Civic Intelligence

Rapid City Economic Development Foundation

990 • Fiscal year 2018 • EIN 23-7267019

Jan 01, 2018 to Dec 31, 2018 • Filed on Jul 29, 2019

Organization ProfileWWW.RAPIDDEVELOPMENT.COM
525 University Loop Suite 101Rapid City, SD 57701

(605) 343-1880

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

10th percentile

0.01x

Higher debt load relative to assets than 10% of similar nonprofits.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

11th percentile

0.03x

Higher debt load relative to revenue than 11% of similar nonprofits.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2018

Net Margin

99th percentile

79%

Higher net margin than 99% of similar nonprofits.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

14th percentile

$94,264

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2018

Asset Growth

94th percentile

35%

Faster asset growth than 94% of similar nonprofits.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

99th percentile

896%

Faster revenue growth than 99% of similar nonprofits.

2018 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$9,716,886

Up $2,502,419 (+35%) from 2017

Net Assets

Up

$9,627,911

Up $2,482,471 (+35%) from 2017

Liabilities

Up

$88,975

Up $19,948 (+29%) from 2017

Revenue And Expenses
Liabilities / Revenue11th percentileNet Margin99th percentile

Revenue

Up

$3,140,149

Up $2,824,737 (+896%) from 2017

Expenses

Up

$657,681

Up $101,880 (+18%) from 2017

Net Income

Up

$2,482,468

Up $2,722,857 (+1133%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2010: $7,950,185Liabilities 2010: $399,931Net Assets 2010: $7,550,2542010Assets 2011: $7,446,986Liabilities 2011: $192,474Net Assets 2011: $7,254,5122011Assets 2012: $7,412,253Liabilities 2012: $101,162Net Assets 2012: $7,311,0912012Assets 2013: $7,238,649Liabilities 2013: $47,078Net Assets 2013: $7,191,5712013Assets 2014: $7,125,226Liabilities 2014: $52,503Net Assets 2014: $7,072,7232014Assets 2015: $7,525,960Liabilities 2015: $50,640Net Assets 2015: $7,475,3202015Assets 2016: $7,419,739Liabilities 2016: $33,910Net Assets 2016: $7,385,8292016Assets 2017: $7,214,467Liabilities 2017: $69,027Net Assets 2017: $7,145,4402017Assets 2018: $9,716,886Liabilities 2018: $88,975Net Assets 2018: $9,627,9112018Assets 2019: $10,135,710Liabilities 2019: $1,256,299Net Assets 2019: $8,879,4112019Assets 2020: $19,180,291Liabilities 2020: $8,242,096Net Assets 2020: $10,938,1952020Assets 2021: $18,568,120Liabilities 2021: $5,863,990Net Assets 2021: $12,704,1302021Assets 2022: $15,961,561Liabilities 2022: $3,944,972Net Assets 2022: $12,016,5892022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2018

Assets$9,716,886
Liabilities$88,975
Net Assets$9,627,911
Open 2018 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$10M$0-$10M-$20MExpenses 2010: $444,9282010Expenses 2011: $792,6322011Expenses 2012: $421,5872012Revenue 2013: $322,322Expenses 2013: $441,842Net Income 2013: -$119,5202013Revenue 2014: $316,067Expenses 2014: $434,916Net Income 2014: -$118,8492014Revenue 2015: $814,224Expenses 2015: $411,627Net Income 2015: $402,5972015Revenue 2016: $355,584Expenses 2016: $445,075Net Income 2016: -$89,4912016Revenue 2017: $315,412Expenses 2017: $555,801Net Income 2017: -$240,3892017Revenue 2018: $3,140,149Expenses 2018: $657,681Net Income 2018: $2,482,4682018Revenue 2019: $1,181,328Expenses 2019: $729,828Net Income 2019: $451,5002019Revenue 2020: $2,793,030Expenses 2020: $734,246Net Income 2020: $2,058,7842020Revenue 2021: $2,810,029Expenses 2021: $1,044,094Net Income 2021: $1,765,9352021Revenue 2022: $2,494,984Expenses 2022: $3,182,525Net Income 2022: -$687,5412022Revenue 2023: $0Expenses 2023: $12,016,589Net Income 2023: -$12,016,5892023

Highlighted filing

2018

Revenue$3,140,149
Expenses$657,681
Net Income$2,482,468
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Jul 29, 2019
Return Version
2018v3.1
Gross Receipts
$3,319,314
Mission and Program Overview

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,127,420$4,941,869▲ $1,814,449
Savings and Temporary Cash Investments$1,203,564$2,154,256▲ $950,692
Investments Program Related$1,827,710$1,598,514▼ $229,196
Cash and Non-Interest-Bearing Accounts$1,051,310$1,004,792▼ $46,518
Accounts Receivable$4,463$17,455▲ $12,992
Total Assets$7,214,467$9,716,886▲ $2,502,419
Liabilities
Accounts Payable and Accrued Expenses$19,848$82,264▲ $62,416
Other Liabilities$49,179$6,711▼ $42,468
Total Liabilities$69,027$88,975▲ $19,948
Net Assets / Fund Balance
Unrestricted Net Assets$7,145,440$9,627,911▲ $2,482,471
Total Net Assets Fund Balance$7,145,440$9,627,911▲ $2,482,471
Total Liabilities and Net Assets / Fund Balance$7,214,467$9,716,886▲ $2,502,419

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,280,287$1,689,528$4,969,815
Land$1,610,312-$1,610,312
Other Land Buildings$28,199$91,741$119,940
Equipment$23,071$81,326$104,397
Investment Program Related Org$100,000--
Compensation and Service Providers
Top Officer Pay14th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terri HaverlyExecutive ChFT$80,194$14,070$94,264

Board Members and Trustees

NameTitle
Todd KennerVice Chairma
Patrick BurchillBoard Presid
Steve AllenderMayor
Benjamin SnowMember
David LustMember
Deb HadcockMember
Jafar KarimMember
Joel BrannanMember
Scott BarbourMember
Steve ConzetMember
Dick JohnsonSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$2,810,312
Program Service Revenue
$297,972
Investment Income
$31,741
Other Revenue
$124
Change in Net Assets
$2,482,468

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Other1$1,610,312Appraisal
Total Noncash Contributions1$1,610,312-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,140,149
Revenue Not Reported on Form 990
$98,580
Total Revenue per Audited Statements
$3,238,729
Total Revenue per Form 990
$3,140,149
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$504,822
Salaries, Compensation, and Employee Benefits$101,509
Grants and Similar Amounts Paid$51,350
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$173,243
Occupancy---$127,981
Current Officers, Directors, Trustees, and Key Employees---$94,264
Advertising---$80,752
Grants to Domestic Orgs---$51,350
Office Expenses---$45,716
Fees for Services Other---$45,521
Insurance---$8,800
Fees for Services Accounting---$8,776
Payroll Taxes---$7,245
Fees for Services Legal---$6,690
Other Expenses---$3,845
Travel---$2,731
Fees for Services Management---$767
Total Functional Expenses$0$0$0$657,681

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$756,258
Total Expenses per Form 990$657,681
Expenses per Audited Statements$657,679
Expenses Not Reported on Form 990$98,579
Expenses Not Reported on Financial Statements$2
Other Expense Adjustments$2
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of Rapid CityRapid City, SDGovEconomic Development-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$6,711
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A copy of the form 990 is emailed to the organization's governing body before filing. The board reviews and then votes for approval over email.”

Form 990, Page 6, Part VI, Line 12C

“Directors and staff members, as well as their family members, must disclose business or family relationships with any other board member or management. The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy. The first meeting following the annual board meeting, the board is presented copies of each of the policies. Those with conflicts are not allowed to participate in votes. Disclipinary action, up to and including termination, is applicable to any staff who violates the policy.”

Form 990, Page 6, Part VI, Line 15A

“The foundation board met and discussed the compensation for the executive chair and made the salary determination during the budget review and knowledge of others in similar positions.”

Form 990, Page 6, Part VI, Line 15B

“N/a the only paid employee is the executive chair.”

Form 990, Page 6, Part VI, Line 19

“The organization makes financial statements and other governing documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Rapid City Economic Development
EIN
23-7267019
Phone
6053431880
Address
525 UNIVERSITY LOOP SUITE 101, RAPID CITY, SD 57701

Signing Officer

Name
Patrick Burchill
Title
Board President
Phone
6053431880
Signed
2019-07-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Burchill
Formed
1973
Legal Domicile
Sd
Voting Board Members
10
Independent Board Members
10
Employees
1
Volunteers
10

Preparer

Firm
Ketel Thorstenson Llp
Address
PO BOX 3140, RAPID CITY, SD 57709-3140
Preparer
Nina Braun CPA
Phone
6053425630
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.”

Form 990, Part XI, Line 9

“Contributed rents 98,579 rounding 1 contributed rents -98,579 rounding 2 total 3”

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation qualifies as an exempt foundation under section 501(c)(6) of the internal revenue code. At december 31, 2018, the foundation believes no significant uncertain tax positions or liabilities exist.”

Schedule D, Page 4, Part XI, Line 2D

“Contributed rents 98,579 rounding 1”

Schedule D, Page 4, Part XII, Line 2D

“CONTRIBUTED RENTS 98,579”

Schedule D, Page 4, Part XII, Line 4B

“ROUNDING 2”

Raw XML AppendixShowing 400 of 427 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
IRS990/AccountantCompileOrReviewInd0false
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt019848
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt082264
IRS990/AccountsReceivableGrp/BOYAmt04463
IRS990/AccountsReceivableGrp/EOYAmt017455
IRS990/ActivitiesConductedPrtshpInd0false
IRS990/ActivityOrMissionDesc0TO 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.
IRS990/AdvertisingGrp/TotalAmt080752
IRS990/AnnualDisclosureCoveredPrsnInd0true
IRS990/AuditCommitteeInd0true
IRS990/BooksInCareOfDetail/PersonNm0LONI REICHERT
IRS990/BooksInCareOfDetail/PhoneNum06053431880
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0525 UNIVERISTY LOOP SUITE 101
IRS990/BooksInCareOfDetail/USAddress/CityNm0RAPID CITY
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0SD
IRS990/BooksInCareOfDetail/USAddress/ZIPCd057701
IRS990/BusinessRlnWithFamMemInd0false
IRS990/BusinessRlnWithOfficerEntInd0false
IRS990/BusinessRlnWithOrgMemInd0false
IRS990/CashNonInterestBearingGrp/BOYAmt01051310
IRS990/CashNonInterestBearingGrp/EOYAmt01004792
IRS990/ChangeToOrgDocumentsInd0false
IRS990/CollectionsOfArtInd0false
IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt094264
IRS990/CompensationFromOtherSrcsInd0false
IRS990/CompensationProcessCEOInd0true
IRS990/CompensationProcessOtherInd0true
IRS990/ConflictOfInterestPolicyInd0true
IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
IRS990/CreditCounselingInd0false
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt02810312
IRS990/CYGrantsAndSimilarPaidAmt051350
IRS990/CYInvestmentIncomeAmt031741
IRS990/CYOtherExpensesAmt0504822
IRS990/CYOtherRevenueAmt0124
IRS990/CYProgramServiceRevenueAmt0297972
IRS990/CYRevenuesLessExpensesAmt02482468
IRS990/CYSalariesCompEmpBnftPaidAmt0101509
IRS990/CYTotalExpensesAmt0657681
IRS990/CYTotalFundraisingExpenseAmt00
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt03140149
IRS990/DecisionsSubjectToApprovaInd0false
IRS990/DeductibleArtContributionInd0false
IRS990/DeductibleNonCashContriInd0true
IRS990/DelegationOfMgmtDutiesInd0false
IRS990/DepreciationDepletionGrp/TotalAmt0173243
IRS990/Desc0THE 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 BUSINESS IN THE AREA.
IRS990/DescribedInSection501c3Ind0false
IRS990/DisregardedEntityInd0false
IRS990/DocumentRetentionPolicyInd0true
IRS990/DonorAdvisedFundInd0false
IRS990/ElectionOfBoardMembersInd0false
IRS990/EmployeeCnt01
IRS990/EmploymentTaxReturnsFiledInd0true
IRS990/FamilyOrBusinessRlnInd0false
IRS990/FederalGrantAuditRequiredInd0false
IRS990/FeesForServicesAccountingGrp/TotalAmt08776
IRS990/FeesForServicesLegalGrp/TotalAmt06690
IRS990/FeesForServicesManagementGrp/TotalAmt0767
IRS990/FeesForServicesOtherGrp/TotalAmt045521
IRS990/ForeignActivitiesInd0false
IRS990/ForeignFinancialAccountInd0false
IRS990/ForeignOfficeInd0false
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt00.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt10.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt20.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt30.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt40.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt50.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt60.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt70.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt80.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt90.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt100.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1140.00
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd5X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd6X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd7X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd8X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd9X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd10X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
IRS990/Form990PartVIISectionAGrp/OfficerInd3X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt80
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt100
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1114070
IRS990/Form990PartVIISectionAGrp/PersonNm0PATRICK BURCHILL
IRS990/Form990PartVIISectionAGrp/PersonNm1TODD KENNER
IRS990/Form990PartVIISectionAGrp/PersonNm2DICK JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm3STEVE CONZET
IRS990/Form990PartVIISectionAGrp/PersonNm4SCOTT BARBOUR
IRS990/Form990PartVIISectionAGrp/PersonNm5JOEL BRANNAN
IRS990/Form990PartVIISectionAGrp/PersonNm6STEVE ALLENDER
IRS990/Form990PartVIISectionAGrp/PersonNm7DAVID LUST
IRS990/Form990PartVIISectionAGrp/PersonNm8BENJAMIN SNOW
IRS990/Form990PartVIISectionAGrp/PersonNm9JAFAR KARIM
IRS990/Form990PartVIISectionAGrp/PersonNm10DEB HADCOCK
IRS990/Form990PartVIISectionAGrp/PersonNm11TERRI HAVERLY
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt1180194
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESID
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MAYOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11EXECUTIVE CH
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr01973
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0false
IRS990/GainOrLossGrp/OtherAmt017315
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt010
IRS990/GovernmentGrantsAmt02810312
IRS990/GrantsToDomesticOrgsGrp/TotalAmt051350
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0true
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0196480
IRS990/GrossReceiptsAmt03319314
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0true
IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt010
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/TotalAmt08800
IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt014426
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt014426
IRS990/InvestmentInJointVentureInd0false
IRS990/InvestmentsProgramRelatedGrp/BOYAmt01827710
IRS990/InvestmentsProgramRelatedGrp/EOYAmt01598514
IRS990/IRPDocumentCnt06
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt01862595
IRS990/LandBldgEquipBasisNetGrp/BOYAmt03127420
IRS990/LandBldgEquipBasisNetGrp/EOYAmt04941869
IRS990/LandBldgEquipCostOrOtherBssAmt06804464
IRS990/LegalDomicileStateCd0SD
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0179165
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO 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.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt07145440
IRS990/NetAssetsOrFundBalancesEOYAmt09627911
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt017315
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt017315
IRS990/NoncashContributionsAmt01610312
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt0127981
IRS990/OfficeExpensesGrp/TotalAmt045716
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt03
IRS990/OtherExpensesGrp/Desc0MISC EXP
IRS990/OtherExpensesGrp/TotalAmt03845
IRS990/OtherLiabilitiesGrp/BOYAmt049179
IRS990/OtherLiabilitiesGrp/EOYAmt06711
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/ExclusionAmt0124
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0124
IRS990/OtherRevenueTotalAmt0124
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/TotalAmt07245
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0PATRICK BURCHILL
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900002
IRS990/ProgramServiceRevenueGrp/BusinessCd1900002
IRS990/ProgramServiceRevenueGrp/Desc0BUILDING LEASE
IRS990/ProgramServiceRevenueGrp/Desc1TENANT EXPENSE REIMBURSEMENTS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0289296
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt18676
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0289296
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt18676
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt013880
IRS990/PYOtherExpensesAmt0555801
IRS990/PYOtherRevenueAmt03422
IRS990/PYProgramServiceRevenueAmt0298110
IRS990/PYRevenuesLessExpensesAmt0-240389
IRS990/PYTotalExpensesAmt0555801
IRS990/PYTotalRevenueAmt0315412
IRS990/ReconcilationRevenueExpnssAmt02482468
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01203564
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02154256
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt03280287
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01689528
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04969815
IRS990ScheduleD/EquipmentGrp/BookValueAmt023071
IRS990ScheduleD/EquipmentGrp/DepreciationAmt081326
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0104397
IRS990ScheduleD/ExpensesNotReportedAmt098579
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt02
IRS990ScheduleD/ExpensesSubtotalAmt0657679
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0812514
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1686000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2100000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENT IN DEVELOPMENT REAL ESTAT
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1NOTES RECEIVABLE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2INVESTMENT
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/LandGrp/BookValueAmt01610312
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01610312
IRS990ScheduleD/OtherExpensesIncludedAmt098579
IRS990ScheduleD/OtherExpensesNotIncludedAmt02
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt028199
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt091741
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0119940
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06711
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherRevenueAmt098580
IRS990ScheduleD/RevenueNotReportedAmt098580
IRS990ScheduleD/RevenueSubtotalAmt03140149
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION QUALIFIES AS AN EXEMPT FOUNDATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. AT DECEMBER 31, 2018, THE FOUNDATION BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS OR LIABILITIES EXIST.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CONTRIBUTED RENTS 98,579 ROUNDING 1
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2CONTRIBUTED RENTS 98,579
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3ROUNDING 2
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 4B
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04941869
IRS990ScheduleD/TotalBookValueProgramRltdAmt01598514
IRS990ScheduleD/TotalExpensesPerForm990Amt0657681
IRS990ScheduleD/TotalLiabilityAmt06711
IRS990ScheduleD/TotalRevenuePerForm990Amt03140149
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03238729
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0756258
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/IRCSectionDesc0GOV
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt051350
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0LAND
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0CITY OF RAPID CITY
IRS990ScheduleI/RecipientTable/RecipientEIN0466000380
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0300 SIXTH STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0RAPID CITY
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0SD
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd057701
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0COST
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0ALL FUNDS ARE DESIGNATED FOR A SPECIFIC USE. THE FOUNDATION BOARD RECEIVES MONTHLY REPORTS. EACH CHECK HAS 2 SIGNATURES AND IS VERIFIED THAT IT'S BEING USED FOR IT'S DESIGNATED PURPOSE.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 1, PART I, LINE 2
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/RealEstateOtherGrp/ContributionCnt01
IRS990ScheduleM/RealEstateOtherGrp/MethodOfDeterminingRevenuesTxt0APPRAISAL
IRS990ScheduleM/RealEstateOtherGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateOtherGrp/NoncashContributionsRptF990Amt01610312
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS EMAILED TO THE ORGANIZATION'S GOVERNING BODY BEFORE FILING. THE BOARD REVIEWS AND THEN VOTES FOR APPROVAL OVER EMAIL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DIRECTORS AND STAFF MEMBERS, AS WELL AS THEIR FAMILY MEMBERS, MUST DISCLOSE BUSINESS OR FAMILY RELATIONSHIPS WITH ANY OTHER BOARD MEMBER OR MANAGEMENT. THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. THE FIRST MEETING FOLLOWING THE ANNUAL BOARD MEETING, THE BOARD IS PRESENTED COPIES OF EACH OF THE POLICIES. THOSE WITH CONFLICTS ARE NOT ALLOWED TO PARTICIPATE IN VOTES. DISCLIPINARY ACTION, UP TO AND INCLUDING TERMINATION, IS APPLICABLE TO ANY STAFF WHO VIOLATES THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION BOARD MET AND DISCUSSED THE COMPENSATION FOR THE EXECUTIVE CHAIR AND MADE THE SALARY DETERMINATION DURING THE BUDGET REVIEW AND KNOWLEDGE OF OTHERS IN SIMILAR POSITIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4N/A THE ONLY PAID EMPLOYEE IS THE EXECUTIVE CHAIR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES FINANCIAL STATEMENTS AND OTHER GOVERNING DOCUMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CONTRIBUTED RENTS 98,579 ROUNDING 1 CONTRIBUTED RENTS -98,579 ROUNDING 2 TOTAL 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt07214467
IRS990/TotalAssetsEOYAmt09716886
IRS990/TotalAssetsGrp/BOYAmt07214467
IRS990/TotalAssetsGrp/EOYAmt09716886
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt02810312
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0657681
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt069027
IRS990/TotalLiabilitiesEOYAmt088975
IRS990/TotalLiabilitiesGrp/BOYAmt069027
IRS990/TotalLiabilitiesGrp/EOYAmt088975
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07145440
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt09627911
IRS990/TotalOtherCompensationAmt014070
IRS990/TotalProgramServiceRevenueAmt0297972
IRS990/TotalReportableCompFromOrgAmt080194
IRS990/TotalRevenueGrp/ExclusionAmt0124
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0329713
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03140149
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt07214467
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt09716886
IRS990/TravelGrp/TotalAmt02731
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt07145440
IRS990/UnrestrictedNetAssetsGrp/EOYAmt09627911
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0525 UNIVERSITY LOOP SUITE 101
IRS990/USAddress/CityNm0RAPID CITY
IRS990/USAddress/StateAbbreviationCd0SD
IRS990/USAddress/ZIPCd057701
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0WWW.RAPIDDEVELOPMENT.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PATRICK BURCHILL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06053431880
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-07-29
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RAPID CITY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0RAPI

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,716,886
Liabilities
$88,975
Net assets
$9,627,911
Revenue
$3,140,149
Expenses
$657,681
Net income
$2,482,468
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$12.0$12.0
2022Detailed filing. Detailed filing data is available for this year.$16.0$3.94$12.0$2.49$3.18$0.69
2021Detailed filing. Detailed filing data is available for this year.$18.6$5.86$12.7$2.81$1.04$1.77
2020Detailed filing. Detailed filing data is available for this year.$19.2$8.24$10.9$2.79$0.73$2.06
2019Detailed filing. Detailed filing data is available for this year.$10.1$1.26$8.88$1.18$0.73$0.45
2018Detailed filing. Detailed filing data is available for this year.$9.72$0.09$9.63$3.14$0.66$2.48
2017Detailed filing. Detailed filing data is available for this year.$7.21$0.07$7.15$0.32$0.56$0.24
2016Detailed filing. Detailed filing data is available for this year.$7.42$0.03$7.39$0.36$0.45$0.09
2015Detailed filing. Detailed filing data is available for this year.$7.53$0.05$7.48$0.81$0.41$0.40
2014Detailed filing. Detailed filing data is available for this year.$7.13$0.05$7.07$0.32$0.43$0.12
2013Detailed filing. Detailed filing data is available for this year.$7.24$0.05$7.19$0.32$0.44$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.41$0.10$7.31$0.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.45$0.19$7.25$0.79
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.95$0.40$7.55$0.44