Civic Intelligence

South Eastern Development Foundation

990 • Fiscal year 2017 • EIN 30-0017659

Jan 01, 2017 to Dec 31, 2017 • Filed on Apr 16, 2018

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

71st percentile

0.48x

Higher debt load relative to assets than 71% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

88th percentile

2.23x

Higher debt load relative to revenue than 88% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

85th percentile

32%

Higher net margin than 85% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

71st percentile

11%

Faster asset growth than 71% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

64th percentile

10%

Faster revenue growth than 64% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$12,095,069

Up $1,201,215 (+11%) from 2016

Net Assets

Up

$6,278,303

Up $824,756 (+15%) from 2016

Liabilities

Up

$5,816,766

Up $376,459 (+6.9%) from 2016

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin85th percentile

Revenue

Up

$2,610,371

Up $246,394 (+10%) from 2016

Expenses

Up

$1,769,415

Up $731,873 (+71%) from 2016

Net Income

Down

$840,956

Down $485,479 (-37%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth71st 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 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

2017

Assets$12,095,069
Liabilities$5,816,766
Net Assets$6,278,303
Open 2017 Filing

Operations Trend

Revenue Growth64th 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 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

2017

Revenue$2,610,371
Expenses$1,769,415
Net Income$840,956
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Apr 16, 2018
Return Version
2017v2.3
Gross Receipts
$2,610,371
Mission and Program Overview

Mission

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

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$6,787,504$7,289,767▲ $502,263
Cash and Non-Interest-Bearing Accounts$3,083,279$3,714,816▲ $631,537
Accounts Receivable$435,128$2,237▼ $432,891
Total Assets$10,893,854$12,095,069▲ $1,201,215
Other Assets Total$587,943$1,088,249▲ $500,306
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,929,521$5,416,213▲ $486,692
Grants Payable$401,375$276,375▼ $125,000
Accounts Payable and Accrued Expenses$106,364$117,689▲ $11,325
Deferred Revenue$3,047$6,489▲ $3,442
Total Liabilities$5,440,307$5,816,766▲ $376,459
Net Assets / Fund Balance
Unrestricted Net Assets$3,893,379$3,879,161▼ $14,218
Temporarily Rstr Net Assets$1,560,168$2,399,142▲ $838,974
Total Net Assets Fund Balance$5,453,547$6,278,303▲ $824,756
Total Liabilities and Net Assets / Fund Balance$10,893,854$12,095,069▲ $1,201,215

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$24,300$24,300
Other Assets Org$1,084,866--
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Jason AppelPresident
Matthew MuellerVice-president
Dave EdwardsDirector
Todd RunningDirector
Ryan AmmannSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
South Eastern Council Of GovernmentsStaffing And Direct Billing Costs500 N WESTERN AVENUE SUITE 100, Sioux Falls, SD 57104$329,203
Revenue and Support

Revenue Composition

Contributions and Grants
$828,756
Program Service Revenue
$1,750,986
Investment Income
$27,953
Other Revenue
$2,676
All Other Contributions
$828,756
Change in Net Assets
$840,956

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,610,371
Total Revenue per Audited Statements
$2,610,371
Total Revenue per Form 990
$2,610,371
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,769,415
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$329,203--$329,203
Interest$65,911--$65,911
Fees for Services Legal$11,042--$11,042
Travel$8,881--$8,881
Insurance$3,726--$3,726
All Other Expenses$2,224--$2,224
Other Expenses$1,706--$1,706
Fees for Services Other$1,560--$1,560
Total Functional Expenses$1,769,415$0$0$1,769,415

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,769,415
Total Expenses per Audited Statements$1,769,415
Total Expenses per Form 990$1,769,415
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-
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 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, by-laws, 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 schenck sc in 2015, 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.”

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.”

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
2018-04-16
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 Berglin & Post Pc
Address
PO BOX 426, ELK POINT, SD 57025
Preparer
Terri L Post
Phone
6053563374
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Provision for loan losses”

Raw XML Appendix397 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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1RENTAL DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEDF MAINTAINS A CONFLICT OF INTEREST POLICY, WHICH IS REVIEWED ANNUALLY WITH EACH CURRENT ACTING BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GOVERNING DOCUMENTS, BY-LAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SECOG CONTRACTED WITH SCHENCK SC IN 2015, 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/ExplanationTxt3PROVISION FOR LOAN LOSSES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE 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/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 11
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IRS990/VotingMembersGoverningBodyCnt05
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IRS990/WhistleblowerPolicyInd0true
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ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LYNNE KELLER FORBES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-04-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOUTH EASTERN DEVELOPMENT FOUNDATION
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ReturnHeader/Filer/PhoneNum06053675390
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0216.16.63.214
ReturnHeader/FilingSecurityInformation/IPDt02018-04-16
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm013:17:11
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0QUAM BERGLIN & POST PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 426
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ELK POINT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
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ReturnHeader/PreparerPersonGrp/PreparationDt02018-04-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TERRI L POST
ReturnHeader/ReturnTs02018-04-16T10:37:22-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,095,069
Liabilities
$5,816,766
Net assets
$6,278,303
Revenue
$2,610,371
Expenses
$1,769,415
Net income
$840,956
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
2017Detailed filing. Detailed filing data is available for this year.$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
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