Civic Intelligence

Rural Electric Economic Development Inc

EIN 46-0445496 • 501(c)3 • Madison, SD

Profile

To provide financing and leverage investments in communities in rural areas to make a difference in the region.

PO Box 227Madison, SD 57042

reedfund.coop

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

54th percentile

0.29x

Higher debt load relative to assets than 54% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

87th percentile

2.46x

Higher debt load relative to revenue than 87% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

97th percentile

86%

Higher net margin than 97% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

67th percentile

11%

Faster asset growth than 67% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

96th percentile

175%

Faster revenue growth than 96% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$54,378,901

Up $5,467,660 (+11%) from 2023

Liabilities

Up

$15,562,689

Up $41,936 (+0.3%) from 2023

Net Assets

Up

$38,816,212

Up $5,425,724 (+16%) from 2023

Revenue

Up

$6,325,435

Up $4,027,871 (+175%) from 2023

Expenses

Up

$899,711

Up $32,263 (+3.7%) from 2023

Net Income

Up

$5,425,724

Up $3,995,608 (+279%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $24,346,244Liabilities 2010: $11,330,390Net Assets 2010: $13,015,8542010Assets 2011: $27,143,248Liabilities 2011: $12,342,087Net Assets 2011: $14,801,1612011Assets 2012: $25,073,730Liabilities 2012: $10,119,402Net Assets 2012: $14,954,3282012Assets 2013: $26,931,010Liabilities 2013: $10,310,045Net Assets 2013: $16,620,9652013Assets 2014: $28,195,722Liabilities 2014: $10,117,990Net Assets 2014: $18,077,7322014Assets 2015: $29,777,077Liabilities 2015: $9,918,883Net Assets 2015: $19,858,1942015Assets 2016: $32,879,744Liabilities 2016: $11,234,120Net Assets 2016: $21,645,6242016Assets 2017: $35,985,832Liabilities 2017: $12,171,996Net Assets 2017: $23,813,8362017Assets 2018: $36,256,567Liabilities 2018: $11,303,872Net Assets 2018: $24,952,6952018Assets 2019: $42,150,501Liabilities 2019: $15,898,402Net Assets 2019: $26,252,0992019Assets 2020: $43,569,158Liabilities 2020: $14,801,530Net Assets 2020: $28,767,6282020Assets 2021: $44,957,084Liabilities 2021: $14,526,665Net Assets 2021: $30,430,4192021Assets 2022: $46,728,426Liabilities 2022: $14,768,054Net Assets 2022: $31,960,3722022Assets 2023: $48,911,241Liabilities 2023: $15,520,753Net Assets 2023: $33,390,4882023Assets 2024: $54,378,901Liabilities 2024: $15,562,689Net Assets 2024: $38,816,2122024

Highlighted filing

2024

Assets$54,378,901
Liabilities$15,562,689
Net Assets$38,816,212

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $1,519,0422010Expenses 2011: $749,6202011Revenue 2012: $877,505Expenses 2012: $724,338Net Income 2012: $153,1672012Revenue 2013: $2,282,177Expenses 2013: $615,540Net Income 2013: $1,666,6372013Revenue 2014: $2,057,592Expenses 2014: $600,825Net Income 2014: $1,456,7672014Revenue 2015: $2,322,253Expenses 2015: $541,791Net Income 2015: $1,780,4622015Revenue 2016: $2,374,759Expenses 2016: $587,329Net Income 2016: $1,787,4302016Revenue 2017: $2,580,518Expenses 2017: $812,306Net Income 2017: $1,768,2122017Revenue 2018: $2,097,404Expenses 2018: $958,545Net Income 2018: $1,138,8592018Revenue 2019: $2,354,510Expenses 2019: $1,055,106Net Income 2019: $1,299,4042019Revenue 2020: $3,809,917Expenses 2020: $1,341,774Net Income 2020: $2,468,1432020Revenue 2021: $2,458,763Expenses 2021: $795,972Net Income 2021: $1,662,7912021Revenue 2022: $2,362,102Expenses 2022: $832,149Net Income 2022: $1,529,9532022Revenue 2023: $2,297,564Expenses 2023: $867,448Net Income 2023: $1,430,1162023Revenue 2024: $6,325,435Expenses 2024: $899,711Net Income 2024: $5,425,7242024

Highlighted filing

2024

Revenue$6,325,435
Expenses$899,711
Net Income$5,425,724

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$54.4$15.6$38.8$6.33$0.90$5.43
2023Detailed filing. Detailed filing data is available for this year.$48.9$15.5$33.4$2.30$0.87$1.43
2022Detailed filing. Detailed filing data is available for this year.$46.7$14.8$32.0$2.36$0.83$1.53
2021Detailed filing. Detailed filing data is available for this year.$45.0$14.5$30.4$2.46$0.80$1.66
2020Detailed filing. Detailed filing data is available for this year.$43.6$14.8$28.8$3.81$1.34$2.47
2019Detailed filing. Detailed filing data is available for this year.$42.2$15.9$26.3$2.35$1.06$1.30
2018Detailed filing. Detailed filing data is available for this year.$36.3$11.3$25.0$2.10$0.96$1.14
2017Detailed filing. Detailed filing data is available for this year.$36.0$12.2$23.8$2.58$0.81$1.77
2016Detailed filing. Detailed filing data is available for this year.$32.9$11.2$21.6$2.37$0.59$1.79
2015Detailed filing. Detailed filing data is available for this year.$29.8$9.92$19.9$2.32$0.54$1.78
2014Detailed filing. Detailed filing data is available for this year.$28.2$10.1$18.1$2.06$0.60$1.46
2013Detailed filing. Detailed filing data is available for this year.$26.9$10.3$16.6$2.28$0.62$1.67
2012Summary only. Only limited summary data is available for this year.$25.1$10.1$15.0$0.88$0.72$0.15
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.1$12.3$14.8$0.75
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.3$11.3$13.0$1.52
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 23, 2025
Return Version
2024v5.2
Gross Receipts
$6,325,435
Mission and Program Overview

Mission

To provide financing and leverage investments in communities in rural areas to make a difference in the region.

Administration of a rural economic development loan program to stimulate economic growth.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$37,408,042$41,199,772▲ $3,791,730
Savings and Temporary Cash Investments$7,185,065$9,383,572▲ $2,198,507
Pledges and Grants Receivable$4,086,836$3,527,708▼ $559,128
Investments Other Securities$157,812$167,709▲ $9,897
Investments Program Related$67,738$90,184▲ $22,446
Prepaid Expenses and Deferred Charges$5,748$9,956▲ $4,208
Total Assets$48,911,241$54,378,901▲ $5,467,660
Liabilities
Unsecured Notes Loans Payable$8,878,537$8,834,606▼ $43,931
Mortgage Notes Payable Secured by Investment Property$6,490,829$6,557,571▲ $66,742
Accounts Payable and Accrued Expenses$151,387$170,512▲ $19,125
Total Liabilities$15,520,753$15,562,689▲ $41,936
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$24,682,605$30,547,457▲ $5,864,852
Net Assets With Donor Restrictions$8,707,883$8,268,755▼ $439,128
Total Net Assets Fund Balance$33,390,488$38,816,212▲ $5,425,724
Total Liabilities and Net Assets / Fund Balance$48,911,241$54,378,901▲ $5,467,660
Compensation and Service Providers

Board Members and Trustees

NameTitle
Russell GallChairperson
Jennifer StryhnVice Chair
Chad FeldermanDirector
Chad KinsleyDirector
Char HagerDirector
Chris LarsonDirector
Dave EidieDirector
Dave PageDirector
Deeanne NorrisDirector
Dick JohnsonDirector
Jay SpaansDirector
Jeff BirkelandDirector
Jeremy HuhnstockDirector
Jordan LambDirector
Ken SchlimgenDirector
Luke JohnsonDirector
Matt KleinDirector
Matthew HotzlerDirector
Ron HormanDirector
Scott MooreDirector
Stephanie HorstDirector
TIM O'LEARYDirector
Tim MccarthyDirector
Jeremy LindemanDirector (beg Sep)
Tim McintyreDirector (end Sep)
Mike JaspersAdministrator
Evan BuckmillerSecretary
Chris StuderTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
East River Electric Power CooperativeAdministrative Services211 S HARTH AVE PO BOX 227, Madison, SD 57042$613,436
Revenue and Support

Revenue Composition

Contributions and Grants
$4,606,000
Program Service Revenue
$1,621,382
Investment Income
$98,053
Other Revenue
$0
All Other Contributions
$4,006,000
Change in Net Assets
$5,425,724

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,325,435
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$43,642
Total Revenue per Audited Statements
$6,369,077
Total Revenue per Form 990
$6,325,435
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$899,711
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
Interest$288,783--$288,783
Fees for Services Management-$66,663-$66,663
Fees for Services Accounting-$33,951-$33,951
Fees for Services Other$10,333--$10,333
Office Expenses$6,091--$6,091
Fees for Services Legal-$5,841-$5,841
Conferences and Meetings$3,151$1,029-$4,180
Insurance-$3,694-$3,694
Other Expenses$870$10-$880
Total Functional Expenses$619,415$280,296$0$899,711

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$943,353
Expenses per Audited Statements$899,711
Total Expenses per Form 990$899,711
Expenses Not Reported on Form 990$43,642
Expenses Not Reported on Financial Statements$0
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
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 1A

The loan committee is comprised of seven members of the board of directors and two alternates, officers of the corporation, on a rotating basis. Each member serves a two-year term. The committee is authorized to consider and approve loans and loan modifications under $350,000. Six participants are required for a quorum. Minutes of the loan committee are forwarded to the board for the record. The board may create an executive committee of five (5) or more directors, including the chairman and vice chairman. The board of directors shall establish the members of which by resolution for such purposes as considered necessary and proper.

Form 990, Part VI, Section A, Line 3

In its memorandum of understanding with east river electric power cooperative, rural electric economic development (reed) lists that the business development director of east river electric will serve as administrator for reed. Mike jaspers currently serves in this role and was paid by east river electric $61,097 in compensation and $5,556 in benefits during 2024 for services provided to rural electric economic development, inc.

Form 990, Part VI, Section A, Line 6

Members consist of electric cooperatives. Each electric cooperative member has a seat on the board and has one vote. The seat is filled by the general manager or designee of the member cooperative. If a general manager is shared by more than one cooperative, the general manager will have one vote for each cooperative.

Form 990, Part VI, Section B, Line 11B

Upon completion of rural electric economic development inc's 990, the return will be posted to the secure area of the website for the directors, officers, and management's review. Any questions or concerns will be addressed, and the 990 will be filed with the irs.

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

Board members are required to disclose any conflict of interest in regard to any loan that is made. If any board member has a conflict, then the loan application is not issued.

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST.

Filing and Contact Details

Filer

Filer Name
Rural Electric Economic Development Inc
EIN
46-0445496
Phone
6052564536
Address
PO BOX 227, MADISON, SD 57042

Signing Officer

Name
Mike Jaspers
Title
Administrator
Phone
6052564536
Signed
2025-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Russell Gall
Formed
1997
Legal Domicile
Sd
Voting Board Members
26
Independent Board Members
26
Employees
0
Volunteers
26

Preparer

Firm
Eide Bailly Llp
Address
345 N REID PL STE 400, SIOUX FALLS, SD 57103-7034
Preparer
Laurie Hanson CPA
Phone
6053391999
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization believes it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if such interest and penalties are incurred.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Provision for credit losses 43,642.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Provision for credit losses 43,642.

Raw XML AppendixShowing 400 of 590 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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