Form 990 for tax year 2024
Filed by NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION.
Totals
- Total revenue
- $1,787,191
- Total expenses
- $1,079,021
- Contributions and grants received
- $390,290
- Grants paid
- $50,225
- Program service revenue
- $1,187,392
- Investment income
- $209,509
- Other revenue
- $0
- Total assets, end of year
- $32,952,419
- Total liabilities, end of year
- $11,850,939
- Net assets or fund balances, end of year
- $21,101,480
- Program services expenses (Part IX)
- $772,521
- Management and general expenses
- $306,500
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $772,521
Program services were 71.6% 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)
$381,290
-
1f · All other contributions, gifts and grants
$9,000
-
2a · Program service revenue: INTEREST INCOME - LOANS
total $1,098,595 · related or exempt $1,098,595
-
2b · Program service revenue: ESCROW & LOAN FEES
total $46,375 · related or exempt $46,375
-
2c · Program service revenue: LEASE FEE INCOME
total $21,214 · related or exempt $21,214
-
2d · Program service revenue: MISCELLANEOUS INCOME
total $8,832 · related or exempt $8,832
-
2e · Program service revenue: LEASE INTEREST INCOME
total $5,786 · related or exempt $5,786
-
2f · All other program service revenue
total $6,590 · related or exempt $6,590
-
3 · Investment income
total $209,509 · excluded $209,509
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $20,703 · program services $20,703
-
2 · Grants to domestic individuals
total $29,522 · program services $29,522
-
7 · Other salaries and wages
total $488,567 · program services $304,532 · management and general $184,035
-
8 · Pension plan contributions
total $114,463 · program services $85,098 · management and general $29,365
-
9 · Other employee benefits
total $40,278 · program services $23,881 · management and general $16,397
-
10 · Payroll taxes
total $40,471 · program services $25,092 · management and general $15,379
-
11b · Fees: legal
total $11,582 · program services $11,582
-
11c · Fees: accounting
total $21,317 · management and general $21,317
-
12 · Advertising and promotion
total $13,107 · program services $13,107
-
13 · Office expenses
total $16,683 · program services $16,241 · management and general $442
-
16 · Occupancy
total $26,647 · program services $20,778 · management and general $5,869
-
17 · Travel
total $21,547 · program services $17,943 · management and general $3,604
-
20 · Interest
total $194,018 · program services $194,018
-
22 · Depreciation, depletion and amortization
total $24,540 · management and general $24,540
-
23 · Insurance
total $9,674 · program services $4,122 · management and general $5,552
-
24a · Other expenses: TARGETED PROGRAM EXPENSE
total $24,677 · program services $24,677
-
24b · Other expenses: EDUCATION AND TRAINING
total $9,466 · program services $9,466
-
24c · Other expenses: FILING FEE EXPENSE
total $6,417 · program services $6,417
-
24d · Other expenses: LOAN CLOSING EXPENSE
total $1,500 · program services $1,500
-
24e · All other expenses
total -$36,158 · program services -$36,158
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $9,190,306 · end of year $8,844,022
-
4 · Accounts receivable
beginning of year $110,816 · end of year $84,340
-
7 · Other notes and loans receivable
beginning of year $20,971,571 · end of year $21,778,575
-
9 · Prepaid expenses and deferred charges
end of year $11,528
-
10a · Land, buildings and equipment: cost or other basis
$992,554
-
10b · Land, buildings and equipment: accumulated depreciation
$373,502
-
10c · Land, buildings and equipment, net
beginning of year $643,592 · end of year $619,052
-
12 · Investments: other securities
beginning of year $1,429,461 · end of year $1,329,886
-
15 · Other assets
beginning of year $262,535 · end of year $285,016
-
17 · Accounts payable and accrued expenses
beginning of year $142,997 · end of year $157,023
-
19 · Deferred revenue
beginning of year $154,316 · end of year $133,102
-
23 · Secured mortgages and notes payable
beginning of year $9,367,658 · end of year $10,010,814
-
24 · Unsecured notes and loans payable
beginning of year $2,550,000 · end of year $1,550,000
-
27 · Net assets without donor restrictions
beginning of year $12,473,897 · end of year $12,571,379
-
28 · Net assets with donor restrictions
beginning of year $7,919,413 · end of year $8,530,101
Mission and programs · 2024
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 4,252,352 CREATING 114 AREA JOBS. AS OF SEPTEMBER 30,2025, NESDEC HAD 278 OUTSTANDING LOANS TOTALING 22,099,276.
Expenses $772,521 · Grants $50,225 · Revenue $1,187,392
As filed on the 2024 return.
Listed in Part VII
-
Marcia EricksonMARCIA ERICKSON
CHIEF EXECUT
- Total calculated
- $212,298
- From this org
- $0
- From related orgs
- $180,573
- Other
- $31,725
- Hours/week
- 10 + 40 related
Schedule J breakdown matched by us
- Base
- not reported + $180,573 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported + $17,377 related
- Nontaxable benefits
- not reported + $14,348 related
- Filer's total
- not reported + $212,298 related
-
Lori FinnesandLORI FINNESAND
CHIEF EXECUT
- Total calculated
- $197,475
- From this org
- $0
- From related orgs
- $163,045
- Other
- $34,430
- Hours/week
- 40 + 10 related
Schedule J breakdown matched by us
- Base
- not reported + $163,045 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported + $17,377 related
- Nontaxable benefits
- not reported + $17,053 related
- Filer's total
- not reported + $197,475 related
-
Kathryn RasmusKATHRYN RASMUS
CHIEF FINANC
- Total calculated
- $132,145
- From this org
- $0
- From related orgs
- $115,565
- Other
- $16,580
- Hours/week
- 15 + 30 related
-
Rita AndersonRITA ANDERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Joell BieberJOELL BIEBER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Colleen CordellCOLLEEN CORDELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Trevor CramerTREVOR CRAMER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David GleasonDAVID GLEASON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Rod KusserROD KUSSER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michele LoobeyMICHELE LOOBEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daniel MenkingDANIEL MENKING
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Craig RauCRAIG RAU
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Emily RodgersEMILY RODGERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Patty RoehrPATTY ROEHR
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Terry SchultzTERRY SCHULTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Beth SmithBETH SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Judy SteenJUDY STEEN
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Pat TollefsonPAT 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
-
SUPPORT PROGRAMS
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.
-
NE SOUTH DAKOTA COMMUNITY ACTION PR
501 · SHARE EMPL · SD
-
501 · LOANS · SD
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 February 2026
- IRS schema version
- 2024v5.0
- Source object
- 202620439349300917
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