Civic Intelligence

River Falls Economic Development Corporation

990 • Fiscal year 2023 • EIN 39-1685445

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 18, 2024

Organization ProfileWWW.RFCITY.ORG
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

75th percentile

0.36x

Higher debt load relative to assets than 75% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

4.07x

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

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

80th percentile

17%

Higher net margin than 80% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

27th percentile

$0

Higher top officer pay than 27% of similar nonprofits.

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

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

29th percentile

-0.7%

Faster asset growth than 29% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

88th percentile

41%

Faster revenue growth than 88% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets75th percentile

Assets

Down

$3,721,808

Down $28,025 (-0.7%) from 2022

Net Assets

Up

$2,377,490

Up $50,102 (+2.2%) from 2022

Liabilities

Down

$1,344,318

Down $78,127 (-5.5%) from 2022

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin80th percentile

Revenue

Up

$330,399

Up $95,593 (+41%) from 2022

Expenses

Up

$273,044

Up $3,580 (+1.3%) from 2022

Net Income

Up

$57,355

Up $92,013 (+265%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

2023

Assets$3,721,808
Liabilities$1,344,318
Net Assets$2,377,490
Open 2023 Filing

Operations Trend

Revenue Growth88th percentile

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

2023

Revenue$330,399
Expenses$273,044
Net Income$57,355
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 18, 2024
Return Version
2023v5.0
Gross Receipts
$330,399
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$3,319,070$3,215,937▼ $103,133
Savings and Temporary Cash Investments$216,287$218,576▲ $2,289
Cash and Non-Interest-Bearing Accounts$157,190$133,080▼ $24,110
Accounts Receivable$8,057$104,925▲ $96,868
Investments Program Related$49,229$49,290▲ $61
Total Assets$3,749,833$3,721,808▼ $28,025
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,395,708$1,339,669▼ $56,039
Accounts Payable and Accrued Expenses$26,737$4,649▼ $22,088
Total Liabilities$1,422,445$1,344,318▼ $78,127
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,327,388$2,377,490▲ $50,102
Total Net Assets Fund Balance$2,327,388$2,377,490▲ $50,102
Total Liabilities and Net Assets / Fund Balance$3,749,833$3,721,808▼ $28,025

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,903,227$479,174$3,382,401
Leasehold Improvements$298,573$29,343$327,916
Equipment$14,137$91,472$105,609
Compensation and Service Providers
Top Officer Pay27th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$328,110
Investment Income
$2,289
Other Revenue
$0
Change in Net Assets
$57,355
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$273,044
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---$103,134
Occupancy---$87,556
Interest---$53,080
Office Expenses---$10,500
Travel---$3,869
Fees for Services Accounting---$2,205
Advertising---$1,777
Conferences and Meetings---$998
Fees for Services Other---$883
Insurance---$750
Other Expenses---$370
Total Functional Expenses$0$0$0$273,044
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
2024-07-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Leitch
Formed
1988
Legal Domicile
Wi
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
13

Preparer

Firm
Guinn Vinopal & Zahradka Llp
Address
811 FIRST ST SUITE 101, HUDSON, WI 54016
Preparer
Dan Patrick CPA
Phone
7153861212
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.”

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IRS990/PYTotalExpensesAmt0269464
IRS990/PYTotalRevenueAmt0234806
IRS990/ReconcilationRevenueExpnssAmt057355
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0216287
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0218576
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02903227
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0479174
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03382401
IRS990ScheduleD/EquipmentGrp/BookValueAmt014137
IRS990ScheduleD/EquipmentGrp/DepreciationAmt091472
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0105609
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0298573
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt029343
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0327916
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03215937
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/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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03749833
IRS990/TotalAssetsEOYAmt03721808
IRS990/TotalAssetsGrp/BOYAmt03749833
IRS990/TotalAssetsGrp/EOYAmt03721808
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0273044
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01422445
IRS990/TotalLiabilitiesEOYAmt01344318
IRS990/TotalLiabilitiesGrp/BOYAmt01422445
IRS990/TotalLiabilitiesGrp/EOYAmt01344318
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02327388
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02377490
IRS990/TotalProgramServiceRevenueAmt0328110
IRS990/TotalRevenueGrp/ExclusionAmt02289
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0328110
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0330399
IRS990/TotalVolunteersCnt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03749833
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03721808
IRS990/TravelGrp/TotalAmt03869
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0222 N 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/SignatureDt02024-07-18
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/AddressLine1Txt0811 FIRST ST SUITE 101
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0HUDSON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd054016
ReturnHeader/PreparerPersonGrp/PhoneNum07153861212
ReturnHeader/PreparerPersonGrp/PreparationDt02024-07-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAN PATRICK CPA
ReturnHeader/ReturnTs02024-07-23T10:03:01-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JOE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0FISCHER
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,721,808
Liabilities
$1,344,318
Net assets
$2,377,490
Revenue
$330,399
Expenses
$273,044
Net income
$57,355
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
2023Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

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