Civic Intelligence

Black Hills Community Economic Development Inc

990 • Fiscal year 2019 • EIN 46-0361483

Oct 01, 2018 to Sep 30, 2019 • Filed on Jan 28, 2020

Organization ProfileWWW.BHCED.ORG
PO Box 218Sturgis, SD 57785

(605) 347-5837

Siviq Scores

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

Liabilities / Assets

35th percentile

0.07x

Higher debt load relative to assets than 35% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

57th percentile

0.21x

Higher debt load relative to revenue than 57% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Net Margin

53rd percentile

4.7%

Higher net margin than 53% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

28th percentile

$66,617

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 12.3% of source-year revenue.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2019

Asset Growth

47th percentile

4.6%

Faster asset growth than 47% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

46th percentile

2.3%

Faster revenue growth than 46% of similar nonprofits.

2019 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets35th percentile

Assets

Up

$1,534,066

Up $66,899 (+4.6%) from 2018

Net Assets

Up

$1,420,285

Up $25,317 (+1.8%) from 2018

Liabilities

Up

$113,781

Up $41,582 (+58%) from 2018

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin53rd percentile

Revenue

Up

$541,377

Up $12,285 (+2.3%) from 2018

Expenses

Up

$516,060

Up $66,059 (+15%) from 2018

Net Income

Down

$25,317

Down $53,774 (-68%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $1,229,081Liabilities 2010: $59,795Net Assets 2010: $1,169,2862010Assets 2011: $1,389,418Liabilities 2011: $149,306Net Assets 2011: $1,240,1122011Assets 2012: $1,342,340Liabilities 2012: $64,505Net Assets 2012: $1,277,8352012Assets 2013: $1,331,425Liabilities 2013: $81,670Net Assets 2013: $1,249,7552013Assets 2014: $1,311,737Liabilities 2014: $60,561Net Assets 2014: $1,251,1762014Assets 2015: $1,331,900Liabilities 2015: $46,495Net Assets 2015: $1,285,4052015Assets 2016: $1,452,123Liabilities 2016: $79,451Net Assets 2016: $1,372,6722016Assets 2017: $1,382,455Liabilities 2017: $66,578Net Assets 2017: $1,315,8772017Assets 2018: $1,467,167Liabilities 2018: $72,199Net Assets 2018: $1,394,9682018Assets 2019: $1,534,066Liabilities 2019: $113,781Net Assets 2019: $1,420,2852019Assets 2020: $1,601,976Liabilities 2020: $129,040Net Assets 2020: $1,472,9362020Assets 2021: $2,495,222Liabilities 2021: $154,192Net Assets 2021: $2,341,0302021Assets 2022: $2,883,121Liabilities 2022: $186,556Net Assets 2022: $2,696,5652022Assets 2023: $2,814,410Liabilities 2023: $80,968Net Assets 2023: $2,733,4422023

Highlighted filing

2019

Assets$1,534,066
Liabilities$113,781
Net Assets$1,420,285
Open 2019 Filing

Operations Trend

Revenue Growth46th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2010: $336,501Expenses 2010: $346,937Net Income 2010: -$10,4362010Revenue 2011: $452,300Expenses 2011: $382,709Net Income 2011: $69,5912011Expenses 2012: $356,4852012Expenses 2013: $456,1962013Revenue 2014: $432,882Expenses 2014: $430,471Net Income 2014: $2,4112014Revenue 2015: $344,520Expenses 2015: $309,580Net Income 2015: $34,9402015Revenue 2016: $539,059Expenses 2016: $452,510Net Income 2016: $86,5492016Revenue 2017: $539,146Expenses 2017: $524,019Net Income 2017: $15,1272017Revenue 2018: $529,092Expenses 2018: $450,001Net Income 2018: $79,0912018Revenue 2019: $541,377Expenses 2019: $516,060Net Income 2019: $25,3172019Revenue 2020: $653,661Expenses 2020: $601,010Net Income 2020: $52,6512020Revenue 2021: $1,560,203Expenses 2021: $692,109Net Income 2021: $868,0942021Revenue 2022: $972,630Expenses 2022: $617,095Net Income 2022: $355,5352022Revenue 2023: $538,388Expenses 2023: $501,511Net Income 2023: $36,8772023

Highlighted filing

2019

Revenue$541,377
Expenses$516,060
Net Income$25,317
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2018 to Sep 30, 2019
Signed
Jan 28, 2020
Return Version
2018v3.2
Gross Receipts
$541,377
Mission and Program Overview

Mission

Promote economic development in state of south dakota and the rapid city/ black hills region.

Promote economic development in the state of south dakota and the rapid city/black hills regional trade zone within a 200 mile radius to include contiguous counties in nebraska and wyoming and provide technical assistance to aid in economic base expansion including the administration of a revolving loan program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$783,794$843,892▲ $60,098
Savings and Temporary Cash Investments$335,429$413,676▲ $78,247
Investments in Publicly Traded Securities$53,542$53,005▼ $537
Cash and Non-Interest-Bearing Accounts$24,702$26,369▲ $1,667
Prepaid Expenses and Deferred Charges$4,639$4,639→ $0
Accounts Receivable$1,739$1,739→ $0
Total Assets$1,467,167$1,534,066▲ $66,899
Other Assets Total$263,322$190,746▼ $72,576
Liabilities
Accounts Payable and Accrued Expenses$65,381$106,963▲ $41,582
Other Liabilities$6,818$6,818→ $0
Total Liabilities$72,199$113,781▲ $41,582
Net Assets / Fund Balance
Permanently Rstr Net Assets$799,539$799,539→ $0
Unrestricted Net Assets$447,743$484,775▲ $37,032
Temporarily Rstr Net Assets$147,686$135,971▼ $11,715
Total Net Assets Fund Balance$1,394,968$1,420,285▲ $25,317
Total Liabilities and Net Assets / Fund Balance$1,467,167$1,534,066▲ $66,899

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$190,746--
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Frances WhiteExecutive DiFT$66,617$66,617
Alexis DemerssemanExecutive DiFT$66,263$66,263

Board Members and Trustees

NameTitle
Kelly MillerPresident
Dawn HilgenkampBoard Member
Dean KinneyBoard Member
Heidi McbrideBoard Member
James MortensonBoard Member
Jim DoolittleBoard Member
Kayce GerlachBoard Member
Kory MenkenBoard Member
Matt WaltersBoard Member
Candi ThomsonSecretary/tr
Kevin DietzVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
West River FoundationManagementPO BOX 605, Sturgis, SD 57785$335,254
Revenue and Support

Revenue Composition

Contributions and Grants
$15,025
Program Service Revenue
$523,517
Investment Income
$1,335
Other Revenue
$1,500
Change in Net Assets
$25,317

Audited Revenue Reconciliation

Revenue per Audited Statements
$541,377
Total Revenue per Audited Statements
$541,377
Total Revenue per Form 990
$541,377
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$439,749
Salaries, Compensation, and Employee Benefits$76,311
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$76,311--$76,311
Other Expenses$22,249--$22,249
Conferences and Meetings$15,359$830-$16,189
Office Expenses$13,303$839-$14,142
Fees for Services Accounting-$9,237-$9,237
Insurance-$6,367-$6,367
All Other Expenses$3,573--$3,573
Fees for Services Other-$350-$350
Advertising-$350-$350
Fees for Services Legal-$107-$107
Travel-$64-$64
Total Functional Expenses$497,916$18,144$0$516,060

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$516,060
Total Expenses per Audited Statements$516,060
Total Expenses per Form 990$516,060
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
Amounts Held for Others$6,818
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
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
Yes
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
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The organization contracts with west river foundation, a non-profit corporation, to provide administrative services for the lawrence county revolving loan funds through the west river business service center. The organization also contracts with west river foundation to provide general administrative services for 90 percent of certain net revenues of the organization. West river foundation, then contracts with black hills special services cooperative (bhssc) for management services.”

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

“Form 990 is reviewed and approved by the executive director and board members prior to filing.”

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

“Any conflicts of interest are reported to the board of directors for discussion and appropriate action.”

Form 990, Page 6, Part VI, Line 15A

“Executive director compensation is a component of the management agreement with west river foundation and is reviewed annually by the entire board of directors as part the budgeting process.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon written request.”

Filing and Contact Details

Filer

Filer Name
Black Hills Community Economic
EIN
46-0361483
Phone
6053475837
Address
PO BOX 218, STURGIS, SD 57785

Signing Officer

Name
Frances White
Title
Executive Director
Phone
6053475837
Signed
2020-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frances White
Formed
1981
Legal Domicile
Sd
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
Ketel Thorstenson Llp
Address
PO BOX 3140, RAPID CITY, SD 57709-3140
Preparer
Nina Braun CPA
Phone
6053425630
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization believes that there are no significant uncertain tax positions or liabilities at september 30, 2019.”

Schedule D, Page 4, Part XIII

“The organization is required to maintain restricted cash accounts for the revolving loan program for program lending activities. Restricted cash for this program totaled 190,746 at september 30, 2019.”

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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1224581
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1224581
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt242686
IRS990/ProgSrvcAccomActy2Grp/Desc0ADMINISTERS THE LAWRENCE COUNTY REVOLVING LOAN PROGRAM. LOANS WERE FUNDED THROUGH A GRANT FROM THE US DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION AND LAWRENCE COUNTY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION BELIEVES THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS OR LIABILITIES AT SEPTEMBER 30, 2019.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS REQUIRED TO MAINTAIN RESTRICTED CASH ACCOUNTS FOR THE REVOLVING LOAN PROGRAM FOR PROGRAM LENDING ACTIVITIES. RESTRICTED CASH FOR THIS PROGRAM TOTALED 190,746 AT SEPTEMBER 30, 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XIII
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IRS990ScheduleD/TotalRevenuePerForm990Amt0541377
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION CONTRACTS WITH WEST RIVER FOUNDATION, A NON-PROFIT CORPORATION, TO PROVIDE ADMINISTRATIVE SERVICES FOR THE LAWRENCE COUNTY REVOLVING LOAN FUNDS THROUGH THE WEST RIVER BUSINESS SERVICE CENTER. THE ORGANIZATION ALSO CONTRACTS WITH WEST RIVER FOUNDATION TO PROVIDE GENERAL ADMINISTRATIVE SERVICES FOR 90 PERCENT OF CERTAIN NET REVENUES OF THE ORGANIZATION. WEST RIVER FOUNDATION, THEN CONTRACTS WITH BLACK HILLS SPECIAL SERVICES COOPERATIVE (BHSSC) FOR MANAGEMENT SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR AND BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANY CONFLICTS OF INTEREST ARE REPORTED TO THE BOARD OF DIRECTORS FOR DISCUSSION AND APPROPRIATE ACTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EXECUTIVE DIRECTOR COMPENSATION IS A COMPONENT OF THE MANAGEMENT AGREEMENT WITH WEST RIVER FOUNDATION AND IS REVIEWED ANNUALLY BY THE ENTIRE BOARD OF DIRECTORS AS PART THE BUDGETING PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02020-09-23 17:36:50Z
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460257538
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 3140
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RAPID CITY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,534,066
Liabilities
$113,781
Net assets
$1,420,285
Revenue
$541,377
Expenses
$516,060
Net income
$25,317
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$2.81$0.08$2.73$0.54$0.50$0.04
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.88$0.19$2.70$0.97$0.62$0.36
2021Summary only. Only limited summary data is available for this year.$2.50$0.15$2.34$1.56$0.69$0.87
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.60$0.13$1.47$0.65$0.60$0.05
2019Detailed filing. Detailed filing data is available for this year.$1.53$0.11$1.42$0.54$0.52$0.03
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.47$0.07$1.39$0.53$0.45$0.08
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.38$0.07$1.32$0.54$0.52$0.02
2016Detailed filing. Detailed filing data is available for this year.$1.45$0.08$1.37$0.54$0.45$0.09
2015Detailed filing. Detailed filing data is available for this year.$1.33$0.05$1.29$0.34$0.31$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.31$0.06$1.25$0.43$0.43$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.33$0.08$1.25$0.46
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.34$0.06$1.28$0.36
2011Summary only. Only limited summary data is available for this year.$1.39$0.15$1.24$0.45$0.38$0.07
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.23$0.06$1.17$0.34$0.35$0.01