Civic Intelligence

Brookings Economic Development Corporation

990 • Fiscal year 2023 • EIN 46-0440746

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

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

17th percentile

0.03x

Higher debt load relative to assets than 17% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

37th percentile

0.21x

Higher debt load relative to revenue than 37% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Net Margin

6th percentile

-23%

Higher net margin than 6% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

16th percentile

$103,662

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 13.3% of source-year revenue.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Asset Growth

18th percentile

-3.3%

Faster asset growth than 18% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

1st percentile

-73%

Faster revenue growth than 1% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets17th percentile

Assets

Down

$6,222,177

Down $209,948 (-3.3%) from 2022

Net Assets

Down

$6,057,160

Down $182,510 (-2.9%) from 2022

Liabilities

Down

$165,017

Down $27,438 (-14%) from 2022

Revenue And Expenses
Liabilities / Revenue37th percentileNet Margin6th percentile

Revenue

Down

$778,346

Down $2,118,923 (-73%) from 2022

Expenses

Up

$960,856

Up $183,490 (+24%) from 2022

Net Income

Down

-$182,510

Down $2,302,413 (-109%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth18th 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

2023

Assets$6,222,177
Liabilities$165,017
Net Assets$6,057,160
Open 2023 Filing

Operations Trend

Revenue Growth1st 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

2023

Revenue$778,346
Expenses$960,856
Net Income-$182,510
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$778,346
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$2,160,220$2,424,632▲ $264,412
Land, Buildings, and Equipment, Net$1,631,473$1,578,811▼ $52,662
Pledges and Grants Receivable$1,890,557$1,426,223▼ $464,334
Cash and Non-Interest-Bearing Accounts$415,876$471,321▲ $55,445
Accounts Receivable$80,797$104,325▲ $23,528
Investments in Publicly Traded Securities$59,676$69,558▲ $9,882
Prepaid Expenses and Deferred Charges$17,379$30,488▲ $13,109
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$6,432,125$6,222,177▼ $209,948
Other Assets Total$176,147$116,819▼ $59,328
Liabilities
Accounts Payable and Accrued Expenses$112,418$99,950▼ $12,468
Other Liabilities$80,037$65,067▼ $14,970
Total Liabilities$192,455$165,017▼ $27,438
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,052,770$4,261,255▲ $208,485
Net Assets With Donor Restrictions$2,186,900$1,795,905▼ $390,995
Total Net Assets Fund Balance$6,239,670$6,057,160▼ $182,510
Total Liabilities and Net Assets / Fund Balance$6,432,125$6,222,177▼ $209,948

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,503,241$489,639$1,992,880
Land$75,570-$75,570
Equipment-$42,793$42,793
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tim ReedCEOFT$94,123$9,539$103,662

Board Members and Trustees

NameTitle
Daniel SchollPast President
Victoria BlatchfordPresident
Tom FishbackVice President
Amanda Ver HelstDirector
Andy JohnsonDirector
Angela BoersmaDirector
Carla GatzkeDirector
Curt LundquistDirector
Don GreinerDirector
Mike BartleyDirector
Nick WendellDirector
Randy HansonDirector
Sean BinkerDirector
Steve CarnesDirector
Tim HarveyDirector
Justin GraySec/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$273,350
Program Service Revenue
$270,136
Investment Income
$42,996
Other Revenue
$191,864
All Other Contributions
$23,350
Change in Net Assets
$-182,510

Audited Revenue Reconciliation

Revenue per Audited Statements
$778,346
Total Revenue per Audited Statements
$778,346
Total Revenue per Form 990
$778,346
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$421,694
Grants and Similar Amounts Paid$357,215
Salaries, Compensation, and Employee Benefits$179,532
Professional Fundraising Fees$2,415
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$357,215
Current Officers, Directors, Trustees, and Key Employees---$103,662
Fees for Services Management---$64,677
Depreciation Depletion---$52,662
Office Expenses---$52,560
Fees for Services Lobbying---$35,000
Other Salaries and Wages---$26,914
Fees for Services Accounting---$24,911
Other Employee Benefits---$23,843
Payroll Taxes---$15,882
Advertising---$14,591
Other Expenses---$14,261
Pension Plan Contributions---$9,231
Fees for Services Professional Fundraising---$2,415
All Other Expenses---$1,503
Insurance---$1,233
Fees for Services Legal---$939
Total Functional Expenses$0$0$0$960,856

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$960,856
Total Expenses per Audited Statements$960,856
Total Expenses per Form 990$960,856
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of BrookingsBrookings, SD-Interchange$216,215
Brookings Chamber of CommerceBrookings, SD-Events$70,000
Research Park at SDSUBrookings, SD-Campaign VB2027$36,000
Downtown BrookingsBrookings, SD-Downtown Brookings Master Plan Gran$35,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$2,415
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
Lease Liability$64,067
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, Section B, Line 11B

“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, Section B, Line 12C

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

Form 990, Part VI, Section C, Line 19

“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
Tim Reed
Title
CEO
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
1995
Legal Domicile
Sd
Voting Board Members
13
Independent Board Members
13
Employees
5

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/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Past President
IRS990/Form990PartVIISectionAGrp/TitleTxt14Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt15President
IRS990/Form990PartVIISectionAGrp/TitleTxt16Sec/Treasurer
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OtherExpensesGrp/Desc3Dues and Subscriptions
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IRS990/OtherRevenueMiscGrp/Desc1Management Income
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IRS990/OtherSalariesAndWagesGrp/TotalAmt026914
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt015882
IRS990/PensionPlanContributionsGrp/TotalAmt09231
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt01890557
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1169000
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1169000
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IRS990/PYGrantsAndSimilarPaidAmt061000
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IRS990/PYOtherRevenueAmt0185382
IRS990/PYProgramServiceRevenueAmt0164000
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IRS990ScheduleC/OnlyInHouseLobbyingInd0false
IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0489639
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt042793
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IRS990ScheduleD/ExpensesSubtotalAmt0960856
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Lease Liability
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IRS990ScheduleD/TotalExpensesPerForm990Amt0960856
IRS990ScheduleD/TotalLiabilityAmt065067
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IRS990ScheduleI/RecipientTable/CashGrantAmt070000
IRS990ScheduleI/RecipientTable/CashGrantAmt1216215
IRS990ScheduleI/RecipientTable/CashGrantAmt235000
IRS990ScheduleI/RecipientTable/CashGrantAmt336000
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt20
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt30
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Events
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Interchange

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$6,222,177
Liabilities
$165,017
Net assets
$6,057,160
Revenue
$778,346
Expenses
$960,856
Net income
-$182,510
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