Civic Intelligence

Watertown Development Company

EIN 46-6012194 • 501(c)6 • Watertown, SD

Profile

Economic development in the watertown, south dakota area.

PO Box 332Watertown, SD 57201

www.watertownworks.com

Siviq Scores

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

Liabilities / Assets

95th percentile

0.83x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

6.82x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2024

Net Margin

11th percentile

-11%

Higher net margin than 11% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

50th percentile

$105,840

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

$25M-$50M nonprofits • Source year 2024

Asset Growth

78th percentile

18%

Faster asset growth than 78% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

96th percentile

164%

Faster revenue growth than 96% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$30,618,359

Up $4,667,543 (+18%) from 2023

Liabilities

Up

$25,430,628

Up $5,648,145 (+29%) from 2023

Net Assets

Down

$5,187,731

Down $980,602 (-16%) from 2023

Operations
Liabilities / Revenue98th percentileNet Margin11th percentile

Revenue

Up

$3,726,959

Up $2,316,008 (+164%) from 2023

Expenses

Up

$4,124,210

Up $1,733,310 (+72%) from 2023

Net Income

Up

-$397,251

Up $582,698 (+59%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

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

$40M$30M$20M$10M$0Assets 2011: $12,461,939Liabilities 2011: $9,953,032Net Assets 2011: $2,508,9072011Assets 2012: $13,432,983Liabilities 2012: $9,381,025Net Assets 2012: $4,051,9582012Assets 2013: $14,342,505Liabilities 2013: $9,430,108Net Assets 2013: $4,912,3972013Assets 2014: $11,701,037Liabilities 2014: $4,295,044Net Assets 2014: $7,405,9932014Assets 2015: $12,881,741Liabilities 2015: $5,769,999Net Assets 2015: $7,111,7422015Assets 2016: $12,414,276Liabilities 2016: $5,663,676Net Assets 2016: $6,750,6002016Assets 2017: $10,276,126Liabilities 2017: $4,471,318Net Assets 2017: $5,804,8082017Assets 2018: $9,781,733Liabilities 2018: $4,221,608Net Assets 2018: $5,560,1252018Assets 2019: $15,383,937Liabilities 2019: $7,602,880Net Assets 2019: $7,781,0572019Assets 2020: $22,088,166Liabilities 2020: $13,758,658Net Assets 2020: $8,329,5082020Assets 2021: $26,333,482Liabilities 2021: $18,426,025Net Assets 2021: $7,907,4572021Assets 2022: $26,777,594Liabilities 2022: $19,629,312Net Assets 2022: $7,148,2822022Assets 2023: $25,950,816Liabilities 2023: $19,782,483Net Assets 2023: $6,168,3332023Assets 2024: $30,618,359Liabilities 2024: $25,430,628Net Assets 2024: $5,187,7312024

Highlighted filing

2024

Assets$30,618,359
Liabilities$25,430,628
Net Assets$5,187,731
Open 2024 Filing

Operations Trend

Revenue Growth96th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $1,142,0842011Expenses 2012: $1,069,9442012Expenses 2013: $1,562,2832013Revenue 2014: $3,819,817Expenses 2014: $1,326,221Net Income 2014: $2,493,5962014Revenue 2015: $658,392Expenses 2015: $952,643Net Income 2015: -$294,2512015Revenue 2016: $752,161Expenses 2016: $1,113,303Net Income 2016: -$361,1422016Revenue 2017: $219,308Expenses 2017: $1,165,100Net Income 2017: -$945,7922017Revenue 2018: $720,867Expenses 2018: $965,550Net Income 2018: -$244,6832018Revenue 2019: $4,935,830Expenses 2019: $2,714,898Net Income 2019: $2,220,9322019Revenue 2020: $2,114,531Expenses 2020: $1,566,080Net Income 2020: $548,4512020Revenue 2021: $2,078,248Expenses 2021: $2,500,299Net Income 2021: -$422,0512021Revenue 2022: $1,539,881Expenses 2022: $2,299,056Net Income 2022: -$759,1752022Revenue 2023: $1,410,951Expenses 2023: $2,390,900Net Income 2023: -$979,9492023Revenue 2024: $3,726,959Expenses 2024: $4,124,210Net Income 2024: -$397,2512024

Highlighted filing

2024

Revenue$3,726,959
Expenses$4,124,210
Net Income-$397,251
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$30,618,359
Liabilities
$25,430,628
Net assets
$5,187,731
Revenue
$3,726,959
Expenses
$4,124,210
Net income
-$397,251
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$30.6$25.4$5.19$3.73$4.12$0.40
2023Detailed filing. Detailed filing data is available for this year.$26.0$19.8$6.17$1.41$2.39$0.98
2022Detailed filing. Detailed filing data is available for this year.$26.8$19.6$7.15$1.54$2.30$0.76
2021Detailed filing. Detailed filing data is available for this year.$26.3$18.4$7.91$2.08$2.50$0.42
2020Detailed filing. Detailed filing data is available for this year.$22.1$13.8$8.33$2.11$1.57$0.55
2019Detailed filing. Detailed filing data is available for this year.$15.4$7.60$7.78$4.94$2.71$2.22
2018Detailed filing. Detailed filing data is available for this year.$9.78$4.22$5.56$0.72$0.97$0.24
2017Detailed filing. Detailed filing data is available for this year.$10.3$4.47$5.80$0.22$1.17$0.95
2016Detailed filing. Detailed filing data is available for this year.$12.4$5.66$6.75$0.75$1.11$0.36
2015Detailed filing. Detailed filing data is available for this year.$12.9$5.77$7.11$0.66$0.95$0.29
2014Detailed filing. Detailed filing data is available for this year.$11.7$4.30$7.41$3.82$1.33$2.49
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.3$9.43$4.91$1.56
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.4$9.38$4.05$1.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.5$9.95$2.51$1.14
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Aug 1, 2023 to Jul 31, 2024
Signed
Jun 13, 2025
Return Version
2023v6.0
Gross Receipts
$3,726,959
Mission and Program Overview

Mission

Economic development in the watertown, sd area.

Economic development in the watertown, south dakota area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,678,959$20,746,460▲ $6,067,501
Other Notes and Loans Receivable, Net$6,816,339$4,854,640▼ $1,961,699
Savings and Temporary Cash Investments$3,583,950$2,582,266▼ $1,001,684
Pledges and Grants Receivable$226,971$1,435,138▲ $1,208,167
Cash and Non-Interest-Bearing Accounts$404,627$783,241▲ $378,614
Investments Program Related$108,970$108,036▼ $934
Intangible Assets$112,657$90,072▼ $22,585
Accounts Receivable$12,100$12,271▲ $171
Prepaid Expenses and Deferred Charges$6,243$6,235▼ $8
Total Assets$25,950,816$30,618,359▲ $4,667,543
Liabilities
Mortgage Notes Payable Secured by Investment Property$19,723,012$24,995,488▲ $5,272,476
Accounts Payable and Accrued Expenses$59,471$435,140▲ $375,669
Total Liabilities$19,782,483$25,430,628▲ $5,648,145
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,168,333$3,752,593▼ $2,415,740
Net Assets With Donor Restrictions-$1,435,138-
Total Net Assets Fund Balance$6,168,333$5,187,731▼ $980,602
Total Liabilities and Net Assets / Fund Balance$25,950,816$30,618,359▲ $4,667,543

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,980,741$3,365,535$22,346,276
Other Land Buildings$682,594-$682,594
Land$1,072,209-$186,275
Equipment$10,916$130,546$141,462
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Christopher CliftonExecutive DiFT$86,376$19,464$105,840

Board Members and Trustees

NameTitle
Steve LehnerChair
Amanda MackDirector
Brent HasslenDirector
Corey BalounDirector
Dan GarveyDirector
Dustin FlattenDirector
Jim SeurerDirector
John AllenDirector
John SteinbauerDirector
Josh HogueDirector
Tiffany SandersonDirector
Troy VandusenDirector
Troy ZebroskiDirector
Mark DunnSecretary/tr

Highest Paid Contractors

ContractorServicesLocationCompensation
Nat'l Community Development ServicesFundraising12460 CRABAPPLE ROAD STE 202-638, Alpharetta, GA 30004$287,550
Infrastructure Design Group INCArchitectural116 WEST 69TH STREET SUITE 200, Sioux Falls, SD 57108$100,805
Revenue and Support

Revenue Composition

Contributions and Grants
$2,308,336
Program Service Revenue
$1,373,246
Investment Income
$44,313
Other Revenue
$1,064
All Other Contributions
$1,482,330
Change in Net Assets
$-397,251

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,726,958
Revenue Not Reported on Financial Statements
$1
Other Revenue Adjustments
$1
Total Revenue per Audited Statements
$3,726,958
Total Revenue per Form 990
$3,726,959
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,392,761
Salaries, Compensation, and Employee Benefits$418,528
Grants and Similar Amounts Paid$176,540
Professional Fundraising Fees$136,381
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$788,716
Depreciation Depletion---$446,314
Fees for Services Other---$231,907
Other Salaries and Wages---$231,796
Grants to Domestic Orgs---$176,540
Advertising---$136,461
Fees for Services Professional Fundraising---$136,381
Fees for Services Accounting---$115,320
Occupancy---$111,180
Current Officers, Directors, Trustees, and Key Employees---$105,998
Office Expenses---$87,003
Fees for Services Legal---$80,873
Other Employee Benefits---$46,991
Conferences and Meetings---$27,785
Payroll Taxes---$27,405
Insurance---$23,330
Pension Plan Contributions---$6,338
Other Expenses---$2,910
Total Functional Expenses$0$0$0$4,124,210

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,124,210
Expenses per Audited Statements$4,124,208
Total Expenses per Audited Statements$4,124,208
Expenses Not Reported on Financial Statements$2
Other Expense Adjustments$2
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lake Area Technical College FoundatWatertown, SD501c3Scholarships$80,125
Friends of the Goss Opera House IncWatertown, SD501c3General Support$30,000
South Dakota Governors OfficePierre, SDGovGeneral Support$17,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$136,381
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
Audit committee
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Organization is made up of members.”

Form 990, Page 6, Part VI, Line 7A

“Board members are elected by the membership.”

Form 990, Page 6, Part VI, Line 7B

“Yes by virtue of actions taken at annual meeting.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is prepared by a licensed cpa firm. Management reviews the 990 in detail, and a copy is presented to the board of directors prior to filing.”

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

“Directors and officers are required to disclose any possible conflicts and agree to the policy annually.”

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

“The board of directors reviews and approves annual compensation for the executive director. The decision is properly documented through board of director minutes.”

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

“SAME PERSON AS LINE 15A.”

Form 990, Page 6, Part VI, Line 19

“The organization makes all of its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Watertown Development Company
EIN
46-6012194
Phone
6058840340
Address
PO BOX 332, WATERTOWN, SD 57201

Signing Officer

Name
Christopher Clifton
Title
Executive Director
Phone
6058806784
Signed
2025-06-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Clifton
Formed
1947
Legal Domicile
Sd
Voting Board Members
14
Independent Board Members
14
Employees
5
Volunteers
14

Preparer

Firm
Ketel Thorstenson Llp
Address
PO BOX 3140, RAPID CITY, SD 57709-3140
Preparer
Jeff Yennie CPA Cva
Phone
6053425630
Supplemental Narrative

Additional Explanations

Form 990, Part XI

“The fiscal year 2023 audit was completed subsequent to preparation of the 2022 tax return and resulted in adjustments to depreciation and the provision for uncollectible notes receivable. Prior period adjustment is included in the 2023 tax return in the amount of 583,352.”

Form 990, Part XI, Line 9

“Rounding -1 rounding 2 total 1”

Financial Statement Notes

Schedule D, Page 3, Part X

“At july 31, 2024, the company believes no significant uncertain tax positions or liabilities exist.”

Schedule D, Page 4, Part XI, Line 4B

“ROUNDING 1”

Schedule D, Page 4, Part XII, Line 4B

“ROUNDING 2”

Raw XML AppendixShowing 400 of 530 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/OtherRevenueMiscGrp/Desc2KAMPESKA CAPITAL, LLC
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AT JULY 31, 2024, THE COMPANY BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS OR LIABILITIES EXIST.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1ROUNDING 1
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2ROUNDING 2
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleG/FundraiserActivityInfoGrp/USAddress/AddressLine1Txt012460 CRABAPPLE ROAD STE 202-638
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0SCHOLARSHIPS
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1GENERAL SUPPORT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2GENERAL SUPPORT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0LAKE AREA TECHNICAL COLLEGE FOUNDAT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1FRIENDS OF THE GOSS OPERA HOUSE INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2SOUTH DAKOTA GOVERNORS OFFICE
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1100 EAST KEMP AVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt2711 E WELLS AVE
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PROVIDES FUNDS TO THE LAKE AREA TECHNICAL COLLEGE FOUNDATION TO ASSIST WITH SCHOLARSHIP FUNDING FOR POTENTIAL AND EXISTING STUDENTS. THE ORGANIZATION IS AN INDUSTRY PARTNER WITH SEVERAL EMPLOYERS THROUGHOUT THE WATERTOWN COMMUNITY OFFERING PARTNERSHIP IN VARIOUS LATC PROGRAMS. SUCH PROGRAMS INCLUDE, BUT NOT LIMITED TO HEALTHCARE, ADVANCED MANUFACTURING, BUILDING TRADES/CONSTRUCTION, AND AUTOMOTIVE TECHNOLOGY. THE ORGANIZATIONS SPONSORSHIP IS ONE STUDENT PER BUSINESS. THE ORGANIZATION DOES NOT PARTICIPATE IN THE SELECTION OF SCHOLARSHIP RECIPIENTS OR COLLECT PAYMENT FROM STUDENTS. LATC STAFF ASSISTS WITH ALLOCATING THE FUNDS. THE ORGANIZATION ALSO MAKES SMALLER DONATIONS TO OTHER LOCAL 501(C)(3) ORGANIZATIONS WHOSE MISSION IS TO BENEFIT THE LOCAL COMMUNITY AND WHOSE MISSION ALIGNS WITH THE MISSION OF THE WATERTOWN DEVELOPMENT COMPANY. DONATIONS TO SUCH ORGANIZATIONS ARE REVIEWED AND APPROVED BY THE ORGANIZATIONS BOARD OF DIRECTORS. THE ORGANIZATIONS FINANCE COMMITTEE RECOMMENDED A YEARLY LIMIT OF 40,000 FOR COMMUNITY CAMPAIGN ASKS (200,000 OVER 5 YEARS OR 5% OF GROW 2.0 CAMPAIGN GOAL) WHICH DOES NOT INCLUDE FUNDS ALLOCATED TO LATCS STRETCH THE MILLIONS PROGRAM.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 4, PART IV
IRS990ScheduleI/Total501c3OrgCnt03
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION IS MADE UP OF MEMBERS.

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