Civic Intelligence

Experience Sioux Falls

990 • Fiscal year 2022 • EIN 87-3484216

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

200 N Phillips Ave Ste 102Sioux Falls, SD 57104

(605) 275-6060

Siviq Scores

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

Liabilities / Assets

37th percentile

0.14x

Higher debt load relative to assets than 37% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

26th percentile

0.13x

Higher debt load relative to revenue than 26% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Net Margin

99th percentile

80%

Higher net margin than 99% of similar nonprofits.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

15th percentile

$56,060

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2022 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Assets

$4,763,755

No earlier filing loaded for comparison.

Net Assets

$4,094,331

No earlier filing loaded for comparison.

Liabilities

$669,424

No earlier filing loaded for comparison.

Revenue

$5,111,861

No earlier filing loaded for comparison.

Expenses

$1,003,834

No earlier filing loaded for comparison.

Net Income

$4,108,027

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2022: $4,763,755Liabilities 2022: $669,424Net Assets 2022: $4,094,3312022Assets 2023: $5,312,496Liabilities 2023: $648,967Net Assets 2023: $4,663,5292023Assets 2024: $5,831,812Liabilities 2024: $735,546Net Assets 2024: $5,096,2662024

Highlighted filing

2022

Assets$4,763,755
Liabilities$669,424
Net Assets$4,094,331

Operations Trend

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

$6.0M$4.0M$2.0M$0Revenue 2022: $5,111,861Expenses 2022: $1,003,834Net Income 2022: $4,108,0272022Revenue 2023: $3,773,001Expenses 2023: $3,426,168Net Income 2023: $346,8332023Revenue 2024: $3,907,843Expenses 2024: $3,581,266Net Income 2024: $326,5772024

Highlighted filing

2022

Revenue$5,111,861
Expenses$1,003,834
Net Income$4,108,027
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$5,291,805
Mission and Program Overview

Mission

Experience sioux falls works with strategic partners to market sioux falls, south dakota, develop tourism, and strengthen events providing positive economic impact to the sioux falls community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$1,828,563-
Investments in Publicly Traded Securities-$1,613,046-
Accounts Receivable-$482,019-
Land, Buildings, and Equipment, Net-$137,505-
Inventories for Sale or Use-$112,380-
Prepaid Expenses and Deferred Charges-$111,284-
Total Assets$0$4,763,755▲ $4,763,755
Other Assets Total-$478,958-
Liabilities
Other Liabilities-$481,040-
Accounts Payable and Accrued Expenses-$188,384-
Total Liabilities$0$669,424▲ $669,424
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$4,094,331-
Total Net Assets Fund Balance$0$4,094,331▲ $4,094,331
Total Liabilities and Net Assets / Fund Balance$0$4,763,755▲ $4,763,755

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$24,357$286,713$311,070
Other Land Buildings$104,742$121,160$225,902
Leasehold Improvements$8,406$75,905$84,311
Other Assets Org$478,958--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Teri SchmidtCEOFT$53,034$3,026$56,060

Board Members and Trustees

NameTitle
Janet GrunewaldtChairperson
Frank GurnickVice Chairpe
Audrey Otto-pepperDirector
Christine BruningDirector
Riccardo TarabelsiDirector
Shailesh PatelDirector
Amy SmolikSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,105,351
Investment Income
$10,818
Other Revenue
$-4,308
Change in Net Assets
$4,108,027
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$572,399
Salaries, Compensation, and Employee Benefits$431,435
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising---$312,970
Other Salaries and Wages---$294,801
Office Expenses---$60,492
Occupancy---$58,293
Current Officers, Directors, Trustees, and Key Employees---$53,034
Other Employee Benefits---$35,371
Payroll Taxes---$31,303
Depreciation Depletion---$28,071
Fees for Services Accounting---$26,865
Information Technology---$20,812
Conferences and Meetings---$18,522
Travel---$17,681
Pension Plan Contributions---$16,926
Insurance---$6,831
Fees for Services Legal---$2,812
Fees for Service Investment Mgmnt Fees---$2,558
Other Expenses---$145
Interest---$28
Total Functional Expenses$0$0$0$1,003,834
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
Operating Lease Liabilities$481,040
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
Yes
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 1A

The executive committee shall consist of the chairperson, vice-chairperson, immediate past chairperson and secretary/treasurer. The ceo shall be an ex-officio member of the executive committee. The executive committee shall exercise the powers of the board of directors in the interim between regular meetings of the board of directors and make recommendations to the board of directors.

Form 990, Page 6, Part VI, Line 7A

A nominating committee shall be appointed by the board of directors and consist of five (5) individuals. The vice-chairperson will serve as chair of the nominating committee. The immediate past-chairperson shall serve on the nominating committee. The chairperson shall appoint the remaining members of the nominating committee. The ceo shall serve as an ex-officio member of the nominating committee. The nominating committee shall, annually, recommend a slate of nominees to the board of directors. The final approval and election of the new directors shall be made by the board of directors at the annual meeting. Any vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining directors. A director elected to fill a vacancy shall be elected for the unexpired term of his or her predecessor in office.

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

A copy of the return is provided to each member of the board of directors. The preparer is available for questions or comments.

Form 990, Page 6, Part VI, Line 15A

Ceo compensation is annually approved by the board of directors.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Experience Sioux Falls
EIN
87-3484216
Phone
6052756060
Address
200 N PHILLIPS AVE STE 102, SIOUX FALLS, SD 57104

Signing Officer

Name
Teri Schmidt
Title
CEO
Phone
6052756060
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Teri Schmidt
Formed
2020
Legal Domicile
Sd
Voting Board Members
7
Independent Board Members
7
Employees
30
Volunteers
73

Preparer

Firm
Dakota CPA
Address
5617 S SOUTHEASTERN AVE, SIOUX FALLS, SD 57108
Preparer
Michael L Schelling CPA
Phone
6057056350
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Experience sioux falls, formerly the sioux falls convention and visitors bureau, is funded by two sources. When the organization was created in the early 70's, the city agreed to fund the group through a 1% room tax plus 500,000 from the general fund. This room rax was collected from all sioux falls hotels and directed to the organization. In 2011, a bid (business improvement district) was formed by sioux falls hotels, in cooperation with the city of sioux falls, to further fund experience sioux falls for the purpose of remaining competitive in sales and marketing. The bid became effective on january 1, 2011, via city ordinance and is collected from all hotels with 40+ rooms in the city limits of sioux falls. It was at this time that the 500,000 was no longer provided to experience sioux falls. Experience sioux falls (esf) - formerly known as convention & visitors bureau (cvb), exists to bring visitors to sioux falls to create economic impact throughout the city, i.e.: hotel room tax, sales tax, and jobs. Esf booked 97 conventions, meetings, and events involving 56,181 people over the next several years. Esf distributed 113,516 visitor guides via mail, direct mail, reader response, downloads, and view, and to conventions, meetings, and event attendees in sioux falls. The total number of visitors to sioux falls estimated by esf is 1,190,763. Esf serviced 106 conventions, meetings and events involving 230,781 people. Esf prints publications such as sioux falls visitor guide (150,000). Esf travels nationwide making sales calls and bid presentations to bring new business to the city. Digital and print sales and marketing programs are completed to advertise the city throughout the country. The visitor information center at falls park is also managed by esf. On september 1, 2022, esf became an independent organization and received a transfer of net assets from the greater sioux falls chamber of commerce. This transfer is reflected as program service revenue in part viii, statement of revenue.

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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/OtherAssetsOrgGrp/BookValueAmt0478958
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0OPERATING LEASE RIGHT OF USE ASSET
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EXPERIENCE SIOUX FALLS, FORMERLY THE SIOUX FALLS CONVENTION AND VISITORS BUREAU, IS FUNDED BY TWO SOURCES. WHEN THE ORGANIZATION WAS CREATED IN THE EARLY 70'S, THE CITY AGREED TO FUND THE GROUP THROUGH A 1% ROOM TAX PLUS 500,000 FROM THE GENERAL FUND. THIS ROOM RAX WAS COLLECTED FROM ALL SIOUX FALLS HOTELS AND DIRECTED TO THE ORGANIZATION. IN 2011, A BID (BUSINESS IMPROVEMENT DISTRICT) WAS FORMED BY SIOUX FALLS HOTELS, IN COOPERATION WITH THE CITY OF SIOUX FALLS, TO FURTHER FUND EXPERIENCE SIOUX FALLS FOR THE PURPOSE OF REMAINING COMPETITIVE IN SALES AND MARKETING. THE BID BECAME EFFECTIVE ON JANUARY 1, 2011, VIA CITY ORDINANCE AND IS COLLECTED FROM ALL HOTELS WITH 40+ ROOMS IN THE CITY LIMITS OF SIOUX FALLS. IT WAS AT THIS TIME THAT THE 500,000 WAS NO LONGER PROVIDED TO EXPERIENCE SIOUX FALLS. EXPERIENCE SIOUX FALLS (ESF) - FORMERLY KNOWN AS CONVENTION & VISITORS BUREAU (CVB), EXISTS TO BRING VISITORS TO SIOUX FALLS TO CREATE ECONOMIC IMPACT THROUGHOUT THE CITY, I.E.: HOTEL ROOM TAX, SALES TAX, AND JOBS. ESF BOOKED 97 CONVENTIONS, MEETINGS, AND EVENTS INVOLVING 56,181 PEOPLE OVER THE NEXT SEVERAL YEARS. ESF DISTRIBUTED 113,516 VISITOR GUIDES VIA MAIL, DIRECT MAIL, READER RESPONSE, DOWNLOADS, AND VIEW, AND TO CONVENTIONS, MEETINGS, AND EVENT ATTENDEES IN SIOUX FALLS. THE TOTAL NUMBER OF VISITORS TO SIOUX FALLS ESTIMATED BY ESF IS 1,190,763. ESF SERVICED 106 CONVENTIONS, MEETINGS AND EVENTS INVOLVING 230,781 PEOPLE. ESF PRINTS PUBLICATIONS SUCH AS SIOUX FALLS VISITOR GUIDE (150,000). ESF TRAVELS NATIONWIDE MAKING SALES CALLS AND BID PRESENTATIONS TO BRING NEW BUSINESS TO THE CITY. DIGITAL AND PRINT SALES AND MARKETING PROGRAMS ARE COMPLETED TO ADVERTISE THE CITY THROUGHOUT THE COUNTRY. THE VISITOR INFORMATION CENTER AT FALLS PARK IS ALSO MANAGED BY ESF. ON SEPTEMBER 1, 2022, ESF BECAME AN INDEPENDENT ORGANIZATION AND RECEIVED A TRANSFER OF NET ASSETS FROM THE GREATER SIOUX FALLS CHAMBER OF COMMERCE. THIS TRANSFER IS REFLECTED AS PROGRAM SERVICE REVENUE IN PART VIII, STATEMENT OF REVENUE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIRPERSON, VICE-CHAIRPERSON, IMMEDIATE PAST CHAIRPERSON AND SECRETARY/TREASURER. THE CEO SHALL BE AN EX-OFFICIO MEMBER OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL EXERCISE THE POWERS OF THE BOARD OF DIRECTORS IN THE INTERIM BETWEEN REGULAR MEETINGS OF THE BOARD OF DIRECTORS AND MAKE RECOMMENDATIONS TO THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A NOMINATING COMMITTEE SHALL BE APPOINTED BY THE BOARD OF DIRECTORS AND CONSIST OF FIVE (5) INDIVIDUALS. THE VICE-CHAIRPERSON WILL SERVE AS CHAIR OF THE NOMINATING COMMITTEE. THE IMMEDIATE PAST-CHAIRPERSON SHALL SERVE ON THE NOMINATING COMMITTEE. THE CHAIRPERSON SHALL APPOINT THE REMAINING MEMBERS OF THE NOMINATING COMMITTEE. THE CEO SHALL SERVE AS AN EX-OFFICIO MEMBER OF THE NOMINATING COMMITTEE. THE NOMINATING COMMITTEE SHALL, ANNUALLY, RECOMMEND A SLATE OF NOMINEES TO THE BOARD OF DIRECTORS. THE FINAL APPROVAL AND ELECTION OF THE NEW DIRECTORS SHALL BE MADE BY THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. ANY VACANCY OCCURRING IN THE BOARD OF DIRECTORS MAY BE FILLED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE REMAINING DIRECTORS. A DIRECTOR ELECTED TO FILL A VACANCY SHALL BE ELECTED FOR THE UNEXPIRED TERM OF HIS OR HER PREDECESSOR IN OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A COPY OF THE RETURN IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS. THE PREPARER IS AVAILABLE FOR QUESTIONS OR COMMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CEO COMPENSATION IS ANNUALLY APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 1A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-4308
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04763755
IRS990/TravelGrp/TotalAmt017681
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0200 N PHILLIPS AVE STE 102
IRS990/USAddress/CityNm0SIOUX FALLS
IRS990/USAddress/StateAbbreviationCd0SD
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IRS990/WebsiteAddressTxt0EXPERIENCESIOUXFALLS.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TERI SCHMIDT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06052756060
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0EXPERIENCE SIOUX FALLS
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ReturnHeader/Filer/EIN0873484216
ReturnHeader/Filer/PhoneNum06052756060
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0851280647
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DAKOTA CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05617 S SOUTHEASTERN AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SIOUX FALLS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd057108
ReturnHeader/PreparerPersonGrp/PhoneNum06057056350
ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL L SCHELLING CPA
ReturnHeader/ReturnTs02023-11-15T12:10:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TERI
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SCHMIDT
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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