Civic Intelligence

Watertown Development Company

990 • Fiscal year 2022 • EIN 46-6012194

Aug 01, 2021 to Jul 31, 2022 • Filed on Nov 06, 2022

PO Box 332Watertown, SD 57201

(605) 884-0340

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.73x

Higher debt load relative to assets than 92% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

12.75x

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

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Net Margin

5th percentile

-49%

Higher net margin than 5% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

8th percentile

$89,038

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 5.8% of source-year revenue.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Asset Growth

51st percentile

1.7%

Faster asset growth than 51% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

9th percentile

-26%

Faster revenue growth than 9% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Assets

Up

$26,777,594

Up $444,112 (+1.7%) from 2021

Net Assets

Down

$7,148,282

Down $759,175 (-9.6%) from 2021

Liabilities

Up

$19,629,312

Up $1,203,287 (+6.5%) from 2021

Revenue

Down

$1,539,881

Down $538,367 (-26%) from 2021

Expenses

Down

$2,299,056

Down $201,243 (-8.0%) from 2021

Net Income

Down

-$759,175

Down $337,124 (-80%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$26,777,594
Liabilities$19,629,312
Net Assets$7,148,282

Operations Trend

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

2022

Revenue$1,539,881
Expenses$2,299,056
Net Income-$759,175
Jump To
Filing Snapshot
Filing Period
Aug 1, 2021 to Jul 31, 2022
Signed
Nov 6, 2022
Return Version
2021v4.0
Gross Receipts
$1,539,881
Mission and Program Overview

Mission

Economic development in the watertown, sd area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,536,499$13,877,597▲ $1,341,098
Other Notes and Loans Receivable, Net$6,291,486$6,925,418▲ $633,932
Rtn Earn Endowment Incm Other Fnds$7,025,491$6,266,316▼ $759,175
Savings and Temporary Cash Investments$3,995,254$3,854,636▼ $140,618
Cap Stk Tr Prin Current Funds$881,966$881,966→ $0
Pledges and Grants Receivable$1,508,584$827,935▼ $680,649
Investments Other Securities$113,266$110,427▼ $2,839
Accounts Receivable$846,710$61,377▼ $785,333
Intangible Assets-$57,475-
Prepaid Expenses and Deferred Charges$2,153$3,682▲ $1,529
Total Assets$26,333,482$26,777,594▲ $444,112
Other Assets Total$1,039,530$1,059,047▲ $19,517
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,279,998$19,522,746▲ $1,242,748
Accounts Payable and Accrued Expenses$72,695$106,566▲ $33,871
Other Liabilities$73,332--
Total Liabilities$18,426,025$19,629,312▲ $1,203,287
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,907,457$7,148,282▼ $759,175
Total Liabilities and Net Assets / Fund Balance$26,333,482$26,777,594▲ $444,112

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$13,691,322$2,600,509$16,291,831
Land$186,275-$186,275
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Michelle KakacekExec DirectoFT$89,038$89,038
Mark VauxPast Exec DiFT$59,712$59,712

Board Members and Trustees

NameTitle
Jim RedlingerChairman
Michael CartneyVice Chairma
Troy ZebroskiVice Chairma
Amanda MackBoard Member
Brent HasslenBoard Member
Corey BalounBoard Member
Dan GarveyBoard Member
Dustin FlattenBoard Member
James RobyBoard Member
Jim SeurerBoard Member
Josh HogueBoard Member
Mark DunnBoard Member
Sam MooneyBoard Member
Troy VandusenBoard Member
Steve LehnerSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$184,901
Program Service Revenue
$1,074,660
Investment Income
$280,320
Other Revenue
$0
All Other Contributions
$7,364
Change in Net Assets
$-759,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,937,820
Salaries, Compensation, and Employee Benefits$361,236
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$687,722--$687,722
Depreciation Depletion$416,964--$416,964
Advertising$172,450--$172,450
All Other Expenses$159,607--$159,607
Current Officers, Directors, Trustees, and Key Employees-$148,750-$148,750
Other Salaries and Wages$99,033--$99,033
Other Employee Benefits$76,898--$76,898
Other Expenses$50,854--$50,854
Fees for Services Accounting$47,912--$47,912
Payroll Taxes$28,561--$28,561
Fees for Services Legal$27,722--$27,722
Fees for Services Other$25,824--$25,824
Pension Plan Contributions$7,994--$7,994
Occupancy$3,801--$3,801
Total Functional Expenses$2,150,306$148,750$0$2,299,056
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
Yes
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
Yes
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 15A

Board reviews and approves annual compensation for executive director and all other employees.

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
6058840340
Address
PO BOX 332, WATERTOWN, SD 57201

Signing Officer

Name
Michelle Kakacek
Title
Exec Director
Phone
6058840340
Signed
2022-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Kakacek
Formed
1947
Legal Domicile
Sd
Voting Board Members
15
Independent Board Members
15
Employees
5
Volunteers
17

Preparer

Firm
Vrs Pc
Address
PO BOX 1267, WATERTOWN, SD 57201-6267
Preparer
Sherry L Kleinsasser
Phone
6058868425
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IRS990/LandBldgEquipCostOrOtherBssAmt016478106
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IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0ECONOMIC DEVELOPMENT IN THE WATERTOWN, SD AREA.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt019522746
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IRS990/NetAssetsOrFundBalancesEOYAmt07148282
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ProgramServicesAmt03801
IRS990/OccupancyGrp/TotalAmt03801
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt076898
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IRS990/OtherExpensesGrp/Desc0PROVISION FOR UNCOLLECT
IRS990/OtherExpensesGrp/Desc1RENTAL PROPERTY COSTS
IRS990/OtherExpensesGrp/Desc2ECONOMIC INCENTIVES
IRS990/OtherExpensesGrp/Desc3TRAVEL & MEETINGS
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IRS990/OtherExpensesGrp/ProgramServicesAmt185830
IRS990/OtherExpensesGrp/ProgramServicesAmt279329
IRS990/OtherExpensesGrp/ProgramServicesAmt350854
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IRS990/OtherExpensesGrp/TotalAmt185830
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IRS990/OtherExpensesGrp/TotalAmt350854
IRS990/OtherLiabilitiesGrp/BOYAmt073332
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IRS990/OtherSalariesAndWagesGrp/TotalAmt099033
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt06291486
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt06925418
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt028561
IRS990/PayrollTaxesGrp/TotalAmt028561
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt07994
IRS990/PensionPlanContributionsGrp/TotalAmt07994
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03682
IRS990/PrincipalOfficerNm0MICHELLE KAKACEK
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0QUALIFYING RENT INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01074660
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01074660
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0827746
IRS990/PYInvestmentIncomeAmt093625
IRS990/PYOtherExpensesAmt01998026
IRS990/PYProgramServiceRevenueAmt01156877
IRS990/PYRevenuesLessExpensesAmt0-422051
IRS990/PYSalariesCompEmpBnftPaidAmt0502273
IRS990/PYTotalExpensesAmt02500299
IRS990/PYTotalRevenueAmt02078248
IRS990/ReconcilationRevenueExpnssAmt0-759175
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01074660
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt013691322
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02600509
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt016291831
IRS990ScheduleD/LandGrp/BookValueAmt0186275
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0186275
IRS990ScheduleD/TotalBookValueLandBuildingsAmt013877597
IRS990/ScheduleJRequiredInd0false
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/ExplanationTxt4BOARD REVIEWS AND APPROVES ANNUAL COMPENSATION FOR EXECUTIVE DIRECTOR AND ALL OTHER EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5WATERTOWN 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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt026777594
IRS990/TotalAssetsGrp/BOYAmt026333482
IRS990/TotalAssetsGrp/EOYAmt026777594
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0184901
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02150306
IRS990/TotalFunctionalExpensesGrp/TotalAmt02299056
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt018426025
IRS990/TotalLiabilitiesEOYAmt019629312
IRS990/TotalLiabilitiesGrp/BOYAmt018426025
IRS990/TotalLiabilitiesGrp/EOYAmt019629312
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07907457
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07148282
IRS990/TotalProgramServiceExpensesAmt02150306
IRS990/TotalProgramServiceRevenueAmt01074660
IRS990/TotalReportableCompFromOrgAmt0148750
IRS990/TotalRevenueGrp/ExclusionAmt0280320
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01074660
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01539881
IRS990/TotalVolunteersCnt017
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt026333482
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt026777594
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt015
IRS990/WebsiteAddressTxt0WWW.WATERTOWNWORKS.COM
IRS990/WhistleblowerPolicyInd0true
IRS990/WrittenPolicyOrProcedureInd0true
ReturnHeader/BuildTS02023-03-07 01:45:13Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHELLE KAKACEK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXEC DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum06058840340
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WATERTOWN DEVELOPMENT COMPANY
ReturnHeader/Filer/BusinessNameControlTxt0WATE
ReturnHeader/Filer/EIN0466012194
ReturnHeader/Filer/PhoneNum06058840340
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 332
ReturnHeader/Filer/USAddress/CityNm0WATERTOWN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SD
ReturnHeader/Filer/USAddress/ZIPCd057201
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460414067

Document Assets

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Filings

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