Civic Intelligence

Mitchell Area Development Corporation

EIN 46-0394983 • 501(c)3 • Mitchell, SD

Profile

Promote economic development in the mitchell, sd area

601 N Main StMitchell, SD 57301

www.mitchellsd.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

63rd percentile

0.25x

Higher debt load relative to assets than 63% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

2.95x

Higher debt load relative to revenue than 93% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

21st percentile

-8.9%

Higher net margin than 21% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

81st percentile

22%

Faster asset growth than 81% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-16%

Faster revenue growth than 16% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$5,553,609

Up $226,230 (+4.2%) from 2023

Liabilities

Up

$1,324,119

Up $9,050 (+0.7%) from 2023

Net Assets

Up

$4,229,490

Up $217,180 (+5.4%) from 2023

Operations
Liabilities / Revenue93rd percentileNet Margin21st percentile

Revenue

Up

$1,050,468

Up $604,603 (+136%) from 2023

Expenses

Up

$833,318

Up $347,838 (+72%) from 2023

Net Income

Up

$217,150

Up $256,765 (+648%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth81st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $5,118,118Liabilities 2011: $1,336,844Net Assets 2011: $3,781,2742011Assets 2012: $5,206,511Liabilities 2012: $1,318,979Net Assets 2012: $3,887,5322012Assets 2013: $6,878,279Liabilities 2013: $1,278,819Net Assets 2013: $5,599,4602013Assets 2014: $6,524,346Liabilities 2014: $1,243,763Net Assets 2014: $5,280,5832014Assets 2015: $5,854,435Liabilities 2015: $1,213,496Net Assets 2015: $4,640,9392015Assets 2016: $5,173,407Liabilities 2016: $636,504Net Assets 2016: $4,536,9032016Assets 2017: $5,027,466Liabilities 2017: $608,188Net Assets 2017: $4,419,2782017Assets 2018: $5,020,512Liabilities 2018: $632,389Net Assets 2018: $4,388,1232018Assets 2019: $5,035,558Liabilities 2019: $793,034Net Assets 2019: $4,242,5242019Assets 2020: $4,384,057Liabilities 2020: $510,806Net Assets 2020: $3,873,2512020Assets 2021: $4,585,529Liabilities 2021: $381,007Net Assets 2021: $4,204,5222021Assets 2022: $4,367,187Liabilities 2022: $315,262Net Assets 2022: $4,051,9252022Assets 2023: $5,327,379Liabilities 2023: $1,315,069Net Assets 2023: $4,012,3102023Assets 2024: $5,553,609Liabilities 2024: $1,324,119Net Assets 2024: $4,229,4902024

Highlighted filing

2024

Assets$5,553,609
Liabilities$1,324,119
Net Assets$4,229,490
Open 2024 Filing

Operations Trend

Revenue Growth16th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $452,751Expenses 2011: $294,718Net Income 2011: $158,0332011Expenses 2012: $329,6192012Revenue 2013: $2,051,389Expenses 2013: $339,461Net Income 2013: $1,711,9282013Revenue 2014: $298,998Expenses 2014: $617,875Net Income 2014: -$318,8772014Revenue 2015: $261,281Expenses 2015: $900,925Net Income 2015: -$639,6442015Revenue 2016: $389,348Expenses 2016: $493,384Net Income 2016: -$104,0362016Revenue 2017: $397,469Expenses 2017: $515,094Net Income 2017: -$117,6252017Revenue 2018: $545,406Expenses 2018: $576,561Net Income 2018: -$31,1552018Revenue 2019: $400,137Expenses 2019: $545,736Net Income 2019: -$145,5992019Revenue 2020: $395,048Expenses 2020: $764,321Net Income 2020: -$369,2732020Revenue 2021: $855,472Expenses 2021: $524,201Net Income 2021: $331,2712021Revenue 2022: $530,993Expenses 2022: $683,590Net Income 2022: -$152,5972022Revenue 2023: $445,865Expenses 2023: $485,480Net Income 2023: -$39,6152023Revenue 2024: $1,050,468Expenses 2024: $833,318Net Income 2024: $217,1502024

Highlighted filing

2024

Revenue$1,050,468
Expenses$833,318
Net Income$217,150
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,553,609
Liabilities
$1,324,119
Net assets
$4,229,490
Revenue
$1,050,468
Expenses
$833,318
Net income
$217,150
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.55$1.32$4.23$1.05$0.83$0.22
2023Detailed filing. Detailed filing data is available for this year.$5.33$1.32$4.01$0.45$0.49$0.04
2022Detailed filing. Detailed filing data is available for this year.$4.37$0.32$4.05$0.53$0.68$0.15
2021Detailed filing. Detailed filing data is available for this year.$4.59$0.38$4.20$0.86$0.52$0.33
2020Detailed filing. Detailed filing data is available for this year.$4.38$0.51$3.87$0.40$0.76$0.37
2019Detailed filing. Detailed filing data is available for this year.$5.04$0.79$4.24$0.40$0.55$0.15
2018Detailed filing. Detailed filing data is available for this year.$5.02$0.63$4.39$0.55$0.58$0.03
2017Detailed filing. Detailed filing data is available for this year.$5.03$0.61$4.42$0.40$0.52$0.12
2016Detailed filing. Detailed filing data is available for this year.$5.17$0.64$4.54$0.39$0.49$0.10
2015Detailed filing. Detailed filing data is available for this year.$5.85$1.21$4.64$0.26$0.90$0.64
2014Detailed filing. Detailed filing data is available for this year.$6.52$1.24$5.28$0.30$0.62$0.32
2013Summary only. Only limited summary data is available for this year.$6.88$1.28$5.60$2.05$0.34$1.71
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.21$1.32$3.89$0.33
2011Summary only. Only limited summary data is available for this year.$5.12$1.34$3.78$0.45$0.29$0.16
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Jan 27, 2025
Return Version
2023v6.0
Gross Receipts
$2,909,339
Mission and Program Overview

Mission

Promote economic development in the mitchell, sd area

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,638,622$2,559,448▲ $920,826
Land, Buildings, and Equipment, Net$1,921,925$1,310,954▼ $610,971
Savings and Temporary Cash Investments$1,088,569$999,660▼ $88,909
Other Notes and Loans Receivable, Net$513,114$511,114▼ $2,000
Investments Program Related-$153,070-
Intangible Assets$10,560$10,560→ $0
Prepaid Expenses and Deferred Charges-$8,708-
Accounts Receivable-$95-
Total Assets$5,327,379$5,553,609▲ $226,230
Other Assets Total$154,589--
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,280,000$1,280,000→ $0
Accounts Payable and Accrued Expenses$35,069$44,119▲ $9,050
Total Liabilities$1,315,069$1,324,119▲ $9,050
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,937,558$4,180,784▲ $243,226
Net Assets Without Donor Restrictions$74,752$48,706▼ $26,046
Total Net Assets Fund Balance$4,012,310$4,229,490▲ $217,180
Total Liabilities and Net Assets / Fund Balance$5,327,379$5,553,609▲ $226,230

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$970,708-$970,708
Buildings-$558,973$558,973
Land$325,127-$280,000
Equipment$8,610$51,998$60,608
Leasehold Improvements$6,509-$6,509
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Mike LauritsenExec DirectorFT$91,117$91,117

Board Members and Trustees

NameTitle
Trevor DierksPast President
Ken SchlimgenPresident
Becky PitzVice President
Brian KlockDirector
Chad GlanzerDirector
Dr Hilary RockwellDirector
Dr Joe ChildsDirector
Dr Joe KittleDirector
Jeff SmithDirector
John ClaggettDirector
Jordan HansonDirector
Josh MoodyDirector
Justin LutherDirector
Lee AndersonDirector
Mark WilsonDirector
Ryan ThompsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$703,025
Program Service Revenue
$0
Investment Income
$445,765
Other Revenue
$-98,322
All Other Contributions
$455,434
Change in Net Assets
$217,150
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$398,233
Salaries, Compensation, and Employee Benefits$385,085
Grants and Similar Amounts Paid$50,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$211,487-$211,487
Advertising$156,853--$156,853
Other Salaries and Wages$107,851--$107,851
Fees for Services Legal$53,519--$53,519
Grants to Domestic Individuals$50,000--$50,000
Other Employee Benefits-$35,670-$35,670
Office Expenses-$32,834-$32,834
Payroll Taxes$8,251$13,844-$22,095
Travel$14,865--$14,865
Occupancy$4,320$6,480-$10,800
Depreciation Depletion-$8,059-$8,059
Pension Plan Contributions-$7,982-$7,982
Fees for Services Accounting-$5,682-$5,682
Conferences and Meetings$5,423--$5,423
Other Expenses$3,885$4,891-$4,891
Information Technology-$4,586-$4,586
Total Functional Expenses$482,090$351,228$0$833,318
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
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
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, Part VI, Section B, Line 15A

“COMPRENSATION PROCESS FOR TOP OFFICIAL - The organizations FFO completes salary surveys throughout the fiscal year in aid of preparing budgets, an analysis of fair compensation with the individual peers is completed andd a joint executive committee approves annual salaries.”

Form 990, Part VI, Section B, Line 15A 15B

“COMPENSATION PROCESS FOR EXECUTIVE DIRECTORS AND KEY EMPLOYEES - The board uses comparison from other non-profits and comparable positions within their organizations.”

Filing and Contact Details

Filer

Filer Name
Mitchell Area Development Corporation
EIN
46-0394983
Phone
6059961140
Address
601 N MAIN ST, MITCHELL, SD 57301

Signing Officer

Name
Mike Lauritsen
Title
Executive Director
Phone
6059961140
Signed
2025-01-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Lauritsen
Formed
1985
Legal Domicile
Sd
Voting Board Members
17
Independent Board Members
17
Employees
0

Preparer

Firm
Carlon & Millar Prof LLC
Address
PO BOX 399 201 E 4TH AVE, MITCHELL, SD 57301-0399
Preparer
Patrick J Carlon
Phone
6059966850
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Section B, Line 12C

“ENFORCEMENT OF CONFLICTS POLICY - Enforcement of organizations policy is accomplished through making board members aware of the policy and required board members to complete an annual disclosure of possible conflicts.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
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