Civic Intelligence

Downtown Economic Development Incentive Fund Corporation

990 • Fiscal year 2013 • EIN 46-0438409

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 12, 2014

230 S Phillips Ave No 10257104

(605) 338-4009

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2013

Liabilities / Revenue

47th percentile

0.00x

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

2013 filings • 501(c)6 • <$500k nonprofits • Source year 2013

Net Margin

2nd percentile

-177%

Higher net margin than 2% of similar nonprofits.

2013 filings • 501(c)6 • <$500k nonprofits • Source year 2013

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2013

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2013 filings • 501(c)6 • <$500k nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Down

$0

Down $323,672 (-100%) from 2012

Net Assets

Down

$0

Down $323,672 (-100%) from 2012

Liabilities

Flat

$0

Flat from 2012

Revenue

$7,039

No earlier filing loaded for comparison.

Expenses

Down

$19,532

Down $277 (-1.4%) from 2012

Net Income

-$12,493

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$400K$300K$200K$100K$0Assets 2010: $331,884Liabilities 2010: $0Net Assets 2010: $331,8842010Assets 2011: $309,651Liabilities 2011: $0Net Assets 2011: $309,6512011Assets 2012: $323,672Liabilities 2012: $0Net Assets 2012: $323,6722012Assets 2013: $0Liabilities 2013: $0Net Assets 2013: $02013

Highlighted filing

2013

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

$40K$20K$0-$20KExpenses 2010: $37,8432010Expenses 2011: $33,7532011Expenses 2012: $19,8092012Revenue 2013: $7,039Expenses 2013: $19,532Net Income 2013: -$12,4932013

Highlighted filing

2013

Revenue$7,039
Expenses$19,532
Net Income-$12,493
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 12, 2014
Return Version
2013v3.0
Gross Receipts
$7,039
Mission and Program Overview

Mission

To provide economic incentives for downtown sioux falls. To encourage, promote and assist the growth, development and location of business concerns including small business, the creation of new and improved job opportunities, the reduction of unemployment and the betterment of individual and community prosperity within the downtown area of sioux falls, south dakota.

To provide economic incentives for downtown sioux falls.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$323,672$0▼ $323,672
Savings and Temporary Cash Investments$193,212$0▼ $193,212
Other Notes and Loans Receivable, Net$130,460$0▼ $130,460
Cash and Non-Interest-Bearing Accounts-$0-
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$323,672$0▼ $323,672
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$323,672$0▼ $323,672
Total Liabilities and Net Assets / Fund Balance$323,672$0▼ $323,672
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Jason DennisonPresident-$79,013$79,013
Debra KavanaughStaff AccountantPT$30,011$30,011

Board Members and Trustees

NameTitle
Paula BrownChair
Terri SchuverPast Chair
Dave KrollVice Chair
Deann EcholsDirector
Elizabeth LewisDirector
James KruegerDirector
Julie GrossmanDirector
Larry TollDirector
Nancy SavageDirector
Robert BakerDirector
Scott GullicksonDirector
Steve JervikDirector
Suzy Collignon-hodgenDirector
Laurie KnutsonSecretary
John HenkhausTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,763
Investment Income
$276
Other Revenue
$0
Change in Net Assets
$-12,493
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,532
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 Management---$15,000
Fees for Services Accounting---$4,532
Total Functional Expenses$0$0$0$19,532
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Downtown sioux falls, inc. Provides management services. Downtown economic development incentive fund (dedif) paid $15,000 to downtown sioux falls for management services in 2013.

Form 990, Part VI, Section A, Line 4

Downtown economic development incentive fund (dedif) dissolved as of december 31, 2013 and all assets were transferred to downtown sioux falls, inc. As of december 31, 2013. Dedif's by-laws were amended and articles of dissolution were filed with the state of south dakota.

Form 990, Part VI, Section A, Line 8B

Committees are advisory in nature only and recommendations from the committees must be brought to the full board for approval. No committees have authority to act on behalf of the board.

Form 990, Part VI, Section B, Line 11

The president and staff accountant complete a detailed review of the form 990 prior to filing with the irs.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy covers board members, officers and members of a committee with governing board delegated powers. A request is made annually for all board members to disclose any potential conflict of interest. The board makes a determination of whether there is a conflict of interest and if so, implements the procedure for evaluating the issue or transaction involved. The board member, officer, or committee member with the conflict must refrain from voting.

Form 990, Part VI, Section C, Line 19

These documents are available upon request.

Filing and Contact Details

Filer

EIN
46-0438409
Phone
6053384009

Signing Officer

Name
Jason Dennison
Title
President
Phone
6053384009
Signed
2014-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Dennison
Formed
1992
Legal Domicile
Sd
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
25

Preparer

Preparer
Beatrice Skyberg
Phone
6053391999
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

Downtown economic development incentive fund (dedif) dissolved as of december 31, 2013 and all assets were transferred to downtown sioux falls, inc. As of december 31, 2013.

FORM 990, PART XI, LINE 9:

Transfer of assets to downtown sioux falls, inc. -311,179.

Financial Statement Notes

PART X, LINE 2:

The corporation adopted the provisions of fasb asc topic asc 740-10, income taxes, on january 1, 2009. The implementation of this standard had no impact on the financial statements. As of both the date of adoption, and as of december 31, 2013, there was no unrecognized tax accrual. The corporation would recognize future accrued interest and penalties related to unrecognized tax provisions in income tax expense if incurred. Generally, the corporation is no longer subject to federal examinations by tax authorities for years before 2010.

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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt06763
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt030
IRS990/PYOtherExpensesAmt019809
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt033800
IRS990/PYRevenuesLessExpensesAmt014021
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt019809
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt033830
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-12493
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0323672
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0193212
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION ADOPTED THE PROVISIONS OF FASB ASC TOPIC ASC 740-10, INCOME TAXES, ON JANUARY 1, 2009. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE FINANCIAL STATEMENTS. AS OF BOTH THE DATE OF ADOPTION, AND AS OF DECEMBER 31, 2013, THERE WAS NO UNRECOGNIZED TAX ACCRUAL. THE CORPORATION WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX PROVISIONS IN INCOME TAX EXPENSE IF INCURRED. GENERALLY, THE CORPORATION IS NO LONGER SUBJECT TO FEDERAL EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2010.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990/ScheduleJRequiredInd00
IRS990ScheduleN/AssetsDistributedInd01
IRS990ScheduleN/AttorneyGeneralNotifiedInd01
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd00
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0CASH - CHECKING AND SAVINGS ACCOUNT
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1NOTES RECEIVABLE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine10DOWNTOWN SIOUX FALLS INC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine11DOWNTOWN SIOUX FALLS INC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02013-12-06
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12013-12-31
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0363627217
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN1363627217
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt0230747
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt180432
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(C)(4)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt1501(C)(4)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0ACTUAL ACCOUNT AMOUNT
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt1ACTUAL NOTES RECEIVABLE, NET AS OF 12-31-2013
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine10230 S PHILLIPS AVENUE 102
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine11230 S PHILLIPS AVENUE 102
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/City0SIOUX FALLS
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/City1SIOUX FALLS
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/State0SD
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/State1SD
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCode057104
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCode157104
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd01
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0ALL OF THE BOARD MEMBERS OF DOWNTOWN ECONOMIC DEVELOPMENT INCENTIVE FUND CORPORATION ARE ON THE BOARD OF DOWNTOWN SIOUX FALLS, INC.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCHEDULE N, PART I, LINE 2
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DOWNTOWN ECONOMIC DEVELOPMENT INCENTIVE FUND (DEDIF) DISSOLVED AS OF DECEMBER 31, 2013 AND ALL ASSETS WERE TRANSFERRED TO DOWNTOWN SIOUX FALLS, INC. AS OF DECEMBER 31, 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DOWNTOWN SIOUX FALLS, INC. PROVIDES MANAGEMENT SERVICES. DOWNTOWN ECONOMIC DEVELOPMENT INCENTIVE FUND (DEDIF) PAID $15,000 TO DOWNTOWN SIOUX FALLS FOR MANAGEMENT SERVICES IN 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOWNTOWN ECONOMIC DEVELOPMENT INCENTIVE FUND (DEDIF) DISSOLVED AS OF DECEMBER 31, 2013 AND ALL ASSETS WERE TRANSFERRED TO DOWNTOWN SIOUX FALLS, INC. AS OF DECEMBER 31, 2013. DEDIF'S BY-LAWS WERE AMENDED AND ARTICLES OF DISSOLUTION WERE FILED WITH THE STATE OF SOUTH DAKOTA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMMITTEES ARE ADVISORY IN NATURE ONLY AND RECOMMENDATIONS FROM THE COMMITTEES MUST BE BROUGHT TO THE FULL BOARD FOR APPROVAL. NO COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PRESIDENT AND STAFF ACCOUNTANT COMPLETE A DETAILED REVIEW OF THE FORM 990 PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CONFLICT OF INTEREST POLICY COVERS BOARD MEMBERS, OFFICERS AND MEMBERS OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS. A REQUEST IS MADE ANNUALLY FOR ALL BOARD MEMBERS TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST. THE BOARD MAKES A DETERMINATION OF WHETHER THERE IS A CONFLICT OF INTEREST AND IF SO, IMPLEMENTS THE PROCEDURE FOR EVALUATING THE ISSUE OR TRANSACTION INVOLVED. THE BOARD MEMBER, OFFICER, OR COMMITTEE MEMBER WITH THE CONFLICT MUST REFRAIN FROM VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7TRANSFER OF ASSETS TO DOWNTOWN SIOUX FALLS, INC. -311,179.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10DOWNTOWN SIOUX FALLS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0363627217
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(4)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0SD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO UPGRADE AND ENHANCE THE VITALITY OF DOWNTOWN SIOUX FALLS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine10230 S PHILLIPS AVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/City0SIOUX FALLS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/State0SD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCode057104
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0311178
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0MARKET VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine10DOWNTOWN SIOUX FALLS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0R
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd01
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd01
IRS990/TotalAssetsBOYAmt0323672
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt0323672
IRS990/TotalAssetsGrp/EOYAmt00

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