Civic Intelligence

West River Foundation for Economic and Community Development

990 • Fiscal year 2024 • EIN 46-0457322

Jul 01, 2023 to Jun 30, 2024 • Filed on Jan 29, 2025

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

87th percentile

0.66x

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

2024 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

5.48x

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

2024 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2024

Net Margin

95th percentile

48%

Higher net margin than 95% of similar nonprofits.

2024 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

10th percentile

$88,778

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2024 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2024

Asset Growth

44th percentile

4.7%

Faster asset growth than 44% of similar nonprofits.

2024 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

94th percentile

62%

Faster revenue growth than 94% of similar nonprofits.

2024 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$14,994,827

Up $673,200 (+4.7%) from 2023

Net Assets

Up

$5,168,156

Up $691,135 (+15%) from 2023

Liabilities

Down

$9,826,671

Down $17,935 (-0.2%) from 2023

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin95th percentile

Revenue

Up

$1,791,804

Up $683,348 (+62%) from 2023

Expenses

Up

$930,370

Up $8,165 (+0.9%) from 2023

Net Income

Up

$861,434

Up $675,183 (+363%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth44th 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

2024

Assets$14,994,827
Liabilities$9,826,671
Net Assets$5,168,156
Open 2024 Filing

Operations Trend

Revenue Growth94th 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

2024

Revenue$1,791,804
Expenses$930,370
Net Income$861,434
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 29, 2025
Return Version
2023v6.0
Gross Receipts
$1,791,804
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$11,207,837$11,548,945▲ $341,108
Savings and Temporary Cash Investments$1,395,120$1,580,679▲ $185,559
Cash and Non-Interest-Bearing Accounts$653,021$768,974▲ $115,953
Investments in Publicly Traded Securities$521,151$561,118▲ $39,967
Accounts Receivable$194,716$184,234▼ $10,482
Total Assets$14,321,627$14,994,827▲ $673,200
Other Assets Total$349,782$350,877▲ $1,095
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,542,296$8,508,891▼ $33,405
Other Liabilities$1,117,313$1,103,999▼ $13,314
Accounts Payable and Accrued Expenses$184,997$213,781▲ $28,784
Total Liabilities$9,844,606$9,826,671▼ $17,935
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$2,653,421▲ $2,653,421
Net Assets Without Donor Restrictions$4,477,021$2,514,735▼ $1,962,286
Total Net Assets Fund Balance$4,477,021$5,168,156▲ $691,135
Total Liabilities and Net Assets / Fund Balance$14,321,627$14,994,827▲ $673,200
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ronald RosenboomExecutive DirectorPT$44,600$44,178$88,778
Donald AndersenPresident-$4,000$4,000$8,000
James DoolittleDirector-$4,000$4,000$8,000
Shirley HalversonTreasurer-$4,000$4,000$8,000
Tim CrawfordVice President-$4,000$4,000$8,000
William TermesSecretary-$4,000$4,000$8,000

Highest Paid Contractors

ContractorServicesLocationCompensation
West River FoundationAdministrative FeesPO BOX 605, Sturgis, SD 57785$236,250
Revenue and Support

Revenue Composition

Contributions and Grants
$742,048
Program Service Revenue
$980,187
Investment Income
$69,566
Other Revenue
$3
Change in Net Assets
$861,434

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,791,804
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$44,471
Total Revenue per Audited Statements
$1,836,275
Total Revenue per Form 990
$1,791,804
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$733,513
Salaries, Compensation, and Employee Benefits$175,357
Grants and Similar Amounts Paid$21,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other---$303,329
Other Salaries and Wages---$94,031
Interest---$85,795
Current Officers, Directors, Trustees, and Key Employees---$69,600
Fees for Services Accounting---$38,991
Grants to Domestic Orgs---$19,000
Payroll Taxes---$11,726
Insurance---$10,000
Other Expenses---$8,110
Travel---$7,746
Office Expenses---$7,360
Fees for Services Legal---$4,403
Grants to Domestic Individuals---$2,500
Total Functional Expenses$0$0$0$930,370

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$930,370
Total Expenses per Audited Statements$930,370
Total Expenses per Form 990$930,370
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
SD GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENTPierre, SDGovernment2023 GOVERNOR'S HUNT SPONSORSHIP$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$1,103,999
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 consistent with the organization's conflict of interest policy.”

Form 990, Part VI, Section B, Line 15

“Executive director compensation is reviewed and approved by the board of directors. 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
2025-01-29
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
Kayla Giesey CPA
Phone
6053481930
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract services 303,329.”

Financial Statement Notes

PART X, LINE 2:

“As of june 30, 2024, 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 2021. 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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FUNDS HELD FOR OTHERS
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01791804
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AS OF JUNE 30, 2024, 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 2021. 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalRevenuePerForm990Amt01791804
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01836275
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0930370
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt015000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0GOVERNMENT
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt02023 GOVERNOR'S HUNT SPONSORSHIP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0SD GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/RecipientEIN0466000364
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0711 E WELLS AVE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0PIERRE
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0AWARDS AND SCHOLARSHIPS ARE AWARDED BASED ON ELIGIBILITY CRITERIA SET FORTH BY THE ORGANIZATION.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
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 CONSISTENT WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EXECUTIVE DIRECTOR COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. ALL EMPLOYEE COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONTRACT SERVICES 303,329.
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
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0SD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0IMPROVE EDUCATIONAL, ORGANIZATIONAL, AND ECONOMIC RESOURCES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 605
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0STURGIS
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0425454
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH PAID
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0WEST RIVER FOUNDATION
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IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/BOYAmt014321627
IRS990/TotalAssetsGrp/EOYAmt014994827
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IRS990/TotalContributionsAmt0742048
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IRS990/TotalVolunteersCnt00
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IRS990/WebsiteAddressTxt0HTTPS://WRBSC.COM/
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0SD
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460403496

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,994,827
Liabilities
$9,826,671
Net assets
$5,168,156
Revenue
$1,791,804
Expenses
$930,370
Net income
$861,434
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