Civic Intelligence

Brookings Economic Development Corporation

990 • Fiscal year 2020 • EIN 46-0440746

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 21, 2021

Organization Profilewww.brookingsedc.com

View Organization Page

2301 Research Park Way Suite 113Brookings, SD 57006

(605) 697-8103

Siviq Scores

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

Liabilities / Assets

24th percentile

0.02x

Higher debt load relative to assets than 24% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

39th percentile

0.12x

Higher debt load relative to revenue than 39% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Net Margin

4th percentile

-45%

Higher net margin than 4% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

58th percentile

$167,439

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 22.0% of source-year revenue.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Asset Growth

17th percentile

-7.2%

Faster asset growth than 17% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

29th percentile

-19%

Faster revenue growth than 29% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets24th percentile

Assets

Down

$4,327,059

Down $335,956 (-7.2%) from 2019

Net Assets

Down

$4,234,682

Down $344,824 (-7.5%) from 2019

Liabilities

Up

$92,377

Up $8,868 (+11%) from 2019

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin4th percentile

Revenue

Down

$760,659

Down $178,132 (-19%) from 2019

Expenses

Down

$1,105,483

Down $114,476 (-9.4%) from 2019

Net Income

Down

-$344,824

Down $63,656 (-23%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $1,267,174Liabilities 2011: $515,638Net Assets 2011: $751,5362011Assets 2012: $1,551,558Liabilities 2012: $411,084Net Assets 2012: $1,140,4742012Assets 2013: $2,022,507Liabilities 2013: $23,338Net Assets 2013: $1,999,1692013Assets 2014: $3,484,050Liabilities 2014: $299,598Net Assets 2014: $3,184,4522014Assets 2015: $3,851,851Liabilities 2015: $390,151Net Assets 2015: $3,461,7002015Assets 2016: $5,394,226Liabilities 2016: $114,079Net Assets 2016: $5,280,1472016Assets 2017: $5,121,845Liabilities 2017: $60,870Net Assets 2017: $5,060,9752017Assets 2018: $4,956,290Liabilities 2018: $95,616Net Assets 2018: $4,860,6742018Assets 2019: $4,663,015Liabilities 2019: $83,509Net Assets 2019: $4,579,5062019Assets 2020: $4,327,059Liabilities 2020: $92,377Net Assets 2020: $4,234,6822020Assets 2021: $4,223,331Liabilities 2021: $103,564Net Assets 2021: $4,119,7672021Assets 2022: $6,432,125Liabilities 2022: $192,455Net Assets 2022: $6,239,6702022Assets 2023: $6,222,177Liabilities 2023: $165,017Net Assets 2023: $6,057,1602023Assets 2024: $6,035,353Liabilities 2024: $290,471Net Assets 2024: $5,744,8822024

Highlighted filing

2020

Assets$4,327,059
Liabilities$92,377
Net Assets$4,234,682
Open 2020 Filing

Operations Trend

Revenue Growth29th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $724,1222011Expenses 2012: $667,8552012Revenue 2013: $1,315,888Expenses 2013: $847,193Net Income 2013: $468,6952013Revenue 2014: $2,158,684Expenses 2014: $973,401Net Income 2014: $1,185,2832014Revenue 2015: $1,581,842Expenses 2015: $1,304,594Net Income 2015: $277,2482015Revenue 2016: $3,270,815Expenses 2016: $1,452,368Net Income 2016: $1,818,4472016Revenue 2017: $893,617Expenses 2017: $1,112,789Net Income 2017: -$219,1722017Revenue 2018: $939,800Expenses 2018: $1,140,101Net Income 2018: -$200,3012018Revenue 2019: $938,791Expenses 2019: $1,219,959Net Income 2019: -$281,1682019Revenue 2020: $760,659Expenses 2020: $1,105,483Net Income 2020: -$344,8242020Revenue 2021: $828,178Expenses 2021: $943,093Net Income 2021: -$114,9152021Revenue 2022: $2,897,269Expenses 2022: $777,366Net Income 2022: $2,119,9032022Revenue 2023: $778,346Expenses 2023: $960,856Net Income 2023: -$182,5102023Revenue 2024: $861,551Expenses 2024: $1,186,019Net Income 2024: -$324,4682024

Highlighted filing

2020

Revenue$760,659
Expenses$1,105,483
Net Income-$344,824
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 21, 2021
Return Version
2020v4.0
Gross Receipts
$760,659
Mission and Program Overview

Mission

Dedicated to serve the Brookings Area by enhancing the economic well-being of the City of Brookings and its surrounding areas and to improve its quality of life and prosperity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,807,757$1,747,472▼ $60,285
Savings and Temporary Cash Investments$1,541,653$1,635,771▲ $94,118
Cash and Non-Interest-Bearing Accounts$262,615$327,449▲ $64,834
Pledges and Grants Receivable$638,056$262,270▼ $375,786
Investments in Publicly Traded Securities$50,137$54,141▲ $4,004
Accounts Receivable$11,143$8,884▼ $2,259
Prepaid Expenses and Deferred Charges$25,743$7,645▼ $18,098
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$4,663,015$4,327,059▼ $335,956
Other Assets Total$325,911$283,427▼ $42,484
Liabilities
Other Liabilities$58,500$57,250▼ $1,250
Accounts Payable and Accrued Expenses$25,009$35,127▲ $10,118
Total Liabilities$83,509$92,377▲ $8,868
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,704,310$3,652,644▼ $51,666
Net Assets With Donor Restrictions$875,196$582,038▼ $293,158
Total Net Assets Fund Balance$4,579,506$4,234,682▼ $344,824
Total Liabilities and Net Assets / Fund Balance$4,663,015$4,327,059▼ $335,956

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,666,151$345,903$2,012,054
Equipment$5,751$132,317$138,068
Land$75,570-$75,570
Other Assets Org$224,086--
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Allan HeutonPast Exec DireFT$157,961$9,478$167,439
Andrew SlossExecutive DirectorFT$45,257$2,715$47,972

Board Members and Trustees

NameTitle
Dan HansenPast President
Carla GatzkePresident
Daniel SchollVice President
Andi FoubergDirector
Andy JohnsonDirector
Angela BoersmaDirector
Curt LundquistDirector
Dick PetersonDirector
Kevin TetzlaffDirector
Nick WendellDirector
Randy HansonDirector
Tim HarveyDirector
Tim ReedDirector
Victoria BlatchfordDirector
Mark HydeSec/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$188,982
Program Service Revenue
$398,268
Investment Income
$10,840
Other Revenue
$162,569
All Other Contributions
$188,982
Change in Net Assets
$-344,824

Audited Revenue Reconciliation

Revenue per Audited Statements
$760,659
Total Revenue per Audited Statements
$760,659
Total Revenue per Form 990
$760,659
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$478,808
Other Expenses$465,675
Grants and Similar Amounts Paid$161,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$203,218
Other Salaries and Wages---$184,398
Grants to Domestic Orgs$161,000--$161,000
Payroll Taxes---$91,192
All Other Expenses---$71,056
Depreciation Depletion---$60,285
Other Expenses---$39,957
Fees for Services Lobbying---$30,080
Office Expenses---$28,622
Insurance---$9,329
Fees for Services Other---$7,377
Travel---$3,712
Total Functional Expenses$161,000$0$0$1,105,483

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,105,483
Total Expenses per Audited Statements$1,105,483
Total Expenses per Form 990$1,105,483
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
SDSU Growth PartnershipBrookings, SD-Pass-Through$120,000
Enterprise InstituteBrookings, SD-Entrepreneur Development$36,000
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
In-house lobbying only
No
Subject to proxy tax
Yes
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable$56,250
Deposit Payable$1,000
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The financial statements and tax returns are submitted to the Board of Directors for review and approval, which may or may not occur prior to the filing of the completed tax returns.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization monitors and enforces any conflicts that may arise.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Brookings Economic Development
EIN
46-0440746
Phone
6056978103
Address
2301 Research Park Way Suite 113, Brookings, SD 57006

Signing Officer

Name
Andrew Sloss
Title
Executive Director
Signed
2021-09-21
Discuss with paid preparer
Yes

Organization Details

Formed
1995
Legal Domicile
Sd
Voting Board Members
13
Independent Board Members
13
Employees
6

Preparer

Firm
Kinner & Company Ltd
Address
404 3rd Ave PO Box 690, Brookings, SD 57006
Preparer
Nathan Kinner
Phone
6056922515
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IRS990/Form990PartVIISectionAGrp/TitleTxt13Past President
IRS990/Form990PartVIISectionAGrp/TitleTxt14President
IRS990/Form990PartVIISectionAGrp/TitleTxt15Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt16Sec/Treasurer
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IRS990/InsuranceGrp/TotalAmt09329
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IRS990/MissionDesc0Dedicated to serve the Brookings Area by enhancing the economic well-being of the City of Brookings and its surrounding areas and to improve its quality of life and prosperity.
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IRS990/OtherExpensesGrp/Desc1Marketing
IRS990/OtherExpensesGrp/Desc2Program Management
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IRS990/OtherExpensesGrp/TotalAmt149507
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IRS990/OtherRevenueMiscGrp/Desc2Services
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IRS990/OtherSalariesAndWagesGrp/TotalAmt0184398
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt091192
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0638056
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0262270
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07645
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1364523
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IRS990/PYContributionsGrantsAmt0293389
IRS990/PYGrantsAndSimilarPaidAmt0167000
IRS990/PYInvestmentIncomeAmt028190
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IRS990/PYOtherExpensesAmt0624845
IRS990/PYOtherRevenueAmt0205380
IRS990/PYProgramServiceRevenueAmt0411832
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IRS990/PYTotalRevenueAmt0938791
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IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01666151
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0345903
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02012054
IRS990ScheduleD/EquipmentGrp/BookValueAmt05751
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0132317
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0138068
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt075570
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt059341
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1224086
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Current Portion Note Rec
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt156250
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt01747472
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0283427
IRS990ScheduleD/TotalExpensesPerForm990Amt01105483
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IRS990ScheduleD/TotalRevenuePerForm990Amt0760659
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01105483
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IRS990ScheduleI/RecipientTable/CashGrantAmt036000
IRS990ScheduleI/RecipientTable/CashGrantAmt1120000
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Entrepreneur Development

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,327,059
Liabilities
$92,377
Net assets
$4,234,682
Revenue
$760,659
Expenses
$1,105,483
Net income
-$344,824
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.04$0.29$5.74$0.86$1.19$0.32
2023Detailed filing. Detailed filing data is available for this year.$6.22$0.17$6.06$0.78$0.96$0.18
2022Detailed filing. Detailed filing data is available for this year.$6.43$0.19$6.24$2.90$0.78$2.12
2021Detailed filing. Detailed filing data is available for this year.$4.22$0.10$4.12$0.83$0.94$0.11
2020Detailed filing. Detailed filing data is available for this year.$4.33$0.09$4.23$0.76$1.11$0.34
2019Detailed filing. Detailed filing data is available for this year.$4.66$0.08$4.58$0.94$1.22$0.28
2018Detailed filing. Detailed filing data is available for this year.$4.96$0.10$4.86$0.94$1.14$0.20
2017Detailed filing. Detailed filing data is available for this year.$5.12$0.06$5.06$0.89$1.11$0.22
2016Detailed filing. Detailed filing data is available for this year.$5.39$0.11$5.28$3.27$1.45$1.82
2015Detailed filing. Detailed filing data is available for this year.$3.85$0.39$3.46$1.58$1.30$0.28
2014Detailed filing. Detailed filing data is available for this year.$3.48$0.30$3.18$2.16$0.97$1.19
2013Detailed filing. Detailed filing data is available for this year.$2.02$0.02$2.00$1.32$0.85$0.47
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.41$1.14$0.67
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.27$0.52$0.75$0.72