Form 990 for tax year 2022

Filed by DAKOTA RESOURCES.

Totals

Total revenue: $2,438,799
Total expenses: $2,494,618
Contributions and grants received: $670,358
Grants paid: $1,295
Program service revenue: $1,674,403
Investment income: $94,038
Other revenue: $0
Total assets, end of year: $32,660,027
Total liabilities, end of year: $18,579,097
Net assets or fund balances, end of year: $14,080,930
Program services expenses (Part IX): $1,980,458
Management and general expenses: $498,078
Fundraising expenses: $16,082
Program service expenses (Part III): $1,980,458

Program services were 79.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

Revenue

Part VIII, the statement of revenue.

1e · Government grants (contributions)

$415,358
1f · All other contributions, gifts and grants

$255,000
2a · Program service revenue: INTEREST ON LOANS

total $835,110 · related or exempt $835,110
2b · Program service revenue: INC FROM DAKOTAS AMERI

total $413,032 · related or exempt $413,032
2c · Program service revenue: MANAGEMENT FEE INCOME

total $289,826 · related or exempt $289,826
2d · Program service revenue: REGISTRATION AND MISC

total $136,435 · related or exempt $136,435
3 · Investment income

total $87,822 · excluded $87,822
7a · Gross sales of assets other than inventory

other assets $6,216
7b · Less cost or other basis and sales expenses

other assets $0
7c · Gain or loss

other assets $6,216
7d · Net gain or loss

total $6,216 · excluded $6,216

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $1,295 · program services $1,295
5 · Compensation of officers, directors and key employees

total $369,243 · program services $165,661 · management and general $188,550 · fundraising $15,032
7 · Other salaries and wages

total $636,458 · program services $626,415 · management and general $10,043
8 · Pension plan contributions

total $39,503 · program services $37,528 · management and general $1,975
9 · Other employee benefits

total $124,398 · program services $102,741 · management and general $21,657
10 · Payroll taxes

total $77,110 · program services $61,016 · management and general $15,044 · fundraising $1,050
11c · Fees: accounting

total $30,334 · management and general $30,334
11f · Fees: investment management

total $12,251 · management and general $12,251
11g · Fees: other

total $62,613 · program services $500 · management and general $62,113
12 · Advertising and promotion

total $55,890 · program services $43,181 · management and general $12,709
13 · Office expenses

total $62,307 · program services $38,774 · management and general $23,533
14 · Information technology

total $19,255 · management and general $19,255
16 · Occupancy

total $24,066 · program services $18,593 · management and general $5,473
17 · Travel

total $55,163 · program services $45,776 · management and general $9,387
19 · Conferences, conventions and meetings

total $39,605 · management and general $39,605
20 · Interest

total $348,606 · program services $348,606
22 · Depreciation, depletion and amortization

total $68,194 · program services $52,687 · management and general $15,507
23 · Insurance

total $24,070 · management and general $24,070
24a · Other expenses: COMMUNITY ENGAGEMENT

total $256,740 · program services $256,740
24b · Other expenses: PROVISION FOR BAD DEBTS

total $180,945 · program services $180,945
24c · Other expenses: USE TAX

total $5,698 · management and general $5,698
24d · Other expenses: RECRUITMENT & RETENTION

total $874 · management and general $874

Balance sheet

Part X, book values.

2 · Savings and temporary cash investments

beginning of year $314,166 · end of year $1,481,282
3 · Pledges and grants receivable

beginning of year $1,049,531 · end of year $277,816
4 · Accounts receivable

beginning of year $57,998 · end of year $42,327
7 · Other notes and loans receivable

beginning of year $21,072,246 · end of year $28,330,213
9 · Prepaid expenses and deferred charges

beginning of year $6,725 · end of year $2,506
10a · Land, buildings and equipment: cost or other basis

$413,453
10b · Land, buildings and equipment: accumulated depreciation

$154,107
10c · Land, buildings and equipment, net

beginning of year $266,044 · end of year $259,346
11 · Investments: publicly traded securities

beginning of year $6,523,917 · end of year $1,486,988
13 · Investments: program-related

beginning of year $742,787 · end of year $761,583
15 · Other assets

beginning of year $152,922 · end of year $17,966
17 · Accounts payable and accrued expenses

beginning of year $54,075 · end of year $69,097
19 · Deferred revenue

beginning of year $900 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $15,981,271 · end of year $18,510,000
27 · Net assets without donor restrictions

beginning of year $11,766,742 · end of year $13,336,274
28 · Net assets with donor restrictions

beginning of year $2,383,348 · end of year $744,656

Mission and programs · 2022

Mission

DAKOTA RESOURCES IN CONNECTING CAPITAL AND CAPACITY TO EMPOWER RURAL COMMUNITIES. WE BELIEVE THAT LEADERSHIP CAPACITY AND ACCESS TO CAPITAL ARE KEY TO CREATING THE FUTURE OF RURAL. OUR PRODUCTS AND PROGRAMS ARE AIMED AT SUPPORTING RURAL CHANGE LEADERS AND ECONOMIC DEVELOPMENT ORGANIZATIONS TOWARD THRIVING COMMUNITIES.

Activities or mission (Part I)

CONNECTING CAPACITY AND CAPITAL TO EMPOWER RURAL COMMUNITIES.

THROUGH COMMUNITY DEVELOPMENT LOAN PRODUCTS, DAKOTA RESOURCES HELPS BUILD THE FINANCIAL CAPACITY OF RURAL ECONOMIC DEVELOPMENT CORPORATIONS AND REVOLVING LOAN FUNDS. OUR CAPITAL INVESTMENT FUND (CIF) IS A $31.1 MILLION LENDING POOL MAKING FLEXIBLE CAPITAL AVAILABLE TO FINANCE LOCAL DEVELOPMENT PROJECTS. THE CIF WAS 93.7% DEPLOYED AT THE END OF 2022. IT IS A SIGNIFICANT SOURCE OF FLEXIBLE CAPITAL FOR RURAL ECONOMIC DEVELOPMENT CORPORATIONS AND REVOLVING LOAN FUNDS IN THE STATE, ALONG WITH RURAL CDFIS ACROSS THE NATION, PROVIDING REASONABLY PRICED, UNSECURED CAPITAL ON A TEN-YEAR INTEREST-ONLY TERM.DAKOTA RESOURCES RECEIVED A $10 MILLION ALLOCATION FROM USDA RURAL DEVELOPMENT UNDER THE COMMUNITY FACILITY RE-LENDING PROGRAM TO RE-LEND INTO ESSENTIAL COMMUNITY FACILITIES IN COMMUNITIES UNDER 20,000 ACROSS SOUTH DAKOTA. THROUGH THIS PROGRAM, DAKOTA RESOURCES HAS INVESTED $4.75 MILLION TO PROVIDE ESSENTIAL COMMUNITY FACILITIES IN RURAL SOUTH DAKOTA.DAKOTA RESOURCES RBEG LOAN FUND PROVIDES FLEXIBLE LOW-COST CAPITAL TO SECOND-STAGE SMALL BUSINESS OWNERS ACROSS THE STATE OF SOUTH DAKOTA.

Expenses $786,745 · Grants $247 · Revenue $835,110
THROUGH CAPACITY BUILDING PROGRAMS, DAKOTA RESOURCES HELPS RURAL COMMUNITIES THRIVE THROUGH INNOVATIVE PROCESSES, TOOLS, TRAINING, AND RESOURCES. THE DEVELOPMENT SERVICES PROGRAMS ARE DESIGNED TO ENHANCE RURAL COMMUNITY AND ECONOMIC DEVELOPMENT LEADERSHIP DEVELOPMENT. THE DAKOTA RESOURCES LEARNING NETWORK IS DESIGNED TO HELP RURAL ECONOMIC DEVELOPMENT LEADERS CONNECT AND ENGAGE WITH ONE ANOTHER IN ORDER TO LEARN FASTER TOGETHER ABOUT TOPICS THAT MATTER MOST TO RURAL ECONOMIC AND COMMUNITY DEVELOPMENT, INCLUDING ENGAGING PEOPLE, SUPPORTING HOUSING DEVELOPMENT, SUPPORTING LOCAL BUSINESSES AND MANAGING LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS. THE LEARNING NETWORK INCLUDES: - LIVE/ON-DEMAND WEBINARS - IN-PERSON PEER-TO-PEER LEARNING CONFERENCES - WEEKLY ONLINE INTERACTIVE STORIES AND BEST PRACTICES - OPEN-SOURCE TOOLKITS AND RESOURCE LIBRARY OUR COMMUNITY COACHING PROGRAM HELPS RURAL COMMUNITY AND ECONOMIC DEVELOPMENT LEADERS TO LEVEL UP THEIR SKILLS TO EMPOWER LOCAL PEOPLE AND ORGANIZATIONS TO LEAD ACTION. ON-DEMAND COACHING SERVICES PROVIDE ACCESS TO CAPACITY-BUILDING TOOLS AND PROCESSES.RURALX IS AN ANNUAL CONFERENCE THAT BRINGS TOGETHER COMMUNITY LEADERS AND SPIRITED PEOPLE WHO THINK DIFFERENTLY ABOUT RURAL. THIS HIGH-ENERGY EVENT FEATURES INSPIRATIONAL SPEAKERS, BOLD BREAKOUT SESSIONS, AND OPPORTUNITIES TO NETWORK WITH LIKE-MINDED INDIVIDUALS. RURALX IS A SPACE FOR RURAL SHAPERS TO EXPLORE IDEAS AND DISCUSS TOPICS RELEVANT TO THEIR COMMUNITIES.

Expenses $1,061,123 · Grants $1,048 · Revenue $136,435
DAKOTA RESOURCES OWNS 51% OF DAKOTAS AMERICA, LLC, WHICH WAS FORMED THROUGH A JOINT VENTURE SOLELY FOR THE PURPOSE OF APPLYING FOR ALLOCATIONS OF NEW MARKETS TAX CREDITS (NMTC) FROM THE US DEPARTMENT OF TREASURY CDFI FUND. DAKOTAS AMERICA, LLC IS A RURAL COMMUNITY DEVELOPMENT ENTITY (CDE) WITH A NATIONAL SERVICE AREA. THE MISSION IS TO PROVIDE NMTC INVESTMENT TO THE MOST ISOLATED, DISTRESSED AND UNDERSERVED AREAS OF THE UNITED STATES. DAKOTA RESOURCES HAS A SEVEN-YEAR MANAGEMENT AGREEMENT IN PLACE TO MANAGE DAKOTAS AMERICA THROUGH DECEMBER 31, 2023. SINCE INCEPTION, DAKOTAS AMERICA HAS BEEN AWARDED SEVEN ALLOCATIONS OF AUTHORITY TO ISSUE $460,000,000 OF QUALIFIED EQUITY INVESTMENTS (QEI).

Expenses $132,590 · Revenue $702,858

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Ruth ChristophersonRUTH CHRISTOPHERSON

CHAIR

Total calculated

$0

Hours/week

2
Heidi Zeller-CrawfordHEIDI ZELLER-CRAWFORD

VICE CHAIR

Total calculated

$0

Hours/week

1
Mark LittonMARK LITTON

SECRETARY/TREASURER

Total calculated

$0

Hours/week

1 + 0.5 related
Rachael SherardRACHAEL SHERARD

IMMEDIATE PAST CHAIR

Total calculated

$0

Hours/week

1 + 0.5 related
Gary CammackGARY CAMMACK

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Kelly MeliusKELLY MELIUS

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Jacqson CollinsJACQSON COLLINS

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Blaine CrissmanBLAINE CRISSMAN

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Marc EyreMARC EYRE

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Brad MooreBRAD MOORE

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Connie HalversonCONNIE HALVERSON

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Julie StevensonJULIE STEVENSON

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Linda SalmonsonLINDA SALMONSON

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Lakota VogelLAKOTA VOGEL

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
Justin GrayJUSTIN GRAY

BOARD MEMBER

Total calculated

$0

Hours/week

0.5 + 0.5 related
Joe BartmannJOE BARTMANN

PRESIDENT

Total calculated

$184,928

From this org

$158,843

From related orgs

$0

Other

$26,085

Hours/week

40

Schedule J breakdown matched by us

Base

$150,028

Bonus

$0

Other

$8,815

Deferred

$9,638

Nontaxable benefits

$16,764

Filer's total

$185,245
Lora WadkinsLORA WADKINS

DIRECTOR OF COMPLIANCE, CONTROLLER

Total calculated

$116,684

From this org

$102,467

From related orgs

$0

Other

$14,217

Hours/week

40
Alexandra Sheley Vp OfALEXANDRA SHELEY VP OF

FINANCE & CONTROLLER (END 10/2022)

Total calculated

$66,871

From this org

$63,826

From related orgs

$0

Other

$3,045

Hours/week

40
Paula JensenPAULA JENSEN

VP OF PROGRAM DEVELOPMENT

Total calculated

$127,104

From this org

$109,832

From related orgs

$0

Other

$17,272

Hours/week

40
Kristi WagnerKRISTI WAGNER

CONNECTOR & COMMUNITY COACH

Total calculated

$146,912

From this org

$125,025

From related orgs

$0

Other

$21,887

Hours/week

40

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

1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A: ALL EMPLOYEES, INCLUDING OFFICERS WHO ARE EMPLOYEES, ARE ELIGIBLE TO PARTICIPATE IN A WELLNESS REIMBURSEMENT PROGRAM, WHEREIN EMPLOYEES MAY RECEIVE REIMBURSEMENT FOR UP TO $1,200 PER YEAR FOR ELIGIBLE HEALTH AND WELLNESS-RELATED EXPENSES. EMPLOYEES MUST PROVIDE RECEIPTS FOR EXPENSES TO BE REIMBURSED, AND REIMBURSEMENTS ARE INCLUDED IN TAXABLE INCOME FOR THE EMPLOYEE. ELIGIBLE EXPENSES MAY, BUT DO NOT NECESSARILY INCLUDE, HEALTH CLUB DUES. JOE BARTMANN, PAULA JENSEN, LORA WADKINS AND KRISTI WAGNER PARTICIPATED IN THIS PROGRAM IN 2022.

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

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

DAKOTAS AMERICA LLC

RELATED · PLACE NEW MARKET TAX CREDIT ALLOCATIONS IN QUALIFYING SUSTAINABLE PROJECTS. · SD · 51% owned · share of income $717,726 · share of assets $926,729 · general or managing partner

Directly controlled by DAKOTA RESOURCES
DAKOTAS XIV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XVI LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XVII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XVIII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XIX LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXLLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXI LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXIII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXIV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXVI LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXVII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXVIII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXIX LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXX LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXI LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXIII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXIV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXV LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXVI LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXVII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXVIII LLC

LENDING/LOANS · SD · general or managing partner
DAKOTAS XXXIX LLC

LENDING/LOANS · SD · general or managing partner

Provenance

Return type: form_990
Tax year: 2022
Filed: 12 September 2023
IRS schema version: 2022v5.0
Source object: 202332569349301223

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