Civic Intelligence

River Falls Economic Development Corporation

990 • Fiscal year 2022 • EIN 39-1685445

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 16, 2023

222 Lewis StRiver Falls, WI 54022

(715) 426-3144

Siviq Scores

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

Liabilities / Assets

77th percentile

0.38x

Higher debt load relative to assets than 77% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

6.06x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Net Margin

11th percentile

-15%

Higher net margin than 11% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

26th percentile

$0

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Asset Growth

51st percentile

2.0%

Faster asset growth than 51% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

16th percentile

-11%

Faster revenue growth than 16% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Up

$3,749,833

Up $74,250 (+2.0%) from 2021

Net Assets

Down

$2,327,388

Down $10,707 (-0.5%) from 2021

Liabilities

Up

$1,422,445

Up $84,957 (+6.4%) from 2021

Revenue

Down

$234,806

Down $28,782 (-11%) from 2021

Expenses

Down

$269,464

Down $9,545 (-3.4%) from 2021

Net Income

Down

-$34,658

Down $19,237 (-125%) from 2021

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $1,678,405Liabilities 2010: $1,202,468Net Assets 2010: $475,9372010Assets 2011: $1,588,467Liabilities 2011: $1,133,442Net Assets 2011: $455,0252011Assets 2012: $1,074,981Liabilities 2012: $532,104Net Assets 2012: $542,8772012Assets 2013: $1,088,266Liabilities 2013: $515,035Net Assets 2013: $573,2312013Assets 2014: $799,111Liabilities 2014: $0Net Assets 2014: $799,1112014Assets 2015: $789,142Liabilities 2015: $0Net Assets 2015: $789,1422015Assets 2016: $1,037,230Liabilities 2016: $0Net Assets 2016: $1,037,2302016Assets 2017: $3,330,856Liabilities 2017: $1,023,067Net Assets 2017: $2,307,7892017Assets 2018: $3,880,508Liabilities 2018: $1,420,760Net Assets 2018: $2,459,7482018Assets 2019: $3,805,675Liabilities 2019: $1,397,694Net Assets 2019: $2,407,9812019Assets 2020: $3,701,008Liabilities 2020: $1,343,560Net Assets 2020: $2,357,4482020Assets 2021: $3,675,583Liabilities 2021: $1,337,488Net Assets 2021: $2,338,0952021Assets 2022: $3,749,833Liabilities 2022: $1,422,445Net Assets 2022: $2,327,3882022Assets 2023: $3,721,808Liabilities 2023: $1,344,318Net Assets 2023: $2,377,4902023Assets 2024: $3,783,095Liabilities 2024: $1,307,956Net Assets 2024: $2,475,1392024

Highlighted filing

2022

Assets$3,749,833
Liabilities$1,422,445
Net Assets$2,327,388

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $91,8902010Expenses 2011: $131,0682011Revenue 2012: $209,544Expenses 2012: $121,692Net Income 2012: $87,8522012Revenue 2013: $94,178Expenses 2013: $63,824Net Income 2013: $30,3542013Revenue 2014: $279,775Expenses 2014: $53,895Net Income 2014: $225,8802014Revenue 2015: $1,053Expenses 2015: $4,428Net Income 2015: -$3,3752015Revenue 2016: $251,646Expenses 2016: $3,558Net Income 2016: $248,0882016Revenue 2017: $1,292,925Expenses 2017: $22,366Net Income 2017: $1,270,5592017Revenue 2018: $370,880Expenses 2018: $196,962Net Income 2018: $173,9182018Revenue 2019: $185,591Expenses 2019: $237,358Net Income 2019: -$51,7672019Revenue 2020: $175,495Expenses 2020: $226,028Net Income 2020: -$50,5332020Revenue 2021: $263,588Expenses 2021: $279,009Net Income 2021: -$15,4212021Revenue 2022: $234,806Expenses 2022: $269,464Net Income 2022: -$34,6582022Revenue 2023: $330,399Expenses 2023: $273,044Net Income 2023: $57,3552023Revenue 2024: $378,283Expenses 2024: $280,695Net Income 2024: $97,5882024

Highlighted filing

2022

Revenue$234,806
Expenses$269,464
Net Income-$34,658
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 16, 2023
Return Version
2022v5.0
Gross Receipts
$234,806
Mission and Program Overview

Mission

River Falls Economic Development Corporation (RFEDC) is a voluntary non-profit organization that collaborates with the City of River Falls, Pierce County Economic Development Corporation, St. Croix Economic Development Corporation, and the Wisconsin Economic Development Corporation on economic development to increase employment opportunities through industrial development.

River falls economic development corporation (rfedc) is a voluntary non- profit organization that collaborates with the city of river falls, pierce county economic development corporation, st. Croix economic development corporation, and the wisconsin economic development corporation to increase employment opportunities through industrial development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,189,229$3,319,070▲ $129,841
Savings and Temporary Cash Investments$214,964$216,287▲ $1,323
Cash and Non-Interest-Bearing Accounts$210,549$157,190▼ $53,359
Investments Program Related$49,561$49,229▼ $332
Pledges and Grants Receivable$11,280$8,057▼ $3,223
Total Assets$3,675,583$3,749,833▲ $74,250
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,325,537$1,395,708▲ $70,171
Accounts Payable and Accrued Expenses$11,951$26,737▲ $14,786
Total Liabilities$1,337,488$1,422,445▲ $84,957
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,338,095$2,327,388▼ $10,707
Total Net Assets Fund Balance$2,338,095$2,327,388▼ $10,707
Total Liabilities and Net Assets / Fund Balance$3,675,583$3,749,833▲ $74,250

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,987,788$394,613$3,382,401
Leasehold Improvements$307,720$20,196$327,916
Other Land Buildings$23,562$82,047$105,609
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joe FischerPresident
Chris BlasiusDirector
Dale JorgensonDirector
Jerry WilkensDirector
Jon BentsDirector
Max NeuhausDirector
Rosanne BumpDirector
Shari FrisbieDirector
William LambDirector
Scot SimpsonExecutive Di
Keri SchreinerTreasurer/se
Steve LeitchVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$233,483
Investment Income
$1,323
Other Revenue
$0
Change in Net Assets
$-34,658
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$269,464
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$102,340
Occupancy---$72,974
Interest---$51,751
Fees for Services Other---$8,364
Insurance---$8,195
Office Expenses---$7,418
Advertising---$5,295
Information Technology---$2,250
Fees for Services Accounting---$2,060
Conferences and Meetings---$1,883
Travel---$1,421
Other Expenses---$640
All Other Expenses---$50
Total Functional Expenses$0$0$0$269,464
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
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
No
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 11B

The board treasurer reviews for accruacy and full disclosure prior to submitting for full board approval. The board formally aproves form 990 prior to signing.

Form 990, Page 6, Part VI, Line 12C

The organization's conflict of interest policy covers all directors, officers and all employees who can influence the actions of the organization. Disclosure of a conflict of interest should be made to the chief executive officer who will bring the matter to the attention of the board. Disclosures involving the directors should be brought to the board chair who shall bring these matters to the board. The board shall determine whether a conflict of interest exists. The person with the conflict of interest is excluded from the discussion and approval of any transaction where a conflict of interest exists.

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
River Falls Economic
EIN
39-1685445
Phone
7154263144
Address
222 LEWIS ST, RIVER FALLS, WI 54022

Signing Officer

Name
Joe Fischer
Title
President
Phone
7154263469
Signed
2023-08-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Fischer
Formed
1988
Legal Domicile
Wi
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Guinn Vinopal & Zahradka Llp
Address
715 N MAIN ST, RIVER FALLS, WI 54022-3502
Preparer
Amanda K Linehan CPA
Phone
7154257521
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

River falls economic development corporation (rfedc) is a voluntary non- profit organization that collaborates with the city of river falls, pierce county economic development corporation, st. Croix economic development corporation, and the wisconsin economic development corporation on economic development to increase employment opportunities through industrial development.

Form 990, Part XI, Line 9

Other changes in net assets 1,076

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IRS990/PrincipalOfficerNm0JOE FISCHER
IRS990/PriorPeriodAdjustmentsAmt023207
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531120
IRS990/ProgramServiceRevenueGrp/Desc0INNOVATION CENTER PROGRAM
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0233483
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0233483
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt031000
IRS990/PYInvestmentIncomeAmt0175
IRS990/PYOtherExpensesAmt0279009
IRS990/PYProgramServiceRevenueAmt0232413
IRS990/PYRevenuesLessExpensesAmt0-15421
IRS990/PYTotalExpensesAmt0279009
IRS990/PYTotalRevenueAmt0263588
IRS990/ReconcilationRevenueExpnssAmt0-34658
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0214964
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0216287
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02987788
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0394613
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03382401
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0307720
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt020196
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0327916
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt023562
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt082047
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0105609
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03319070
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0RIVER FALLS ECONOMIC DEVELOPMENT CORPORATION (RFEDC) IS A VOLUNTARY NON- PROFIT ORGANIZATION THAT COLLABORATES WITH THE CITY OF RIVER FALLS, PIERCE COUNTY ECONOMIC DEVELOPMENT CORPORATION, ST. CROIX ECONOMIC DEVELOPMENT CORPORATION, AND THE WISCONSIN ECONOMIC DEVELOPMENT CORPORATION ON ECONOMIC DEVELOPMENT TO INCREASE EMPLOYMENT OPPORTUNITIES THROUGH INDUSTRIAL DEVELOPMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD TREASURER REVIEWS FOR ACCRUACY AND FULL DISCLOSURE PRIOR TO SUBMITTING FOR FULL BOARD APPROVAL. THE BOARD FORMALLY APROVES FORM 990 PRIOR TO SIGNING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS ALL DIRECTORS, OFFICERS AND ALL EMPLOYEES WHO CAN INFLUENCE THE ACTIONS OF THE ORGANIZATION. DISCLOSURE OF A CONFLICT OF INTEREST SHOULD BE MADE TO THE CHIEF EXECUTIVE OFFICER WHO WILL BRING THE MATTER TO THE ATTENTION OF THE BOARD. DISCLOSURES INVOLVING THE DIRECTORS SHOULD BE BROUGHT TO THE BOARD CHAIR WHO SHALL BRING THESE MATTERS TO THE BOARD. THE BOARD SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF ANY TRANSACTION WHERE A CONFLICT OF INTEREST EXISTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OTHER CHANGES IN NET ASSETS 1,076
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03675583
IRS990/TotalAssetsEOYAmt03749833
IRS990/TotalAssetsGrp/BOYAmt03675583
IRS990/TotalAssetsGrp/EOYAmt03749833
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0269464
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01337488
IRS990/TotalLiabilitiesEOYAmt01422445
IRS990/TotalLiabilitiesGrp/BOYAmt01337488
IRS990/TotalLiabilitiesGrp/EOYAmt01422445
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02338095
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02327388
IRS990/TotalProgramServiceRevenueAmt0233483
IRS990/TotalRevenueGrp/ExclusionAmt01323
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0233483
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0234806
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03675583
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03749833
IRS990/TravelGrp/TotalAmt01421
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0222 LEWIS ST
IRS990/USAddress/CityNm0RIVER FALLS
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd054022
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.RFCITY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOE FISCHER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07154263469
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-08-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RIVER FALLS ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0RIVE
ReturnHeader/Filer/EIN0391685445
ReturnHeader/Filer/PhoneNum07154263144
ReturnHeader/Filer/USAddress/AddressLine1Txt0222 LEWIS ST
ReturnHeader/Filer/USAddress/CityNm0RIVER FALLS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd054022
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391825995
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GUINN VINOPAL & ZAHRADKA LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0715 N MAIN ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RIVER FALLS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0540223502
ReturnHeader/PreparerPersonGrp/PhoneNum07154257521
ReturnHeader/PreparerPersonGrp/PreparationDt02023-08-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0AMANDA K LINEHAN CPA
ReturnHeader/ReturnTs02023-09-15T10:22:44-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JOE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0FISCHER
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.78$1.31$2.48$0.38$0.28$0.10
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.72$1.34$2.38$0.33$0.27$0.06
2022Detailed filing. Detailed filing data is available for this year.$3.75$1.42$2.33$0.23$0.27$0.03
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.68$1.34$2.34$0.26$0.28$0.02
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.70$1.34$2.36$0.18$0.23$0.05
2019Detailed filing. Detailed filing data is available for this year.$3.81$1.40$2.41$0.19$0.24$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.88$1.42$2.46$0.37$0.20$0.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.33$1.02$2.31$1.29$0.02$1.27
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.04$0.00$1.04$0.25$0.00$0.25
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.79$0.00$0.79$0.00$0.00$0.00
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.80$0.00$0.80$0.28$0.05$0.23
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.09$0.52$0.57$0.09$0.06$0.03
2012Summary only. Only limited summary data is available for this year.$1.07$0.53$0.54$0.21$0.12$0.09
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$1.13$0.46$0.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$1.20$0.48$0.09