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Nonprofiteer
← NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION

Form 990 for tax year 2023

Filed by NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION.

Totals

Total revenue
$1,710,583
Total expenses
$1,048,344
Contributions and grants received
$479,761
Grants paid
$45,423
Program service revenue
$1,086,447
Investment income
$129,225
Other revenue
$15,150
Total assets, end of year
$32,608,281
Total liabilities, end of year
$12,214,971
Net assets or fund balances, end of year
$20,393,310
Program services expenses (Part IX)
$781,370
Management and general expenses
$266,974
Fundraising expenses
$0
Program service expenses (Part III)
$781,370

Program services were 74.5% 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)

    $343,761

  • 1f · All other contributions, gifts and grants

    $136,000

  • 2a · Program service revenue: INTEREST INCOME - LOANS

    total $1,006,384 · related or exempt $1,006,384

  • 2b · Program service revenue: ESCROW & LOAN FEES

    total $42,709 · related or exempt $42,709

  • 2c · Program service revenue: LEASE FEE INCOME

    total $20,383 · related or exempt $20,383

  • 2d · Program service revenue: LEASE INTEREST INCOME

    total $6,617 · related or exempt $6,617

  • 2e · Program service revenue: FILING FEE

    total $5,301 · related or exempt $5,301

  • 2f · All other program service revenue

    total $5,053 · related or exempt $5,053

  • 3 · Investment income

    total $59,290 · excluded $59,290

  • 7a · Gross sales of assets other than inventory

    securities $219,935

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

    securities $150,000

  • 7c · Gain or loss

    securities $69,935

  • 7d · Net gain or loss

    total $69,935 · related or exempt $69,935

  • 10a · Gross sales of inventory

    $137,435

  • 10b · Cost of goods sold

    $122,285

  • 10c · Net income from sales of inventory

    total $15,150 · related or exempt $15,150

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $21,909 · program services $21,909

  • 2 · Grants to domestic individuals

    total $23,514 · program services $23,514

  • 7 · Other salaries and wages

    total $376,640 · program services $231,343 · management and general $145,297

  • 8 · Pension plan contributions

    total $120,068 · program services $88,822 · management and general $31,246

  • 9 · Other employee benefits

    total $38,213 · program services $23,958 · management and general $14,255

  • 10 · Payroll taxes

    total $38,619 · program services $23,558 · management and general $15,061

  • 11b · Fees: legal

    total $12,764 · program services $12,764

  • 11c · Fees: accounting

    total $21,780 · management and general $21,780

  • 11g · Fees: other

    total $3,703 · program services $3,703

  • 12 · Advertising and promotion

    total $6,699 · program services $6,699

  • 13 · Office expenses

    total $13,698 · program services $13,279 · management and general $419

  • 16 · Occupancy

    total $19,358 · program services $11,041 · management and general $8,317

  • 17 · Travel

    total $11,289 · program services $10,746 · management and general $543

  • 20 · Interest

    total $176,593 · program services $176,593

  • 22 · Depreciation, depletion and amortization

    total $23,859 · management and general $23,859

  • 23 · Insurance

    total $12,892 · program services $7,315 · management and general $5,577

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $90,325 · program services $90,325

  • 24b · Other expenses: TARGETED PROGRAM EXPENSE

    total $24,826 · program services $24,826

  • 24c · Other expenses: FILING FEE EXPENSE

    total $8,819 · program services $8,819

  • 24d · Other expenses: LOAN CLOSING EXPENSE

    total $1,500 · program services $1,500

  • 24e · All other expenses

    total $1,276 · program services $656 · management and general $620

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,600,430 · end of year $9,190,306

  • 4 · Accounts receivable

    beginning of year $46,089 · end of year $110,816

  • 7 · Other notes and loans receivable

    beginning of year $20,484,919 · end of year $20,971,571

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,715

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

    $1,015,326

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

    $371,734

  • 10c · Land, buildings and equipment, net

    beginning of year $653,819 · end of year $643,592

  • 12 · Investments: other securities

    beginning of year $2,192,088 · end of year $1,429,461

  • 15 · Other assets

    beginning of year $377,181 · end of year $262,535

  • 17 · Accounts payable and accrued expenses

    beginning of year $165,989 · end of year $142,997

  • 19 · Deferred revenue

    beginning of year $174,698 · end of year $154,316

  • 23 · Secured mortgages and notes payable

    beginning of year $8,711,693 · end of year $9,367,658

  • 24 · Unsecured notes and loans payable

    beginning of year $2,536,125 · end of year $2,550,000

  • 27 · Net assets without donor restrictions

    beginning of year $12,407,531 · end of year $12,473,897

  • 28 · Net assets with donor restrictions

    beginning of year $7,360,205 · end of year $7,919,413

Mission and programs · 2023

Mission

TO STIMULATE ECONOMIC OPPORTUNITIES THROUGH LOANS, TECHNICAL SUPPORT AND PARTNERSHIPS

  • ECONOMIC/COMMUNITY DEVELOPMENT - REVOLVING LOAN PROGRAM (DIRECT LOANS) ASSISTS INDIVIDUALS THAT ARE OTHERWISE UNABLE TO OBTAIN FINANCING TO START OR EXPAND THEIR BUSINESS. IN THIS FISCAL PERIOD, NESDEC MADE 42 LOANS TOTALING 3,645,850 CREATING 137 AREA JOBS. AS OF SEPTEMBER 30,2024, NESDEC HAD 275 OUTSTANDING LOANS TOTALING 21,509,950.

    Expenses $781,370 · Grants $45,423 · Revenue $1,086,447

As filed on the 2023 return.

Listed in Part VII

  • Marcia Erickson

    CHIEF EXECUT

    Total calculated
    $197,564
    From this org
    $0
    From related orgs
    $168,127
    Other
    $29,437
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $164,057 related
    Bonus
    not reported
    Other
    not reported + $4,070 related
    Deferred
    not reported + $15,779 related
    Nontaxable benefits
    not reported + $13,658 related
    Filer's total
    not reported + $197,564 related

  • Lori Finnesand

    CHIEF EXECUT

    Total calculated
    $182,918
    From this org
    $0
    From related orgs
    $151,358
    Other
    $31,560
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    not reported + $147,288 related
    Bonus
    not reported
    Other
    not reported + $4,070 related
    Deferred
    not reported + $15,779 related
    Nontaxable benefits
    not reported + $15,781 related
    Filer's total
    not reported + $182,918 related

  • Kimberly Lorensberg

    CHIEF DEVELO

    Total calculated
    $153,727
    From this org
    $0
    From related orgs
    $132,871
    Other
    $20,856
    Hours/week
    30 + 15 related

    Schedule J breakdown matched by us

    Base
    not reported + $128,801 related
    Bonus
    not reported
    Other
    not reported + $4,070 related
    Deferred
    not reported + $12,590 related
    Nontaxable benefits
    not reported + $8,266 related
    Filer's total
    not reported + $153,727 related

  • Kathryn Rasmus

    CHIEF FINANC

    Total calculated
    $118,411
    From this org
    $0
    From related orgs
    $107,823
    Other
    $10,588
    Hours/week
    15 + 30 related

  • Rita Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joell Bieber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Colleen Cordell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Trevor Cramer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Gleason

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rod Kusser

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michele Loobey-Gertsch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Menking

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Craig Rau

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Emily Rodgers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patty Roehr

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Terry Schultz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Beth Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judy Steen

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Pat Tollefson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 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

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
2023
Filed
15 February 2025
IRS schema version
2023v6.0
Source object
202510429349300346

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