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Nonprofiteer
← MAIN STREET SQUARE INCORPORATED

Form 990 for tax year 2024

Filed by MAIN STREET SQUARE INCORPORATED.

Totals

Total revenue
$1,219,065
Total expenses
$1,268,663
Contributions and grants received
$889,647
Grants paid
$3,540
Program service revenue
$270,704
Investment income
$23,273
Other revenue
$35,441
Total assets, end of year
$1,674,835
Total liabilities, end of year
$170,030
Net assets or fund balances, end of year
$1,504,805
Program services expenses (Part IX)
$978,908
Management and general expenses
$289,755
Fundraising expenses
$0
Program service expenses (Part III)
$978,908

Program services were 77.2% 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)

    $392,178

  • 1f · All other contributions, gifts and grants

    $497,469

  • 2a · Program service revenue: ICE SKATING

    total $149,475 · related or exempt $149,475

  • 2b · Program service revenue: COMMUNITY EVENTS

    total $121,229 · related or exempt $121,229

  • 3 · Investment income

    total $19,020 · excluded $19,020

  • 6a · Gross rents

    real property $12,650

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $12,650

  • 6d · Net rental income or loss

    total $12,650 · excluded $12,650

  • 7a · Gross sales of assets other than inventory

    securities $3,025 · other assets $8,000

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

    securities $0 · other assets $6,772

  • 7c · Gain or loss

    securities $3,025 · other assets $1,228

  • 7d · Net gain or loss

    total $4,253 · excluded $4,253

  • 11a · Other revenue: INSURANCE PROCEEDS

    total $22,791 · excluded $22,791

  • 11e · Other revenue, total

    $22,791

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,540 · program services $3,540

  • 5 · Compensation of officers, directors and key employees

    total $34,388 · program services $27,510 · management and general $6,878

  • 6 · Compensation of disqualified persons

    total $509,938 · program services $407,950 · management and general $101,988

  • 10 · Payroll taxes

    total $41,873 · program services $33,499 · management and general $8,374

  • 11c · Fees: accounting

    total $61,404 · management and general $61,404

  • 11g · Fees: other

    total $14,188 · program services $14,188

  • 12 · Advertising and promotion

    total $87,040 · program services $87,040

  • 13 · Office expenses

    total $34,811 · program services $27,849 · management and general $6,962

  • 16 · Occupancy

    total $266,270 · program services $215,192 · management and general $51,078

  • 17 · Travel

    total $7,572 · program services $6,058 · management and general $1,514

  • 22 · Depreciation, depletion and amortization

    total $71,679 · program services $57,343 · management and general $14,336

  • 23 · Insurance

    total $29,895 · program services $23,915 · management and general $5,980

  • 24a · Other expenses: EVENTS EXPENSES

    total $69,846 · program services $69,846

  • 24b · Other expenses: PLEDGE WRITE OFFS

    total $30,000 · management and general $30,000

  • 24c · Other expenses: TRAINING AND EDUCATION

    total $4,312 · program services $3,452 · management and general $860

  • 24d · Other expenses: DUES

    total $1,760 · program services $1,408 · management and general $352

  • 24e · All other expenses

    total $147 · program services $118 · management and general $29

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $158,952 · end of year $370,760

  • 2 · Savings and temporary cash investments

    beginning of year $588,164 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $4,725 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $40,500

  • 8 · Inventories for sale or use

    beginning of year $8,515 · end of year $6,661

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

    $1,378,951

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

    $730,049

  • 10c · Land, buildings and equipment, net

    beginning of year $703,993 · end of year $648,902

  • 11 · Investments: publicly traded securities

    beginning of year $178,383 · end of year $608,012

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,250 · end of year $87,418

  • 23 · Secured mortgages and notes payable

    beginning of year $67,511 · end of year $10,292

  • 25 · Other liabilities

    beginning of year $0 · end of year $72,320

  • 27 · Net assets without donor restrictions

    beginning of year $1,449,871 · end of year $1,394,248

  • 28 · Net assets with donor restrictions

    beginning of year $89,100 · end of year $110,557

Mission and programs · 2024

Mission

THE ORGANIZATION OPERATES RAPID CITY TOWN SQUARE (OWNED BY THE CITY OF RAPID CITY) IN THE HEART OF DOWNTOWN IN ORDER TO PROVIDE AN ACTIVE GATHERING PLACE FOR THE ENTIRE COMMUNITY, TO INVITE INCREASED PEDESTRIAN TRAFFIC DOWNTOWN, AND TO STRENGTHEN THE CENTER OF THE COMMUNITY. THIS INCLUDES SUPPORTING, ENCOURAGING, ADVOCATING, AND PRESERVING THE VITALITY AND AESTHETIC BEAUTY OF THE DOWNTOWN RAPID CITY BUSINESS COMMUNITY.

  • THE ORGANIZATION MANAGES THE OPERATIONS OF MAIN STREET SQUARE THROUGH AN OPERATING AGREEMENT WITH THE CITY OF RAPID CITY. THE ORGANIZATION LEADS EFFORTS TO REDEVELOP AND REVITALIZE DOWNTOWN RAPID CITY THROUGH IMPROVING STREETSCAPES, PROVIDING CLEAN AND SAFE PROGRAMS, AND PROMOTING DOWNTOWN BUSINESSES AND EVENTS.

    Expenses $978,908 · Grants $3,540 · Revenue $270,704

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kelly Buntrock

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Tim Johnson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Scott Landguth

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Wade Lampert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stacie Hull

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Katelyn Cook

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Logan Steffens

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Callie Meyer

    EXECUTIVE DIRECTOR(THROUGH MAY 2024)

    Total calculated
    $34,388
    From this org
    $33,368
    From related orgs
    $0
    Other
    $1,020
    Hours/week
    40

  • Brook Kaufman

    EXECUTIVE DIRECTOR (BEG.JUNE 2024)

    Total calculated
    $232,178
    From this org
    $0
    From related orgs
    $226,565
    Other
    $5,613
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,565 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $5,313 related
    Nontaxable benefits
    $0 + $300 related
    Filer's total
    $0 + $232,178 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
  • 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)

SCHEDULE J, PART I, LINE 3
COMPENSATION FOR THE EXECUTIVE DIRECTOR OF MAIN STREET SQUARE (MSS) IS DETERMINED BY THE BOARD OF DIRECTORS OF VISIT RAPID CITY (THE PARENT ORGANIZATION OF MSS). VISIT RAPID CITY'S EXECUTIVE COMMITTEE WORKED WITH A THIRD-PARTY RECRUITER TO DETERMINE A FAIR AND COMPETITIVE COMPENSATION PACKAGE FOR THE EXECUTIVE DIRECTOR. IN MAKING THIS DETERMINATION, THE COMMITTEE USED WRITTEN EMPLOYMENT CONTRACTS AND COMPENSATION STUDIES. THE COMPENSATION PACKAGE WAS APPROVED BY VISIT RAPID CITY'S 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

No itemized grants to organizations 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
2024
Filed
21 October 2025
IRS schema version
2024v5.2
Source object
202522949349300742

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