Civic Intelligence

Vernon Economic Development Association Inc.

990 • Fiscal year 2021 • EIN 37-1520081

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 19, 2022

Organization ProfileWWW.VEDA-WI.ORG
1201 N Main StreetViroqua, WI 54665

(608) 638-8332

Siviq Scores

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

Liabilities / Assets

38th percentile

0.02x

Higher debt load relative to assets than 38% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

66th percentile

0.21x

Higher debt load relative to revenue than 66% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

39th percentile

6.5%

Higher net margin than 39% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

57th percentile

$72,800

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 13.6% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

13th percentile

-4.8%

Faster asset growth than 13% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

8th percentile

-34%

Faster revenue growth than 8% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets38th percentile

Assets

Down

$4,577,898

Down $229,650 (-4.8%) from 2020

Net Assets

Up

$4,466,359

Up $34,665 (+0.8%) from 2020

Liabilities

Down

$111,539

Down $264,315 (-70%) from 2020

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin39th percentile

Revenue

Down

$534,228

Down $270,197 (-34%) from 2020

Expenses

Down

$499,563

Down $24,379 (-4.7%) from 2020

Net Income

Down

$34,665

Down $245,818 (-88%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$6.0M$4.0M$2.0M$0Assets 2010: $1,865,832Liabilities 2010: $220,967Net Assets 2010: $1,644,8652010Assets 2011: $2,525,535Liabilities 2011: $892,128Net Assets 2011: $1,633,4072011Assets 2012: $5,593,183Liabilities 2012: $2,247,510Net Assets 2012: $3,345,6732012Assets 2013: $5,312,714Liabilities 2013: $1,694,807Net Assets 2013: $3,617,9072013Assets 2014: $5,136,141Liabilities 2014: $1,573,751Net Assets 2014: $3,562,3902014Assets 2015: $5,065,589Liabilities 2015: $1,375,817Net Assets 2015: $3,689,7722015Assets 2016: $4,924,202Liabilities 2016: $1,211,792Net Assets 2016: $3,712,4102016Assets 2017: $5,099,670Liabilities 2017: $1,210,948Net Assets 2017: $3,888,7222017Assets 2018: $4,978,970Liabilities 2018: $944,276Net Assets 2018: $4,034,6942018Assets 2019: $4,838,062Liabilities 2019: $687,605Net Assets 2019: $4,150,4572019Assets 2020: $4,807,548Liabilities 2020: $375,854Net Assets 2020: $4,431,6942020Assets 2021: $4,577,898Liabilities 2021: $111,539Net Assets 2021: $4,466,3592021Assets 2022: $4,480,050Liabilities 2022: $77,338Net Assets 2022: $4,402,7122022Assets 2023: $4,562,097Liabilities 2023: $72,120Net Assets 2023: $4,489,9772023Assets 2024: $4,488,668Liabilities 2024: $79,450Net Assets 2024: $4,409,2182024

Highlighted filing

2021

Assets$4,577,898
Liabilities$111,539
Net Assets$4,466,359
Open 2021 Filing

Operations Trend

Revenue Growth8th percentile

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

$1.0M$500K$0-$500KExpenses 2010: $190,0572010Expenses 2011: $226,3742011Expenses 2012: $360,7892012Revenue 2013: $743,727Expenses 2013: $471,493Net Income 2013: $272,2342013Revenue 2014: $490,374Expenses 2014: $545,891Net Income 2014: -$55,5172014Revenue 2015: $591,136Expenses 2015: $558,774Net Income 2015: $32,3622015Revenue 2016: $555,102Expenses 2016: $532,464Net Income 2016: $22,6382016Revenue 2017: $695,397Expenses 2017: $519,085Net Income 2017: $176,3122017Revenue 2018: $669,011Expenses 2018: $523,039Net Income 2018: $145,9722018Revenue 2019: $661,505Expenses 2019: $545,742Net Income 2019: $115,7632019Revenue 2020: $804,425Expenses 2020: $523,942Net Income 2020: $280,4832020Revenue 2021: $534,228Expenses 2021: $499,563Net Income 2021: $34,6652021Revenue 2022: $366,888Expenses 2022: $430,535Net Income 2022: -$63,6472022Revenue 2023: $544,150Expenses 2023: $456,885Net Income 2023: $87,2652023Revenue 2024: $402,740Expenses 2024: $483,499Net Income 2024: -$80,7592024

Highlighted filing

2021

Revenue$534,228
Expenses$499,563
Net Income$34,665
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 19, 2022
Return Version
2021v4.0
Gross Receipts
$534,228
Mission and Program Overview

Mission

To create economic wealth and prosperity through providing new and existing businesses with educational and technical assistance, while preserving the rural vernon county lifestyle.

To create economic wealth and prosperity while preserving the rural vernon county lifestyle.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,471,063$4,455,870▼ $15,193
Savings and Temporary Cash Investments$257,810$105,542▼ $152,268
Intangible Assets$17,227$13,940▼ $3,287
Pledges and Grants Receivable$61,448$2,546▼ $58,902
Total Assets$4,807,548$4,577,898▼ $229,650
Liabilities
Other Liabilities$71,428$73,849▲ $2,421
Mortgage Notes Payable Secured by Investment Property$302,319$35,592▼ $266,727
Accounts Payable and Accrued Expenses$2,107$2,098▼ $9
Total Liabilities$375,854$111,539▼ $264,315
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,431,694$4,466,359▲ $34,665
Total Net Assets Fund Balance$4,431,694$4,466,359▲ $34,665
Total Liabilities and Net Assets / Fund Balance$4,807,548$4,577,898▼ $229,650

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,095,314$1,147,629$5,242,943
Equipment$87,462$716,207$803,669
Land$241,644-$241,644
Other Land Buildings$31,450$2,550$34,000
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Susan NobleExecutive DiFT$72,800$72,800

Board Members and Trustees

NameTitle
Mike BreckelPresident
Chuck PetersonDirector
Elvin Al HansonDirector
Hetti BrownDirector
Jeff GohlkeDirector
Jenny SeilerDirector
Karen InnisDirector
Kathleen CrittendenDirector
Kathy NeidertDirector
Staci PieperDirector
Dave MaxwellSecretary
Kay BuckTreasurer
Jim ServaisVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$119,880
Program Service Revenue
$409,442
Investment Income
$406
Other Revenue
$4,500
All Other Contributions
$41,362
Change in Net Assets
$34,665
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$419,816
Salaries, Compensation, and Employee Benefits$79,747
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$171,638$18,706-$190,344
Occupancy$111,570--$111,570
Current Officers, Directors, Trustees, and Key Employees$58,240$14,560-$72,800
Interest$14,870--$14,870
Fees for Services Other$13,324--$13,324
Insurance$8,471$2,118-$10,589
Payroll Taxes$4,534$1,133-$5,667
Fees for Services Accounting$3,340--$3,340
Office Expenses$3,146--$3,146
Other Salaries and Wages$1,024$256-$1,280
Advertising$252--$252
Other Expenses$5--$5
Total Functional Expenses$462,790$36,773$0$499,563
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Property Tax Payable$55,852
Security Deposits Payable$17,585
Accrued Interest Payable$412
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 6

“There shall be two types of memberhip: honorary and voting. Honorary members are determined by the voting members at an annual or special meeting to recognize and designate those in recognition of special service to vernon county and the welfare of its inhabitants. Such members shall be nonvoting members and shall not be subject to payment of dues. Voting members shall have one vote per member and shall pay annual dues as a condition of membership. Such dues shall be set at the annual meeting on a year-by-year basis. The dues may be a different amount per member depending on whether the member is an individual, a non-corporate business or non-business other type of entity, a corporate business or non-business, or a municipal corporation.”

Form 990, Page 6, Part VI, Line 7A

“The board of directors are elected by the voting members each year.”

Form 990, Page 6, Part VI, Line 11B

“The board of directors has authorized the executive director to review and approve the issuance of the form 990. The board members receive a copy for their review after the return has been issued.”

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

“The wages for the executive director are set, approved, and reviewed by the board of directors.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Vernon Economic Development
EIN
37-1520081
Phone
6086388332
Address
1201 N MAIN STREET, VIROQUA, WI 54665

Signing Officer

Name
Mike Breckel
Title
President
Phone
6086388332
Signed
2022-09-19

Organization Details

Principal Officer
Mike Breckel
Formed
2006
Voting Board Members
13
Independent Board Members
13
Employees
2
Volunteers
13

Preparer

Firm
Johnson Block & Co Inc
Address
PO BOX 271 1315 BAD AXE CT, VIROQUA, WI 54665
Preparer
Eric Bradley
Phone
8883088281
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IRS990/OtherExpensesGrp/Desc2DUES & SUBSCRIPTIONS
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IRS990/PrincipalOfficerNm0MIKE BRECKEL
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1186890
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IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0409442
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0257810
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0105542
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 8,542
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0238025
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt04095314
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01147629
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05242943
IRS990ScheduleD/EquipmentGrp/BookValueAmt087462
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0716207
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0803669
IRS990ScheduleD/LandGrp/BookValueAmt0241644
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0241644
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt031450
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02550
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt034000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt117585
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2412
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PROPERTY TAX PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSITS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED INTEREST PAYABLE
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THERE SHALL BE TWO TYPES OF MEMBERHIP: HONORARY AND VOTING. HONORARY MEMBERS ARE DETERMINED BY THE VOTING MEMBERS AT AN ANNUAL OR SPECIAL MEETING TO RECOGNIZE AND DESIGNATE THOSE IN RECOGNITION OF SPECIAL SERVICE TO VERNON COUNTY AND THE WELFARE OF ITS INHABITANTS. SUCH MEMBERS SHALL BE NONVOTING MEMBERS AND SHALL NOT BE SUBJECT TO PAYMENT OF DUES. VOTING MEMBERS SHALL HAVE ONE VOTE PER MEMBER AND SHALL PAY ANNUAL DUES AS A CONDITION OF MEMBERSHIP. SUCH DUES SHALL BE SET AT THE ANNUAL MEETING ON A YEAR-BY-YEAR BASIS. THE DUES MAY BE A DIFFERENT AMOUNT PER MEMBER DEPENDING ON WHETHER THE MEMBER IS AN INDIVIDUAL, A NON-CORPORATE BUSINESS OR NON-BUSINESS OTHER TYPE OF ENTITY, A CORPORATE BUSINESS OR NON-BUSINESS, OR A MUNICIPAL CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS ARE ELECTED BY THE VOTING MEMBERS EACH YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS HAS AUTHORIZED THE EXECUTIVE DIRECTOR TO REVIEW AND APPROVE THE ISSUANCE OF THE FORM 990. THE BOARD MEMBERS RECEIVE A COPY FOR THEIR REVIEW AFTER THE RETURN HAS BEEN ISSUED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE WAGES FOR THE EXECUTIVE DIRECTOR ARE SET, APPROVED, AND REVIEWED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0WI
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalCompGreaterThan150KInd0false
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IRS990/TotalEmployeeCnt02
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt0375854
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IRS990/TotalProgramServiceExpensesAmt0462790
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IRS990/TotalReportableCompFromOrgAmt072800
IRS990/TotalRevenueGrp/ExclusionAmt04906
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0409442

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,577,898
Liabilities
$111,539
Net assets
$4,466,359
Revenue
$534,228
Expenses
$499,563
Net income
$34,665
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.49$0.08$4.41$0.40$0.48$0.08
2023Detailed filing. Detailed filing data is available for this year.$4.56$0.07$4.49$0.54$0.46$0.09
2022Detailed filing. Detailed filing data is available for this year.$4.48$0.08$4.40$0.37$0.43$0.06
2021Detailed filing. Detailed filing data is available for this year.$4.58$0.11$4.47$0.53$0.50$0.03
2020Detailed filing. Detailed filing data is available for this year.$4.81$0.38$4.43$0.80$0.52$0.28
2019Detailed filing. Detailed filing data is available for this year.$4.84$0.69$4.15$0.66$0.55$0.12
2018Detailed filing. Detailed filing data is available for this year.$4.98$0.94$4.03$0.67$0.52$0.15
2017Detailed filing. Detailed filing data is available for this year.$5.10$1.21$3.89$0.70$0.52$0.18
2016Detailed filing. Detailed filing data is available for this year.$4.92$1.21$3.71$0.56$0.53$0.02
2015Detailed filing. Detailed filing data is available for this year.$5.07$1.38$3.69$0.59$0.56$0.03
2014Detailed filing. Detailed filing data is available for this year.$5.14$1.57$3.56$0.49$0.55$0.06
2013Detailed filing. Detailed filing data is available for this year.$5.31$1.69$3.62$0.74$0.47$0.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.59$2.25$3.35$0.36
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.53$0.89$1.63$0.23
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.87$0.22$1.64$0.19