Civic Intelligence

Prairieland Economic Development Corporation

990 • Fiscal year 2018 • EIN 41-1493486

Oct 01, 2017 to Sep 30, 2018 • Filed on Jan 29, 2019

Organization ProfileWWW.PRAIRIELANDEDC.COM

View Organization Page

1 Prairie DriveSlayton, MN 56172-1347

(507) 836-6656

Siviq Scores

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

Liabilities / Assets

87th percentile

0.71x

Higher debt load relative to assets than 87% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

91st percentile

2.10x

Higher debt load relative to revenue than 91% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

73rd percentile

15%

Higher net margin than 73% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

84th percentile

$151,131

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 19.3% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

31st percentile

-3.1%

Faster asset growth than 31% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

48th percentile

2.9%

Faster revenue growth than 48% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$2,330,818

Down $75,746 (-3.1%) from 2017

Net Assets

Up

$686,577

Up $119,413 (+21%) from 2017

Liabilities

Down

$1,644,241

Down $195,159 (-11%) from 2017

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin73rd percentile

Revenue

Up

$781,361

Up $21,795 (+2.9%) from 2017

Expenses

Up

$661,948

Up $74,605 (+13%) from 2017

Net Income

Down

$119,413

Down $52,810 (-31%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $2,655,586Liabilities 2011: $2,968,738Net Assets 2011: -$313,1522011Assets 2012: $2,593,685Liabilities 2012: $2,770,463Net Assets 2012: -$176,7782012Assets 2013: $2,474,745Liabilities 2013: $2,528,095Net Assets 2013: -$53,3502013Assets 2014: $2,491,097Liabilities 2014: $2,362,431Net Assets 2014: $128,6662014Assets 2015: $2,454,122Liabilities 2015: $2,171,045Net Assets 2015: $283,0772015Assets 2016: $2,387,833Liabilities 2016: $1,992,892Net Assets 2016: $394,9412016Assets 2017: $2,406,564Liabilities 2017: $1,839,400Net Assets 2017: $567,1642017Assets 2018: $2,330,818Liabilities 2018: $1,644,241Net Assets 2018: $686,5772018Assets 2019: $2,368,586Liabilities 2019: $1,469,899Net Assets 2019: $898,6872019Assets 2020: $2,115,077Liabilities 2020: $959,586Net Assets 2020: $1,155,4912020Assets 2021: $2,209,843Liabilities 2021: $816,430Net Assets 2021: $1,393,4132021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2018

Assets$2,330,818
Liabilities$1,644,241
Net Assets$686,577
Open 2018 Filing

Operations Trend

Revenue Growth48th percentile

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

$1.0M$500K$0-$500KRevenue 2011: $660,286Expenses 2011: $672,230Net Income 2011: -$11,9442011Revenue 2012: $804,233Expenses 2012: $667,859Net Income 2012: $136,3742012Revenue 2013: $802,030Expenses 2013: $678,602Net Income 2013: $123,4282013Revenue 2014: $827,138Expenses 2014: $645,122Net Income 2014: $182,0162014Revenue 2015: $784,551Expenses 2015: $630,140Net Income 2015: $154,4112015Revenue 2016: $740,761Expenses 2016: $628,897Net Income 2016: $111,8642016Revenue 2017: $759,566Expenses 2017: $587,343Net Income 2017: $172,2232017Revenue 2018: $781,361Expenses 2018: $661,948Net Income 2018: $119,4132018Revenue 2019: $721,007Expenses 2019: $508,897Net Income 2019: $212,1102019Revenue 2020: $769,639Expenses 2020: $512,835Net Income 2020: $256,8042020Revenue 2021: $789,064Expenses 2021: $551,142Net Income 2021: $237,9222021Revenue 2022: $493,241Expenses 2022: $456,398Net Income 2022: $36,8432022

Highlighted filing

2018

Revenue$781,361
Expenses$661,948
Net Income$119,413
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2017 to Sep 30, 2018
Signed
Jan 29, 2019
Return Version
2017v2.3
Gross Receipts
$781,361
Mission and Program Overview

Mission

The corporation seeks to assist businesses with the following: economic development by assisting in the growth and expansion of small business and industry, promoting the improvement of community services, expand business ownership opportunities, promote the development of general and community welfare, and increase the local tax base.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,389,955$1,578,771▲ $188,816
Savings and Temporary Cash Investments$606,773$367,010▼ $239,763
Land, Buildings, and Equipment, Net$314,443$289,643▼ $24,800
Accounts Receivable$72,311$73,141▲ $830
Prepaid Expenses and Deferred Charges$16,585$15,155▼ $1,430
Total Assets$2,406,564$2,330,818▼ $75,746
Other Assets Total$6,497$7,098▲ $601
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,735,355$1,552,061▼ $183,294
Accounts Payable and Accrued Expenses$104,045$92,180▼ $11,865
Total Liabilities$1,839,400$1,644,241▼ $195,159
Net Assets / Fund Balance
Temporarily Rstr Net Assets$118,163$570,235▲ $452,072
Unrestricted Net Assets$449,001$116,342▼ $332,659
Total Net Assets Fund Balance$567,164$686,577▲ $119,413
Total Liabilities and Net Assets / Fund Balance$2,406,564$2,330,818▼ $75,746

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$264,554$196,611$461,165
Equipment$23,137$170,848$193,985
Other Land Buildings$1,952$26,254$28,206
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ann PetersonPresident/ceFT$127,991$23,140$151,131
Ann PetersonPresident/CEO-$127,991$23,140$151,131
Claire GerberDirector-$1,130-$1,130
Jill MocklerSecretary/tr-$1,015-$1,015
Renae ShieldsDirector-$1,010-$1,010
Sherri SchuellerFirst Chair-$940-$940
Tim UlrichChair-$770-$770

Board Members and Trustees

NameTitle
Pete NeigebauerSecond Chair
Brigid TuckDirector
Chadwick SyltieDirector
Matt ZebroDirector
Matthew DorothyDirector
Ralph KnappDirector
Robert ByrnesDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$779,876
Investment Income
$1,485
Other Revenue
$0
Change in Net Assets
$119,413

Audited Revenue Reconciliation

Revenue per Audited Statements
$781,361
Total Revenue per Audited Statements
$781,361
Total Revenue per Form 990
$781,361
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$462,153
Other Expenses$199,795
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$209,939--$209,939
Current Officers, Directors, Trustees, and Key Employees$113,348$44,778-$158,126
Other Employee Benefits$52,567--$52,567
Fees for Services Legal$25,000$3,492-$28,492
Depreciation Depletion$20,855$6,952-$27,807
Payroll Taxes$21,634$2,263-$23,897
Occupancy$15,717$5,239-$20,956
Office Expenses$14,268$4,756-$19,024
Pension Plan Contributions$17,624--$17,624
Interest$16,995--$16,995
Insurance$11,029$3,676-$14,705
Advertising$12,528--$12,528
Travel$11,682--$11,682
Fees for Services Accounting-$9,032-$9,032
Information Technology$7,715--$7,715
Conferences and Meetings$5,123--$5,123
Other Expenses$2,003$13,268-$2,003
All Other Expenses-$201-$201
Total Functional Expenses$568,291$93,657$0$661,948

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$661,948
Total Expenses per Audited Statements$661,948
Total Expenses per Form 990$661,948
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
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 990 is reviewed by the board of directors.”

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

“The board chair reviews all conflicts of interest questionnaires and reports annually to the board.”

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

“The board of directors reviews annually utilizing national and regional data and studies.”

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

“The board of directors reviews annually utilizing national and regional data and studies.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, conflicts of interest policy, and financial statements are available for review, upon request, at corporation's office.”

Filing and Contact Details

Filer

Filer Name
Prairieland Economic Development
EIN
41-1493486
Phone
5078366656
Address
1 PRAIRIE DRIVE, SLAYTON, MN 56172-1347

Signing Officer

Name
Ann Peterson
Title
President/CEO
Phone
5078366656
Signed
2019-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ann Peterson
Formed
1983
Legal Domicile
Mn
Voting Board Members
10
Independent Board Members
10
Employees
5

Preparer

Firm
Richard Holmberg Ltd
Address
2555 BROADWAY AVE, SLAYTON, MN 56172
Preparer
Richard Holmberg
Phone
5078366151
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The corporation seeks to assist businesses with the following: economic development by assisting in the growth and expansion of small business and industry, promoting the improvement of community services, expand business ownership opportunities, promote the development of general and community welfare, and increase the local tax base.”

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IRS990/ProgramServiceRevenueGrp/Desc2LOAN INTEREST REVENUE
IRS990/ProgramServiceRevenueGrp/Desc3WELLS FARGO INTEREST SHARE
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1220320
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt280601
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt335429
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IRS990/PYInvestmentIncomeAmt01258
IRS990/PYOtherExpensesAmt0143630
IRS990/PYProgramServiceRevenueAmt0758308
IRS990/PYRevenuesLessExpensesAmt0172223
IRS990/PYSalariesCompEmpBnftPaidAmt0443713
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IRS990/ReconcilationRevenueExpnssAmt0119413
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0738719
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01485
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt01258
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0784551
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0813138
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03879135
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0264554
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0196611
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0461165
IRS990ScheduleD/EquipmentGrp/BookValueAmt023137
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0170848
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0193985
IRS990ScheduleD/ExpensesSubtotalAmt0661948
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01952
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt026254
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt028206
IRS990ScheduleD/RevenueSubtotalAmt0781361
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0289643
IRS990ScheduleD/TotalExpensesPerForm990Amt0661948
IRS990ScheduleD/TotalRevenuePerForm990Amt0781361
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0781361
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IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
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IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt023140
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ANN PETERSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0151131
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PROVIDED INCENTIVE PAY WHICH IS CALCULATED AS A PERCENTAGE OF SALARY BASED ON PERSONAL PERFORMANCE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PAGE 1, PART I, LINE 7
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION SEEKS TO ASSIST BUSINESSES WITH THE FOLLOWING: ECONOMIC DEVELOPMENT BY ASSISTING IN THE GROWTH AND EXPANSION OF SMALL BUSINESS AND INDUSTRY, PROMOTING THE IMPROVEMENT OF COMMUNITY SERVICES, EXPAND BUSINESS OWNERSHIP OPPORTUNITIES, PROMOTE THE DEVELOPMENT OF GENERAL AND COMMUNITY WELFARE, AND INCREASE THE LOCAL TAX BASE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS REVIEWED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD CHAIR REVIEWS ALL CONFLICTS OF INTEREST QUESTIONNAIRES AND REPORTS ANNUALLY TO THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS REVIEWS ANNUALLY UTILIZING NATIONAL AND REGIONAL DATA AND STUDIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS REVIEWS ANNUALLY UTILIZING NATIONAL AND REGIONAL DATA AND STUDIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR REVIEW, UPON REQUEST, AT CORPORATION'S OFFICE.
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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0QUARRY ROCK LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0260064443
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0MN
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IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt01 PRAIRIE DRIVE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0SLAYTON
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0MN

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,330,818
Liabilities
$1,644,241
Net assets
$686,577
Revenue
$781,361
Expenses
$661,948
Net income
$119,413
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.49$0.46$0.04
2021Detailed filing. Detailed filing data is available for this year.$2.21$0.82$1.39$0.79$0.55$0.24
2020Detailed filing. Detailed filing data is available for this year.$2.12$0.96$1.16$0.77$0.51$0.26
2019Detailed filing. Detailed filing data is available for this year.$2.37$1.47$0.90$0.72$0.51$0.21
2018Detailed filing. Detailed filing data is available for this year.$2.33$1.64$0.69$0.78$0.66$0.12
2017Summary only. Only limited summary data is available for this year.$2.41$1.84$0.57$0.76$0.59$0.17
2016Summary only. Only limited summary data is available for this year.$2.39$1.99$0.39$0.74$0.63$0.11
2015Summary only. Only limited summary data is available for this year.$2.45$2.17$0.28$0.78$0.63$0.15
2014Summary only. Only limited summary data is available for this year.$2.49$2.36$0.13$0.83$0.65$0.18
2013Summary only. Only limited summary data is available for this year.$2.47$2.53$0.05$0.80$0.68$0.12
2012Summary only. Only limited summary data is available for this year.$2.59$2.77$0.18$0.80$0.67$0.14
2011Summary only. Only limited summary data is available for this year.$2.66$2.97$0.31$0.66$0.67$0.01