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Nonprofiteer
← RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION

Form 990 for tax year 2022

Filed by RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION.

Totals

Total revenue
$2,494,984
Total expenses
$3,182,525
Contributions and grants received
$0
Grants paid
$2,128,147
Program service revenue
$295,557
Investment income
$2,199,401
Other revenue
$26
Total assets, end of year
$15,961,561
Total liabilities, end of year
$3,944,972
Net assets or fund balances, end of year
$12,016,589
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.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: BUILDING LEASE

    total $295,557 · related or exempt $295,557

  • 3 · Investment income

    total $1 · excluded $1

  • 7a · Gross sales of assets other than inventory

    other assets $5,250,000

  • 7b · Less cost or other basis and sales expenses

    other assets $3,050,600

  • 7c · Gain or loss

    other assets $2,199,400

  • 7d · Net gain or loss

    total $2,199,400 · excluded $2,199,400

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $26 · excluded $26

  • 11e · Other revenue, total

    $26

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,128,147

  • 11b · Fees: legal

    total $16,176

  • 11c · Fees: accounting

    total $3,410

  • 13 · Office expenses

    total $42,433

  • 16 · Occupancy

    total $216,303

  • 20 · Interest

    total $204,290

  • 22 · Depreciation, depletion and amortization

    total $511,119

  • 23 · Insurance

    total $19,220

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $40,369

  • 24b · Other expenses: MISCELLANEOUS

    total $1,058

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $44,146 · end of year $5,840

  • 2 · Savings and temporary cash investments

    beginning of year $10,866 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $438,378 · end of year $0

  • 4 · Accounts receivable

    beginning of year $8,602 · end of year $526

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

    $15,480,835

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

    $418,381

  • 10c · Land, buildings and equipment, net

    beginning of year $17,128,612 · end of year $15,062,454

  • 13 · Investments: program-related

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

  • 15 · Other assets

    beginning of year $44,775 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $147,002 · end of year $847

  • 23 · Secured mortgages and notes payable

    beginning of year $4,000,000 · end of year $3,942,125

  • 24 · Unsecured notes and loans payable

    beginning of year $1,716,988 · end of year $0

  • 25 · Other liabilities

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

  • 27 · Net assets without donor restrictions

    beginning of year $12,704,130 · end of year $12,016,589

Mission and programs · 2022

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.

As filed on the 2022 return.

Listed in Part VII

  • Darren Haar

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Paulette Davidson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Tom Weaver

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Steve Allender

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Dick Johnson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Marne Jones

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Todd Kenner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Brandon Lance

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Pete Lien

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Greg Loos

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Kyle Richards

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Alan Solano

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Tom Johnson

    PRESIDENT/CEO

    Total calculated
    $311,467
    From this org
    $0
    From related orgs
    $276,789
    Other
    $34,678
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $249,789 related
    Bonus
    $0 + $27,000 related
    Other
    $0
    Deferred
    $0 + $17,842 related
    Nontaxable benefits
    $0 + $16,836 related
    Filer's total
    $0 + $311,467 related

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202303189349311780

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