Civic Intelligence

Downtown Rapid City Economic Development

990 • Fiscal year 2014 • EIN 26-2854507

Jan 01, 2014 to Dec 31, 2014 • Filed on Jul 29, 2015

Organization ProfileDOWNTOWNRAPIDCITY.COM
512 Main Street Suite 100Rapid City, SD 57701

(605) 716-7979

Siviq Scores

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

Liabilities / Assets

27th percentile

0.05x

Higher debt load relative to assets than 27% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

20th percentile

0.02x

Higher debt load relative to revenue than 20% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Net Margin

16th percentile

-5.6%

Higher net margin than 16% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

36th percentile

$103,693

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Asset Growth

9th percentile

-14%

Faster asset growth than 9% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

96th percentile

57%

Faster revenue growth than 96% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets27th percentile

Assets

Down

$2,184,177

Down $364,075 (-14%) from 2013

Net Assets

Down

$2,071,852

Down $275,921 (-12%) from 2013

Liabilities

Down

$112,325

Down $88,154 (-44%) from 2013

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin16th percentile

Revenue

Up

$4,961,989

Up $1,806,257 (+57%) from 2013

Expenses

Up

$5,237,910

Up $1,845,341 (+54%) from 2013

Net Income

Down

-$275,921

Down $39,084 (-17%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $3,180,337Liabilities 2010: $71,317Net Assets 2010: $3,109,0202010Assets 2011: $1,980,582Liabilities 2011: $133,421Net Assets 2011: $1,847,1612011Assets 2012: $2,688,726Liabilities 2012: $104,115Net Assets 2012: $2,584,6112012Assets 2013: $2,548,252Liabilities 2013: $200,479Net Assets 2013: $2,347,7732013Assets 2014: $2,184,177Liabilities 2014: $112,325Net Assets 2014: $2,071,8522014Assets 2015: $1,800,698Liabilities 2015: $82,116Net Assets 2015: $1,718,5822015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2014

Assets$2,184,177
Liabilities$112,325
Net Assets$2,071,852
Open 2014 Filing

Operations Trend

Revenue Growth96th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,259,0322010Expenses 2011: $3,827,1342011Expenses 2012: $1,764,9342012Revenue 2013: $3,155,732Expenses 2013: $3,392,569Net Income 2013: -$236,8372013Revenue 2014: $4,961,989Expenses 2014: $5,237,910Net Income 2014: -$275,9212014Revenue 2015: $1,947,854Expenses 2015: $2,301,124Net Income 2015: -$353,2702015Revenue 2016: $0Expenses 2016: $0Net Income 2016: $02016

Highlighted filing

2014

Revenue$4,961,989
Expenses$5,237,910
Net Income-$275,921
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jul 29, 2015
Return Version
2014v5.0
Gross Receipts
$4,961,989
Mission and Program Overview

Mission

The organization is committed to support, encourage, advocate and preserve the vitality and aesthetic beauty of the downtown rapid city business community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,057,468$1,275,066▲ $217,598
Savings and Temporary Cash Investments$502,556$503,311▲ $755
Land, Buildings, and Equipment, Net$280,396$276,485▼ $3,911
Cash and Non-Interest-Bearing Accounts$599,197$122,908▼ $476,289
Prepaid Expenses and Deferred Charges$89,510$4,892▼ $84,618
Accounts Receivable$19,125$1,515▼ $17,610
Total Assets$2,548,252$2,184,177▼ $364,075
Liabilities
Accounts Payable and Accrued Expenses$189,883$112,325▼ $77,558
Deferred Revenue$10,596--
Total Liabilities$200,479$112,325▼ $88,154
Net Assets / Fund Balance
Temporarily Rstr Net Assets$911,592$1,100,000▲ $188,408
Unrestricted Net Assets$1,436,181$971,852▼ $464,329
Total Net Assets Fund Balance$2,347,773$2,071,852▼ $275,921
Total Liabilities and Net Assets / Fund Balance$2,548,252$2,184,177▼ $364,075

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$276,485$274,832$551,317
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dan SenftnerPresident/ceFT$100,673$3,020$103,693
Lori LadwigBookkeeperFT$41,212$2,312$43,524

Board Members and Trustees

NameTitle
Ray HillenbrandChairman
Paul BradskyVice Chairpe
Anna HuntingtonDirector
Aric LopezDirector
Heather WilsonDirector
Jim AdelsteinDirector
Linda RabeDirector
Pete LienDirector
Sam KooikerDirector
Patrick BurchillTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Rcs ConstructionConstruction2400 COMMERCE RD, Rapid City, SD 57702$1,037,440
Seco Construction INCConstructionPO BOX 2921, Rapid City, SD 57709$968,445
Dakota FenceConstructionPO BOX 1408, Fargo, ND 58107$640,200
Masayuki NagaseSculptor1801 CEDAR ST, Berkeley, CA 94703$414,000
Wyss Associates INCArchitect728 SIXTH STREET, Rapid City, SD 57701$115,024
Revenue and Support

Revenue Composition

Contributions and Grants
$4,960,004
Program Service Revenue
$0
Investment Income
$754
Other Revenue
$1,231
All Other Contributions
$4,945,754
Change in Net Assets
$-275,921

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,961,989
Total Revenue per Audited Statements
$4,961,989
Total Revenue per Form 990
$4,961,989
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,215,032
Grants and Similar Amounts Paid$754,531
Salaries, Compensation, and Employee Benefits$268,347
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$754,531
Advertising---$291,705
Current Officers, Directors, Trustees, and Key Employees---$147,217
Other Salaries and Wages---$93,531
Depreciation Depletion---$84,353
Fees for Services Other---$62,833
Information Technology---$44,576
Occupancy---$44,477
Office Expenses---$33,839
Insurance---$26,768
Other Expenses---$24,123
Payroll Taxes---$20,004
Travel---$15,219
Fees for Services Accounting---$9,187
Pension Plan Contributions---$4,538
Other Employee Benefits---$3,057
Conferences and Meetings---$2,494
Fees for Services Legal---$2,136
All Other Expenses---$789
Total Functional Expenses$0$0$0$5,237,910

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,237,910
Total Expenses per Audited Statements$5,237,910
Total Expenses per Form 990$5,237,910
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Main Street SquareRapid City, SD3Promote Development$550,000
Arts Rapid CityRapid City, SD3Promote Development$200,000
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
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The form 990 is prepared by a licensed cpa and reviewed in detail by the ceo and accountant. The board of directors approves the form 990 prior to filing with the irs.”

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

“Officers, directors and board members are required to disclose any conflicts of interest as they occur. The board requires individuals to abstain from discussing and voting on any conflicted matters.”

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

“The organization performs a comparative analysis with other cities and their downtown manager, as well as reviewing salaries from the international downtown association. This process is performed for individuals in all positions. Compensation is approved by the board of directors and appropriately documented for the ceo.”

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

“See discussion of process used at 15a.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, financial statements and the conflict of interest policy are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Downtown Rapid City Economic
EIN
26-2854507
Phone
6057167979
Address
512 MAIN STREET SUITE 100, RAPID CITY, SD 57701

Signing Officer

Name
Dan Senftner
Title
President
Phone
6057167979
Signed
2015-07-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Senftner
Formed
2008
Legal Domicile
Sd
Voting Board Members
11
Independent Board Members
10
Employees
10

Preparer

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

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Construction began in 2012 on the memorial park promenade, a landscaped walkway between downtown and the civic center. The promenade will be an appealing and attractive walking experience and provide a place for spontaneous social gatherings, vendors, small street scale performers, and other urban activities. An expansion of this project began in 2014 that involves the construction of various playgrounds and gardens in memorial park. Construction was completed in 2014.”

Financial Statement Notes

Schedule D, Page 3, Part X

“At december 31, 2014 and 2013, the organization believes no material uncertain tax positions or liabilities, or interest and penalties associated with uncertain tax positions, exist. In accordance with the applicable statute of limitations, tax returns could be audited by the internal revenue service for years ended december 31, 2011 to 2014.”

Raw XML AppendixShowing 400 of 438 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.

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IRS990/MissionDesc0THE ORGANIZATION IS COMMITTED TO SUPPORT, ENCOURAGE, ADVOCATE AND PRESERVE THE VITALITY AND AESTHETIC BEAUTY OF THE DOWNTOWN RAPID CITY BUSINESS COMMUNITY.
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE ORGANIZATION ASSISTED IN THE DEVELOPMENT OF MAIN STREET SQUARE, AN OUTDOOR EVENTS VENUE IN RAPID CITY, SOUTH DAKOTA THAT PROVIDES AN ACTIVE GATHERING PLACE FOR THE ENTIRE COMMUNITY. THE SQUARE WAS COMPLETED IN 2011. OWNERSHIP IS MAINTAINED BY THE CITY OF RAPID CITY AND SQUARE OPERATIONS ARE PART OF A SEPARATE 501(C)(3) ORGANIZATION. THE ORGANIZATION OVERSEES MANAGEMENT OF THE SQUARE THROUGH AN OPERATING AGREEMENT WITH THE CITY OF RAPID CITY.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE ORGANIZATION PROMOTES THE ARTS IN DOWNTOWN RAPID CITY. AS PART OF THIS PROMOTION, A SCULTURE PROJECT WAS STARTED THAT WILL POSITION RAPID CITY AS AN ARTS DESTINATION. THE PROJECT IS THE LARGEST PRIVATELY FUNDED PUBLIC ART COMMISSION UNDERWAY IN THE UNITED STATES. THE SCULPTOR WORKS IN THE PUBLIC VIEW AND FOCUSES ON COMMUNITY INPUT AND INVOLVEMENT.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0CONSTRUCTION BEGAN IN 2012 ON THE MEMORIAL PARK PROMENADE, A LANDSCAPED WALKWAY BETWEEN DOWNTOWN AND THE CIVIC CENTER. THE PROMENADE WILL BE AN APPEALING AND ATTRACTIVE WALKING EXPERIENCE AND PROVIDE A PLACE FOR SPONTANEOUS SOCIAL GATHERINGS, VENDORS, SMALL STREET SCALE PERFORMERS, AND OTHER URBAN ACTIVITIES. AN EXPANSION OF THIS PROJECT BEGAN IN 2014 THAT INVOLVES THE CONSTRUCTION OF VARIOUS PLAYGROUNDS AND GARDENS IN MEMORIAL PARK. CONSTRUCTION WAS COMPLETED IN 2014.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AT DECEMBER 31, 2014 AND 2013, THE ORGANIZATION BELIEVES NO MATERIAL UNCERTAIN TAX POSITIONS OR LIABILITIES, OR INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, EXIST. IN ACCORDANCE WITH THE APPLICABLE STATUTE OF LIMITATIONS, TAX RETURNS COULD BE AUDITED BY THE INTERNAL REVENUE SERVICE FOR YEARS ENDED DECEMBER 31, 2011 TO 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0PROMOTE DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1PROMOTE DEVELOPMENT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0MAIN STREET SQUARE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1ARTS RAPID CITY
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1512 MAIN STREET SUITE 980
IRS990ScheduleI/RecipientTable/USAddress/CityNm0RAPID CITY
IRS990ScheduleI/RecipientTable/USAddress/CityNm1RAPID CITY
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS FINANCIAL AND PROGRAM REPORTS OF MAIN STREET SQUARE AT ITS MONTHLY MEETINGS IN ORDER TO VERIFY ALL FUNDS ARE UTILITIZED IN THE PROMOTION OF DOWNTOWN RAPID CITY. ARTS RAPID CITY MAINTAINS ITS OFFICES AT THE ORGANIZATION AND THE ORGANIZATION'S PRESIDENT/CEO IS ON THE BOARD OF ARTS RAPID CITY. THIS ALLOWS CLOSE MONITORRING OF HOW FUNDS ARE SPENT.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 1, PART I, LINE 2
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CONSTRUCTION BEGAN IN 2012 ON THE MEMORIAL PARK PROMENADE, A LANDSCAPED WALKWAY BETWEEN DOWNTOWN AND THE CIVIC CENTER. THE PROMENADE WILL BE AN APPEALING AND ATTRACTIVE WALKING EXPERIENCE AND PROVIDE A PLACE FOR SPONTANEOUS SOCIAL GATHERINGS, VENDORS, SMALL STREET SCALE PERFORMERS, AND OTHER URBAN ACTIVITIES. AN EXPANSION OF THIS PROJECT BEGAN IN 2014 THAT INVOLVES THE CONSTRUCTION OF VARIOUS PLAYGROUNDS AND GARDENS IN MEMORIAL PARK. CONSTRUCTION WAS COMPLETED IN 2014.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED BY A LICENSED CPA AND REVIEWED IN DETAIL BY THE CEO AND ACCOUNTANT. THE BOARD OF DIRECTORS APPROVES THE FORM 990 PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OFFICERS, DIRECTORS AND BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST AS THEY OCCUR. THE BOARD REQUIRES INDIVIDUALS TO ABSTAIN FROM DISCUSSING AND VOTING ON ANY CONFLICTED MATTERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION PERFORMS A COMPARATIVE ANALYSIS WITH OTHER CITIES AND THEIR DOWNTOWN MANAGER, AS WELL AS REVIEWING SALARIES FROM THE INTERNATIONAL DOWNTOWN ASSOCIATION. THIS PROCESS IS PERFORMED FOR INDIVIDUALS IN ALL POSITIONS. COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS AND APPROPRIATELY DOCUMENTED FOR THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SEE DISCUSSION OF PROCESS USED AT 15A.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
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
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,184,177
Liabilities
$112,325
Net assets
$2,071,852
Revenue
$4,961,989
Expenses
$5,237,910
Net income
-$275,921
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.80$0.08$1.72$1.95$2.30$0.35
2014Detailed filing. Detailed filing data is available for this year.$2.18$0.11$2.07$4.96$5.24$0.28
2013Detailed filing. Detailed filing data is available for this year.$2.55$0.20$2.35$3.16$3.39$0.24
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.69$0.10$2.58$1.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.98$0.13$1.85$3.83
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.18$0.07$3.11$1.26
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)6 • $1M-$5M nonprofits