Civic Intelligence

West River Foundation for Economic and Community Development

990 • Fiscal year 2020 • EIN 46-0457322

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 04, 2020

Organization ProfileWRBSC.COM
PO Box 605Sturgis, SD 57785

(605) 347-4467

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.77x

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

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

10.63x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Net Margin

87th percentile

27%

Higher net margin than 87% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

10th percentile

$81,030

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 8.0% of source-year revenue.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Asset Growth

38th percentile

2.1%

Faster asset growth than 38% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

67th percentile

-0.6%

Faster revenue growth than 67% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$14,027,655

Up $290,876 (+2.1%) from 2019

Net Assets

Up

$3,224,896

Up $251,048 (+8.4%) from 2019

Liabilities

Up

$10,802,759

Up $39,828 (+0.4%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin87th percentile

Revenue

Down

$1,016,538

Down $6,168 (-0.6%) from 2019

Expenses

Up

$738,974

Up $87,983 (+14%) from 2019

Net Income

Down

$277,564

Down $94,151 (-25%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth38th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $10,754,637Liabilities 2010: $8,435,178Net Assets 2010: $2,319,4592010Assets 2011: $11,092,909Liabilities 2011: $8,771,495Net Assets 2011: $2,321,4142011Assets 2012: $11,211,208Liabilities 2012: $8,715,080Net Assets 2012: $2,496,1282012Assets 2013: $11,442,119Liabilities 2013: $9,061,530Net Assets 2013: $2,380,5892013Assets 2014: $11,752,096Liabilities 2014: $10,285,504Net Assets 2014: $1,466,5922014Assets 2015: $11,499,774Liabilities 2015: $10,144,532Net Assets 2015: $1,355,2422015Assets 2016: $12,435,705Liabilities 2016: $10,443,421Net Assets 2016: $1,992,2842016Assets 2017: $13,437,628Liabilities 2017: $11,000,027Net Assets 2017: $2,437,6012017Assets 2018: $13,326,544Liabilities 2018: $10,740,752Net Assets 2018: $2,585,7922018Assets 2019: $13,736,779Liabilities 2019: $10,762,931Net Assets 2019: $2,973,8482019Assets 2020: $14,027,655Liabilities 2020: $10,802,759Net Assets 2020: $3,224,8962020Assets 2021: $14,736,771Liabilities 2021: $10,788,448Net Assets 2021: $3,948,3232021Assets 2022: $14,301,798Liabilities 2022: $9,995,648Net Assets 2022: $4,306,1502022Assets 2023: $14,321,627Liabilities 2023: $9,844,606Net Assets 2023: $4,477,0212023Assets 2024: $14,994,827Liabilities 2024: $9,826,671Net Assets 2024: $5,168,1562024Assets 2025: $17,713,506Liabilities 2025: $9,563,003Net Assets 2025: $8,150,5032025

Highlighted filing

2020

Assets$14,027,655
Liabilities$10,802,759
Net Assets$3,224,896
Open 2020 Filing

Operations Trend

Revenue Growth67th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $625,3842010Revenue 2011: $745,371Expenses 2011: $779,378Net Income 2011: -$34,0072011Expenses 2012: $577,7092012Expenses 2013: $738,0612013Revenue 2014: $940,479Expenses 2014: $876,743Net Income 2014: $63,7362014Revenue 2015: $729,274Expenses 2015: $840,479Net Income 2015: -$111,2052015Revenue 2016: $1,083,712Expenses 2016: $461,391Net Income 2016: $622,3212016Revenue 2017: $1,156,353Expenses 2017: $707,197Net Income 2017: $449,1562017Revenue 2018: $982,984Expenses 2018: $839,785Net Income 2018: $143,1992018Revenue 2019: $1,022,706Expenses 2019: $650,991Net Income 2019: $371,7152019Revenue 2020: $1,016,538Expenses 2020: $738,974Net Income 2020: $277,5642020Revenue 2021: $1,456,019Expenses 2021: $829,123Net Income 2021: $626,8962021Revenue 2022: $1,281,942Expenses 2022: $887,576Net Income 2022: $394,3662022Revenue 2023: $1,108,456Expenses 2023: $922,205Net Income 2023: $186,2512023Revenue 2024: $1,791,804Expenses 2024: $930,370Net Income 2024: $861,4342024Revenue 2025: $4,721,424Expenses 2025: $1,691,342Net Income 2025: $3,030,0822025

Highlighted filing

2020

Revenue$1,016,538
Expenses$738,974
Net Income$277,564
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 4, 2020
Return Version
2019v5.1
Gross Receipts
$2,490,228
Mission and Program Overview

Mission

To recruit businesses from other states & to expand in-state business including administering an economic development & relending program.

To recruit businesses from other states and to expand in-state business including administering an economic development and relending program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$10,838,938$10,353,053▼ $485,885
Savings and Temporary Cash Investments$1,205,287$1,676,858▲ $471,571
Cash and Non-Interest-Bearing Accounts$1,011,604$1,342,282▲ $330,678
Investments in Publicly Traded Securities$388,086$327,906▼ $60,180
Accounts Receivable$188,293$187,338▼ $955
Total Assets$13,736,779$14,027,655▲ $290,876
Other Assets Total$104,571$140,218▲ $35,647
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,560,123$9,552,740▼ $7,383
Other Liabilities$1,107,152$1,117,313▲ $10,161
Accounts Payable and Accrued Expenses$95,656$132,706▲ $37,050
Total Liabilities$10,762,931$10,802,759▲ $39,828
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,973,848$3,224,896▲ $251,048
Total Net Assets Fund Balance$2,973,848$3,224,896▲ $251,048
Total Liabilities and Net Assets / Fund Balance$13,736,779$14,027,655▲ $290,876
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ronald RosenboomExecutive DirectorPT$39,800$41,230$81,030
Donald AndersenPresident-$4,000-$4,000
Myron SullivanPast President-$4,000-$4,000
Shirley HalversonTreasurer-$4,000-$4,000
Tim CrawfordVice President-$4,000-$4,000
William TermesSecretary-$4,000-$4,000

Board Members and Trustees

NameTitle
James DoolittleDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$937,386
Investment Income
$35,814
Other Revenue
$43,338
Change in Net Assets
$277,564

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,016,538
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-26,516
Total Revenue per Audited Statements
$990,022
Total Revenue per Form 990
$1,016,538
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$600,595
Salaries, Compensation, and Employee Benefits$122,879
Grants and Similar Amounts Paid$15,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other---$264,921
Interest---$84,288
Current Officers, Directors, Trustees, and Key Employees---$64,600
Other Salaries and Wages---$50,245
Fees for Services Accounting---$28,464
Travel---$15,158
Grants to Domestic Orgs---$15,000
Fees for Services Legal---$8,166
Payroll Taxes---$8,034
Other Expenses---$2,800
All Other Expenses---$1,648
Office Expenses---$1,154
Grants to Domestic Individuals---$500
Total Functional Expenses$0$0$0$738,974

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$738,974
Total Expenses per Audited Statements$738,974
Total Expenses per Form 990$738,974
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Sd Governors Office of Economic DevelopmentPierre, SDGovernmentEconomic Development$15,000
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held for Others$1,117,313
Governance and Compliance

Governance Checklist

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

“Form 990 is prepared by an independent cpa and reviewed and approved by the executive director prior to filing. The board reviews the form 990 annually.”

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

“Any conflicts of interest are reported to the board of directors for discussion and appropriate action.”

Form 990, Part VI, Section B, Line 15

“All employee compensation is reviewed and approved by the board of directors.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon written request.”

Filing and Contact Details

Filer

Filer Name
West River Foundation for Economic and
EIN
46-0457322
Phone
6053474467
Address
PO BOX 605, STURGIS, SD 57785

Signing Officer

Name
Ronald Rosenboom
Title
Executive Director
Phone
6053474467
Signed
2020-12-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ronald Rosenboom
Formed
2000
Legal Domicile
Sd
Voting Board Members
5
Independent Board Members
5
Employees
4
Volunteers
0

Preparer

Firm
Casey Peterson Ltd
Address
909 ST JOSEPH ST STE 101, RAPID CITY, SD 57701
Preparer
Deidre Budahl CPA
Phone
6053481930
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract services 264,921.”

Financial Statement Notes

PART X, LINE 2:

“As of june 30, 2020, the foundation had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The foundation's income tax filings are subject to audit by various taxing authorities. The foundation is no longer subject to federal and state income tax examinations by taxing authorities for years before 2017. Management continually evaluates expiring statutes of limitation, audits, proposed settlements, changes in tax law, and new authoritative rulings. The foundation believes their estimates are appropriate based on current facts and circumstances. Interest and penalties assessed by income taxing authorities, if any, are included in interest expense.”

Raw XML AppendixShowing 400 of 409 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AS OF JUNE 30, 2020, THE FOUNDATION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE FOUNDATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. THE FOUNDATION IS NO LONGER SUBJECT TO FEDERAL AND STATE INCOME TAX EXAMINATIONS BY TAXING AUTHORITIES FOR YEARS BEFORE 2017. MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATION, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW, AND NEW AUTHORITATIVE RULINGS. THE FOUNDATION BELIEVES THEIR ESTIMATES ARE APPROPRIATE BASED ON CURRENT FACTS AND CIRCUMSTANCES. INTEREST AND PENALTIES ASSESSED BY INCOME TAXING AUTHORITIES, IF ANY, ARE INCLUDED IN INTEREST EXPENSE.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS PREPARED BY AN INDEPENDENT CPA AND REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR PRIOR TO FILING. THE BOARD REVIEWS THE FORM 990 ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANY CONFLICTS OF INTEREST ARE REPORTED TO THE BOARD OF DIRECTORS FOR DISCUSSION AND APPROPRIATE ACTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL EMPLOYEE COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONTRACT SERVICES 264,921.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$14,027,655
Liabilities
$10,802,759
Net assets
$3,224,896
Revenue
$1,016,538
Expenses
$738,974
Net income
$277,564
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$17.7$9.56$8.15$4.72$1.69$3.03
2024Detailed filing. Detailed filing data is available for this year.$15.0$9.83$5.17$1.79$0.93$0.86
2023Detailed filing. Detailed filing data is available for this year.$14.3$9.84$4.48$1.11$0.92$0.19
2022Detailed filing. Detailed filing data is available for this year.$14.3$10.00$4.31$1.28$0.89$0.39
2021Detailed filing. Detailed filing data is available for this year.$14.7$10.8$3.95$1.46$0.83$0.63
2020Detailed filing. Detailed filing data is available for this year.$14.0$10.8$3.22$1.02$0.74$0.28
2019Detailed filing. Detailed filing data is available for this year.$13.7$10.8$2.97$1.02$0.65$0.37
2018Detailed filing. Detailed filing data is available for this year.$13.3$10.7$2.59$0.98$0.84$0.14
2017Detailed filing. Detailed filing data is available for this year.$13.4$11.0$2.44$1.16$0.71$0.45
2016Detailed filing. Detailed filing data is available for this year.$12.4$10.4$1.99$1.08$0.46$0.62
2015Detailed filing. Detailed filing data is available for this year.$11.5$10.1$1.36$0.73$0.84$0.11
2014Detailed filing. Detailed filing data is available for this year.$11.8$10.3$1.47$0.94$0.88$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.4$9.06$2.38$0.74
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.2$8.72$2.50$0.58
2011Summary only. Only limited summary data is available for this year.$11.1$8.77$2.32$0.75$0.78$0.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$8.44$2.32$0.63