Civic Intelligence

Experience Sioux Falls

990 • Fiscal year 2023 • EIN 87-3484216

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 11, 2024

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

35th percentile

0.12x

Higher debt load relative to assets than 35% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

32nd percentile

0.17x

Higher debt load relative to revenue than 32% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Net Margin

65th percentile

9.2%

Higher net margin than 65% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

29th percentile

$187,995

Higher top officer pay than 29% of similar nonprofits.

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

2023 filings • 501(c)6 • $5M-$10M nonprofits • Source year 2023

Asset Growth

63rd percentile

12%

Faster asset growth than 63% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

6th percentile

-26%

Faster revenue growth than 6% of similar nonprofits.

2023 filings • 501(c)6 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Up

$5,312,496

Up $548,741 (+12%) from 2022

Net Assets

Up

$4,663,529

Up $569,198 (+14%) from 2022

Liabilities

Down

$648,967

Down $20,457 (-3.1%) from 2022

Revenue

Down

$3,773,001

Down $1,338,860 (-26%) from 2022

Expenses

Up

$3,426,168

Up $2,422,334 (+241%) from 2022

Net Income

Down

$346,833

Down $3,761,194 (-92%) from 2022

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

2023

Assets$5,312,496
Liabilities$648,967
Net Assets$4,663,529

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

2023

Revenue$3,773,001
Expenses$3,426,168
Net Income$346,833
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 11, 2024
Return Version
2023v5.0
Gross Receipts
$4,301,370
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$2,116,397▲ $287,834
Investments in Publicly Traded Securities$1,613,046$1,886,235▲ $273,189
Accounts Receivable$482,019$455,114▼ $26,905
Prepaid Expenses and Deferred Charges$111,284$177,357▲ $66,073
Land, Buildings, and Equipment, Net$137,505$127,000▼ $10,505
Inventories for Sale or Use$112,380$113,900▲ $1,520
Total Assets$4,763,755$5,312,496▲ $548,741
Other Assets Total$478,958$436,493▼ $42,465
Liabilities
Other Liabilities$481,040$433,854▼ $47,186
Accounts Payable and Accrued Expenses$188,384$215,113▲ $26,729
Total Liabilities$669,424$648,967▼ $20,457
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,094,331$4,663,529▲ $569,198
Total Net Assets Fund Balance$4,094,331$4,663,529▲ $569,198
Total Liabilities and Net Assets / Fund Balance$4,763,755$5,312,496▲ $548,741

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$99,203$274,988$374,191
Other Land Buildings$2,816$185,278$188,094
Leasehold Improvements$24,981$99,736$124,717
Other Assets Org$708--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Teri SchmidtCEOFT$170,864$17,131$187,995

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
-Marketing217 N NESMITH AVE, Sioux Falls, SD 57103$178,853
Revenue and Support

Revenue Composition

Contributions and Grants
$223,000
Program Service Revenue
$3,453,804
Investment Income
$64,336
Other Revenue
$31,861
Change in Net Assets
$346,833
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,215,742
Salaries, Compensation, and Employee Benefits$1,210,426
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising---$1,343,455
Other Salaries and Wages---$763,694
Office Expenses---$176,589
Occupancy---$172,778
Current Officers, Directors, Trustees, and Key Employees---$170,864
Information Technology---$162,322
Other Employee Benefits---$149,727
Travel---$126,400
Depreciation Depletion---$76,224
Payroll Taxes---$75,308
Conferences and Meetings---$54,965
Pension Plan Contributions---$50,833
Fees for Services Accounting---$39,833
Insurance---$8,987
Other Expenses---$4,302
Fees for Service Investment Mgmnt Fees---$3,222
All Other Expenses---$2,196
Total Functional Expenses$0$0$0$3,426,168
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$90,881
Fundraising Gross Income$61,150
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Luncheon$61,150$61,150$67,089$-5,939
Total Events$61,150$61,150$90,881$-29,731
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liabilities$433,854
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
2024-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Teri Schmidt
Formed
2020
Legal Domicile
Sd
Voting Board Members
8
Independent Board Members
8
Employees
41
Volunteers
78

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. In 2023, esf booked 101 conventions, meetings, and events involving 63,635 people. Esf distributed 93,100 visitor guides via mail, direct mail, reader response, downloads, and view, and to conventions, meetings, and event attendees in sioux falls. In 2023, the total number of visitors to sioux falls estimated by esf is 825,453. Esf serviced 98 conventions, meetings and events involving 90,251 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.

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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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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. IN 2023, ESF BOOKED 101 CONVENTIONS, MEETINGS, AND EVENTS INVOLVING 63,635 PEOPLE. ESF DISTRIBUTED 93,100 VISITOR GUIDES VIA MAIL, DIRECT MAIL, READER RESPONSE, DOWNLOADS, AND VIEW, AND TO CONVENTIONS, MEETINGS, AND EVENT ATTENDEES IN SIOUX FALLS. IN 2023, THE TOTAL NUMBER OF VISITORS TO SIOUX FALLS ESTIMATED BY ESF IS 825,453. ESF SERVICED 98 CONVENTIONS, MEETINGS AND EVENTS INVOLVING 90,251 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.
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
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