Civic Intelligence

Rochester Area Economic Development Inc

990 • Fiscal year 2019 • EIN 36-3414363

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 16, 2020

Organization ProfileWWW.RAEDI.COM
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

22nd percentile

0.02x

Higher debt load relative to assets than 22% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

29th percentile

0.05x

Higher debt load relative to revenue than 29% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Net Margin

77th percentile

13%

Higher net margin than 77% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

58th percentile

$163,786

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 15.4% of source-year revenue.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Asset Growth

46th percentile

4.3%

Faster asset growth than 46% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

3rd percentile

-35%

Faster revenue growth than 3% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$3,179,838

Up $131,009 (+4.3%) from 2018

Net Assets

Up

$3,122,148

Up $157,069 (+5.3%) from 2018

Liabilities

Down

$57,690

Down $26,060 (-31%) from 2018

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin77th percentile

Revenue

Down

$1,063,888

Down $567,628 (-35%) from 2018

Expenses

Down

$928,964

Down $17,389 (-1.8%) from 2018

Net Income

Down

$134,924

Down $550,239 (-80%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth46th 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

2019

Assets$3,179,838
Liabilities$57,690
Net Assets$3,122,148
Open 2019 Filing

Operations Trend

Revenue Growth3rd 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

2019

Revenue$1,063,888
Expenses$928,964
Net Income$134,924
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 16, 2020
Return Version
2019v5.1
Gross Receipts
$1,303,035
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 be an economic enabler to rochester area businesses, producing results through retention, growth, and diversification of our economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$1,072,801$1,575,192▲ $502,391
Savings and Temporary Cash Investments$653,171$817,535▲ $164,364
Other Notes and Loans Receivable, Net$1,009,205$520,938▼ $488,267
Land, Buildings, and Equipment, Net$210,837$172,296▼ $38,541
Accounts Receivable$69,076$56,437▼ $12,639
Cash and Non-Interest-Bearing Accounts$27,161$31,482▲ $4,321
Prepaid Expenses and Deferred Charges$6,578$5,958▼ $620
Total Assets$3,048,829$3,179,838▲ $131,009
Liabilities
Accounts Payable and Accrued Expenses$41,405$46,190▲ $4,785
Other Liabilities$20,000$10,000▼ $10,000
Deferred Revenue$22,345$1,500▼ $20,845
Total Liabilities$83,750$57,690▼ $26,060
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,965,079$3,007,348▲ $42,269
Net Assets With Donor Restrictions-$114,800-
Total Net Assets Fund Balance$2,965,079$3,122,148▲ $157,069
Total Liabilities and Net Assets / Fund Balance$3,048,829$3,179,838▲ $131,009

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$170,397$223,461$393,858
Equipment$1,899$40,733$42,632
Investment Program Related Org$100,000--
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ryan D NolanderPresidentFT$146,500$17,286$163,786

Board Members and Trustees

NameTitle
Mary Blair-hoeftChair
Daniel BeckPast Chair
John WadeVice Chair
Adam BenikeDirector
Brian MorganDirector
Bruce GudlinDirector
Darrel LeonardDirector
Devin SwanbergDirector
Ed ChestolowskiDirector
Erin SextonDirector
James RogersDirector
Jarrett JonesDirector
Joel YoungDirector
John ReedDirector
Joya StetsonDirector
Kathleen HarringtonDirector
Ken BrownDirector
Larry McgrawDirector
Linda Gates ResignedDirector
Mark HayfordDirector
Mark KotschevarDirector
Mark TheinDirector
Mark UtzDirector
Melissa BrinkmanDirector
Melissa MorrisDirector
Mike HenkeDirector
Norm DotyDirector
Patrick SeebDirector
Shaun PalmerDirector
Todd LuedkeDirector
John BeattySecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$537,915
Program Service Revenue
$475,506
Investment Income
$42,934
Other Revenue
$7,533
Change in Net Assets
$134,924

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,063,888
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$210,647
Total Revenue per Audited Statements
$1,274,535
Total Revenue per Form 990
$1,063,888
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$698,623
Other Expenses$230,341
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$451,999
Current Officers, Directors, Trustees, and Key Employees---$163,786
Fees for Services Other---$56,203
Payroll Taxes---$45,623
Pension Plan Contributions---$31,954
Depreciation Depletion---$31,670
Fees for Services Accounting---$30,172
Occupancy---$17,821
Office Expenses---$15,988
Travel---$15,379
Advertising---$11,446
Conferences and Meetings---$8,304
All Other Expenses---$7,966
Other Employee Benefits---$5,261
Insurance---$5,237
Other Expenses---$2,942
Fees for Services Legal---$1,594
Total Functional Expenses$0$0$0$928,964

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,139,611
Expenses per Audited Statements$928,964
Total Expenses per Form 990$928,964
Expenses Not Reported on Form 990$210,647
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Contribution Payable to Se Mn$10,000
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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 4

“The organization updated bylaws to add clarity to the board terms and term limits.”

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 11B

“The irs form 990 is reviewed by the executive committee 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
John Wade
Title
Board President
Phone
5072880208
Signed
2020-10-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Wade
Formed
1986
Legal Domicile
Mn
Voting Board Members
31
Independent Board Members
31
Employees
6
Volunteers
33

Preparer

Firm
Smith Schafer and Assoc Ltd
Address
220 SOUTH BROADWAY SUITE 102, ROCHESTER, MN 55904
Preparer
Trisha L White
Phone
5072883277
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Cumulative effect adjustment of asu 2014-09 adoption 22,145.”

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSE 210,647.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSE 210,647.”

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IRS990/Form990PartVIISectionAGrp/PersonNm27SHAUN PALMER
IRS990/Form990PartVIISectionAGrp/PersonNm28ERIN SEXTON
IRS990/Form990PartVIISectionAGrp/PersonNm29JOYA STETSON
IRS990/Form990PartVIISectionAGrp/PersonNm30MARK THEIN
IRS990/Form990PartVIISectionAGrp/PersonNm31LINDA GATES RESIGNED
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01986
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/SecuritiesAmt0-6871
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt031
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt021629
IRS990/GrossReceiptsAmt01303035
IRS990/GrossRentsGrp/RealAmt0210647
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt031
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/TotalAmt05237
IRS990/InvestmentIncomeGrp/ExclusionAmt049805
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt049805
IRS990/InvestmentInJointVentureInd00
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt0172296
IRS990/LandBldgEquipCostOrOtherBssAmt0436490
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt028500
IRS990/LessRentalExpensesGrp/RealAmt0210647
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembershipDuesAmt0537915
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0RAEDI'S MISSION IS TO BE AN ECONOMIC ENABLER TO ROCHESTER AREA BUSINESSES, PRODUCING RESULTS THROUGH RETENTION, GROWTH AND DIVERSIFICATION OF OUR ECONOMY.
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IRS990/OfficeExpensesGrp/TotalAmt015988
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IRS990/OtherExpensesGrp/Desc0SPECIAL EVENT EXPENSE
IRS990/OtherExpensesGrp/Desc1SE MN 504 CORP SERVICES
IRS990/OtherExpensesGrp/Desc2DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc3CLEANING & MAINTENANCE
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IRS990/OtherExpensesGrp/TotalAmt17247
IRS990/OtherExpensesGrp/TotalAmt23120
IRS990/OtherExpensesGrp/TotalAmt32942
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IRS990/OtherLiabilitiesGrp/EOYAmt010000
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0INSURANCE REIMBURSEMEN
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt07533
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt07533
IRS990/OtherRevenueTotalAmt07533
IRS990/OtherSalariesAndWagesGrp/TotalAmt0451999
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/TotalAmt045623
IRS990/PensionPlanContributionsGrp/TotalAmt031954
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt06578
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt05958
IRS990/PrincipalOfficerNm0JOHN WADE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0624100
IRS990/ProgramServiceRevenueGrp/BusinessCd1624100

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,179,838
Liabilities
$57,690
Net assets
$3,122,148
Revenue
$1,063,888
Expenses
$928,964
Net income
$134,924
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
2019Detailed filing. Detailed filing data is available for this year.$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