Civic Intelligence

Salem Economic Development Corporation

990 • Fiscal year 2022 • EIN 37-2045526

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 06, 2023

Organization Profile
400 N Main StreetSalem, SD 57058

(605) 929-5982

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets31st percentile

Assets

$798,524

No earlier filing loaded for comparison.

Net Assets

$798,524

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin99th percentile

Revenue

$284,876

No earlier filing loaded for comparison.

Expenses

$1,352

No earlier filing loaded for comparison.

Net Income

$283,524

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$1.0M$500K$0Assets 2022: $798,524Liabilities 2022: $0Net Assets 2022: $798,5242022Assets 2023: $811,160Liabilities 2023: $6,505Net Assets 2023: $804,6552023Assets 2024: $836,918Liabilities 2024: $0Net Assets 2024: $836,9182024

Highlighted filing

2022

Assets$798,524
Liabilities$0
Net Assets$798,524
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$300K$200K$100K$0Revenue 2022: $284,876Expenses 2022: $1,352Net Income 2022: $283,5242022Revenue 2023: $145,123Expenses 2023: $138,992Net Income 2023: $6,1312023Revenue 2024: $271,541Expenses 2024: $239,278Net Income 2024: $32,2632024

Highlighted filing

2022

Revenue$284,876
Expenses$1,352
Net Income$283,524
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 6, 2023
Return Version
2022v5.0
Gross Receipts
$284,876
Mission and Program Overview

Mission

To assist and further the economic development of salem, sd and its environs, and to promote and assist in the growth and development of small busiensses in the area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use-$515,000-
Cash and Non-Interest-Bearing Accounts-$283,524-
Total Assets$0$798,524▲ $798,524
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$798,524-
Total Net Assets Fund Balance$0$798,524▲ $798,524
Total Liabilities and Net Assets / Fund Balance$0$798,524▲ $798,524
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Jeremy GradyPresident
Bonnie SabersDirector
Brad KranzDirector
Carla SnydersDirector
Keith PaulsonDirector
Logan RothTreasurer/se
Mitch RaymanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$284,762
Program Service Revenue
$0
Investment Income
$114
Other Revenue
$0
All Other Contributions
$236,900
Change in Net Assets
$283,524
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,352
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 Legal-$1,198-$1,198
Other Expenses-$154-$154
Total Functional Expenses$0$1,352$0$1,352
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“The number of directors shall be no more than seven and no less than three. The members at the annual meeting shall elect directors who each shall serve for a three-year term. The terms shall be staggered so that no more than three directors are up for election in any given year. Any vacancies shall be filled by the majority vote of the board of directors, and shall hold office for the remaining unexpired term.”

Form 990, Page 6, Part VI, Line 11B

“The board of directors will review form 990 and provide final approval.”

Form 990, Page 6, Part VI, Line 19

“Governing documents will be available upon request.”

Filing and Contact Details

Filer

Filer Name
Salem Economic Development
EIN
37-2045526
Address
400 N MAIN STREET, SALEM, SD 57058

Signing Officer

Name
Logan Roth
Title
Treasurer/secretary
Signed
2023-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Logan Roth
Formed
2022
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Elo Prof LLC
Address
PO BOX 249, MITCHELL, SD 57301
Preparer
Jamie a Eldeen CPA
Phone
6059967717
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Opening balance net assets 515,000 land originally held by a former salem economic development corporation that was dissolved in the early 2000s. The land was then trasnferred to progressive salem association and later transferred to the salem economic development corporation that is in existence today.”

Raw XML Appendix271 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE NUMBER OF DIRECTORS SHALL BE NO MORE THAN SEVEN AND NO LESS THAN THREE. THE MEMBERS AT THE ANNUAL MEETING SHALL ELECT DIRECTORS WHO EACH SHALL SERVE FOR A THREE-YEAR TERM. THE TERMS SHALL BE STAGGERED SO THAT NO MORE THAN THREE DIRECTORS ARE UP FOR ELECTION IN ANY GIVEN YEAR. ANY VACANCIES SHALL BE FILLED BY THE MAJORITY VOTE OF THE BOARD OF DIRECTORS, AND SHALL HOLD OFFICE FOR THE REMAINING UNEXPIRED TERM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS WILL REVIEW FORM 990 AND PROVIDE FINAL APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS WILL BE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OPENING BALANCE NET ASSETS 515,000 LAND ORIGINALLY HELD BY A FORMER SALEM ECONOMIC DEVELOPMENT CORPORATION THAT WAS DISSOLVED IN THE EARLY 2000S. THE LAND WAS THEN TRASNFERRED TO PROGRESSIVE SALEM ASSOCIATION AND LATER TRANSFERRED TO THE SALEM ECONOMIC DEVELOPMENT CORPORATION THAT IS IN EXISTENCE TODAY.
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ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SALEM ECONOMIC DEVELOPMENT
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ReturnHeader/Filer/BusinessNameControlTxt0SALE
ReturnHeader/Filer/EIN0372045526
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMIE A ELDEEN CPA
ReturnHeader/ReturnTs02023-11-06T15:32:09-05:00
ReturnHeader/ReturnTypeCd0990
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ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$798,524
Liabilities
$0
Net assets
$798,524
Revenue
$284,876
Expenses
$1,352
Net income
$283,524
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.37$0.00$8.37$2.72$2.39$0.32
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.11$0.07$8.05$1.45$1.39$0.06
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.99$0.00$7.99$2.85$0.01$2.84