Civic Intelligence

Rochester Area Economic Development Inc

990 • Fiscal year 2024 • EIN 36-3414363

Jan 01, 2024 to Dec 31, 2024 • Filed on Nov 14, 2025

Organization ProfileWWW.RAEDI.COM
221 First Avenue SW Suite 600Rochester, MN 55902

(507) 288-0208

Siviq Scores

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

Liabilities / Assets

21st percentile

0.01x

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

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

Liabilities / Revenue

25th percentile

0.03x

Higher debt load relative to revenue than 25% of similar nonprofits.

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

Net Margin

40th percentile

1.6%

Higher net margin than 40% of similar nonprofits.

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

Top Officer Pay

73rd percentile

$214,436

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 15.2% of source-year revenue.

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

Asset Growth

31st percentile

-0.1%

Faster asset growth than 31% of similar nonprofits.

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

Revenue Growth

9th percentile

-15%

Faster revenue growth than 9% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets21st percentile

Assets

Down

$4,648,769

Down $4,595 (-0.1%) from 2023

Net Assets

Up

$4,606,946

Up $22,414 (+0.5%) from 2023

Liabilities

Down

$41,823

Down $27,009 (-39%) from 2023

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin40th percentile

Revenue

Down

$1,412,451

Down $246,740 (-15%) from 2023

Expenses

Up

$1,390,037

Up $15,053 (+1.1%) from 2023

Net Income

Down

$22,414

Down $261,793 (-92%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth31st 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

2024

Assets$4,648,769
Liabilities$41,823
Net Assets$4,606,946
Open 2024 Filing

Operations Trend

Revenue Growth9th 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

2024

Revenue$1,412,451
Expenses$1,390,037
Net Income$22,414
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$1,630,677
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 mission is to lead and support economic, community, and workforce development initiatives that grow, and diversify the greater rochester area economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$1,876,987$2,251,218▲ $374,231
Savings and Temporary Cash Investments$1,901,473$1,780,518▼ $120,955
Other Notes and Loans Receivable, Net$464,135$301,789▼ $162,346
Accounts Receivable$232,279$165,972▼ $66,307
Land, Buildings, and Equipment, Net$172,940$142,816▼ $30,124
Prepaid Expenses and Deferred Charges$5,550$6,456▲ $906
Total Assets$4,653,364$4,648,769▼ $4,595
Liabilities
Accounts Payable and Accrued Expenses$54,461$41,823▼ $12,638
Deferred Revenue$14,371$0▼ $14,371
Total Liabilities$68,832$41,823▼ $27,009
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,111,438$4,158,736▲ $47,298
Net Assets With Donor Restrictions$473,094$448,210▼ $24,884
Total Net Assets Fund Balance$4,584,532$4,606,946▲ $22,414
Total Liabilities and Net Assets / Fund Balance$4,653,364$4,648,769▼ $4,595

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$132,308$356,156$488,464
Equipment$10,508$37,516$48,024
Investment Program Related Org$274,231--
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John WadePresidentFT$185,049$29,387$214,436
Tawonda BurksDirector of OperationsFT$123,600$18,945$142,545
Kirk BustromDirector of Economic DevelopmentFT$102,377$20,432$122,809

Board Members and Trustees

NameTitle
Jarett JonesChair
Melissa BrinkmanPast Chair
Dianna RobinsonVice Chair
Adam BenikeDirector
Alison ZelmsDirector
Angie Bowman-malloyDirector
Bruce GudlinDirector
Chad DecookDirector
Dharani RamamoorthyDirector
Heidi WelschDirector
John BeattyDirector
John ReedDirector
Julie HenryDirector
Michelle PyfferoenDirector
Mike HenkeDirector
Norm DotyDirector
Patrick SeebDirector
Sam SlightamDirector
Tim MccolloughDirector
Erin SextonSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$913,104
Program Service Revenue
$400,954
Investment Income
$91,190
Other Revenue
$7,203
All Other Contributions
$171,780
Change in Net Assets
$22,414

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,412,451
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$218,226
Total Revenue per Audited Statements
$1,630,677
Total Revenue per Form 990
$1,412,451
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,011,086
Other Expenses$378,951
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$584,524
Current Officers, Directors, Trustees, and Key Employees---$214,436
Other Employee Benefits---$98,196
Fees for Services Other---$75,805
Payroll Taxes---$59,322
Pension Plan Contributions---$54,608
Depreciation Depletion---$40,510
Fees for Services Accounting---$36,855
Office Expenses---$28,674
All Other Expenses---$23,719
Other Expenses---$19,605
Travel---$18,619
Advertising---$17,505
Insurance---$6,720
Fees for Services Legal---$1,866
Occupancy---$744
Total Functional Expenses$0$0$0$1,390,037

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,608,263
Expenses per Audited Statements$1,390,037
Total Expenses per Form 990$1,390,037
Expenses Not Reported on Form 990$218,226
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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, 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
221 FIRST AVENUE SW SUITE 600, ROCHESTER, MN 55902

Signing Officer

Name
John Wade
Title
President
Phone
5072880208
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Wade
Formed
1986
Legal Domicile
Mn
Voting Board Members
21
Independent Board Members
20
Employees
8
Volunteers
20

Preparer

Firm
Smith Schafer and Assoc Ltd
Address
2575 COMMERCE DRIVE NW SUITE 200, ROCHESTER, MN 55901
Preparer
Trisha L White
Phone
5072883277
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSES 218,226.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“RENT EXPENSES 218,226.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT
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/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF ECONOMIC DEVELOPMENT
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IRS990/MembershipDuesAmt0591324
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IRS990/MinutesOfCommitteesInd01
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IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt07203
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
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IRS990/OtherExpensesGrp/Desc2CLEANING & MAINTENANCE
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IRS990/OtherExpensesGrp/TotalAmt131143
IRS990/OtherExpensesGrp/TotalAmt219605
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05550
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IRS990/PrincipalOfficerNm0JOHN WADE
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2259123
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt350000
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENT IN CAERUS CORP
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1INVESTMENT IN LIQUIDCOOL SOLUTIONS, INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2INVESTMENT IN SONEX HEALTH
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3INVESTMENT IN GENETICURE, INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4INVESTMENT IN AMBIENT CLINICAL ANALYTICS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc5INVESTMENT IN VYRIAD
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc6INVESTMENT IN SE MINNESOTA CAPITAL FUND
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc7INVESTMENT IN CRANIOVATION INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc8INVESTMENT IN OMNITIER INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc9INVESTMENT IN CYTOTHERYX
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc10INVESTMENT IN NANODROPPER, INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc11INVESTMENT IN NESTED KNOWLEDGE (SAFE)
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc12INVESTMENT IN PNEUMERIC, INC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,648,769
Liabilities
$41,823
Net assets
$4,606,946
Revenue
$1,412,451
Expenses
$1,390,037
Net income
$22,414
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)6 • $1M-$5M nonprofits