Civic Intelligence

South Eastern Development Foundation

990 • Fiscal year 2021 • EIN 30-0017659

Jan 01, 2021 to Dec 31, 2021 • Filed on May 24, 2022

500 N Western AvenueSioux Falls, SD 57104

(605) 681-8172

Siviq Scores

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

Liabilities / Assets

66th percentile

0.34x

Higher debt load relative to assets than 66% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.69x

Higher debt load relative to revenue than 87% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

96th percentile

84%

Higher net margin than 96% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

70th percentile

$240,912

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

81st percentile

29%

Faster asset growth than 81% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

43rd percentile

7.9%

Faster revenue growth than 43% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Up

$22,464,210

Up $9,473,376 (+73%) from 2019

Net Assets

Up

$14,828,964

Up $7,608,723 (+105%) from 2019

Liabilities

Up

$7,635,246

Up $1,864,653 (+32%) from 2019

Revenue

Up

$4,520,935

Up $3,897,352 (+625%) from 2019

Expenses

Up

$737,367

Up $69,220 (+10%) from 2019

Net Income

Up

$3,783,568

Up $3,828,132 (+8590%) from 2019

Historical Trend

Balance Sheet Trend

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

2021

Assets$22,464,210
Liabilities$7,635,246
Net Assets$14,828,964

Operations Trend

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

2021

Revenue$4,520,935
Expenses$737,367
Net Income$3,783,568
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 24, 2022
Return Version
2021v4.0
Gross Receipts
$6,672,021
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$9,224,109$13,070,898▲ $3,846,789
Cash and Non-Interest-Bearing Accounts$5,819,161$6,213,688▲ $394,527
Inventories for Sale or Use$2,026,229$2,916,894▲ $890,665
Accounts Receivable$308,383$226,850▼ $81,533
Land, Buildings, and Equipment, Net$31,900$30,935▼ $965
Prepaid Expenses and Deferred Charges$5,621$4,945▼ $676
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$17,415,403$22,464,210▲ $5,048,807
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,228,651$3,376,897▲ $148,246
Unsecured Notes Loans Payable$2,473,317$3,274,212▲ $800,895
Other Liabilities$666,931$771,931▲ $105,000
Accounts Payable and Accrued Expenses$1,108$212,206▲ $211,098
Total Liabilities$6,370,007$7,635,246▲ $1,265,239
Net Assets / Fund Balance
Net Assets With Donor Restrictions$10,393,121$12,725,717▲ $2,332,596
Net Assets Without Donor Restrictions$652,275$2,103,247▲ $1,450,972
Total Net Assets Fund Balance$11,045,396$14,828,964▲ $3,783,568
Total Liabilities and Net Assets / Fund Balance$17,415,403$22,464,210▲ $5,048,807

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$30,935$32,512$63,447
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ryan BoscheePresident
Eric DeHaanVice President
David EdwardsDirector
Marcus MahlenDirector
Lynne Keller ForbesExecutive Director
Keith ThompsonSec/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
SecogStaffing and Bill500 N Western Avenue, Sioux Falls, SD 57103$567,601
Soukup ConstructionConstruction701 N Ebenezer Ave, Sioux Falls, SD 57107$498,526
Jerey ScaddenConstructionPO Box 243, Valley Springs, SD 57068$262,159
Heartland ConstructionConstruction27335 Ridgeway Road, Harrisburg, SD 57032$257,569
Milbank House MoversHouse MoversPO Box 310, Milbank, SD 57252$182,164
Revenue and Support

Revenue Composition

Contributions and Grants
$3,364,068
Program Service Revenue
$620,298
Investment Income
$22,105
Other Revenue
$514,464
Change in Net Assets
$3,783,568

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,520,935
Total Revenue per Audited Statements
$4,520,935
Total Revenue per Form 990
$4,520,935
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$737,367
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$525,843$39,580-$565,423
Interest$49,009$49,712-$98,721
Fees for Services Accounting$644$12,398-$13,042
Other Expenses$10,699$9,429-$9,429
Depreciation Depletion-$7,112-$7,112
Insurance-$2,340-$2,340
Travel-$1,654-$1,654
All Other Expenses-$1,147-$1,147
Total Functional Expenses$602,395$134,972$0$737,367

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$737,367
Total Expenses per Audited Statements$737,367
Total Expenses per Form 990$737,367
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance$771,931
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 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
No
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, Line 11B: Form 990 Review Process

The audited financial statements and the related tax returns are submitted to the board for review and approval.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Organization regularly and consistently monitors and enforces compliance.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Upon Request

Filing and Contact Details

Filer

Filer Name
South Eastern Development Foundation
EIN
30-0017659
Phone
6056818172
Address
500 N Western Avenue, Sioux Falls, SD 57104

Signing Officer

Name
Lynne Keller Forbes
Title
Executive Director
Signed
2022-05-24
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Firm
Kinner & Company Ltd
Address
404 3rd Ave PO Box 690, Brookings, SD 57006
Preparer
Nathan Kinner
Phone
6056922515
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Loan Loss Provision
IRS990/OtherExpensesGrp/Desc1Miscellaneous
IRS990/OtherExpensesGrp/Desc2Housing Development
IRS990/OtherExpensesGrp/Desc3Dues and Subscriptions
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt011600
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt19429
IRS990/OtherExpensesGrp/ProgramServicesAmt016200
IRS990/OtherExpensesGrp/ProgramServicesAmt110699
IRS990/OtherExpensesGrp/TotalAmt016200
IRS990/OtherExpensesGrp/TotalAmt111600
IRS990/OtherExpensesGrp/TotalAmt210699
IRS990/OtherExpensesGrp/TotalAmt39429
IRS990/OtherLiabilitiesGrp/BOYAmt0666931
IRS990/OtherLiabilitiesGrp/EOYAmt0771931
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt09224109
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt013070898
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05621
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt04945
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IRS990/ProgramServiceRevenueGrp/Desc0Housing Development
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Notes Receiva
IRS990/ProgramServiceRevenueGrp/Desc2Loan Origination Fees
IRS990/ProgramServiceRevenueGrp/Desc3Miscellaneous
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt05453
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1525049
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt285448
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt34348
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt05453
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1525049
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt285448
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt34348
IRS990/ProgSrvcAccomActy2Grp/Desc0Housing Financing and development provides affordable housing opportunities to low and moderate income families in the region
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0208597
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt05453
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt03327442
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt032921
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0365242
IRS990/PYOtherRevenueAmt0347498
IRS990/PYProgramServiceRevenueAmt0482536
IRS990/PYRevenuesLessExpensesAmt03825155
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IRS990/PYTotalRevenueAmt04190397
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt03783568
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0614845
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt03327442
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt041455
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0917769
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0828756
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt08479490
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt022105
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt032921
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt051698
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt038335
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt027953
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0173012
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.98000
IRS990ScheduleA/PublicSupportPY170Pct00.97330
IRS990ScheduleA/PublicSupportTotal170Amt08479490
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt03364068
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt03327442
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt041455
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0917769
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0828756
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt08479490
IRS990ScheduleA/TotalSupportAmt08652502
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt030935
IRS990ScheduleD/EquipmentGrp/DepreciationAmt032512
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt063447
IRS990ScheduleD/ExpensesSubtotalAmt0737367
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0771931
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable Advance
IRS990ScheduleD/RevenueSubtotalAmt04520935
IRS990ScheduleD/TotalBookValueLandBuildingsAmt030935
IRS990ScheduleD/TotalExpensesPerForm990Amt0737367
IRS990ScheduleD/TotalLiabilityAmt0771931
IRS990ScheduleD/TotalRevenuePerForm990Amt04520935
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04520935
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0737367
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0240912
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Lynne Keller Forbes
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Dir.
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0240912
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The audited financial statements and the related tax returns are submitted to the board for review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Organization regularly and consistently monitors and enforces compliance.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Upon Request
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleR/AssetExchangeInd0false

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