Civic Intelligence

Lake Preston Housing Inc

EIN 46-0320560 • 501(c)4 • Lake Preston, SD

Profile

Provide 40 units of low income housing

PO Box 64Lake Preston, SD 57249-0064
Siviq Scores

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

Liabilities / Assets

97th percentile

1.20x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

95th percentile

2.61x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2024

Net Margin

19th percentile

-12%

Higher net margin than 19% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

18th percentile

-7.7%

Faster asset growth than 18% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

1.3%

Faster revenue growth than 38% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$511,049

Down $42,447 (-7.7%) from 2023

Liabilities

Down

$613,428

Down $13,571 (-2.2%) from 2023

Net Assets

Down

-$102,379

Down $28,876 (-39%) from 2023

Operations
Liabilities / Revenue95th percentileNet Margin19th percentile

Revenue

Up

$235,024

Up $2,919 (+1.3%) from 2023

Expenses

Down

$263,900

Down $4,734 (-1.8%) from 2023

Net Income

Up

-$28,876

Up $7,653 (+21%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth18th percentile

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

$800K$600K$400K$200K$0-$200KAssets 2011: $694,666Liabilities 2011: $626,869Net Assets 2011: $67,7972011Assets 2012: $688,996Liabilities 2012: $608,582Net Assets 2012: $80,4142012Assets 2013: $683,952Liabilities 2013: $602,515Net Assets 2013: $81,4372013Assets 2014: $675,327Liabilities 2014: $596,497Net Assets 2014: $78,8302014Assets 2015: $657,460Liabilities 2015: $594,950Net Assets 2015: $62,5102015Assets 2016: $645,306Liabilities 2016: $592,014Net Assets 2016: $53,2922016Assets 2017: $613,518Liabilities 2017: $572,029Net Assets 2017: $41,4892017Assets 2018: $577,219Liabilities 2018: $559,326Net Assets 2018: $17,8932018Assets 2019: $524,741Liabilities 2019: $538,912Net Assets 2019: -$14,1712019Assets 2020: $487,969Liabilities 2020: $511,404Net Assets 2020: -$23,4352020Assets 2021: $473,266Liabilities 2021: $492,384Net Assets 2021: -$19,1182021Assets 2022: $560,670Liabilities 2022: $597,644Net Assets 2022: -$36,9742022Assets 2023: $553,496Liabilities 2023: $626,999Net Assets 2023: -$73,5032023Assets 2024: $511,049Liabilities 2024: $613,428Net Assets 2024: -$102,3792024

Highlighted filing

2024

Assets$511,049
Liabilities$613,428
Net Assets-$102,379
Open 2024 Filing

Operations Trend

Revenue Growth38th percentile

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

$300K$200K$100K$0-$100KRevenue 2011: $217,941Expenses 2011: $225,152Net Income 2011: -$7,2112011Revenue 2012: $210,611Expenses 2012: $203,665Net Income 2012: $6,9462012Revenue 2013: $201,717Expenses 2013: $200,694Net Income 2013: $1,0232013Revenue 2014: $204,616Expenses 2014: $207,223Net Income 2014: -$2,6072014Revenue 2015: $206,406Expenses 2015: $222,726Net Income 2015: -$16,3202015Revenue 2016: $204,051Expenses 2016: $214,136Net Income 2016: -$10,0852016Revenue 2017: $204,659Expenses 2017: $216,462Net Income 2017: -$11,8032017Revenue 2018: $211,959Expenses 2018: $235,555Net Income 2018: -$23,5962018Revenue 2019: $211,582Expenses 2019: $243,646Net Income 2019: -$32,0642019Revenue 2020: $213,217Expenses 2020: $222,481Net Income 2020: -$9,2642020Revenue 2021: $223,746Expenses 2021: $219,429Net Income 2021: $4,3172021Revenue 2022: $248,890Expenses 2022: $250,028Net Income 2022: -$1,1382022Revenue 2023: $232,105Expenses 2023: $268,634Net Income 2023: -$36,5292023Revenue 2024: $235,024Expenses 2024: $263,900Net Income 2024: -$28,8762024

Highlighted filing

2024

Revenue$235,024
Expenses$263,900
Net Income-$28,876
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$511,049
Liabilities
$613,428
Net assets
-$102,379
Revenue
$235,024
Expenses
$263,900
Net income
-$28,876
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.11$6.13$1.02$2.35$2.64$0.29
2023Detailed filing. Detailed filing data is available for this year.$5.53$6.27$0.74$2.32$2.69$0.37
2022Detailed filing. Detailed filing data is available for this year.$5.61$5.98$0.37$2.49$2.50$0.01
2021Detailed filing. Detailed filing data is available for this year.$4.73$4.92$0.19$2.24$2.19$0.04
2020Detailed filing. Detailed filing data is available for this year.$4.88$5.11$0.23$2.13$2.22$0.09
2019Detailed filing. Detailed filing data is available for this year.$5.25$5.39$0.14$2.12$2.44$0.32
2018Detailed filing. Detailed filing data is available for this year.$5.77$5.59$0.18$2.12$2.36$0.24
2017Detailed filing. Detailed filing data is available for this year.$6.14$5.72$0.41$2.05$2.16$0.12
2016Detailed filing. Detailed filing data is available for this year.$6.45$5.92$0.53$2.04$2.14$0.10
2015Summary only. Only limited summary data is available for this year.$6.57$5.95$0.63$2.06$2.23$0.16
2014Summary only. Only limited summary data is available for this year.$6.75$5.96$0.79$2.05$2.07$0.03
2013Summary only. Only limited summary data is available for this year.$6.84$6.03$0.81$2.02$2.01$0.01
2012Summary only. Only limited summary data is available for this year.$6.89$6.09$0.80$2.11$2.04$0.07
2011Summary only. Only limited summary data is available for this year.$6.95$6.27$0.68$2.18$2.25$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 15, 2025
Return Version
2024v5.1
Gross Receipts
$235,024
Mission and Program Overview

Mission

Provide 40 units of low income housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$353,000$306,743▼ $46,257
Savings and Temporary Cash Investments$160,424$167,165▲ $6,741
Cash and Non-Interest-Bearing Accounts$23,674$21,833▼ $1,841
Rtn Earn Endowment Incm Other Fnds$-73,503$-102,379▼ $28,876
Total Assets$553,496$511,049▼ $42,447
Other Assets Total$16,398$15,308▼ $1,090
Liabilities
Mortgage Notes Payable Secured by Investment Property$615,107$600,354▼ $14,753
Other Liabilities$11,892$13,074▲ $1,182
Total Liabilities$626,999$613,428▼ $13,571
Net Assets / Fund Balance
Total Net Assets Fund Balance$-73,503$-102,379▼ $28,876
Total Liabilities and Net Assets / Fund Balance$553,496$511,049▼ $42,447

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$194,799$1,441,232$1,636,031
Equipment$27,579$159,265$186,844
Land$84,365-$84,365
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Rick HillestadPresident
Linda IversonVice President
Andrew WienkMember at Large
Brian ZeeckMember at Large
Jake SmithMember at Large
Rodney OlsonMember at Large
Darlene DeknikkerSecretary Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$233,596
Investment Income
$1,428
Other Revenue
$0
Change in Net Assets
$-28,876
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$263,900
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
Occupancy$146,508--$146,508
Depreciation Depletion$57,488--$57,488
Fees for Services Management-$37,098-$37,098
Other Expenses$7,548--$7,548
Fees for Services Accounting-$5,787-$5,787
Interest$4,979--$4,979
Fees for Services Legal$2,141$10-$2,151
Information Technology$877--$877
Office Expenses$294$78-$372
Travel-$364-$364
Insurance-$257-$257
Advertising$119--$119
Fees for Services Other$84--$84
Conferences and Meetings-$44-$44
Total Functional Expenses$220,262$43,638$0$263,900
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
Security Deposits Held$12,220
Overage Payable$450
Accrued Interest$404
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 governing body review Part VI line 11

“The manager of the organization reviews the form 990 prior to it being signed and filed with the irs.”

Conflict of interest policy compliance Part VI line 12C

“Identity of interest is monitored by the board at their regular meetings when expenditures are reviewed. In addition, any expenditure greater than $250 that is not for normal operating expenses must be approved by the board prior to payment.”

Governing documents etc available to public Part VI line 19

“Most governing documents are posted in a central location in each building. Identity of interest details and financial statements are kept in the managers office and may be reviewed upon request.”

Filing and Contact Details

Filer

Filer Name
Lake Preston Housing Inc
EIN
46-0320560
In Care Of
% SARAH STEFFENSEN
Address
PO BOX 64, LAKE PRESTON, SD 57249-0064

Signing Officer

Name
Sarah Steffensen
Title
Manager
Phone
6052030977
Signed
2025-05-15
Discuss with paid preparer
No

Organization Details

Principal Officer
Rick Hillestad
Formed
1973
Legal Domicile
Sd
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Firm
Ledgers Inc
Address
9 S Broadway, Watertown, SD 57201
Preparer
Lisa Boersma CPA
Phone
6058820686
Raw XML Appendix341 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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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0159265
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0186844
IRS990ScheduleD/LandGrp/BookValueAmt084365
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt084365
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt012220
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1404
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2450
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS HELD
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OVERAGE PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0306743
IRS990ScheduleD/TotalLiabilityAmt013074
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MANAGER OF THE ORGANIZATION REVIEWS THE FORM 990 PRIOR TO IT BEING SIGNED AND FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1IDENTITY OF INTEREST IS MONITORED BY THE BOARD AT THEIR REGULAR MEETINGS WHEN EXPENDITURES ARE REVIEWED. IN ADDITION, ANY EXPENDITURE GREATER THAN $250 THAT IS NOT FOR NORMAL OPERATING EXPENSES MUST BE APPROVED BY THE BOARD PRIOR TO PAYMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MOST GOVERNING DOCUMENTS ARE POSTED IN A CENTRAL LOCATION IN EACH BUILDING. IDENTITY OF INTEREST DETAILS AND FINANCIAL STATEMENTS ARE KEPT IN THE MANAGERS OFFICE AND MAY BE REVIEWED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing documents etc available to public Part VI line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0553496
IRS990/TotalAssetsEOYAmt0511049
IRS990/TotalAssetsGrp/BOYAmt0553496
IRS990/TotalAssetsGrp/EOYAmt0511049
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt043638
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0220262
IRS990/TotalFunctionalExpensesGrp/TotalAmt0263900
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0626999
IRS990/TotalLiabilitiesEOYAmt0613428
IRS990/TotalLiabilitiesGrp/BOYAmt0626999
IRS990/TotalLiabilitiesGrp/EOYAmt0613428
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-73503
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-102379
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0220262
IRS990/TotalProgramServiceRevenueAmt0233596
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01428
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0233596
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0235024
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0553496
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0511049
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0364
IRS990/TravelGrp/TotalAmt0364
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 64
IRS990/USAddress/CityNm0LAKE PRESTON
IRS990/USAddress/StateAbbreviationCd0SD
IRS990/USAddress/ZIPCd0572490064
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0SARAH STEFFENSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum06052030977
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LAKE PRESTON HOUSING INC
ReturnHeader/Filer/BusinessNameControlTxt0LAKE
ReturnHeader/Filer/EIN0460320560
ReturnHeader/Filer/InCareOfNm0% SARAH STEFFENSEN
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 64
ReturnHeader/Filer/USAddress/CityNm0LAKE PRESTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SD
ReturnHeader/Filer/USAddress/ZIPCd0572490064
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0432016112
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Ledgers Inc
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt09 S Broadway
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Watertown
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd057201
ReturnHeader/PreparerPersonGrp/PhoneNum06058820686
ReturnHeader/PreparerPersonGrp/PreparationDt02025-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LISA BOERSMA CPA
ReturnHeader/ReturnTs02025-05-12T17:46:22-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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