Rapid City Economic Development Foundation
- Assets
- $16.0m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Rapid City, SD
- Founding
- 04/1973
- Data as of
- 12/2022
- EIN
- 23-7267019
Organization Overview
Rapid City Economic Development Foundation is located in Rapid City, SD. The organization was established in 1973. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rapid City Economic Development Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Rapid City Economic Development Foundation generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $3.2m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Rapid City Economic Development Foundation has awarded 20 individual grants totaling $169,460. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE AND INCREASE PERSONAL INCOME LEVELS IN THE RAPID CITY AREA BY FOSTERING A VITAL BUSINESS CLIMATE WHICH PROVIDES QUALITY NEW JOBS, ATTRACTS NEW BUSINESS, HELPS EXISTING BUSINESS, AND PROMOTES ENTREPRENEURSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION HAS AN EXTREMELY ACTIVE, FOCUSED PROGRAM IN PLACE WORKING TO ATTRACT QUALITY, PRIMARY JOBS TO THE RAPID CITY AREA. PRIMARY JOBS ARE THOSE JOBS THAT BRING NEW WEALTH INTO THE COMMUNITY. THE FOUNDATION FOCUSES ITS PROGRAMS ON ATTRACTING MANUFACTURING, PROCESSING, AND SERVICE EXPORTING INDUSTRIES. THE FOUNDATION ALSO WORKS TO HELP LOCAL COMPANIES EXPAND AND RETAIN JOBS. THE FOUNDATION RECEIVES PROGRAM REVENUE FROM LEASING SPACE TO NEW AND GROWING BUSINESSES IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darren Haar Chair | OfficerTrustee | 0.5 | $0 |
Paulette Davidson Vice Chair | OfficerTrustee | 0.5 | $0 |
Tom Weaver Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Steve Allender Board Member | Trustee | 0.5 | $0 |
Dick Johnson Board Member | Trustee | 0.5 | $0 |
Marne Jones Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Strang Inc Architect | 12/30/20 | $220,345 |
Scull Construction Construction | 12/30/20 | $8,911,673 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $295,557 |
| Investment income | $1 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,199,400 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,494,984 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,128,147 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,176 |
| Fees for services: Accounting | $3,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $42,433 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $216,303 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $204,290 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $511,119 |
| Insurance | $19,220 |
| All other expenses | $0 |
| Total functional expenses | $3,182,525 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,840 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $526 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $15,062,454 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $892,741 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,961,561 |
| Accounts payable and accrued expenses | $847 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,942,125 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,000 |
| Total liabilities | $3,944,972 |
| Net assets without donor restrictions | $12,016,589 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,961,561 |
Grants Awarded
Over the last fiscal year, Rapid City Economic Development Foundation has awarded $84,590 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
RAVEN PURPOSE: SUBSIDIZED RENT | $7,252 |
AMPTEC PURPOSE: SUBSIDIZED RENT | $9,256 |
BH INFORMATION SECURITY PURPOSE: SUBSIDIZED RENT | $5,823 |
NOVUM NANO PURPOSE: SUBSIDIZED RENT | $9,108 |
NANOPAREIL PURPOSE: SUBSIDIZED RENT | $13,163 |
INNOVATIVE SYSTEMS - STUDENTRESEARCH AND DEVELOPMENT CENTER PURPOSE: SUBSIDIZED RENT | $7,283 |