Civic Intelligence

Rapid City Economic Development Foundation

990 • Fiscal year 2021 • EIN 23-7267019

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

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

64th percentile

0.32x

Higher debt load relative to assets than 64% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

94th percentile

2.09x

Higher debt load relative to revenue than 94% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Net Margin

96th percentile

63%

Higher net margin than 96% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

36th percentile

$294,224

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 10.5% of source-year revenue.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Asset Growth

9th percentile

-3.2%

Faster asset growth than 9% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

34th percentile

0.6%

Faster revenue growth than 34% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$18,568,120

Down $612,171 (-3.2%) from 2020

Net Assets

Up

$12,704,130

Up $1,765,935 (+16%) from 2020

Liabilities

Down

$5,863,990

Down $2,378,106 (-29%) from 2020

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin96th percentile

Revenue

Up

$2,810,029

Up $16,999 (+0.6%) from 2020

Expenses

Up

$1,044,094

Up $309,848 (+42%) from 2020

Net Income

Down

$1,765,935

Down $292,849 (-14%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth9th 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

2021

Assets$18,568,120
Liabilities$5,863,990
Net Assets$12,704,130
Open 2021 Filing

Operations Trend

Revenue Growth34th 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

2021

Revenue$2,810,029
Expenses$1,044,094
Net Income$1,765,935
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.0
Gross Receipts
$2,829,802
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$15,141,110$17,128,612▲ $1,987,502
Investments Program Related$912,514$892,741▼ $19,773
Pledges and Grants Receivable$1,053,388$438,378▼ $615,010
Cash and Non-Interest-Bearing Accounts$1,952,689$44,146▼ $1,908,543
Savings and Temporary Cash Investments$34,513$10,866▼ $23,647
Accounts Receivable$3,990$8,602▲ $4,612
Total Assets$19,180,291$18,568,120▼ $612,171
Other Assets Total$82,087$44,775▼ $37,312
Liabilities
Mortgage Notes Payable Secured by Investment Property-$4,000,000-
Unsecured Notes Loans Payable$5,025,388$1,716,988▼ $3,308,400
Deferred Revenue$1,200,000--
Accounts Payable and Accrued Expenses$2,011,442$147,002▼ $1,864,440
Other Liabilities$5,266--
Total Liabilities$8,242,096$5,863,990▼ $2,378,106
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,938,195$12,704,130▲ $1,765,935
Total Net Assets Fund Balance$10,938,195$12,704,130▲ $1,765,935
Total Liabilities and Net Assets / Fund Balance$19,180,291$18,568,120▼ $612,171

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,199,408$2,147,974$17,347,382
Land$1,610,312-$1,610,312
Equipment$318,892$266,694$585,586
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Tom JohnsonPresident/ceFT$294,224$294,224

Board Members and Trustees

NameTitle
Darren HaarChairman
Tom JohnsonPresident/CEO
Paulette DavidsonVice Chairma
Alan SolanoExecutive Co
Brandon LanceExecutive Co
Dick JohnsonExecutive Co
Greg LoosExecutive Co
Jack KaupExecutive Co
Kyle RichardsExecutive Co
Larry LarsonExecutive Co
Pete LienExecutive Co
Steve AllenderExecutive Co
Stuart WevikExecutive Co
Todd KennerExecutive Co
Tom WeaverSecretary/tr

Highest Paid Contractors

ContractorServicesLocationCompensation
Scull ConstructionConstructionPO BOX 7636, Rapid City, SD 57702$487,741
Revenue and Support

Revenue Composition

Contributions and Grants
$2,276,378
Program Service Revenue
$340,230
Investment Income
$161,363
Other Revenue
$32,058
Change in Net Assets
$1,765,935

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,810,029
Total Revenue per Audited Statements
$2,810,029
Total Revenue per Form 990
$2,810,029
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$940,488
Grants and Similar Amounts Paid$103,606
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$116,618$225,577-$342,195
Interest-$242,488-$242,488
Depreciation Depletion$106,039$101,881-$207,920
Grants to Domestic Orgs$103,606--$103,606
Fees for Services Management$43,989$42,263-$86,252
Insurance$8,778$8,433-$17,211
Office Expenses$6,438$6,728-$13,166
Advertising$6,409$6,158-$12,567
Fees for Services Accounting$6,272$6,027-$12,299
Fees for Services Legal$2,038$1,958-$3,996
Other Expenses$507$957-$957
Travel$225$217-$442
Total Functional Expenses$400,919$643,175$0$1,044,094

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,044,094
Total Expenses per Audited Statements$1,044,094
Total Expenses per Form 990$1,044,094
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
AmptecRapid City, SD-Subsidized Rent-
Bh Community Loan FundRapid City, SD-Subsidized Rent-
Bh Information SecurityRapid City, SD-Subsidized Rent-
IdeachemRapid City, SD-Subsidized Rent-
Innovative Systems - StudentRapid City, SD-Subsidized Rent-
NanopareilRapid City, SD-Subsidized Rent-
Novum NanoRapid City, SD-Subsidized Rent-
OmnitechRapid City, SD-Subsidized Rent-
RavenRapid City, SD-Subsidized Rent-
Sd Department of TransportationRapid City, SD-Subsidized Rent-
West River PharmacyRapid City, SD-Subsidized Rent-
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
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 president/ceo is paid by a related organizaiton. See schedule r.”

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

“N/a no officers are paid by the foundation.”

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
Tom Johnson
Title
President/CEO
Phone
6053431880
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Johnson
Formed
1973
Legal Domicile
Sd
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
14

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.”

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, 2021, the foundation believes no significant undertain tax positions or liabilities exist.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt11EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt12EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt13EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt14EXECUTIVE CO
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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.
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IRS990/PoliticalCampaignActyInd0false
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IRS990/ProfessionalFundraisingInd0false
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0318892
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0266694
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0585586
IRS990ScheduleD/ExpensesSubtotalAmt01044094
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01610312
IRS990ScheduleD/RevenueSubtotalAmt02810029
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION QUALIFIES AS AN EXEMPT FOUNDATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. AT DECEMBER 31, 2021, THE FOUNDATION BELIEVES NO SIGNIFICANT UNDERTAIN TAX POSITIONS OR LIABILITIES EXIST.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc3SUBSIDIZED RENT
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc4SUBSIDEZED RENT
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc5SUBSIDIZED RENT
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc6SUBSIDIZED RENT
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IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc9SUBSIDIZED RENT
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2SUBSIDIZED RENT
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4NOVUM NANO
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5INNOVATIVE SYSTEMS - STUDENT
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7OMNITECH
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8WEST RIVER PHARMACY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9BH COMMUNITY LOAN FUND
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt10SD DEPARTMENT OF TRANSPORTATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine2Txt0RESEARCH AND DEVELOPMENT CENTER
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,568,120
Liabilities
$5,863,990
Net assets
$12,704,130
Revenue
$2,810,029
Expenses
$1,044,094
Net income
$1,765,935
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