Civic Intelligence

South Eastern Development Foundation

990 • Fiscal year 2014 • EIN 30-0017659

Jan 01, 2014 to Dec 31, 2014 • Filed on May 13, 2015

Organization Profilewww.sedf.info
500 N WESTERN AVENUE Room 100Sioux Falls, SD 57104

(605) 367-5390

Siviq Scores

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

Liabilities / Assets

80th percentile

0.62x

Higher debt load relative to assets than 80% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

8.85x

Higher debt load relative to revenue than 96% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

17th percentile

-11%

Higher net margin than 17% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

22nd percentile

-3.2%

Faster asset growth than 22% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

44th percentile

2.2%

Faster revenue growth than 44% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets80th percentile

Assets

Down

$8,337,406

Down $279,318 (-3.2%) from 2013

Net Assets

Down

$3,141,931

Down $63,431 (-2.0%) from 2013

Liabilities

Down

$5,195,475

Down $215,887 (-4.0%) from 2013

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin17th percentile

Revenue

Up

$587,052

Up $12,387 (+2.2%) from 2013

Expenses

Up

$650,483

Up $219,935 (+51%) from 2013

Net Income

Down

-$63,431

Down $207,548 (-144%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$30M$20M$10M$0Assets 2010: $5,205,187Liabilities 2010: $3,346,687Net Assets 2010: $1,858,5002010Assets 2012: $7,819,679Liabilities 2012: $4,758,434Net Assets 2012: $3,061,2452012Assets 2013: $8,616,724Liabilities 2013: $5,411,362Net Assets 2013: $3,205,3622013Assets 2014: $8,337,406Liabilities 2014: $5,195,475Net Assets 2014: $3,141,9312014Assets 2015: $8,837,155Liabilities 2015: $4,753,843Net Assets 2015: $4,083,3122015Assets 2016: $10,893,854Liabilities 2016: $5,440,307Net Assets 2016: $5,453,5472016Assets 2017: $12,095,069Liabilities 2017: $5,816,766Net Assets 2017: $6,278,3032017Assets 2018: $12,397,266Liabilities 2018: $4,994,718Net Assets 2018: $7,402,5482018Assets 2019: $12,990,834Liabilities 2019: $5,770,593Net Assets 2019: $7,220,2412019Assets 2021: $22,464,210Liabilities 2021: $7,635,246Net Assets 2021: $14,828,9642021Assets 2024: $26,411,169Liabilities 2024: $7,364,988Net Assets 2024: $19,046,1812024

Highlighted filing

2014

Assets$8,337,406
Liabilities$5,195,475
Net Assets$3,141,931
Open 2014 Filing

Operations Trend

Revenue Growth44th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $227,1932010Expenses 2012: $230,9322012Revenue 2013: $574,665Expenses 2013: $430,548Net Income 2013: $144,1172013Revenue 2014: $587,052Expenses 2014: $650,483Net Income 2014: -$63,4312014Revenue 2015: $1,496,671Expenses 2015: $555,290Net Income 2015: $941,3812015Revenue 2016: $2,363,977Expenses 2016: $1,037,542Net Income 2016: $1,326,4352016Revenue 2017: $2,610,371Expenses 2017: $1,769,415Net Income 2017: $840,9562017Revenue 2018: $1,819,104Expenses 2018: $678,659Net Income 2018: $1,140,4452018Revenue 2019: $623,583Expenses 2019: $668,147Net Income 2019: -$44,5642019Revenue 2021: $4,520,935Expenses 2021: $737,367Net Income 2021: $3,783,5682021Revenue 2024: $3,576,818Expenses 2024: $1,545,327Net Income 2024: $2,031,4912024

Highlighted filing

2014

Revenue$587,052
Expenses$650,483
Net Income-$63,431
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 13, 2015
Return Version
2014v5.0
Gross Receipts
$587,052
Mission and Program Overview

Mission

Strengthening communities and stimulating economic development through small business lending and affordable housing initiatives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$5,222,224$5,463,508▲ $241,284
Cash and Non-Interest-Bearing Accounts$3,068,268$2,603,883▼ $464,385
Accounts Receivable$18,264$60,618▲ $42,354
Land, Buildings, and Equipment, Net$15,600$10,400▼ $5,200
Total Assets$8,616,724$8,337,406▼ $279,318
Other Assets Total$292,368$198,997▼ $93,371
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,366,824$5,178,529▼ $188,295
Accounts Payable and Accrued Expenses$43,938$13,927▼ $30,011
Other Liabilities$600$1,675▲ $1,075
Deferred Revenue-$1,344-
Total Liabilities$5,411,362$5,195,475▼ $215,887
Net Assets / Fund Balance
Unrestricted Net Assets$1,330,655$1,968,298▲ $637,643
Temporarily Rstr Net Assets$1,874,707$1,173,633▼ $701,074
Total Net Assets Fund Balance$3,205,362$3,141,931▼ $63,431
Total Liabilities and Net Assets / Fund Balance$8,616,724$8,337,406▼ $279,318

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$10,400$13,900$24,300
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Jennifer LarsenPresident
Roger WeberVice President
Raquel BlountDirector
Steve BooteDirector
Trent PrinsSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
South Eastern Council Of GovernmentsStaffing And Direct Billing Costs500 N WESTERN AVENUE SUITE 100, Sioux Falls, SD 57104$166,903
Revenue and Support

Revenue Composition

Contributions and Grants
$249,548
Program Service Revenue
$309,070
Investment Income
$27,720
Other Revenue
$714
Change in Net Assets
$-63,431

Audited Revenue Reconciliation

Revenue per Audited Statements
$587,052
Total Revenue per Audited Statements
$587,052
Total Revenue per Form 990
$587,052
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$650,483
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$166,983--$166,983
Interest$68,023--$68,023
Fees for Services Accounting$6,914--$6,914
Depreciation Depletion$5,200--$5,200
All Other Expenses$3,116--$3,116
Travel$2,896--$2,896
Fees for Services Legal$2,100--$2,100
Insurance$1,965--$1,965
Other Expenses$334--$334
Total Functional Expenses$650,483$0$0$650,483

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$650,483
Total Expenses per Audited Statements$650,483
Total Expenses per Form 990$650,483
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$1,675
Rental Deposits-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
No
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, Part VI, Section B, Line 11

“The audited financial statements, along with related tax returns are submitted to the sedf board of directors for review and approval. This action may occur before or after the actual filing of the tax return”

Form 990, Part VI, Section B, Line 12

“Sedf maintains a conflict of interest policy, which is reviewed annually with each current acting board of directors.”

Form 990, Part VI, Section C, Line 19

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

Form 990, Part VI, Section B, Line 15A

“Secog contracted with wipfli llp from wausau, wi, to undertake an analysis of secogs pay plan. The new and revised pay plan is based on comparative industry data from local, statewide and national data. Secog hires a professional to evaluate and update its pay plan every 3-5 years.”

Filing and Contact Details

Filer

Filer Name
South Eastern Development Foundation
EIN
30-0017659
Phone
6053675390
Address
500 N WESTERN AVENUE Room 100, SIOUX FALLS, SD 57104

Signing Officer

Name
Lynne Keller Forbes
Title
Executive Director
Signed
2015-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
2002
Legal Domicile
Sd
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
QUAM AND BERGLIN CPA'S
Address
PO BOX 426, ELK POINT, SD 57025
Preparer
Terri L Post
Phone
6053563374
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt027720
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt029191
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt026834
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt032372
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt037768
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0153885
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0714
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt01471
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0212
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0699
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt02800
IRS990ScheduleA/OtherIncome170Grp/TotalAmt05896
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.92890
IRS990ScheduleA/PublicSupportCY509Pct00.00000
IRS990ScheduleA/PublicSupportPY170Pct00.92520
IRS990ScheduleA/PublicSupportTotal170Amt02088470
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0249548
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0244302
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0782964
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0324225
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0487431
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02088470
IRS990ScheduleA/TotalSupportAmt02248251
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt010400
IRS990ScheduleD/EquipmentGrp/DepreciationAmt013900
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt024300
IRS990ScheduleD/ExpensesSubtotalAmt0650483
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01675
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1RENTAL DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt0587052
IRS990ScheduleD/TotalBookValueLandBuildingsAmt010400
IRS990ScheduleD/TotalExpensesPerForm990Amt0650483
IRS990ScheduleD/TotalLiabilityAmt01675
IRS990ScheduleD/TotalRevenuePerForm990Amt0587052
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0587052
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0650483
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE AUDITED FINANCIAL STATEMENTS, ALONG WITH RELATED TAX RETURNS ARE SUBMITTED TO THE SEDF BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. THIS ACTION MAY OCCUR BEFORE OR AFTER THE ACTUAL FILING OF THE TAX RETURN
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SEDF MAINTAINS A CONFLICT OF INTEREST POLICY, WHICH IS REVIEWED ANNUALLY WITH EACH CURRENT ACTING BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS, BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SECOG CONTRACTED WITH WIPFLI LLP FROM WAUSAU, WI, TO UNDERTAKE AN ANALYSIS OF SECOGS PAY PLAN. THE NEW AND REVISED PAY PLAN IS BASED ON COMPARATIVE INDUSTRY DATA FROM LOCAL, STATEWIDE AND NATIONAL DATA. SECOG HIRES A PROFESSIONAL TO EVALUATE AND UPDATE ITS PAY PLAN EVERY 3-5 YEARS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15A
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt01874707
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt01173633
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt08616724
IRS990/TotalAssetsEOYAmt08337406
IRS990/TotalAssetsGrp/BOYAmt08616724
IRS990/TotalAssetsGrp/EOYAmt08337406
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0249548
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0650483
IRS990/TotalFunctionalExpensesGrp/TotalAmt0650483
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05411362
IRS990/TotalLiabilitiesEOYAmt05195475
IRS990/TotalLiabilitiesGrp/BOYAmt05411362
IRS990/TotalLiabilitiesGrp/EOYAmt05195475
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03205362
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03141931
IRS990/TotalProgramServiceExpensesAmt0650483
IRS990/TotalProgramServiceRevenueAmt0309070
IRS990/TotalRevenueGrp/ExclusionAmt027720
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0309070
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0587052
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08616724
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08337406
IRS990/TravelGrp/ProgramServicesAmt02896
IRS990/TravelGrp/TotalAmt02896
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01330655
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01968298
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0500 N WESTERN AVENUE
IRS990/USAddress/CityNm0SIOUX FALLS
IRS990/USAddress/StateAbbreviationCd0SD
IRS990/USAddress/ZIPCd057104
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LYNNE KELLER FORBES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOUTH EASTERN DEVELOPMENT FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0SOUT
ReturnHeader/Filer/EIN0300017659
ReturnHeader/Filer/PhoneNum06053675390
ReturnHeader/Filer/USAddress/AddressLine1Txt0500 N WESTERN AVENUE Room 100
ReturnHeader/Filer/USAddress/CityNm0SIOUX FALLS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SD
ReturnHeader/Filer/USAddress/ZIPCd057104
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0QUAM AND BERGLIN CPA'S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 426
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ELK POINT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd057025
ReturnHeader/PreparerPersonGrp/PhoneNum06053563374
ReturnHeader/PreparerPersonGrp/PreparationDt02015-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TERRI L POST
ReturnHeader/ReturnTs02015-05-13T01:16:28-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$8,337,406
Liabilities
$5,195,475
Net assets
$3,141,931
Revenue
$587,052
Expenses
$650,483
Net income
-$63,431
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.4$7.36$19.0$3.58$1.55$2.03
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.5$7.64$14.8$4.52$0.74$3.78
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.0$5.77$7.22$0.62$0.67$0.04
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.4$4.99$7.40$1.82$0.68$1.14
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.1$5.82$6.28$2.61$1.77$0.84
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.9$5.44$5.45$2.36$1.04$1.33
2015Detailed filing. Detailed filing data is available for this year.$8.84$4.75$4.08$1.50$0.56$0.94
2014Detailed filing. Detailed filing data is available for this year.$8.34$5.20$3.14$0.59$0.65$0.06
2013Detailed filing. Detailed filing data is available for this year.$8.62$5.41$3.21$0.57$0.43$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.82$4.76$3.06$0.23
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.21$3.35$1.86$0.23