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Nonprofiteer
← RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION

Form 990 for tax year 2023

Filed by RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION.

Totals

Total revenue
$0
Total expenses
$12,016,589
Contributions and grants received
$0
Grants paid
$12,016,589
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,016,589

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,840 · end of year $0

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $526 · end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $15,062,454 · end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $892,741 · end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $847 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $3,942,125 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $12,016,589 · end of year $0

Mission and programs · 2023

Mission

TO IMPROVE THE QUALITY OF LIFE AND INCREASE PERSONAL INCOME LEVELS IN THE RAPID CITY AREA BY FOSTERING A VITAL BUSINESS CLIMATE WHICH PROVIDES QUALITY NEW JOBS, ATTRACTS NEW BUSINESS, HELPS EXISTING BUSINESS, AND PROMOTES ENTREPRENEURSHIP.

  • THE FOUNDATION HAS AN EXTREMELY ACTIVE, FOCUSED PROGRAM IN PLACE WORKING TO ATTRACT QUALITY, PRIMARY JOBS TO THE RAPID CITY AREA. PRIMARY JOBS ARE THOSE JOBS THAT BRING NEW WEALTH INTO THE COMMUNITY. THE FOUNDATION FOCUSES ITS PROGRAMS ON ATTRACTING MANUFACTURING, PROCESSING, AND SERVICE EXPORTING INDUSTRIES. THE FOUNDATION ALSO WORKS TO HELP LOCAL COMPANIES EXPAND AND RETAIN JOBS. THE FOUNDATION RECEIVES PROGRAM REVENUE FROM LEASING SPACE TO NEW AND GROWING BUSINESSES IN THE AREA.DURING 2023, THE BOARD OF DIRECTORS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION, THE CITY OF RAPID CITY, AND THE ECONOMIC DEVELOPMENT ADMINISTRATION APPROVED ELEVATE RAPID CITY (A RELATED ORGANIZATION) ACQUIRING THE ASSETS, LIABILITIES, AND OPERATIONS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION. THE ACQUISITION OCCURRED TO ALIGN OBJECTIVES AND COMBINE THE RESOURCES OF THE TWO ENTITIES TO BETTER PROMOTE AND SUPPORT THE RAPID CITY AND BLACK HILLS REGION. DURING 2023 THE ASSETS AND LIABILITIES OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION WERE TRANSFERRED TO AND ASSUMED BY ELEVATE RAPID CITY WITH NO CASH CONSIDERATION TRANSFERRED BETWEEN ENTITIES. THE FOUNDATION WAS OFFICIALLY DISSOLVED BY THE STATE OF SOUTH DAKOTA ON DECEMBER 8, 2023.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Paulette Davidson

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Tom Weaver

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Marne Jones

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Todd Kenner

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Darren Haar

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Alan Solano

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Andy Bartling

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Brad Hearst

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Brandon Lance

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Dick Johnson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Greg Loos

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Hani Shafai

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Jana McCroden

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Mayor Jason Salamun

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Pete Lien

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Zane Brink

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Tom Johnson

    PRESIDENT/CEO

    Total calculated
    $302,781
    From this org
    $265,574
    From related orgs
    $0
    Other
    $37,207
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $265,574
    Bonus
    $0
    Other
    $0
    Deferred
    $18,970
    Nontaxable benefits
    $18,237
    Filer's total
    $302,781

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 3
THE PRESIDENT/CEO IS EMPLOYED BY ELEVATE RAPID CITY, A RELATED ORGANIZAITON (SEE SCHEDULE R). ELEVATE RAPID CITY'S PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S PRESIDENT/CEO INCLUDES REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • ELEVATE RAPID CITY

    $7,868

    DURING 2023, THE BOARD OF DIRECTORS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION, THE CITY OF RAPID CITY, AND THE ECONOMIC DEVELOPMENT ADMINISTRATION APPROVED ELEVATE RAPID CITY (A RELATED ORGANIZATION) ACQUIRING THE ASSETS, LIABILITIES, AND OPERATIONS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION. THE ACQUISITION OCCURRED TO ALIGN OBJECTIVES AND COMBINE THE RESOURCES OF THE TWO ENTITIES TO BETTER PROMOTE AND SUPPORT THE RAPID CITY AND BLACK HILLS REGION. DURING 2023 THE ASSETS AND LIABILITIES OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION WERE TRANSFERRED TO AND ASSUMED BY ELEVATE RAPID CITY WITH NO CASH CONSIDERATION TRANSFERRED BETWEEN ENTITIES. THE FOUNDATION WAS OFFICIALLY DISSOLVED BY THE STATE OF SOUTH DAKOTA ON DECEMBER 8, 2023.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • ELEVATE RAPID CITY

    $7,868

    Liquidation · CASH DISTRIBUTION · Jan 30, 2023 · 501(C)(6)

  • ELEVATE RAPID CITY

    $11,120,329

    Liquidation · PROPERTY AND EQUIPMENT, LESS RELATED DEBT ASSUMED BY ELEVATE RAPID CITY · Jan 25, 2023 · 501(C)(6)

  • ELEVATE RAPID CITY

    $100,000

    Liquidation · EQUITY INVESTMENT · Jan 25, 2023 · 501(C)(6)

  • ELEVATE RAPID CITY

    $957,013

    Liquidation · DEVELOPMENT REAL ESTATE · Jan 25, 2023 · 501(C)(6)

  • ELEVATE RAPID CITY

    $1,071,272

    Liquidation · DEVELOPMENT REAL ESTATE · Sep 18, 2023 · 501(C)(6)

Provenance

Return type
form_990
Tax year
2023
Filed
7 May 2024
IRS schema version
2023v5.0
Source object
202401289349303010

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