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← GLACIAL LAKES AREA DEVELOPMENT

Form 990 for tax year 2024

Filed by GLACIAL LAKES AREA DEVELOPMENT.

Totals

Total revenue
$129,313
Total expenses
$111,987
Contributions and grants received
$85,400
Grants paid
$0
Program service revenue
$43,689
Investment income
$224
Other revenue
$0
Total assets, end of year
$1,638,305
Total liabilities, end of year
$1,114,796
Net assets or fund balances, end of year
$523,509
Program services expenses (Part IX)
$20,504
Management and general expenses
$91,483
Fundraising expenses
$0
Program service expenses (Part III)
$20,504

Program services were 18.3% 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)

    $80,700

  • 1f · All other contributions, gifts and grants

    $4,700

  • 2a · Program service revenue: BUSINESS LOAN INTEREST

    total $42,908 · related or exempt $42,908

  • 2b · Program service revenue: VENTURE REFUND

    total $781 · related or exempt $781

  • 3 · Investment income

    total $224 · related or exempt $224

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $58,041 · management and general $58,041

  • 8 · Pension plan contributions

    total $4,950 · management and general $4,950

  • 10 · Payroll taxes

    total $18,872 · management and general $18,872

  • 11c · Fees: accounting

    total $777 · management and general $777

  • 14 · Information technology

    total $502 · management and general $502

  • 16 · Occupancy

    total $3,396 · management and general $3,396

  • 17 · Travel

    total $395 · management and general $395

  • 19 · Conferences, conventions and meetings

    total $954 · management and general $954

  • 20 · Interest

    total $14,342 · program services $14,342

  • 23 · Insurance

    total $1,433 · management and general $1,433

  • 24a · Other expenses: CLIENT LOAN EXPENSES

    total $1,353 · program services $1,353

  • 24b · Other expenses: HOUSING ASSESSMENT

    total $4,809 · program services $4,809

  • 24c · Other expenses: MEMBERSHIPS

    total $2,163 · management and general $2,163

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $341,573 · end of year $458,503

  • 2 · Savings and temporary cash investments

    beginning of year $151,898 · end of year $531,509

  • 5 · Loans and receivables from officers and key people

    beginning of year $180,735 · end of year $164,101

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

    $7,340

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

    $7,340

  • 13 · Investments: program-related

    beginning of year $539,385 · end of year $484,192

  • 23 · Secured mortgages and notes payable

    beginning of year $659,031 · end of year $943,249

  • 25 · Other liabilities

    beginning of year $48,377 · end of year $171,547

  • 31 · Retained earnings, endowment or other funds

    beginning of year $506,183 · end of year $523,509

Mission and programs · 2024

Mission

TO FACILITATE REGIONAL ECONOMIC DEVELOPMENT IN NORTHEASTERN SOUTH DAKOTA.

  • ATTENDED, STAFFED, AND COORDINATED VARIOUS COMMUNITY MEETINGS REGARDING LOCAL ECONOMIC DEVELOPMENT PROJECTS. COLLECTED AND DISBURSED DONATED FUNDS FOR COMMUNITY FACILITIES TO BE TRANSFERRED TO LOCAL NONPROFIT COUNTRY CLUB, SCHOOL ACTIVITIES, AND CITY EVENT CENTER UPON COMPLETION. MADE BUSINESS LOANS TO SMALL LOCAL BUSINESSES AND COLLECTED INTEREST AND PRINCIPAL PAYMENTS ON SAME. ADMINISTERED WORKFORCE DEVELOPMENT GRANTS

    Expenses $20,504

As filed on the 2024 return.

Listed in Part VII

  • Kristin Hofland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peggy Pearson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Strong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrea Kilker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Keintz

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Chad Hardy

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Alicia Tonsfeldt

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Lindsey Kimber

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
5 November 2025
IRS schema version
2024v5.2
Source object
202513099349300246

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