Civic Intelligence

Farmers Educational & Cooperative

EIN 46-0132880 • 501(c)5 • Huron, SD

Profile

To support programs and advance efforts that further economic prosperity and cultural vitality in rural south dakota.

1410 Dakota Avenue SHuron, SD 57350

www.sdfu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

56th percentile

0.04x

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

501(c)5 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

0.43x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)5 • $25M-$50M nonprofits • Source year 2024

Net Margin

87th percentile

36%

Higher net margin than 87% of similar nonprofits.

501(c)5 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

64th percentile

$230,603

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 8.6% of source-year revenue.

$25M-$50M nonprofits • Source year 2022

Asset Growth

52nd percentile

8.0%

Faster asset growth than 52% of similar nonprofits.

501(c)5 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

52%

Faster revenue growth than 99% of similar nonprofits.

501(c)5 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$48,767,305

Up $3,594,143 (+8.0%) from 2023

Liabilities

Down

$1,925,648

Down $1,137,974 (-37%) from 2023

Net Assets

Up

$46,841,657

Up $4,732,117 (+11%) from 2023

Revenue

Up

$4,465,181

Up $1,533,187 (+52%) from 2023

Expenses

Up

$2,854,800

Up $133,177 (+4.9%) from 2023

Net Income

Up

$1,610,381

Up $1,400,010 (+665%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2011: $8,787,661Liabilities 2011: $682,969Net Assets 2011: $8,104,6922011Assets 2012: $9,832,026Liabilities 2012: $332,735Net Assets 2012: $9,499,2912012Assets 2013: $12,400,603Liabilities 2013: $2,016,830Net Assets 2013: $10,383,7732013Assets 2014: $14,289,118Liabilities 2014: $1,992,858Net Assets 2014: $12,296,2602014Assets 2015: $15,508,012Liabilities 2015: $1,990,801Net Assets 2015: $13,517,2112015Assets 2016: $17,057,016Liabilities 2016: $4,111,000Net Assets 2016: $12,946,0162016Assets 2017: $19,374,805Liabilities 2017: $3,910,545Net Assets 2017: $15,464,2602017Assets 2018: $21,500,234Liabilities 2018: $4,180,094Net Assets 2018: $17,320,1402018Assets 2019: $27,737,106Liabilities 2019: $4,264,000Net Assets 2019: $23,473,1062019Assets 2020: $30,215,188Liabilities 2020: $4,743,864Net Assets 2020: $25,471,3242020Assets 2021: $35,004,659Liabilities 2021: $3,098,762Net Assets 2021: $31,905,8972021Assets 2022: $38,274,413Liabilities 2022: $3,062,670Net Assets 2022: $35,211,7432022Assets 2023: $45,173,162Liabilities 2023: $3,063,622Net Assets 2023: $42,109,5402023Assets 2024: $48,767,305Liabilities 2024: $1,925,648Net Assets 2024: $46,841,6572024

Highlighted filing

2024

Assets$48,767,305
Liabilities$1,925,648
Net Assets$46,841,657

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $553,164Expenses 2011: $1,210,192Net Income 2011: -$657,0282011Expenses 2012: $1,279,8132012Revenue 2013: $564,443Expenses 2013: $1,494,622Net Income 2013: -$930,1792013Revenue 2014: $693,107Expenses 2014: $1,551,310Net Income 2014: -$858,2032014Revenue 2015: $612,373Expenses 2015: $1,806,576Net Income 2015: -$1,194,2032015Revenue 2016: $1,687,054Expenses 2016: $1,794,622Net Income 2016: -$107,5682016Revenue 2017: $1,585,981Expenses 2017: $1,581,183Net Income 2017: $4,7982017Revenue 2018: $1,549,356Expenses 2018: $1,699,973Net Income 2018: -$150,6172018Revenue 2019: $1,726,961Expenses 2019: $1,820,313Net Income 2019: -$93,3522019Revenue 2020: $2,235,473Expenses 2020: $1,594,064Net Income 2020: $641,4092020Revenue 2021: $2,255,510Expenses 2021: $1,868,434Net Income 2021: $387,0762021Revenue 2022: $2,683,652Expenses 2022: $2,543,988Net Income 2022: $139,6642022Revenue 2023: $2,931,994Expenses 2023: $2,721,623Net Income 2023: $210,3712023Revenue 2024: $4,465,181Expenses 2024: $2,854,800Net Income 2024: $1,610,3812024

Highlighted filing

2024

Revenue$4,465,181
Expenses$2,854,800
Net Income$1,610,381

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$48.8$1.93$46.8$4.47$2.85$1.61
2023Detailed filing. Detailed filing data is available for this year.$45.2$3.06$42.1$2.93$2.72$0.21
2022Detailed filing. Detailed filing data is available for this year.$38.3$3.06$35.2$2.68$2.54$0.14
2021Detailed filing. Detailed filing data is available for this year.$35.0$3.10$31.9$2.26$1.87$0.39
2020Detailed filing. Detailed filing data is available for this year.$30.2$4.74$25.5$2.24$1.59$0.64
2019Detailed filing. Detailed filing data is available for this year.$27.7$4.26$23.5$1.73$1.82$0.09
2018Detailed filing. Detailed filing data is available for this year.$21.5$4.18$17.3$1.55$1.70$0.15
2017Detailed filing. Detailed filing data is available for this year.$19.4$3.91$15.5$1.59$1.58$0.00
2016Detailed filing. Detailed filing data is available for this year.$17.1$4.11$12.9$1.69$1.79$0.11
2015Detailed filing. Detailed filing data is available for this year.$15.5$1.99$13.5$0.61$1.81$1.19
2014Summary only. Only limited summary data is available for this year.$14.3$1.99$12.3$0.69$1.55$0.86
2013Summary only. Only limited summary data is available for this year.$12.4$2.02$10.4$0.56$1.49$0.93
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.83$0.33$9.50$1.28
2011Summary only. Only limited summary data is available for this year.$8.79$0.68$8.10$0.55$1.21$0.66
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 31, 2025
Return Version
2024v5.0
Gross Receipts
$4,850,844
Mission and Program Overview

Mission

To support programs and advance efforts that further economic prosperity and cultural vitality in rural south dakota.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$41,518,318$44,481,229▲ $2,962,911
Land, Buildings, and Equipment, Net$1,695,401$1,606,614▼ $88,787
Savings and Temporary Cash Investments$867,292$1,341,890▲ $474,598
Investments in Publicly Traded Securities$559,967$593,772▲ $33,805
Prepaid Expenses and Deferred Charges$465,128$405,049▼ $60,079
Intangible Assets-$147,500-
Accounts Receivable$7,056$131,251▲ $124,195
Investments Other Securities$60,000$60,000→ $0
Total Assets$45,173,162$48,767,305▲ $3,594,143
Liabilities
Other Liabilities$1,478,808$1,275,374▼ $203,434
Mortgage Notes Payable Secured by Investment Property$981,452--
Accounts Payable and Accrued Expenses$407,483$465,446▲ $57,963
Deferred Revenue$195,879$184,828▼ $11,051
Total Liabilities$3,063,622$1,925,648▼ $1,137,974
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$42,109,540$46,841,657▲ $4,732,117
Total Net Assets Fund Balance$42,109,540$46,841,657▲ $4,732,117
Total Liabilities and Net Assets / Fund Balance$45,173,162$48,767,305▲ $3,594,143

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,283,244$938,586$2,221,830
Equipment$236,677$590,074$826,751
Land$86,693-$86,693
Investment Program Related Org$6,849,601--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Doug SombkePresidentFT$198,684$10,338$209,022
Karla HofhenkeSecretary/trFT$112,017$52,999$165,016
Karla HofhenkeSecretary/treasurer-$112,017$31,897$143,914
David ReisDirector-$6,750-$6,750
Gail TempleDirector-$6,750-$6,750
Chad JohnsonDirector-$5,550-$5,550
Oren LesmeisterDirector-$5,250-$5,250
Scott KolousekDirector-$3,975-$3,975
Dallis BaselDirector-$3,900-$3,900
Jeff KippleyDirector-$3,750-$3,750
Larry BirgenDirector-$3,150-$3,150
Revenue and Support

Revenue Composition

Contributions and Grants
$502,403
Program Service Revenue
$157,893
Investment Income
$3,531,643
Other Revenue
$273,242
All Other Contributions
$180,000
Change in Net Assets
$1,610,381

Audited Revenue Reconciliation

Revenue per Audited Statements
$817,098
Revenue Not Reported on Financial Statements
$3,648,083
Revenue Not Reported on Form 990
$6,639,022
Other Revenue Adjustments
$3,638,779
Total Revenue per Audited Statements
$7,456,120
Total Revenue per Form 990
$4,465,181
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,540,849
Salaries, Compensation, and Employee Benefits$1,045,276
Grants and Similar Amounts Paid$268,675
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$390,100
Current Officers, Directors, Trustees, and Key Employees---$316,797
Grants to Domestic Orgs---$268,675
Other Employee Benefits---$209,986
Advertising---$173,217
Office Expenses---$158,630
Travel---$139,989
Depreciation Depletion---$138,323
Fees for Services Other---$123,530
Conferences and Meetings---$99,614
Pension Plan Contributions---$77,783
Occupancy---$77,517
Fees for Services Accounting---$75,875
Other Expenses---$72,525
Insurance---$54,966
Payroll Taxes---$50,610
Information Technology---$38,131
Interest---$20,630
All Other Expenses---$17,343
Fees for Services Legal---$5,230
Total Functional Expenses$0$0$0$2,854,800

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,854,800
Total Expenses per Audited Statements$2,724,003
Expenses per Audited Statements$2,637,100
Expenses Not Reported on Financial Statements$217,700
Other Expense Adjustments$217,700
Expenses Not Reported on Form 990$86,903
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Brown County Fair Foundation IncAberdeen, SD501c3Ag Expo Building$190,475
Ground Works MidwestSioux Falls, SD501c3Contribution$50,000
Sand County FoundationMadison, WI501c3Contribution$10,000
Sd Ffa FoundationBath, SD501c3Ag Adventure Zone$10,000
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$1,261,108
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The organization has members.

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

Board is appointed by members.

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

The full board of directors meets and approves the annual audited financial statements and the officers of the board review and approve the form 990 and verify the numbers are reconciled to the audit report.

Form 990, Page 6, Part VI, Line 12C

Directors and key employees are annually required to complete and sign a form showing potential conflicts of interest. That form is reviewed by the organization's officers and kept on file.

Form 990, Page 6, Part VI, Line 19

Upon request at the organization's office.

Filing and Contact Details

Filer

Filer Name
Farmers Educational & Cooperative
EIN
46-0132880
Phone
6053526761
Address
1410 DAKOTA AVENUE S, HURON, SD 57350
Doing Business As
South Dakota Farmers Union

Signing Officer

Name
Karla Hofhenke
Title
Secretary/treasurer
Phone
6055543028
Signed
2025-10-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Doug Sombke
Formed
1915
Legal Domicile
Sd
Voting Board Members
10
Independent Board Members
8
Employees
14

Preparer

Firm
Carlsonsv Llp
Address
505 HWY 169 N SUITE 100, PLYMOUTH, MN 55441
Preparer
Matt Guyer CPA
Phone
7635429633
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item C

South dakota farmers union foundation

Form 990, Part XI, Line 9

Direct rental expenses 86,903 fue book income 5,410,633 fusa book income 1,032,410 midwest agency partnership income 70,028 fue cash dividend -2,400,000 fusa tax income -1,080,131 midwest agency k-1 -174,752 k-1 founding farmers kop 2,087 k-1 farmers & distillers 9,152 k-1 founding farmers reston 4,529 k-1 frg holco triplet 336 direct rental expenses -86,903 depreciation difference 0 pension exp adjustment 217,700 total 3,091,992

Financial Statement Notes

Schedule D, Page 3, Part X

The organization is exempt from federal income tax under section 501(c)(5) of the internal revenue code and similar state provisions, though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the code. The organization has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.

Schedule D, Page 4, Part XI, Line 2D

Direct rental expenses 86,903 fue book income 5,410,633 fusa book income 1,032,410 midwest agency partnership income 70,028

Schedule D, Page 4, Part XI, Line 4B

Fue cash dividend 2,400,000 fusa tax income 1,080,131 midwest agency k-1 174,752 k-1 founding farmers kop -2,087 k-1 farmers & distillers -9,152 k-1 founding farmers reston -4,529 k-1 frg holco triplet -336

Schedule D, Page 4, Part XII, Line 2D

Direct rental expenses 86,903

Schedule D, Page 4, Part XII, Line 4B

Depreciation difference 0 pension exp adjustment 217,700

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IRS990/MissionDesc0OUR MISSION IS TO SUPPORT PROGRAMS AND ADVANCE EFFORTS THAT FURTHER ECONOMIC PROSPERITY AND CULTURAL VITALITY IN RURAL SOUTH DAKOTA.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(5) OF THE INTERNAL REVENUE CODE AND SIMILAR STATE PROVISIONS, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ORGANIZATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1DIRECT RENTAL EXPENSES 86,903 FUE BOOK INCOME 5,410,633 FUSA BOOK INCOME 1,032,410 MIDWEST AGENCY PARTNERSHIP INCOME 70,028
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUE CASH DIVIDEND 2,400,000 FUSA TAX INCOME 1,080,131 MIDWEST AGENCY K-1 174,752 K-1 FOUNDING FARMERS KOP -2,087 K-1 FARMERS & DISTILLERS -9,152 K-1 FOUNDING FARMERS RESTON -4,529 K-1 FRG HOLCO TRIPLET -336
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3DIRECT RENTAL EXPENSES 86,903
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt4DEPRECIATION DIFFERENCE 0 PENSION EXP ADJUSTMENT 217,700
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc4SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0CONTRIBUTION
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2AG ADVENTURE ZONE
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3AG EXPO BUILDING
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2SD FFA FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3BROWN COUNTY FAIR FOUNDATION INC
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