Civic Intelligence

Watertown Development Company

990 • Fiscal year 2020 • EIN 46-6012194

Aug 01, 2019 to Jul 31, 2020 • Filed on Nov 12, 2020

Organization ProfileWWW.WATERTOWNDEVELOPMENTCO.COM
PO Box 332Watertown, SD 57201

(605) 886-8425

Siviq Scores

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

Liabilities / Assets

88th percentile

0.62x

Higher debt load relative to assets than 88% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

6.51x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Net Margin

86th percentile

26%

Higher net margin than 86% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

16th percentile

$171,773

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 8.1% of source-year revenue.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Asset Growth

95th percentile

44%

Faster asset growth than 95% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-57%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$22,088,166

Up $6,704,229 (+44%) from 2019

Net Assets

Up

$8,329,508

Up $548,451 (+7.0%) from 2019

Liabilities

Up

$13,758,658

Up $6,155,778 (+81%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin86th percentile

Revenue

Down

$2,114,531

Down $2,821,299 (-57%) from 2019

Expenses

Down

$1,566,080

Down $1,148,818 (-42%) from 2019

Net Income

Down

$548,451

Down $1,672,481 (-75%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$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

2020

Assets$22,088,166
Liabilities$13,758,658
Net Assets$8,329,508
Open 2020 Filing

Operations Trend

Revenue Growth6th percentile

Revenue, expenses, and net income across loaded years, with this 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

2020

Revenue$2,114,531
Expenses$1,566,080
Net Income$548,451
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2019 to Jul 31, 2020
Signed
Nov 12, 2020
Return Version
2019v5.0
Gross Receipts
$2,114,531
Mission and Program Overview

Mission

Economic development in the watertown, sd area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,728,851$8,661,166▼ $67,685
Rtn Earn Endowment Incm Other Fnds$6,899,091$7,447,542▲ $548,451
Savings and Temporary Cash Investments$1,799,108$3,626,867▲ $1,827,759
Pledges and Grants Receivable$2,768,660$2,156,786▼ $611,874
Other Notes and Loans Receivable, Net-$1,645,253-
Cap Stk Tr Prin Current Funds$881,966$881,966→ $0
Accounts Receivable$1,034,590$439,305▼ $595,285
Investments Other Securities$111,624$102,277▼ $9,347
Prepaid Expenses and Deferred Charges$3,789$4,706▲ $917
Total Assets$15,383,937$22,088,166▲ $6,704,229
Other Assets Total$937,315$5,451,806▲ $4,514,491
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,485,387$13,690,087▲ $7,204,700
Accounts Payable and Accrued Expenses$1,117,493$68,571▼ $1,048,922
Total Liabilities$7,602,880$13,758,658▲ $6,155,778
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,781,057$8,329,508▲ $548,451
Total Liabilities and Net Assets / Fund Balance$15,383,937$22,088,166▲ $6,704,229

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,474,891$1,955,360$10,430,251
Land$186,275-$186,275
Other Assets Org$937,315--
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chris SchilkenPresidentFT$141,138$30,635$171,773

Board Members and Trustees

NameTitle
Jim RedlingerChairman
Alan StagerVice Chairma
Brett HasslenBoard Member
Curt TregoBoard Member
Dewayne HibbertBoard Member
Dustin FlattenBoard Member
James RobyBoard Member
Jim SeurerBoard Member
Josh HogueBoard Member
Kc DeboerBoard Member
Laura HeathcoteBoard Member
Mark DunnBoard Member
Mark MoffattBoard Member
Michael CartneyBoard Member
Monica JurgensBoard Member
Sarah CaronBoard Member
Troy VandusenBoard Member
Troy ZebroskiBoard Member
Steve LehnerSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$1,002,898
Program Service Revenue
$1,098,261
Investment Income
$13,372
Other Revenue
$0
All Other Contributions
$463,000
Change in Net Assets
$548,451
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,173,943
Salaries, Compensation, and Employee Benefits$389,512
Professional Fundraising Fees$2,625
Total Fundraising Expense$2,625
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$305,671--$305,671
Depreciation Depletion$256,559--$256,559
Other Salaries and Wages$181,626--$181,626
Advertising$159,549--$159,549
Current Officers, Directors, Trustees, and Key Employees-$141,138-$141,138
All Other Expenses$69,341--$69,341
Fees for Services Accounting$34,587--$34,587
Other Employee Benefits$34,077--$34,077
Other Expenses$31,489--$31,489
Payroll Taxes$24,155--$24,155
Fees for Services Legal$21,636--$21,636
Fees for Services Other$15,831--$15,831
Pension Plan Contributions$8,516--$8,516
Occupancy$3,706--$3,706
Fees for Services Professional Fundraising--$2,625$2,625
Total Functional Expenses$1,422,317$141,138$2,625$1,566,080
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$2,625
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
Yes
Management duties delegated
No

Governance Explanations

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

“Board of directors is elected by its members.”

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 990 is signed by the director and a copy is presented to the board of directors.”

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 19

“Watertown development company 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
6058868425
Address
PO BOX 332, WATERTOWN, SD 57201

Signing Officer

Name
Chris Schilken
Title
President
Phone
6058840340
Signed
2020-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Schilken
Formed
1947
Legal Domicile
Sd
Voting Board Members
11
Independent Board Members
11
Employees
3
Volunteers
11

Preparer

Firm
Vrs Pc
Address
PO BOX 1267, WATERTOWN, SD 57201-6267
Preparer
Sherry L Kleinsasser
Phone
6058868425
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0ECONOMIC DEVELOPMENT IN THE WATERTOWN, SD AREA.
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IRS990/NetAssetsOrFundBalancesEOYAmt08329508
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IRS990/NondeductibleContriDisclInd0true
IRS990/OccupancyGrp/ProgramServicesAmt03706
IRS990/OccupancyGrp/TotalAmt03706
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0937315
IRS990/OtherAssetsTotalGrp/EOYAmt05451806
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt034077
IRS990/OtherEmployeeBenefitsGrp/TotalAmt034077
IRS990/OtherExpensesGrp/Desc0RENTAL PROPERTY COSTS
IRS990/OtherExpensesGrp/Desc1TRAVEL & MEETINGS
IRS990/OtherExpensesGrp/Desc2SCHOLARSHIPS
IRS990/OtherExpensesGrp/Desc3BANK FEES
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IRS990/PayrollTaxesGrp/ProgramServicesAmt024155
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IRS990/ProgramServiceRevenueGrp/Desc1GAIN ON SALE OF PROPERTY
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IRS990/PYInvestmentIncomeAmt09221
IRS990/PYOtherExpensesAmt02166249
IRS990/PYProgramServiceRevenueAmt0868767
IRS990/PYRevenuesLessExpensesAmt02220932
IRS990/PYSalariesCompEmpBnftPaidAmt0370527
IRS990/PYTotalExpensesAmt02714898
IRS990/PYTotalProfFndrsngExpnsAmt0178122
IRS990/PYTotalRevenueAmt04935830
IRS990/ReconcilationRevenueExpnssAmt0548451
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01098261
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt06899091
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07447542
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt01955360
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010430251
IRS990ScheduleD/LandGrp/BookValueAmt0186275
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0186275
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1937315
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LAND HELD FOR DEVELOPMENT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08661166
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05451806
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount018000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt012635
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CHRIS SCHILKEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD OF DIRECTORS IS ELECTED BY ITS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1YES BY VIRTUE OF ACTIONS TAKEN AT ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 990 IS SIGNED BY THE DIRECTOR AND A COPY IS PRESENTED TO THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY POSSIBLE CONFLICTS AND AGREE TO THE POLICY ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WATERTOWN DEVELOPMENT COMPANY MAKES ALL OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 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
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IRS990/TotalAssetsEOYAmt022088166
IRS990/TotalAssetsGrp/BOYAmt015383937
IRS990/TotalAssetsGrp/EOYAmt022088166
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt01002898
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt02625
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0141138
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01422317
IRS990/TotalFunctionalExpensesGrp/TotalAmt01566080
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07602880

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,088,166
Liabilities
$13,758,658
Net assets
$8,329,508
Revenue
$2,114,531
Expenses
$1,566,080
Net income
$548,451
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