Net Assets 2013: $1,065,9222013Assets 2014: $1,942,067Liabilities 2014: $429,347Net Assets 2014: $1,512,7202014Assets 2015: $2,326,332Liabilities 2015: $325,441Net Assets 2015: $2,000,8912015Assets 2016: $2,318,422Liabilities 2016: $83,968Net Assets 2016: $2,234,4542016Assets 2017: $2,471,645Liabilities 2017: $191,729Net Assets 2017: $2,279,9162017Assets 2018: $3,048,829Liabilities 2018: $83,750Net Assets 2018: $2,965,0792018Assets 2019: $3,179,838Liabilities 2019: $57,690Net Assets 2019: $3,122,1482019Assets 2020: $3,969,050Liabilities 2020: $34,758Net Assets 2020: $3,934,2922020Assets 2021: $4,698,933Liabilities 2021: $35,988Net Assets 2021: $4,662,9452021Assets 2022: $4,399,928Liabilities 2022: $99,603Net Assets 2022: $4,300,3252022Assets 2023: $4,653,364Liabilities 2023: $68,832Net Assets 2023: $4,584,5322023Assets 2024: $4,648,769Liabilities 2024: $41,823Net Assets 2024: $4,606,9462024

Highlighted filing

2014

Assets$1,942,067
Liabilities$429,347
Net Assets$1,512,720
Open 2014 Filing

Operations Trend

Revenue Growth95th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $650,6322010Expenses 2011: $672,0012011Expenses 2012: $693,6712012Revenue 2013: $959,525Expenses 2013: $760,112Net Income 2013: $199,4132013Revenue 2014: $1,442,497Expenses 2014: $995,699Net Income 2014: $446,7982014Revenue 2015: $2,593,214Expenses 2015: $2,105,043Net Income 2015: $488,1712015Revenue 2016: $1,211,066Expenses 2016: $977,503Net Income 2016: $233,5632016Revenue 2017: $1,004,855Expenses 2017: $959,393Net Income 2017: $45,4622017Revenue 2018: $1,631,516Expenses 2018: $946,353Net Income 2018: $685,1632018Revenue 2019: $1,063,888Expenses 2019: $928,964Net Income 2019: $134,9242019Revenue 2020: $1,467,356Expenses 2020: $655,212Net Income 2020: $812,1442020Revenue 2021: $1,415,203Expenses 2021: $686,550Net Income 2021: $728,6532021Revenue 2022: $925,215Expenses 2022: $1,287,835Net Income 2022: -$362,6202022Revenue 2023: $1,659,191Expenses 2023: $1,374,984Net Income 2023: $284,2072023Revenue 2024: $1,412,451Expenses 2024: $1,390,037Net Income 2024: $22,4142024

Highlighted filing

2014

Revenue$1,442,497
Expenses$995,699
Net Income$446,798
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jun 10, 2015
Return Version
2014v5.0
Gross Receipts
$1,498,297
Mission and Program Overview

Mission

Raedi's mission is to be an economic enabler to rochester area businesses, producing results through retention, growth and diversification of our economy.

Raedi's primary goal is to attract, retain, grow and diversify the business economy within the rochester area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$668,380$800,254▲ $131,874
Other Notes and Loans Receivable, Net$82,286$557,174▲ $474,888
Land, Buildings, and Equipment, Net$250,508$222,021▼ $28,487
Investments Program Related$170,000$170,000→ $0
Accounts Receivable$1,492$44,828▲ $43,336
Cash and Non-Interest-Bearing Accounts$45,302$24,903▼ $20,399
Prepaid Expenses and Deferred Charges$2,279$2,384▲ $105
Total Assets$1,325,719$1,942,067▲ $616,348
Other Assets Total$105,472$120,503▲ $15,031
Liabilities
Deferred Revenue$99,790$195,120▲ $95,330
Other Liabilities$134,269$150,385▲ $16,116
Accounts Payable and Accrued Expenses$25,738$83,842▲ $58,104
Total Liabilities$259,797$429,347▲ $169,550
Net Assets / Fund Balance
Unrestricted Net Assets$1,065,922$1,512,720▲ $446,798
Total Net Assets Fund Balance$1,065,922$1,512,720▲ $446,798
Total Liabilities and Net Assets / Fund Balance$1,325,719$1,942,067▲ $616,348

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$205,303$65,276$270,579
Equipment$4,247$40,896$45,143
Other Land Buildings$12,471-$12,471
Investment Program Related Org$120,000--
Other Assets Org$120,503--
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary SmithPresidentFT$110,208$39,535$149,743

Board Members and Trustees

NameTitle
Elaine GarryChair
Dave OethPast Chair
Rob MillerChamber President
Mark HayfordVice Chair
Adam BenikeDirector
Bill SchimmelDirector
Bruce GudlinDirector
Daniel BeckDirector
Doug EatonDirector
Ed HruskaDirector
Jerry WilliamsDirector
Jim BierDirector
Jim OeltjenbrunsDirector
Joel YoungDirector
John WadeDirector
Joshua BurgessDirector
Karen DollDirector
Ken BrownDirector
Lisa ClarkeDirector
Mark BilderbackDirector
Mark KotschevarDirector
Mark UtzDirector
Mary Blair-hoeftDirector
Melissa BrinkmanDirector
Melissa MorrisDirector
Norm DotyDirector
Paul BucherDirector
Randy ChapmanDirector
Randy QuintDirector
Stan ShreveDirector
Steve SherwoodDirector
Sue Reinke WalchDirector
Ardell BredeEx Officio
James RogersSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Benike ConstructionGeneral Contracting2960 HIGHWAY 14 W, Rochester, MN 55901$1,200,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,030,646
Program Service Revenue
$398,248
Investment Income
$13,603
Other Revenue
$0
Change in Net Assets
$446,798

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,442,497
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$55,800
Total Revenue per Audited Statements
$1,498,297
Total Revenue per Form 990
$1,442,497
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$636,276
Other Expenses$359,423
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$382,562
Current Officers, Directors, Trustees, and Key Employees---$149,743
Depreciation Depletion---$45,139
Other Employee Benefits---$38,780
Payroll Taxes---$36,234
Pension Plan Contributions---$28,957
Travel---$23,766
Fees for Services Accounting---$19,174
Advertising---$18,116
Occupancy---$16,402
Office Expenses---$15,657
Fees for Services Other---$15,022
Conferences and Meetings---$9,453
All Other Expenses---$9,213
Insurance---$5,889
Other Expenses---$5,250
Fees for Services Legal---$4,568
Total Functional Expenses$0$0$0$995,699

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,051,499
Expenses per Audited Statements$995,699
Total Expenses per Form 990$995,699
Expenses Not Reported on Form 990$55,800
Expenses Not Reported on Financial Statements$0
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Board DirectorAdam Benike, Owner of Benike Construction, Provided General Contractor ServicesNo$1,200,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation$150,385
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
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, Part VI, Section A, Line 6

“The organization has members who are not authorized to elect members of the governing body.”

Form 990, Part VI, Section B, Line 11

“The irs form 990 is reviewed by the board of directors for approval.”

Form 990, Part VI, Section B, Line 12C

“The board, officers, and management employees are instructed to exercise honesty and best judgment in compliance with the conflict of interest policy.”

Form 990, Part VI, Section B, Line 15A

“The executive committee conducts an annual performance review and sets compensation, which is then approved by the board of directors as part of the annual budget.”

Form 990, Part VI, Section C, Line 18

“Form 990 is available upon request.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Rochester Area Economic Development Inc
EIN
36-3414363
Phone
5072880208
Address
220 SOUTH BROADWAY NO 100, ROCHESTER, MN 55904

Signing Officer

Name
Gary Smith
Title
President
Phone
5072880208
Signed
2015-06-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Smith
Formed
1985
Legal Domicile
Mn
Voting Board Members
33
Independent Board Members
32
Employees
8
Volunteers
33

Preparer

Firm
Smith Schafer and Assoc Ltd
Address
220 SOUTH BROADWAY SUITE 102, ROCHESTER, MN 55904
Preparer
Thomas H Wente
Phone
5072883277
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSES 55,800.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSES 55,800.”

Raw XML AppendixShowing 400 of 651 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/PersonNm13ELAINE GARRY
IRS990/Form990PartVIISectionAGrp/PersonNm14BRUCE GUDLIN
IRS990/Form990PartVIISectionAGrp/PersonNm15MARK HAYFORD
IRS990/Form990PartVIISectionAGrp/PersonNm16ED HRUSKA
IRS990/Form990PartVIISectionAGrp/PersonNm17JOEL YOUNG
IRS990/Form990PartVIISectionAGrp/PersonNm18MELISSA MORRIS
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IRS990/Form990PartVIISectionAGrp/PersonNm20DAVE OETH
IRS990/Form990PartVIISectionAGrp/PersonNm21RANDY QUINT
IRS990/Form990PartVIISectionAGrp/PersonNm22BILL SCHIMMEL
IRS990/Form990PartVIISectionAGrp/PersonNm23STEVE SHERWOOD
IRS990/Form990PartVIISectionAGrp/PersonNm24GARY SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm25MARK UTZ
IRS990/Form990PartVIISectionAGrp/PersonNm26JOHN WADE
IRS990/Form990PartVIISectionAGrp/PersonNm27SUE REINKE WALCH
IRS990/Form990PartVIISectionAGrp/PersonNm28MARK KOTSCHEVAR
IRS990/Form990PartVIISectionAGrp/PersonNm29JERRY WILLIAMS
IRS990/Form990PartVIISectionAGrp/PersonNm30STAN SHREVE
IRS990/Form990PartVIISectionAGrp/PersonNm31DANIEL BECK
IRS990/Form990PartVIISectionAGrp/PersonNm32JAMES ROGERS
IRS990/Form990PartVIISectionAGrp/PersonNm33JOSHUA BURGESS
IRS990/Form990PartVIISectionAGrp/PersonNm34ROB MILLER
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt260
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt280
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4EX OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt33DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt34CHAMBER PRESIDENT
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IRS990/FormationYr01985
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/MinutesOfCommitteesInd01
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IRS990/OtherExpensesGrp/Desc0LEASEHOLD IMPROVEMENTS
IRS990/OtherExpensesGrp/Desc1SE MN 504 CORP SERVICES
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IRS990/OtherExpensesGrp/TotalAmt123902
IRS990/OtherExpensesGrp/TotalAmt29816
IRS990/OtherExpensesGrp/TotalAmt35250
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IRS990/OtherLiabilitiesGrp/EOYAmt0150385
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IRS990/OtherWebsiteInd0X

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,942,067
Liabilities
$429,347
Net assets
$1,512,720
Revenue
$1,442,497
Expenses
$995,699
Net income
$446,798
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.65$0.04$4.61$1.41$1.39$0.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.65$0.07$4.58$1.66$1.37$0.28
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.40$0.10$4.30$0.93$1.29$0.36
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.70$0.04$4.66$1.42$0.69$0.73
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.97$0.03$3.93$1.47$0.66$0.81
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.18$0.06$3.12$1.06$0.93$0.13
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.05$0.08$2.97$1.63$0.95$0.69
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.47$0.19$2.28$1.00$0.96$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.32$0.08$2.23$1.21$0.98$0.23
2015Detailed filing. Detailed filing data is available for this year.$2.33$0.33$2.00$2.59$2.11$0.49
2014Detailed filing. Detailed filing data is available for this year.$1.94$0.43$1.51$1.44$1.00$0.45
2013Detailed filing. Detailed filing data is available for this year.$1.33$0.26$1.07$0.96$0.76$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.24$0.87$0.69
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.99$0.14$0.85$0.67
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.14$0.81$0.65