Civic Intelligence

Lake Preston Development Corporation

990 • Fiscal year 2023 • EIN 51-0199304

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 12, 2024

Organization ProfileN/A
PO Box 215Lake Preston, SD 57249

(651) 303-6987

Siviq Scores

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

Liabilities / Assets

38th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

39th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

92nd percentile

56%

Faster asset growth than 92% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

5th percentile

-56%

Faster revenue growth than 5% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$692,893

Up $248,417 (+56%) from 2022

Net Assets

Up

$692,893

Up $248,417 (+56%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin99th percentile

Revenue

Down

$129,653

Down $163,663 (-56%) from 2022

Expenses

Down

$3,210

Down $89,668 (-97%) from 2022

Net Income

Down

$126,443

Down $73,995 (-37%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$800K$600K$400K$200K$0Assets 2011: $246,098Liabilities 2011: $02011Assets 2012: $257,575Liabilities 2012: $02012Assets 2013: $272,554Liabilities 2013: $02013Assets 2014: $276,982Liabilities 2014: $02014Assets 2015: $299,576Liabilities 2015: $02015Assets 2017: $387,641Liabilities 2017: $59,100Net Assets 2017: $328,5412017Assets 2018: $381,677Liabilities 2018: $59,100Net Assets 2018: $322,5772018Assets 2020: $376,158Net Assets 2020: $376,1582020Assets 2021: $342,436Net Assets 2021: $342,4362021Assets 2022: $444,476Liabilities 2022: $0Net Assets 2022: $444,4762022Assets 2023: $692,893Liabilities 2023: $0Net Assets 2023: $692,8932023Assets 2024: $568,095Liabilities 2024: $0Net Assets 2024: $568,0952024

Highlighted filing

2023

Assets$692,893
Liabilities$0
Net Assets$692,893
Open 2023 Filing

Operations Trend

Revenue Growth5th percentile

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

$400K$200K$0-$200KRevenue 2011: $16,005Expenses 2011: $6,645Net Income 2011: $9,3602011Revenue 2012: $26,745Expenses 2012: $15,268Net Income 2012: $11,4772012Revenue 2013: $19,789Expenses 2013: $4,810Net Income 2013: $14,9792013Revenue 2014: $18,732Expenses 2014: $14,304Net Income 2014: $4,4282014Revenue 2015: $29,985Expenses 2015: $7,391Net Income 2015: $22,5942015Revenue 2017: $26,689Expenses 2017: $15,180Net Income 2017: $11,5092017Revenue 2018: $47,842Expenses 2018: $53,806Net Income 2018: -$5,9642018Revenue 2020: $41,410Expenses 2020: $10,735Net Income 2020: $30,6752020Revenue 2021: $51,204Expenses 2021: $84,926Net Income 2021: -$33,7222021Revenue 2022: $293,316Expenses 2022: $92,878Net Income 2022: $200,4382022Revenue 2023: $129,653Expenses 2023: $3,210Net Income 2023: $126,4432023Revenue 2024: $6,907Expenses 2024: $131,705Net Income 2024: -$124,7982024

Highlighted filing

2023

Revenue$129,653
Expenses$3,210
Net Income$126,443
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 12, 2024
Return Version
2023v5.0
Gross Receipts
$137,153
Mission and Program Overview

Mission

To promote assist encourage and develope the business and economic prosperity of Lake Preston SD and the surrounding area. To encourage new industry to rehabilitate existing industries and to promote the agricUltural and recreational development of Lake Preston and surrounding areas.

To promote, assist, encourage, and develop the business and economic prosperity of lake preston, sd, and the surrounding area. To encourage new industry to rehabilitate existing industries, and to promote the agricultural and recreational development of lake preston, sd, and surrounding areas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$130,508$330,600▲ $200,092
Cash and Non-Interest-Bearing Accounts$258,970$289,811▲ $30,841
Savings and Temporary Cash Investments$54,998$55,856▲ $858
Other Notes and Loans Receivable, Net-$16,626-
Total Assets$444,476$692,893▲ $248,417
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$444,476$692,893▲ $248,417
Total Net Assets Fund Balance$444,476$692,893▲ $248,417
Total Liabilities and Net Assets / Fund Balance$444,476$692,893▲ $248,417

Asset Categories

AssetBook ValueDepreciationBasis
Land$330,600--
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Luke SmithPresident
Donna BumanMember
Jake SmithMember
Joan WolschlagerMember
Morgan LarsonMember
Paul CasperMember
Shane OdegaardMember
Zach HascheMember
Jaryn HuthSecretary
Zach HuthTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$125,000
Program Service Revenue
$0
Investment Income
$1,294
Other Revenue
$3,359
All Other Contributions
$120,000
Change in Net Assets
$126,443
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,210
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
Fees for Services Accounting$2,158--$2,158
Insurance$257--$257
Other Expenses$80--$80
Total Functional Expenses$3,210$0$0$3,210
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Lake Preston Development
EIN
51-0199304
Phone
6513036987
Address
PO BOX 215, LAKE PRESTON, SD 57249

Signing Officer

Name
Zach Huth
Title
Treasurer
Phone
6513036987
Signed
2024-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Zach Huth
Formed
1977
Legal Domicile
Sd
Voting Board Members
10
Independent Board Members
10
Employees
0

Preparer

Firm
Vrs Pc
Address
520 3RD AVE SUITE 1, BROOKINGS, SD 57006-2822
Preparer
Chad M Vilhauer
Phone
6056928425
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To promote, assist, encourage, and develop the business and economic prosperity of lake preston, sd, and the surrounding area. To encourage new industry to rehabilitate existing industries, and to promote the agricultural and recreational development of lake preston, sd, and surrounding areas.”

Form 990, Part XI, Line 9

“Loan fund account 101,430 note receivable, cafe 20,535 rounding adjustment 9 total 121,974 the organization has a bank account that is used to provide loans to local businesses, along with an existing note receivable from one of those loans, that were not previously reported on the tax return. Making an adjustment to recognize those assets.”

Raw XML Appendix316 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROMOTE, ASSIST, ENCOURAGE, AND DEVELOP THE BUSINESS AND ECONOMIC PROSPERITY OF LAKE PRESTON, SD, AND THE SURROUNDING AREA. TO ENCOURAGE NEW INDUSTRY TO REHABILITATE EXISTING INDUSTRIES, AND TO PROMOTE THE AGRICULTURAL AND RECREATIONAL DEVELOPMENT OF LAKE PRESTON, SD, AND SURROUNDING AREAS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3LOAN FUND ACCOUNT 101,430 NOTE RECEIVABLE, CAFE 20,535 ROUNDING ADJUSTMENT 9 TOTAL 121,974 THE ORGANIZATION HAS A BANK ACCOUNT THAT IS USED TO PROVIDE LOANS TO LOCAL BUSINESSES, ALONG WITH AN EXISTING NOTE RECEIVABLE FROM ONE OF THOSE LOANS, THAT WERE NOT PREVIOUSLY REPORTED ON THE TAX RETURN. MAKING AN ADJUSTMENT TO RECOGNIZE THOSE ASSETS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0444476
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0692893
IRS990/TotalProgramServiceExpensesAmt03210
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04653
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0129653
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0444476
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0692893
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0307 PARK AVE S
IRS990/USAddress/CityNm0LAKE PRESTON
IRS990/USAddress/StateAbbreviationCd0SD
IRS990/USAddress/ZIPCd057249
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ZACH HUTH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06513036987
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LAKE PRESTON DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LAKE
ReturnHeader/Filer/EIN0510199304
ReturnHeader/Filer/PhoneNum06513036987
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 215
ReturnHeader/Filer/USAddress/CityNm0LAKE PRESTON
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460414067
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0VRS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0520 3RD AVE SUITE 1
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BROOKINGS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0570062822
ReturnHeader/PreparerPersonGrp/PhoneNum06056928425
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHAD M VILHAUER
ReturnHeader/ReturnTs02024-11-13T11:12:57-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$692,893
Liabilities
$0
Net assets
$692,893
Revenue
$129,653
Expenses
$3,210
Net income
$126,443
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.68$0.00$5.68$0.07$1.32$1.25
2023Detailed filing. Detailed filing data is available for this year.$6.93$0.00$6.93$1.30$0.03$1.26
2022Detailed filing. Detailed filing data is available for this year.$4.44$0.00$4.44$2.93$0.93$2.00
2021Detailed filing. Detailed filing data is available for this year.$3.42$3.42$0.51$0.85$0.34
2020Detailed filing. Detailed filing data is available for this year.$3.76$3.76$0.41$0.11$0.31
2018Detailed filing. Detailed filing data is available for this year.$3.82$0.59$3.23$0.48$0.54$0.06
2017Detailed filing. Detailed filing data is available for this year.$3.88$0.59$3.29$0.27$0.15$0.12
2015Summary only. Only limited summary data is available for this year.$3.00$0.00$0.30$0.07$0.23
2014Summary only. Only limited summary data is available for this year.$2.77$0.00$0.19$0.14$0.04
2013Summary only. Only limited summary data is available for this year.$2.73$0.00$0.20$0.05$0.15
2012Summary only. Only limited summary data is available for this year.$2.58$0.00$0.27$0.15$0.11
2011Summary only. Only limited summary data is available for this year.$2.46$0.00$0.16$0.07$0.09