Civic Intelligence

Salem Economic Development Corporation

990 • Fiscal year 2023 • EIN 37-2045526

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 13, 2024

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

44th percentile

0.01x

Higher debt load relative to assets than 44% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

59th percentile

0.04x

Higher debt load relative to revenue than 59% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

50th percentile

4.2%

Higher net margin than 50% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

54th percentile

$0

Higher top officer pay than 54% of similar nonprofits.

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

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

44th percentile

1.6%

Faster asset growth than 44% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

6th percentile

-49%

Faster revenue growth than 6% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$811,160

Up $12,636 (+1.6%) from 2022

Net Assets

Up

$804,655

Up $6,131 (+0.8%) from 2022

Liabilities

Up

$6,505

Up $6,505 from 2022

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin50th percentile

Revenue

Down

$145,123

Down $139,753 (-49%) from 2022

Expenses

Up

$138,992

Up $137,640 (+10180%) from 2022

Net Income

Down

$6,131

Down $277,393 (-98%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

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

2023

Assets$811,160
Liabilities$6,505
Net Assets$804,655
Open 2023 Filing

Operations Trend

Revenue Growth6th percentile

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

2023

Revenue$145,123
Expenses$138,992
Net Income$6,131
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 13, 2024
Return Version
2023v5.0
Gross Receipts
$145,123
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$636,123▲ $121,123
Cash and Non-Interest-Bearing Accounts$283,524$175,037▼ $108,487
Total Assets$798,524$811,160▲ $12,636
Liabilities
Accounts Payable and Accrued Expenses-$6,505-
Total Liabilities$0$6,505▲ $6,505
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$798,524$804,655▲ $6,131
Total Net Assets Fund Balance$798,524$804,655▲ $6,131
Total Liabilities and Net Assets / Fund Balance$798,524$811,160▲ $12,636
Compensation and Service Providers
Top Officer Pay54th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$45,479
Program Service Revenue
$95,000
Investment Income
$4,644
Other Revenue
$0
All Other Contributions
$43,881
Change in Net Assets
$6,131
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$138,992
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 Other$8,156--$8,156
Advertising$2,117--$2,117
Fees for Services Legal-$1,639-$1,639
Other Expenses$1,900$180-$180
Total Functional Expenses$137,173$1,819$0$138,992
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
Phone
6059295982
Address
400 N MAIN STREET, SALEM, SD 57058

Signing Officer

Name
Logan Roth
Title
Treasurer/secretary
Phone
6059295982
Signed
2024-08-13
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 0”

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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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ReturnHeader/Filer/PhoneNum06059295982
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ReturnHeader/PreparerPersonGrp/PreparationDt02024-08-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMIE A ELDEEN CPA
ReturnHeader/ReturnTs02024-08-21T13:13:52-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$811,160
Liabilities
$6,505
Net assets
$804,655
Revenue
$145,123
Expenses
$138,992
Net income
$6,131
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
2023Detailed filing. Detailed filing data is available for this year.$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