Civic Intelligence

Brookings Economic Development Corporation

990 • Fiscal year 2021 • EIN 46-0440746

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

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

26th percentile

0.02x

Higher debt load relative to assets than 26% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

40th percentile

0.13x

Higher debt load relative to revenue than 40% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

8th percentile

-14%

Higher net margin than 8% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

51st percentile

$139,380

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 16.8% of source-year revenue.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

15th percentile

-2.4%

Faster asset growth than 15% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

49th percentile

8.9%

Faster revenue growth than 49% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets26th percentile

Assets

Down

$4,223,331

Down $103,728 (-2.4%) from 2020

Net Assets

Down

$4,119,767

Down $114,915 (-2.7%) from 2020

Liabilities

Up

$103,564

Up $11,187 (+12%) from 2020

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin8th percentile

Revenue

Up

$828,178

Up $67,519 (+8.9%) from 2020

Expenses

Down

$943,093

Down $162,390 (-15%) from 2020

Net Income

Up

-$114,915

Up $229,909 (+67%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth15th 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

2021

Assets$4,223,331
Liabilities$103,564
Net Assets$4,119,767
Open 2021 Filing

Operations Trend

Revenue Growth49th 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

2021

Revenue$828,178
Expenses$943,093
Net Income-$114,915
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.1
Gross Receipts
$855,378
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
Savings and Temporary Cash Investments$1,635,771$1,994,619▲ $358,848
Land, Buildings, and Equipment, Net$1,747,472$1,668,828▼ $78,644
Cash and Non-Interest-Bearing Accounts$327,449$204,574▼ $122,875
Pledges and Grants Receivable$321,611$91,266▼ $230,345
Investments in Publicly Traded Securities$54,141$66,193▲ $12,052
Accounts Receivable$8,884$22,245▲ $13,361
Prepaid Expenses and Deferred Charges$7,645$19,645▲ $12,000
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$4,327,059$4,223,331▼ $103,728
Other Assets Total$224,086$155,961▼ $68,125
Liabilities
Accounts Payable and Accrued Expenses$35,127$63,814▲ $28,687
Other Liabilities$57,250$39,750▼ $17,500
Total Liabilities$92,377$103,564▲ $11,187
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,652,644$3,889,613▲ $236,969
Net Assets With Donor Restrictions$582,038$230,154▼ $351,884
Total Net Assets Fund Balance$4,234,682$4,119,767▼ $114,915
Total Liabilities and Net Assets / Fund Balance$4,327,059$4,223,331▼ $103,728

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,593,258$384,923$1,978,181
Equipment-$98,170$98,170
Land$75,570-$75,570
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Andrew SlossPrior CEOFT$131,491$7,889$139,380
Tim ReedInterim CEOFT$20,000-$20,000

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
$448,045
Program Service Revenue
$183,474
Investment Income
$8,078
Other Revenue
$188,581
All Other Contributions
$203,745
Change in Net Assets
$-114,915

Audited Revenue Reconciliation

Revenue per Audited Statements
$828,178
Total Revenue per Audited Statements
$828,178
Total Revenue per Form 990
$828,178
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$465,295
Salaries, Compensation, and Employee Benefits$275,586
Grants and Similar Amounts Paid$172,000
Professional Fundraising Fees$30,212
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$172,000
Current Officers, Directors, Trustees, and Key Employees---$131,491
Other Salaries and Wages---$91,869
Depreciation Depletion---$51,442
All Other Expenses---$45,303
Fees for Services Professional Fundraising---$30,212
Fees for Services Management---$30,000
Other Expenses---$27,489
Occupancy---$25,459
Fees for Services Lobbying---$25,400
Payroll Taxes---$20,541
Other Employee Benefits---$18,751
Fees for Services Accounting---$17,708
Fees for Services Other---$17,170
Insurance---$13,921
Pension Plan Contributions---$12,934
Fees for Services Legal---$7,065
Travel---$2,793
Total Functional Expenses$0$0$0$943,093

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$943,093
Total Expenses per Audited Statements$943,093
Total Expenses per Form 990$943,093
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
SDSU Growth PartnershipBrookings, SD-Pass-Through$120,000
Brookings Chamber of CommerceBrookings, SD-Events$34,000
Enterprise InstituteBrookings, SD-Entrepreneur Development$18,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$30,212
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$38,750
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
Daniel Scholl
Title
President
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1995
Legal Domicile
Sd
Voting Board Members
13
Independent Board Members
13
Employees
7

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/TitleTxt12Director
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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/OtherSalariesAndWagesGrp/TotalAmt091869
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt020541
IRS990/PensionPlanContributionsGrp/TotalAmt012934
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IRS990/PYContributionsGrantsAmt0188982
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IRS990/PYSalariesCompEmpBnftPaidAmt0478808
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IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
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IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt098170
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IRS990ScheduleI/RecipientTable/CashGrantAmt2120000
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,223,331
Liabilities
$103,564
Net assets
$4,119,767
Revenue
$828,178
Expenses
$943,093
Net income
-$114,915
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