Nonprofit · EIN 46-0284795
VERMILLION DEVELOPMENT COMPANY
Tax-exempt · VERMILLION, SD 57069
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $2,296,163 | $1,741,875 | $554,288 | $16,623,400 | $13,768,128 | $2,855,272 |
| December 31, 2024 | 990 | $2,969,160 | $2,148,491 | $820,669 | $16,605,461 | $14,304,477 | $2,300,984 |
| December 31, 2023 | 990 | $1,497,971 | $1,442,904 | $55,067 | $14,802,392 | $13,322,077 | $1,480,315 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $947,234
- of which government grants
- $559,240
- Membership dues
- $194,561
- Program service revenue
- $55,876
- Investment income
- $156,263
- Net rental income
- $263,774
- Net income from fundraising events
- -$65,161
- Net income from sales of inventory
- $75,066
- Other revenue
- $1,136,790
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $145,506
- Other salaries and wages
- $260,110
- Salaries, compensation and benefits (total)
- $435,827
- Professional fundraising fees
- $0
- Legal fees
- $17,711
- Accounting fees
- $15,544
- Occupancy
- $6,287
- Travel
- $10,152
- Depreciation
- $182,122
- Program services (functional)
- $635,808
- Management and general (functional)
- $952,109
- Fundraising (functional)
- $153,958
Balance sheet and other
- Total assets, start of year
- $16,605,461
- Total assets, end of year
- $16,623,400
- Total liabilities, end of year
- $13,768,128
- Net assets, end of year
- $2,855,272
- Land, buildings and equipment
- $5,043,002
- Net assets without donor restrictions
- $2,855,272
- Gross receipts
- $2,777,334
- Employees
- 9
- Year formed
- 1967
- State of legal domicile
- SD
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JAMES PETERSON | CEO Officer | 40 | $145,506 | $6,500 |
| JOE HOOSE | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| ANDY SCHULZ | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| KATEY ULRICH | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| VERONICA SCHMIDT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DUSTIN SOCKNESS | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| JIM WATERS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GREGG PETERS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN PRESCOTT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JON COLE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DAMON ALVEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JESSI HANSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BEKKI ENGQUIST-SCHROEDER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TRAVIS MOCKLER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MATT BURBACH | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2024: 15 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOE HOOSE | CHAIR Trustee or director, Officer | 2 | $0 |
| ANDY SCHULZ | VICE CHAIR Trustee or director, Officer | 2 | $0 |
| DUSTIN SOCKNESS | TREASURER Trustee or director, Officer | 2 | $0 |
| KATEY ULRICH | SECRETARY Trustee or director, Officer | 2 | $0 |
| VERONICA SCHMIDT | DIRECTOR Trustee or director | 1 | $0 |
| GREGG PETERS | DIRECTOR Trustee or director | 1 | $0 |
| JOHN PRESCOTT | DIRECTOR Trustee or director | 1 | $0 |
| DAMON ALVEY | DIRECTOR Trustee or director | 1 | $0 |
| JON COLE | DIRECTOR Trustee or director | 1 | $0 |
| JESSI HANSON | DIRECTOR Trustee or director | 1 | $0 |
| BEKKI ENGQUIST-SCHROEDER | DIRECTOR Trustee or director | 1 | $0 |
| JIM WATERS | DIRECTOR Trustee or director | 1 | $0 |
| MATT BURBACH | DIRECTOR Trustee or director | 1 | $0 |
| JAMES PETERSON | CEO Officer | 40 | $0 |
| TRAVIS MOCKLER | DIRECTOR Trustee or director | – | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOE HOOSE | CHAIR Trustee or director, Officer | 2 | $0 |
| ANDY SCHULZ | VICE CHAIR Trustee or director, Officer | 2 | $0 |
| JEFF ERICKSON | PAST CHAIR Trustee or director | 1 | $0 |
| DUSTIN SOCKNESS | TREASURER Trustee or director, Officer | 2 | $0 |
| KATEY ULRICH | SECRETARY Trustee or director, Officer | 2 | $0 |
| VERONICA SCHMIDT | DIRECTOR Trustee or director | 1 | $0 |
| GREGG PETERS | DIRECTOR Trustee or director | 1 | $0 |
| JOHN PRESCOTT | DIRECTOR Trustee or director | 1 | $0 |
| DAMON ALVEY | DIRECTOR Trustee or director | 1 | $0 |
| JON COLE | DIRECTOR Trustee or director | 1 | $0 |
| JESSI HANSON | DIRECTOR Trustee or director | 1 | $0 |
| BEKKI ENGQUIST-SCHROEDER | DIRECTOR Trustee or director | 1 | $0 |
| GEOFFREY GRAY-LOBE | DIRECTOR Trustee or director | 1 | $0 |
| MATT BURBACH | DIRECTOR Trustee or director | 1 | $0 |
| JAMES PETERSON | CEO Officer | 40 | $0 |
Address and contacts
- Address (IRS master file)
- 2 E MAIN ST STE 101, VERMILLION, SD 57069-2103
- Principal officer (990 for 2025)
- JAMES PETERSON, 2 EAST MAIN, VERMILLION, SD 57069
- Signed the 990
- JAMES PETERSON, CEO
- Phone
- (605) 624-5571
- Website
- WWW.VERMILLIONCHAMBER.COM
- Return prepared by
- ELO PROF LLC
Mission
TO PROMOTE AND DEVELOP ECONOMIC GROWTH FOR THE CITY OF VERMILLION, SD.
Program accomplishments
- WORK TOWARDS THE ORGANIZATIONS COMMUNITY BETTERMENT AND ECONOMIC DEVELOPMENT GOALS OF SUSTAINABLE BUSINESS DEVELOPMENT AND GREATER COMMUNITY AWARENESS THROUGH ITS PROGRAMS AND ECONOMIC DEVELOPMENT INITIATIVES.Expenses $635,808 · revenue $55,876
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 46-0284795
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1978
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $16,623,400
- Income (IRS master file)
- $2,777,334
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $2,296,163 | $1,741,875 | $16,623,400 | XML |
| 990 | December 2024 | $2,969,160 | $2,148,491 | $16,605,461 | XML |
| 990 | December 2023 | $1,497,971 | $1,442,904 | $14,802,392 | XML |
| 990 | December 2022 | $1,541,408 | $1,563,880 | $14,713,071 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 46-0284795).
Questions about VERMILLION DEVELOPMENT COMPANY
- What is the EIN of VERMILLION DEVELOPMENT COMPANY?
- The employer identification number (EIN) of VERMILLION DEVELOPMENT COMPANY is 46-0284795.
- Is VERMILLION DEVELOPMENT COMPANY tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1978.
- Are donations to VERMILLION DEVELOPMENT COMPANY tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does VERMILLION DEVELOPMENT COMPANY file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of VERMILLION DEVELOPMENT COMPANY due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did VERMILLION DEVELOPMENT COMPANY last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of VERMILLION DEVELOPMENT COMPANY?
- The 990 for the year ended December 31, 2025 names JAMES PETERSON.
- Who are the officers and directors of VERMILLION DEVELOPMENT COMPANY?
- The 990 for the year ended December 31, 2025 lists 15 people; 1 received compensation from the organization, the highest $145,506 (JAMES PETERSON, CEO).
- How much revenue does VERMILLION DEVELOPMENT COMPANY have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $2,296,163, expenses of $1,741,875 and total assets of $16,623,400 at year end.
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