Formed in 1993, the St. Croix Economic Development Corporation ( SCEDC ) is a private non-profit organization which operates exclusively for the economic development of St. Croix County, Wisconsin and the respective cities, villages, and towns therein. SCEDC actively promotes and solicits the location of industry and business to St. Croix County. At the same time, the organization works to foster the expansion of existing companies and the successful start-up of newly formed ones. To achieve the foregoing, SCEDC relies on three primary sources of revenues - an annual grant from St. Croix County, annual grants from respective cities, villages, and towns in St. Croix, and membership fees from private sector partners such as banks, utility companies, contractors, and various manufacturing concerns located throughout the area. This combination of funding sources results in a successful collaboration of public and private sector partners for the SCEDC. Annual expenditures are attributable to numerous initiatives relating to promotion, prospect development, retention, fund raising, or general management activities. Because of its non-profit designation, SCEDC is an organization exempt from federal income tax purposes under section 501 ( c ) ( 6 ) of the Internal Revenue Code. Up to nineteen individuals from all areas of St. Croix County serve on the corporations board. SCEDC retains a full-time executive director as well as a part-time administrative assistant. The board meets monthly to conduct regular business and at the annual meeting in May, a new slate of officers and directors are elected. The Business of the Year Awards Program recognizes outstanding businesses in St. Croix County. The 2009 Business of the Year award winners are: NCCM Company ( River Falls ) as Emerging Business of the Year ; Baldwin Telecom, Inc ( Baldwin ) as Small Business of the Year ; and Scientific Molding Corporation Ltd ( Somerset ) as 2009 Business of the Year. Additionally Ken Heiser, a Hudson banker, was named the inaugural recipient of St. Croix EDCs Directors Award. The annual Business of the Year Banquet was held on February 25, 2010 at the University Center Ballroom on the University of Wisconsin River Falls Campus. Stand up comedian C. Willi Myles entertain guest after the awards presentation.