BRAINERD LAKES AREA DEVELOPMENT CORP

EIN: 411543292 501(c)(3) Community Improvement

BRAINERD, MN

Total Revenue
$535,355
Total Expenses
$584,919
Total Assets
$2,361,590
Net Assets
$2,314,528
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1985
Legal Domicile
MN
Principal Officer
JIM HAAKONSON
Phone
2188280096
Tax Period
2023-01-01 to 2023-12-31

BRAINERD LAKES AREA DEVELOPMENT CORP, founded in 1985, is a small nonprofit in the Community Improvement sector that reported $535K in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Net assets of $2.3M represent 52 months of operating reserves.

Mission

ATTRACTING NEW INDUSTRY, RETAINING PRESENT INDUSTRY, AND GENERAL ECONOMIC DEVELOPMENT ACTIVITIES INCLUDING WORKFORCE DEVELOPMENT IN BRAINERD AND THE SURROUNDING AREA.

Program Service Accomplishments

Program 1
Expenses: $279,666 Revenue: $6,386

INVOLVED IN ATTRACTING NEW INDUSTRY AND RETAINING PRESENT INDUSTRY IN THE AREA.

Program 2
Expenses: $101,258 Revenue: $42,874

INVOLVED IN COMMUNITY PROMOTION AND WORKFORCE PROMOTION

Program 3
Expenses: $53,040 Revenue: $20,981

INVOLVED IN NEW DEVELOPMENT, RE-DEVELOPMENT OR RENEWAL

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $378,330
Program Service Revenue $88,122
Investment Income $65,803
Other Revenue $3,100
TOTAL REVENUE $535,355

Expense Breakdown

Grants Paid $0
Salaries & Benefits $380,278
Fundraising Expenses $0
Program Expenses $482,183
Other Expenses $204,641
TOTAL EXPENSES $584,919

Year-over-Year Comparison

2023 2022 Change
Revenue $535,355 $593,859 -0.1%
Expenses $584,919 $538,034 +0.1%
Net Income $-49,564 $55,825 -1.9%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
9
Independent Members
9
Employees
4
Volunteers
10

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$142,949
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
TERRY MCFARLIN PRESIDENT 1.00
Officer Director
$0 $0 $0
JOHN OHLIN VICE PRESIDENT 0.50
Officer Director
$0 $0 $0
JULIE ANDERHOLM SECRETARY/TREASURER 1.00
Officer Director
$0 $0 $0
JIM HAAKONSON PAST PRESIDENT 0.50
Director
$0 $0 $0
TOM HAGLIN PAST PRESIDENT 1.00
Director
$0 $0 $0
MIKE DILLON PAST PRESIDENT 1.00
Director
$0 $0 $0
JANELLE RILEY DIRECTOR 0.50
Director
$0 $0 $0
KARLO GOERGES DIRECTOR 0.50
Director
$0 $0 $0
SANDY ZUTZ-WICZEK DIRECTOR 1.00
Director
$0 $0 $0
TYLER GLYNN EXECUTIVE DIRECTOR 40.00
Officer
$139,978 $2,971 $142,949
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $535,355 $584,919 $2,361,590 $-49,564
2022 $593,859 $538,034 $2,443,437 $55,825
2021 $474,971 $490,519 $2,329,380 $-15,548
2020 $633,672 $456,138 $2,323,413 $177,534
2019 $474,219 $526,355 $2,116,002 $-52,136
2018 $464,136 $488,910 $2,094,561 $-24,774
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