2024-10-21T11:16:17-05:00 2023-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2023-01-01 466011831 Aberdeen Development Corporation ABER 6052295335 506 S Main St Ste 2 Aberdeen SD 57401 Tim Hanigan CEO 6052295335 2024-10-18 1 1 Lisa Chaffee CPA P00193453 7012551091 2024-10-07 2023 2024-10-15 13:58:12Z Tim Hanigan 506 S Main St Ste 2 Aberdeen SD 57401 2734261 0 X www.adcsd.com X 1955 SD Formed to encourage and promote development of industrial, commercial, and other types of business in Brown County, SD and the surrounding area. 15 15 4 20 0 0 117296 224162 236461 283036 1236697 352012 15809 61502 1606263 920712 118612 662327 0 0 354877 457462 0 0 0 567685 565197 1041174 1684986 565089 -764274 12144487 11453901 2413319 2291059 9731168 9162842 Recruit, retain, expand, and provide entrepreneurial support to enhance economic opportunity in Aberdeen and our surrounding region. 0 0 The corporation focuses on recruitment of new business and retention/expansion of existing business by promoting the region through disbursement of information and the building, selling and leasing of development sites. The corporation continued its industry efforts, but also placed an emphasis on entrepreneurial support and labor retention and recruitment. 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 4 1 0 0 0 0 0 0 0 0 X 15 15 0 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 1 1 0 0 X Tim Hanigan 6052295335 506 S Main St Ste 2 Aberdeen SD 57401 Michael Bockorny CEO 40.00 X 178047 0 26466 Tim Hanigan Chair 2.00 X X 0 0 0 Kip Hansen Vice-Chair 1.00 X X 0 0 0 Scott Noeldner Secretary/Treasurer 1.00 X X 0 0 0 Char Hager Director 1.00 X 0 0 0 David Kreber Director 1.00 X 0 0 0 Katie Washnok Director 1.00 X 0 0 0 Mark Gederos Director 1.00 X 0 0 0 Keri Satrang Director 1.00 X 0 0 0 Ryan Schmike Director 1.00 X 0 0 0 Adam Butcher Director 1.00 X 0 0 0 Jeff Lee Director 1.00 X 0 0 0 Mark Malchow Director 1.00 X 0 0 0 Spencer Sommers Director 1.00 X 0 0 0 Nicole Summner Director 1.00 X 0 0 0 178047 0 26466 1 0 1 0 0 82500 141662 224162 Interest Income - Contracts 531120 212762 212762 Industrial Park Rental Income 531120 70274 70274 283036 101192 101192 8000 0 8000 8000 8000 1801777 262592 1741886 71663 59891 190929 250820 250820 Miscellaneous Income 812900 27100 27100 Insurance Proceeds 812900 26402 26402 53502 920712 336538 0 360012 X 662327 191247 177746 7467 54915 26087 22945 192216 24727 49048 34872 16180 27090 57429 76136 19561 Provision for Loan Loss 40214 Bad Debt Expense 500 4279 1684986 1655407 631322 390136 324547 8651 33455 3022704 3900964 5759 18149 3455409 192363 3642179 3263046 3188419 3017439 202330 236580 28902 28399 12144487 11453901 119978 50775 2293341 2240284 2413319 2291059 X 5222388 4742364 4508780 4420478 9731168 9162842 12144487 11453901 -764274 195948 0 X 0 1 X 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1059365 1059365 1696441 154255 1542186 89408 35188 54220 610195 2920 607275 3263046 X 1093715 195948 195948 897767 22945 22945 920712 1662041 0 1662041 22945 22945 1684986 Part X, Line 2: The Company believes that it has appropriate support for any tax positions taken affecting its annual filing requirements and, as such, does not have any uncertain tax positions that are material to the financial statements. The Company would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. 1 Harris Machine Company 2914 Industrial Ave Aberdeen SD 57401 N/A 333260 0 Economic development Aberdeen Insider 423 S Main St Suite 1 Aberdeen SD 57401 N/A 0 33984 FMV below FMV programmatic loan discounts Economic development Aberdeen Family YMCA 5 South State Street Aberdeen SD 57401 460255779 501(c)(3) 0 52957 FMV below FMV programmatic loan discounts Economic development Harris Machine Company 2914 Industrial Ave Aberdeen SD 57401 N/A 0 53270 FMV below FMV programmatic loan discounts Economic development Dakota Equipment Manufacturing Inc 2915 Idea Ave Aberdeen SD 57401 N/A 0 22992 FMV below FMV programmatic loan discounts Economic development Southfork Investments LLC - (Harris Machine) 2914 Industrial Ave Aberdeen SD 57401 N/A 0 90571 FMV below FMV programmatic loan discounts Economic development Jordan Torrence - Treasure's Discount Market 316 South Second St Aberdeen SD 57401 N/A 0 36722 FMV below FMV programmatic loan discounts Economic development Harris Machine Company (Forgivable) 2914 Industrial Ave Aberdeen SD 57401 N/A 0 34571 FMV below FMV programmatic loan discounts Economic development 1 7 Part I, Line 2: The VP of Finance, along with the CEO, monitor expenditures, project progress, and timeline of the grant(s). In addition, the ADC is audited yearly where any questions about compliance are reviewed. X 1 1 X X 0 0 0 Michael Bockorny CEO 165000 0 10000 0 3047 0 13200 0 15891 0 207138 0 0 0 Part I, Line 1a Country Club Membership for Michael Bockorny. This benefit was included in the taxable income. Form 990, Part VI, Section A, line 4 The bylaws of the organization were restated and unanimously passed on March 22, 2023. Changes include updating language for virtual meetings and electronic communications, changing President position to Chief Executive Officer and providing specific roles expected of the Chief Executive Officer. Form 990, Part VI, Section A, line 8b There are no committees that have the authority to act on behalf of the governing body. All decisions made by the executive committee must be ratified by the board of directors. Form 990, Part VI, Section B, line 11b Prior to filing, a draft of the return is reviewed by the CEO. Form 990, Part VI, Section B, line 12c All employees, officers and directors are covered by the Organization's conflict of interest policy. Directors complete a conflict of interest form when they are elected. For ongoing monitoring for potential conflicts, directors declare at each meeting whether they have a conflict with any of the items on the agenda. Board members with a conflict abstain from voting on issues related to that item. Any conflicts that are identified for employees would be evaluated by the governing board. Form 990, Part VI, Section B, line 15a Information surveys have been done throughout the board members and other entities they are affiliated with. In October 2007, a comparison of salaries with the city of Brookings was performed. Salaries are compared with the SD Chamber and Economic Development Council information every 5 years. Annual salary adjustments for years subsequent to the compensation survey are based on the cost of living rate of inflation in the geographic area as well as performance. An annual performance evaluation survey for the CEO is sent to the Board of Directors. The performance survey responses are reviewed by the executive committee. This was last conducted in June 2021. Form 990, Part VI, Section C, line 19 These documents would be available upon request and approval by the CEO. Form 990, Part IX, line 11g Professional Fees 27,933. Professional Fees - ADC 124,007. Cleaning Contract 13,281. Consulting Fees 26,995.