Civic Intelligence

Vernon Economic Development Association Inc.

990 • Fiscal year 2022 • EIN 37-1520081

Jan 01, 2022 to Dec 31, 2022 • Filed on Oct 02, 2023

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

35th percentile

0.02x

Higher debt load relative to assets than 35% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

67th percentile

0.21x

Higher debt load relative to revenue than 67% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

16th percentile

-17%

Higher net margin than 16% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

56th percentile

$72,800

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 19.8% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

39th percentile

-2.1%

Faster asset growth than 39% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

13th percentile

-31%

Faster revenue growth than 13% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets35th percentile

Assets

Down

$4,480,050

Down $97,848 (-2.1%) from 2021

Net Assets

Down

$4,402,712

Down $63,647 (-1.4%) from 2021

Liabilities

Down

$77,338

Down $34,201 (-31%) from 2021

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin16th percentile

Revenue

Down

$366,888

Down $167,340 (-31%) from 2021

Expenses

Down

$430,535

Down $69,028 (-14%) from 2021

Net Income

Down

-$63,647

Down $98,312 (-284%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth39th 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

2022

Assets$4,480,050
Liabilities$77,338
Net Assets$4,402,712
Open 2022 Filing

Operations Trend

Revenue Growth13th 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

2022

Revenue$366,888
Expenses$430,535
Net Income-$63,647
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Oct 2, 2023
Return Version
2022v5.0
Gross Receipts
$366,888
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$4,455,870$4,386,273▼ $69,597
Savings and Temporary Cash Investments$105,542$83,117▼ $22,425
Intangible Assets$13,940$10,660▼ $3,280
Pledges and Grants Receivable$2,546--
Total Assets$4,577,898$4,480,050▼ $97,848
Liabilities
Other Liabilities$73,849$75,661▲ $1,812
Mortgage Notes Payable Secured by Investment Property$35,592--
Accounts Payable and Accrued Expenses$2,098$1,677▼ $421
Total Liabilities$111,539$77,338▼ $34,201
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,466,359$4,402,712▼ $63,647
Total Net Assets Fund Balance$4,466,359$4,402,712▼ $63,647
Total Liabilities and Net Assets / Fund Balance$4,577,898$4,480,050▼ $97,848

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,979,175$1,279,068$5,258,243
Equipment$136,271$736,398$872,669
Land$241,644-$241,644
Other Land Buildings$29,183$4,817$34,000
Compensation and Service Providers
Top Officer Pay56th percentile

Employees

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

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$142,419
Program Service Revenue
$216,643
Investment Income
$103
Other Revenue
$7,723
All Other Contributions
$97,610
Change in Net Assets
$-63,647
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$351,132
Salaries, Compensation, and Employee Benefits$79,403
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$141,787$15,390-$157,177
Occupancy$114,640--$114,640
Current Officers, Directors, Trustees, and Key Employees$58,240$14,560-$72,800
Fees for Services Other$17,838--$17,838
Insurance$10,592$2,648-$13,240
Payroll Taxes$4,514$1,129-$5,643
Fees for Services Accounting$3,828--$3,828
Office Expenses$3,335--$3,335
Interest$1,158--$1,158
Other Salaries and Wages$768$192-$960
Other Expenses$368--$368
Travel$190--$190
Advertising$133--$133
Total Functional Expenses$396,616$33,919$0$430,535
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$58,076
Security Deposits Payable$17,585
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
Staci Pieper
Title
Vice President
Phone
6086388332
Signed
2023-10-02

Organization Details

Principal Officer
Mike Breckel
Formed
2006
Voting Board Members
14
Independent Board Members
14
Employees
2
Volunteers
16

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/PrincipalOfficerNm0MIKE BRECKEL
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IRS990/RelatedEntityInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt083117
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 16,219
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0136271
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0736398
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0241644
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSITS PAYABLE
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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/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TotalRevenueGrp/ExclusionAmt07826
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0216643
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0366888

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,480,050
Liabilities
$77,338
Net assets
$4,402,712
Revenue
$366,888
Expenses
$430,535
Net income
-$63,647
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