Civic Intelligence

Herreid Economic Development Corporation

990 • Fiscal year 2023 • EIN 46-0412223

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2023

Organization Profile
PO Box 22Herreid, SD 57632

(701) 226-3572

Siviq Scores

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

Liabilities / Assets

38th percentile

0.00x

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

39th percentile

0.00x

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

2nd percentile

-227%

Higher net margin than 2% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

20th percentile

-6.6%

Faster asset growth than 20% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

39th percentile

1.8%

Faster revenue growth than 39% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets38th percentile

Assets

Down

$548,162

Down $39,036 (-6.6%) from 2022

Net Assets

Down

$548,162

Down $39,036 (-6.6%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin2nd percentile

Revenue

Up

$17,212

Up $312 (+1.8%) from 2022

Expenses

Up

$56,248

Up $32,810 (+140%) from 2022

Net Income

Down

-$39,036

Down $32,498 (-497%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$600K$400K$200K$0Assets 2018: $534,341Liabilities 2018: $0Net Assets 2018: $534,3412018Assets 2019: $507,922Liabilities 2019: $0Net Assets 2019: $507,9222019Assets 2020: $593,141Liabilities 2020: $0Net Assets 2020: $593,1412020Assets 2021: $593,874Liabilities 2021: $0Net Assets 2021: $593,8742021Assets 2022: $587,198Liabilities 2022: $0Net Assets 2022: $587,1982022Assets 2023: $548,162Liabilities 2023: $0Net Assets 2023: $548,1622023Assets 2024: $542,747Liabilities 2024: $0Net Assets 2024: $542,7472024

Highlighted filing

2023

Assets$548,162
Liabilities$0
Net Assets$548,162
Open 2023 Filing

Operations Trend

Revenue Growth39th percentile

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

$150K$100K$50K$0-$50KRevenue 2018: $86,989Expenses 2018: $22,354Net Income 2018: $64,6352018Revenue 2019: $13,070Expenses 2019: $4,505Net Income 2019: $8,5652019Revenue 2020: $107,848Expenses 2020: $17,822Net Income 2020: $90,0262020Revenue 2021: $13,838Expenses 2021: $13,245Net Income 2021: $5932021Revenue 2022: $16,900Expenses 2022: $23,438Net Income 2022: -$6,5382022Revenue 2023: $17,212Expenses 2023: $56,248Net Income 2023: -$39,0362023Revenue 2024: $16,015Expenses 2024: $21,430Net Income 2024: -$5,4152024

Highlighted filing

2023

Revenue$17,212
Expenses$56,248
Net Income-$39,036
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2023
Return Version
2022v5.0
Gross Receipts
$25,112
Mission and Program Overview

Mission

The herreid economic development corporation's mission is to promote, assist, encourage and develop the business and economic prosperity in herreid, south dakota and the surrounding area. To encourage new industries and to rehabilitate existing industries, and to promote the agricultural and business development of herreid, south dakota and the surrounding area; to secure grants and other funds in aid of said purposes, and to promote and provide jobs for individuals in herreid, south dakota.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$308,898$306,213▼ $2,685
Cash and Non-Interest-Bearing Accounts$172,447$163,346▼ $9,101
Inventories for Sale or Use$74,148$66,248▼ $7,900
Other Notes and Loans Receivable, Net$31,705$12,355▼ $19,350
Total Assets$587,198$548,162▼ $39,036
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$587,198$548,162▼ $39,036
Total Net Assets Fund Balance$587,198$548,162▼ $39,036
Total Liabilities and Net Assets / Fund Balance$587,198$548,162▼ $39,036

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$274,134$55,940$330,074
Other Land Buildings$23,499$5,357$28,856
Land$8,580-$8,580
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Kayla HuberPresident
Beth FjeldheimDirector
Brady Vander VorstDirector
Gary WeismantelDirector
Heidi MeidingerDirector
Nicole GoehringSecretary
Brad SchuetzleTreasurer
Melinda McnealyVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$12,200
Investment Income
$4,939
Other Revenue
$73
Change in Net Assets
$-39,036
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$36,657
Other Expenses$19,591
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$20,000--$20,000
Grants to Domestic Individuals$16,657--$16,657
Depreciation Depletion$11,353--$11,353
Fees for Services Other$5,393--$5,393
Other Expenses$737--$737
Fees for Services Accounting$612--$612
Advertising$410--$410
Fees for Services Legal$348--$348
Total Functional Expenses$56,248$0$0$56,248
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Herreid Area Housing DevelopmentHerreid, SD--$15,000
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
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 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Herreid Economic Development
EIN
46-0412223
Address
PO BOX 22, HERREID, SD 57632

Signing Officer

Name
Brad Schuetzle
Title
Treasurer
Phone
7012263572
Signed
2023-05-13

Organization Details

Principal Officer
Brad Schuetzle
Formed
1990
Legal Domicile
Sd
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
Kohlman Bierschbach & Anderson Llp
Address
210 EAST GRAND CROSSING, MOBRIDGE, SD 57601-0460
Preparer
Christine Olsen
Phone
6058453658
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The herreid economic development corporation's mission is to promote, assist, encourage and develop the business and economic prosperity in herreid, south dakota and the surrounding area. To encourage new industries and to rehabilitate existing industries, and to promote the agricultural and business development of herreid, south dakota and the surrounding area; to secure grants and other funds in aid of said purposes, and to promote and provide jobs for individuals in herreid, south dakota.”

Form 990, Page 2, Part III, Line 4D

“The herreid economic development corporation's mission is to promote, assist, encourage and develop the business and economic prosperity in herreid, south dakota and the surrounding area. To encourage new industries and to rehabilitate existing industries, and to promote the agricultural and business development of herreid, south dakota and the surrounding area; to secure grants and other funds in aid of said purposes, and to promote and provide jobs for individuals in herreid, south dakota.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE HERREID ECONOMIC DEVELOPMENT CORPORATION'S MISSION IS TO PROMOTE, ASSIST, ENCOURAGE AND DEVELOP THE BUSINESS AND ECONOMIC PROSPERITY IN HERREID, SOUTH DAKOTA AND THE SURROUNDING AREA. TO ENCOURAGE NEW INDUSTRIES AND TO REHABILITATE EXISTING INDUSTRIES, AND TO PROMOTE THE AGRICULTURAL AND BUSINESS DEVELOPMENT OF HERREID, SOUTH DAKOTA AND THE SURROUNDING AREA; TO SECURE GRANTS AND OTHER FUNDS IN AID OF SAID PURPOSES, AND TO PROMOTE AND PROVIDE JOBS FOR INDIVIDUALS IN HERREID, SOUTH DAKOTA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE HERREID ECONOMIC DEVELOPMENT CORPORATION'S MISSION IS TO PROMOTE, ASSIST, ENCOURAGE AND DEVELOP THE BUSINESS AND ECONOMIC PROSPERITY IN HERREID, SOUTH DAKOTA AND THE SURROUNDING AREA. TO ENCOURAGE NEW INDUSTRIES AND TO REHABILITATE EXISTING INDUSTRIES, AND TO PROMOTE THE AGRICULTURAL AND BUSINESS DEVELOPMENT OF HERREID, SOUTH DAKOTA AND THE SURROUNDING AREA; TO SECURE GRANTS AND OTHER FUNDS IN AID OF SAID PURPOSES, AND TO PROMOTE AND PROVIDE JOBS FOR INDIVIDUALS IN HERREID, SOUTH DAKOTA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt0548162
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IRS990/TotalAssetsGrp/EOYAmt0548162
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt056248
IRS990/TotalFunctionalExpensesGrp/TotalAmt056248
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
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IRS990/TotalLiabilitiesGrp/EOYAmt00
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0548162
IRS990/TotalProgramServiceExpensesAmt056248
IRS990/TotalProgramServiceRevenueAmt012200
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt017212
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt017212
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0587198
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0548162
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0PO BOX 24
IRS990/USAddress/CityNm0HERREID
IRS990/USAddress/StateAbbreviationCd0SD
IRS990/USAddress/ZIPCd057632
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BRAD SCHUETZLE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum07012263572
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HERREID ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessNameControlTxt0HERR
ReturnHeader/Filer/EIN0460412223
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 22
ReturnHeader/Filer/USAddress/CityNm0HERREID
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SD
ReturnHeader/Filer/USAddress/ZIPCd057632
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460283230
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KOHLMAN BIERSCHBACH & ANDERSON LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0210 EAST GRAND CROSSING
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MOBRIDGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0576010460
ReturnHeader/PreparerPersonGrp/PhoneNum06058453658
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHRISTINE OLSEN
ReturnHeader/ReturnTs02024-05-14T17:19:11-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BRAD
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SCHWARTZ
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$548,162
Liabilities
$0
Net assets
$548,162
Revenue
$17,212
Expenses
$56,248
Net income
-$39,036
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.43$0.00$5.43$0.16$0.21$0.05
2023Detailed filing. Detailed filing data is available for this year.$5.48$0.00$5.48$0.17$0.56$0.39
2022Detailed filing. Detailed filing data is available for this year.$5.87$0.00$5.87$0.17$0.23$0.07
2021Detailed filing. Detailed filing data is available for this year.$5.94$0.00$5.94$0.14$0.13$0.01
2020Detailed filing. Detailed filing data is available for this year.$5.93$0.00$5.93$1.08$0.18$0.90
2019Detailed filing. Detailed filing data is available for this year.$5.08$0.00$5.08$0.13$0.05$0.09
2018Detailed filing. Detailed filing data is available for this year.$5.34$0.00$5.34$0.87$0.22$0.65