Civic Intelligence

South Eastern Development Foundation

990 • Fiscal year 2023 • EIN 30-0017659

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 20, 2024

Organization Profilewww.sedf.info
500 N Western AvenueSioux Falls, SD 57104

(605) 681-8172

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$24,947,970

Up $2,483,760 (+11%) from 2021

Net Assets

Up

$17,014,689

Up $2,185,725 (+15%) from 2021

Liabilities

Up

$7,933,281

Up $298,035 (+3.9%) from 2021

Revenue And Expenses

Revenue

Down

$2,441,148

Down $2,079,787 (-46%) from 2021

Expenses

Up

$1,339,293

Up $601,926 (+82%) from 2021

Net Income

Down

$1,101,855

Down $2,681,713 (-71%) from 2021

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 2023: $24,947,970Liabilities 2023: $7,933,281Net Assets 2023: $17,014,6892023Assets 2024: $26,411,169Liabilities 2024: $7,364,988Net Assets 2024: $19,046,1812024

Highlighted filing

2023

Assets$24,947,970
Liabilities$7,933,281
Net Assets$17,014,689
Open 2023 Filing

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 2023: $2,441,148Expenses 2023: $1,339,293Net Income 2023: $1,101,8552023Revenue 2024: $3,576,818Expenses 2024: $1,545,327Net Income 2024: $2,031,4912024

Highlighted filing

2023

Revenue$2,441,148
Expenses$1,339,293
Net Income$1,101,855
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 20, 2024
Return Version
2023v5.1
Gross Receipts
$4,856,957
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$11,268,509$12,647,549▲ $1,379,040
Inventories for Sale or Use$5,559,596$7,375,173▲ $1,815,577
Savings and Temporary Cash Investments$7,414,641$4,641,177▼ $2,773,464
Accounts Receivable$9,949$203,889▲ $193,940
Land, Buildings, and Equipment, Net$91,885$69,456▼ $22,429
Prepaid Expenses and Deferred Charges$5,796$10,726▲ $4,930
Cash and Non-Interest-Bearing Accounts-$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$24,350,376$24,947,970▲ $597,594
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$4,154,455$3,741,963▼ $412,492
Mortgage Notes Payable Secured by Investment Property$3,136,106$3,160,912▲ $24,806
Other Liabilities$379,388$871,588▲ $492,200
Accounts Payable and Accrued Expenses$1,139,020$158,818▼ $980,202
Total Liabilities$8,808,969$7,933,281▼ $875,688
Net Assets / Fund Balance
Net Assets With Donor Restrictions$12,731,562$13,349,491▲ $617,929
Net Assets Without Donor Restrictions$2,809,845$3,665,198▲ $855,353
Total Net Assets Fund Balance$15,541,407$17,014,689▲ $1,473,282
Total Liabilities and Net Assets / Fund Balance$24,350,376$24,947,970▲ $597,594

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$69,456$67,192$136,648
Compensation and Service Providers

Board Members and Trustees

NameTitle
Keith ThompsonPresident
Lynne Keller ForbesPresident & CEO
Paul TschetterVice President
Dave KrollDirector
Marcus MahlenDirector
Bryan HakemanSec/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
First Rate ExcavateDirt Work/Excavation1509 E 39th St N, Sioux Falls, SD 57104$351,529
Milbank House MoversHouse Movers806 S Madison S, Milbank, SD 57252$280,218
Carlsons Heating and CoolingHVAC Work1108 W Cedar Street, Beresford, SD 57004$194,821
EPJ ConcreteConcrete WorkSD-42, Sioux Falls, SD 57104$162,755
Heartland ConstructionInstall Walls and Footing27335 Ridgeway Drive, Harrisburg, SD 57032$157,051
Revenue and Support

Revenue Composition

Contributions and Grants
$1,223,507
Program Service Revenue
$626,989
Investment Income
$200,952
Other Revenue
$389,700
Change in Net Assets
$1,101,855

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Other1$130,000Fair Market Value (FMV)
Total Noncash Contributions1$130,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,441,148
Total Revenue per Audited Statements
$2,441,148
Total Revenue per Form 990
$2,441,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,339,293
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$974,144$73,322-$1,047,466
Interest$64,514$77,219-$141,733
Depreciation Depletion-$22,429-$22,429
Fees for Services Accounting-$16,398-$16,398
Other Expenses$10,585$8,309-$8,309
Insurance-$7,446-$7,446
Travel-$5,429-$5,429
All Other Expenses-$4,388-$4,388
Fees for Services Other-$507-$507
Total Functional Expenses$1,114,295$224,998$0$1,339,293

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,339,293
Total Expenses per Audited Statements$1,339,293
Total Expenses per Form 990$1,339,293
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$854,596
Provision For Loan Loss - Unfunded Commi$9,992
Deposits$7,000
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, Section B, Line 11B

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

Form 990, Part VI, Section B, Line 12C

“Organization regularly and consistently monitors and enforces compliance.”

Form 990, Part VI, Section C, Line 19

“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
President & CEO
Signed
2024-06-20
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/OtherExpensesGrp/Desc1Loan Loss Provision
IRS990/OtherExpensesGrp/Desc2Miscellaneous
IRS990/OtherExpensesGrp/Desc3Dues and Subscriptions
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt09551
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt18309
IRS990/OtherExpensesGrp/ProgramServicesAmt065052
IRS990/OtherExpensesGrp/ProgramServicesAmt110585
IRS990/OtherExpensesGrp/TotalAmt065052
IRS990/OtherExpensesGrp/TotalAmt110585
IRS990/OtherExpensesGrp/TotalAmt29551
IRS990/OtherExpensesGrp/TotalAmt38309
IRS990/OtherLiabilitiesGrp/BOYAmt0379388
IRS990/OtherLiabilitiesGrp/EOYAmt0871588
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt011268509
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt012647549
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05796
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt010726
IRS990/PriorPeriodAdjustmentsAmt0371427
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531310
IRS990/ProgramServiceRevenueGrp/BusinessCd1531390
IRS990/ProgramServiceRevenueGrp/BusinessCd2531390
IRS990/ProgramServiceRevenueGrp/BusinessCd3531390
IRS990/ProgramServiceRevenueGrp/Desc0Housing Development
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Notes Receiva
IRS990/ProgramServiceRevenueGrp/Desc2Loan Origination Fees
IRS990/ProgramServiceRevenueGrp/Desc3Miscellaneous
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt015009
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1554282
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt255340
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt32358
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt015009
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1554282
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt255340
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt32358
IRS990/ProgSrvcAccomActy2Grp/Desc0The revolving loan fund program is used for community and economic development
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0364420
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0611980
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01049012
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt036785
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01682186
IRS990/PYOtherRevenueAmt0382585
IRS990/PYProgramServiceRevenueAmt0815092
IRS990/PYRevenuesLessExpensesAmt0601288
IRS990/PYTotalExpensesAmt01682186
IRS990/PYTotalRevenueAmt02283474
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01101855
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt015009
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt07414641
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04641177
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01223507
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01049012
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt03364068
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt03327442
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt041455
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt09005484
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0200952
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt036785
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt022105
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt032921
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt051698
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0344461
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.96320
IRS990ScheduleA/PublicSupportPY170Pct00.97950
IRS990ScheduleA/PublicSupportTotal170Amt09005484
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01223507
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01049012
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt03364068
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt03327442
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt041455
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt09005484
IRS990ScheduleA/TotalSupportAmt09349945
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/BookValueAmt069456
IRS990ScheduleD/EquipmentGrp/DepreciationAmt067192
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0136648
IRS990ScheduleD/ExpensesSubtotalAmt01339293
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt19992
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2854596
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Provision For Loan Loss - Unfunded Commi
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Refundable Advance
IRS990ScheduleD/RevenueSubtotalAmt02441148
IRS990ScheduleD/TotalBookValueLandBuildingsAmt069456
IRS990ScheduleD/TotalExpensesPerForm990Amt01339293
IRS990ScheduleD/TotalLiabilityAmt0871588
IRS990ScheduleD/TotalRevenuePerForm990Amt02441148
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02441148
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01339293
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0273094
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Lynne Keller Forbes
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0273094

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,947,970
Liabilities
$7,933,281
Net assets
$17,014,689
Revenue
$2,441,148
Expenses
$1,339,293
Net income
$1,101,855
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
2023Detailed filing. Detailed filing data is available for this year.$24.9$7.93$17.0$2.44$1.34$1.10
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
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