Civic Intelligence

West River Foundation for Economic and Community Development

990 • Fiscal year 2019 • EIN 46-0457322

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 14, 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

0.78x

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

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

10.52x

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

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Net Margin

92nd percentile

36%

Higher net margin than 92% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

10th percentile

$72,030

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 7.0% of source-year revenue.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Asset Growth

36th percentile

3.1%

Faster asset growth than 36% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

56th percentile

4.0%

Faster revenue growth than 56% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$13,736,779

Up $410,235 (+3.1%) from 2018

Net Assets

Up

$2,973,848

Up $388,056 (+15%) from 2018

Liabilities

Up

$10,762,931

Up $22,179 (+0.2%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin92nd percentile

Revenue

Up

$1,022,706

Up $39,722 (+4.0%) from 2018

Expenses

Down

$650,991

Down $188,794 (-22%) from 2018

Net Income

Up

$371,715

Up $228,516 (+160%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth36th 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

2019

Assets$13,736,779
Liabilities$10,762,931
Net Assets$2,973,848
Open 2019 Filing

Operations Trend

Revenue Growth56th 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

2019

Revenue$1,022,706
Expenses$650,991
Net Income$371,715
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 14, 2020
Return Version
2018v3.1
Gross Receipts
$1,797,846
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$9,891,942$10,838,938▲ $946,996
Savings and Temporary Cash Investments$1,128,139$1,205,287▲ $77,148
Cash and Non-Interest-Bearing Accounts$1,688,784$1,011,604▼ $677,180
Investments in Publicly Traded Securities$390,616$388,086▼ $2,530
Accounts Receivable$189,433$188,293▼ $1,140
Loans From Officers Directors$105,600$0▼ $105,600
Total Assets$13,326,544$13,736,779▲ $410,235
Other Assets Total$37,630$104,571▲ $66,941
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,445,869$9,560,123▲ $114,254
Other Liabilities$1,107,152$1,107,152→ $0
Accounts Payable and Accrued Expenses$82,131$95,656▲ $13,525
Total Liabilities$10,740,752$10,762,931▲ $22,179
Net Assets / Fund Balance
Unrestricted Net Assets$2,585,792$2,973,848▲ $388,056
Total Net Assets Fund Balance$2,585,792$2,973,848▲ $388,056
Total Liabilities and Net Assets / Fund Balance$13,326,544$13,736,779▲ $410,235
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ronald RosenboomExecutive DirectorPT$35,000$37,030$72,030
Donald AndersenVice President-$4,000-$4,000
Myron SullivanPresident-$4,000-$4,000
Shirley HalversonTreasurer-$4,000-$4,000
Tim CrawfordDirector-$4,000-$4,000
William TermesSecretary-$4,000-$4,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$987,025
Investment Income
$28,216
Other Revenue
$7,465
Change in Net Assets
$371,715

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,022,706
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$16,341
Total Revenue per Audited Statements
$1,039,047
Total Revenue per Form 990
$1,022,706
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$522,147
Salaries, Compensation, and Employee Benefits$113,844
Grants and Similar Amounts Paid$15,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other---$128,064
Interest---$91,134
Current Officers, Directors, Trustees, and Key Employees---$55,000
Other Salaries and Wages---$51,830
Fees for Services Accounting---$26,494
Fees for Services Legal---$25,130
Travel---$15,291
Grants to Domestic Orgs---$15,000
Payroll Taxes---$7,014
Other Expenses---$2,611
All Other Expenses---$2,020
Office Expenses---$60
Total Functional Expenses$0$0$0$650,991

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$650,991
Total Expenses per Audited Statements$650,991
Total Expenses per Form 990$650,991
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$105,600$0▼ $105,600
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held for Others$1,107,152
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 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
2020-01-14
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
3
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 128,064.”

Financial Statement Notes

PART X, LINE 2:

“As of june 30, 2019, 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 2016. 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 407 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, 2019, 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 2016. 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 128,064.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
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IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,736,779
Liabilities
$10,762,931
Net assets
$2,973,848
Revenue
$1,022,706
Expenses
$650,991
Net income
$371,715
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