MITCHELL AREA DEVELOPMENT CORPORAT… - Form 990 Financial Data

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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

Principal Officer

MIKE LAURITSEN

Phone

6059961140

Tax Period

2023-10-01 to 2024-09-30

MITCHELL AREA DEVELOPMENT CORPORATION, founded in 1985, is a community nonprofit in the Community Improvement sector that reported $1.1M in total revenue in fiscal year 2023. Revenue surged 136% from the prior year, signaling strong growth momentum. The organization ran a surplus of $217K, a strong 21% operating margin.

Mission

PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL, SD AREA

Program Service Accomplishments

Program 1

Expenses: $198,114

PROGRAM SERVICES INCLUDE ACTIVITIES TO PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL AREA. THE ORGANIZATION PROVIDES FUNDING TO RECRUIT VARIOUS BUSINESSES TO THE MITCHELL AREA. WITH THE GOAL OF...

PROGRAM SERVICES INCLUDE ACTIVITIES TO PROMOTE ECONOMIC DEVELOPMENT IN THE MITCHELL AREA. THE ORGANIZATION PROVIDES FUNDING TO RECRUIT VARIOUS BUSINESSES TO THE MITCHELL AREA. WITH THE GOAL OF CREATING NEW JOBS IMPROVING THE LOCAL ECONOMIC BASE. LAND HAS BEEN ACQIRED FOR FUTURE PROSPECTS BUILDINGS HAVE BEEN ACQUIRED TO LEASE TO COMMERCIAL TENANTS.

Program 2

Expenses: $77,123

ECONOMIC DEVELOPMENT FOR ASSISTANCE IN CREATING JOBS IN THE MITCHELL TRADE AREA.

Program 3

Expenses: $156,853

WORKFORCE DEVELOPMENT PROVIDES ASSISTANCE TO DEVELOP THE MITCHELL AREA WORKFORCE BY FACILITATING MANUFACTURING BUSINESS EXPANSIONS IN THE REGION.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $703,025

Program Service Revenue $0

Investment Income $445,765

Other Revenue $-98,322

TOTAL REVENUE $1,050,468

Expense Breakdown

Grants Paid $50,000

Salaries & Benefits $385,085

Fundraising Expenses $0

Program Expenses $432,090

Other Expenses $398,233

TOTAL EXPENSES $833,318

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,050,468	$445,865	+1.4%
Expenses	$833,318	$485,480	+0.7%
Net Income	$217,150	$-39,615	-6.5%

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

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

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

Total Directors

Key Employees

$91,117

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE LAURITSEN	EXEC DIRECTOR	040.00	Key Emp	$0	$0	$91,117
KEN SCHLIMGEN	PRESIDENT	003.00	Officer Director	$0	$0	$0
LEE ANDERSON	DIRECTOR	001.00	Director	$0	$0	$0
BECKY PITZ	VICE PRESIDENT	002.00	Officer Director	$0	$0	$0
CHAD GLANZER	DIRECTOR	001.00	Officer Director	$0	$0	$0
RYAN THOMPSON	TREASURER	001.00	Director	$0	$0	$0
DR JOE CHILDS	DIRECTOR	001.00	Director	$0	$0	$0
JEFF SMITH	DIRECTOR	001.00	Director	$0	$0	$0
JOHN CLAGGETT	DIRECTOR	001.00	Director	$0	$0	$0
DR HILARY ROCKWELL	DIRECTOR	001.00	Director	$0	$0	$0
BRIAN KLOCK	DIRECTOR	001.00	Director	$0	$0	$0
JORDAN HANSON	DIRECTOR	001.00	Director	$0	$0	$0
JOSH MOODY	DIRECTOR	001.00	Director	$0	$0	$0
MARK WILSON	DIRECTOR	001.00	Director	$0	$0	$0
TREVOR DIERKS	PAST PRESIDENT	002.00	Officer Director	$0	$0	$0
DR JOE KITTLE	DIRECTOR	001.00	Director	$0	$0	$0
JUSTIN LUTHER	DIRECTOR	001.00	Director	$0	$0	$0

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	$1,050,468	$833,318	$5,553,609	$217,150
2023	$445,865	$485,480	$5,327,379	$-39,615
2022	$530,993	$683,590	$4,367,187	$-152,597
2021	$855,472	$524,201	$4,585,529	$331,271
2020	$395,048	$764,321	$4,384,057	$-369,273
2019	$400,137	$545,736	$5,035,558	$-145,599
2018	$545,406	$576,561	$5,020,512	$-31,155

MITCHELL AREA DEVELOPMENT CORPORATION