Civic Intelligence

South Eastern Development Foundation

990 • Fiscal year 2024 • EIN 30-0017659

Jan 01, 2024 to Dec 31, 2024 • Filed on May 21, 2025

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

56th percentile

0.28x

Higher debt load relative to assets than 56% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

87th percentile

2.06x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

91st percentile

57%

Higher net margin than 91% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

59th percentile

$298,342

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

51st percentile

5.9%

Faster asset growth than 51% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

85th percentile

47%

Faster revenue growth than 85% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$26,411,169

Up $3,946,959 (+18%) from 2021

Net Assets

Up

$19,046,181

Up $4,217,217 (+28%) from 2021

Liabilities

Down

$7,364,988

Down $270,258 (-3.5%) from 2021

Revenue

Down

$3,576,818

Down $944,117 (-21%) from 2021

Expenses

Up

$1,545,327

Up $807,960 (+110%) from 2021

Net Income

Down

$2,031,491

Down $1,752,077 (-46%) 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 2024: $26,411,169Liabilities 2024: $7,364,988Net Assets 2024: $19,046,1812024

Highlighted filing

2024

Assets$26,411,169
Liabilities$7,364,988
Net Assets$19,046,181

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

2024

Revenue$3,576,818
Expenses$1,545,327
Net Income$2,031,491
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 21, 2025
Return Version
2024v5.1
Gross Receipts
$8,930,137
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$12,647,549$13,980,490▲ $1,332,941
Savings and Temporary Cash Investments$4,641,177$6,278,950▲ $1,637,773
Inventories for Sale or Use$7,375,173$6,043,133▼ $1,332,040
Accounts Receivable$203,889$50,061▼ $153,828
Land, Buildings, and Equipment, Net$69,456$36,037▼ $33,419
Prepaid Expenses and Deferred Charges$10,726$22,498▲ $11,772
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$24,947,970$26,411,169▲ $1,463,199
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$3,741,963$3,454,266▼ $287,697
Mortgage Notes Payable Secured by Investment Property$3,160,912$3,304,866▲ $143,954
Accounts Payable and Accrued Expenses$158,818$350,130▲ $191,312
Other Liabilities$871,588$255,726▼ $615,862
Total Liabilities$7,933,281$7,364,988▼ $568,293
Net Assets / Fund Balance
Net Assets With Donor Restrictions$13,349,491$14,404,293▲ $1,054,802
Net Assets Without Donor Restrictions$3,665,198$4,641,888▲ $976,690
Total Net Assets Fund Balance$17,014,689$19,046,181▲ $2,031,492
Total Liabilities and Net Assets / Fund Balance$24,947,970$26,411,169▲ $1,463,199

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$36,037$77,763$113,800
Compensation and Service Providers

Board Members and Trustees

NameTitle
Paul TschetterPresident
Lynne Keller ForbesPresident & CEO
Rich NaserVice President
Autumn KaufholdDirector
Dave KrollDirector
Bryan HakemanSec/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
EC Concrete LLCConcrete5100 West Manna Grass Street, Sioux Falls, SD 57107$323,650
First Rate ExcavateDirt Work/Excavation1509 E 39th St N, Sioux Falls, SD 57104$251,223
Heartland ConstructionInstall Walls and Footing27335 Ridgeway Drive, Harrisburg, SD 57032$216,976
Milbank House MoversHouse Movers806 S Madison S, Milbank, SD 57252$198,759
Siouxland K & K Construction IncInstall Walls and Footing6810 S Lyncrest Ave Ste 202, Sioux Falls, SD 57108$190,702
Revenue and Support

Revenue Composition

Contributions and Grants
$1,974,460
Program Service Revenue
$906,946
Investment Income
$195,176
Other Revenue
$500,236
Change in Net Assets
$2,031,491

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,576,818
Total Revenue per Audited Statements
$3,576,818
Total Revenue per Form 990
$3,576,818
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,545,327
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$1,178,825$88,729-$1,267,554
Interest$118,538--$118,538
Insurance-$38,605-$38,605
Depreciation Depletion-$20,192-$20,192
Fees for Services Accounting-$14,125-$14,125
Travel-$8,399-$8,399
Other Expenses$12,757$7,994-$7,994
Fees for Services Legal-$7,491-$7,491
All Other Expenses-$6,402-$6,402
Total Functional Expenses$1,336,149$209,178$0$1,545,327

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,545,327
Total Expenses per Audited Statements$1,545,327
Total Expenses per Form 990$1,545,327
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$226,441
Deposits$20,000
Provision For Loan Loss - Unfunded Commi$9,285
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
2025-05-21
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/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt069000
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt03665198
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt04641888
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IRS990/OtherExpensesGrp/Desc2Loan Loss Provision
IRS990/OtherExpensesGrp/Desc3Dues and Subscriptions
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt017241
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt17994
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IRS990/OtherExpensesGrp/ProgramServicesAmt112757
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IRS990/OtherExpensesGrp/TotalAmt212757
IRS990/OtherExpensesGrp/TotalAmt37994
IRS990/OtherLiabilitiesGrp/BOYAmt0871588
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt013980490
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt022498
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IRS990/ProgramServiceRevenueGrp/Desc0Housing Development
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Notes Receiva
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1779014
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1779014
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt255041
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IRS990/ProgSrvcAccomActy2Grp/Desc0The revolving loan fund program is used for community and economic development
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt03327442
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt010938489
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IRS990ScheduleD/EquipmentGrp/BookValueAmt036037
IRS990ScheduleD/EquipmentGrp/DepreciationAmt077763
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IRS990ScheduleD/TotalRevenuePerForm990Amt03576818
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0298342
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Lynne Keller Forbes
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO

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