Civic Intelligence

Rural Electric Economic Development Inc.

990 • Fiscal year 2015 • EIN 46-0445496

Jan 01, 2015 to Dec 31, 2015 • Filed on Oct 04, 2016

PO Box 227Madison, SD 57042

(605) 256-4536

Siviq Scores

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

Liabilities / Assets

55th percentile

0.33x

Higher debt load relative to assets than 55% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

93rd percentile

4.27x

Higher debt load relative to revenue than 93% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

97th percentile

77%

Higher net margin than 97% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

66th percentile

5.6%

Faster asset growth than 66% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

72nd percentile

13%

Faster revenue growth than 72% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Up

$29,777,077

Up $1,581,355 (+5.6%) from 2014

Net Assets

Up

$19,858,194

Up $1,780,462 (+9.8%) from 2014

Liabilities

Down

$9,918,883

Down $199,107 (-2.0%) from 2014

Revenue

Up

$2,322,253

Up $264,661 (+13%) from 2014

Expenses

Down

$541,791

Down $59,034 (-9.8%) from 2014

Net Income

Up

$1,780,462

Up $323,695 (+22%) from 2014

Historical Trend

Balance Sheet Trend

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

$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

2015

Assets$29,777,077
Liabilities$9,918,883
Net Assets$19,858,194

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2015

Revenue$2,322,253
Expenses$541,791
Net Income$1,780,462
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Oct 4, 2016
Return Version
2015v2.1
Gross Receipts
$2,322,253
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$16,269,477$13,552,619▼ $2,716,858
Savings and Temporary Cash Investments$7,696,540$11,216,550▲ $3,520,010
Pledges and Grants Receivable$3,608,505$4,291,358▲ $682,853
Investments Other Securities$581,678$684,972▲ $103,294
Investments Program Related$38,934$31,050▼ $7,884
Prepaid Expenses and Deferred Charges$588$528▼ $60
Total Assets$28,195,722$29,777,077▲ $1,581,355
Liabilities
Unsecured Notes Loans Payable$5,580,000$5,580,000→ $0
Mortgage Notes Payable Secured by Investment Property$4,362,026$4,157,534▼ $204,492
Accounts Payable and Accrued Expenses$175,964$181,349▲ $5,385
Total Liabilities$10,117,990$9,918,883▼ $199,107
Net Assets / Fund Balance
Unrestricted Net Assets$11,604,857$12,509,466▲ $904,609
Temporarily Rstr Net Assets$3,608,505$4,291,358▲ $682,853
Permanently Rstr Net Assets$2,864,370$3,057,370▲ $193,000
Total Net Assets Fund Balance$18,077,732$19,858,194▲ $1,780,462
Total Liabilities and Net Assets / Fund Balance$28,195,722$29,777,077▲ $1,581,355
Compensation and Service Providers

Board Members and Trustees

NameTitle
Daniel WebsterChairperson
John GorsVice Chair
Brad SchardinDirector
Char HagerDirector
Clayton HalversonDirector
Dave EideDirector
Evan BuckmillerDirector
Ken SchlimgenDirector
Ken Van ZeeDirector
Kory JohnsonDirector
Matthew HotzlerDirector
Merlin GoehringDirector
Ralph MorseDirector
Rodney HaagDirector
Russell GallDirector
Scott MooreDirector
Steve AhlesDirector
TIM O'LEARYDirector
Tim MccarthyDirector
Tim McintyreDirector
Deeann NewvilleSecretary
Greg HollisterTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
East River Electric Power CoopAdministrative Services211 S HARTH AVENUE, Madison, SD 57042$315,037
Revenue and Support

Revenue Composition

Contributions and Grants
$1,574,650
Program Service Revenue
$723,183
Investment Income
$24,420
Other Revenue
$0
All Other Contributions
$9,650
Change in Net Assets
$1,780,462

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,322,253
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,322,253
Total Revenue per Form 990
$2,322,253
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$534,507
Grants and Similar Amounts Paid$7,284
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$178,471--$178,471
Fees for Services Accounting-$10,627-$10,627
Fees for Services Other$10,036--$10,036
Office Expenses$5,715$1,905-$7,620
Grants to Domestic Orgs$7,284--$7,284
Insurance-$5,247-$5,247
Fees for Services Legal-$1,978-$1,978
Other Expenses$1,063$78,975-$1,063
Conferences and Meetings-$38-$38
Total Functional Expenses$443,021$98,770$0$541,791

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$541,791
Total Expenses per Audited Statements$541,791
Total Expenses per Form 990$541,791
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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 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
No

Governance Explanations

Form 990, Part VI, Section A, Line 1

The loan committee is comprised of 7 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 members of which shall be established by the board of directors by resolution for such purposes as considered necessary and proper.

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.

Form 990, Part VI, Section B, Line 11

Upon completion of rural electric economic development inc's 990, the return will be posted to the secure area of the web site 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
Greg Hollister
Title
Treasurer
Phone
6052564536
Signed
2016-10-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Webster
Formed
1997
Legal Domicile
Sd
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
25

Preparer

Firm
Eide Bailly Llp
Address
200 EAST 10TH ST PO BOX 5125, SIOUX FALLS, SD 57117-5125
Preparer
Laurie Hanson
Phone
6053391999
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization is a not-for-profit organization exempt from income taxes under section 501(c)(3) of the internal revenue code. The organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the organization is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. The state of south dakota does not have an income tax. 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 incurred.

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
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IRS990/InvestmentIncomeGrp/ExclusionAmt024420
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt024420
IRS990/InvestmentInJointVentureInd01
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0684972
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IRS990/LegalDomicileStateCd0SD
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE FINANCING AND LEVERAGE INVESTMENTS IN COMMUNITIES IN RURAL AREAS TO MAKE A DIFFERENCE IN THE REGION.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt04362026
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IRS990/OtherExpensesGrp/Desc0ADMINISTRATIVE COSTS
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IRS990/OtherExpensesGrp/Desc2LOAN APPLICATION/SRVCE
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IRS990/OtherExpensesGrp/ProgramServicesAmt0236927
IRS990/OtherExpensesGrp/ProgramServicesAmt13525
IRS990/OtherExpensesGrp/ProgramServicesAmt21063
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IRS990/OtherExpensesGrp/TotalAmt13525
IRS990/OtherExpensesGrp/TotalAmt21063
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PoliticalCampaignActyInd00
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt184482
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IRS990/PYGrantsAndSimilarPaidAmt04300
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IRS990/ReportOtherLiabilitiesInd00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt01564010
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt025960
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt01712250
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0707134
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0691559
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0795433
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0778232
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt03695541
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt024420
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt044443
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt044445
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IRS990ScheduleA/InvestmentIncomeCYPct00.01620
IRS990ScheduleA/InvestmentIncomePYPct00.01630
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus2YearsAmt0250997
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus3YearsAmt0351947
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus4YearsAmt0131735
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt01054745
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearAmt0124107
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus1YearAmt0195959
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus2YearsAmt0250997

Document Assets

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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