Main Street Square Incorporated
- Assets
- $1.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 43
- Location
- Rapid City, SD
- Founding
- 08/2012
- Data as of
- 12/2023
- EIN
- 27-3983146
Organization Overview
Main Street Square Incorporated is located in Rapid City, SD. The organization was established in 2012. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Main Street Square Incorporated employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Main Street Square Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Main Street Square Incorporated generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OPERATES RAPID CITY TOWN SQUARE (OWNED BY THE CITY OF RAPID CITY) IN THE HEART OF DOWNTOWN IN ORDER TO PROVIDE AN ACTIVE GATHERING PLACE FOR THE ENTIRE COMMUNITY, TO INVITE INCREASED PEDESTRIAN TRAFFIC DOWNTOWN, AND TO STRENGTHEN THE CENTER OF THE COMMUNITY. THIS INCLUDES SUPPORTING, ENCOURAGING, ADVOCATING, AND PRESERVING THE VITALITY AND AESTHETIC BEAUTY OF THE DOWNTOWN RAPID CITY BUSINESS COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MANAGES THE OPERATIONS OF MAIN STREET SQUARE THROUGH AN OPERATING AGREEMENT WITH THE CITY OF RAPID CITY. DURING 2023, MAIN STREET SQUARE HELD MORE THAN 60 EVENTS AND DREW BETWEEN 150,000 - 250,000 PEOPLE TO THE SQUARE AND DOWNTOWN RAPID CITY.WITHIN THE SQUARE, THE ORGANIZATION OPERATES AN INTERACTIVE FOUNTAIN DURING THE SUMMER MONTHS AND AN ICE SKATING RINK DURING THE WINTER MONTHS.EVENTS HELD DURING 2023 INCLUDED HOLIDAY CELEBRATIONS, MOONLIT MOVIES, THURSDAY NIGHT CONCERT SERIES, AND MANY OTHERS.THE ORGANIZATION LEADS EFFORTS TO REDEVELOP AND REVITALIZE DOWNTOWN RAPID CITY THROUGH IMPROVING STREETSCAPES, PROVIDING CLEAN AND SAFE PROGRAMS, AND PROMOTING DOWNTOWN BUSINESSES AND EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Hespen Chair | OfficerTrustee | 1 | $0 |
Billi Raker Vice Chair | OfficerTrustee | 1 | $0 |
Mike Pogany Secretary | OfficerTrustee | 1 | $0 |
Mutch Usera Past Chair | OfficerTrustee | 1 | $0 |
James Adelstein Director | Trustee | 1 | $0 |
Tim Johnson Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rangel Construction Company Llc Construction | 12/30/16 | $133,896 |
Masayuki Nagase Sculptor | 12/30/16 | $270,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $284,161 |
| All other contributions, gifts, grants, and similar amounts not included above | $515,471 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $799,632 |
| Total Program Service Revenue | $350,546 |
| Investment income | $15,540 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,419 |
| Net Gain/Loss on Asset Sales | $6,397 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,186,863 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,055 |
| 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. | $58,688 |
| Compensation of current officers, directors, key employees. | $38,147 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $522,469 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,098 |
| Payroll taxes | $47,371 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,763 |
| Fees for services: Accounting | $49,388 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,276 |
| Advertising and promotion | $83,986 |
| Office expenses | $48,831 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,605 |
| Travel | $25,077 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,767 |
| Insurance | $45,751 |
| All other expenses | $1,459 |
| Total functional expenses | $1,203,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $158,952 |
| Savings and temporary cash investments | $588,164 |
| Pledges and grants receivable | $4,725 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,515 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $703,993 |
| Investments—publicly traded securities | $178,383 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,642,732 |
| Accounts payable and accrued expenses | $36,250 |
| 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 | $67,511 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $103,761 |
| Net assets without donor restrictions | $1,449,871 |
| Net assets with donor restrictions | $89,100 |
| 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 | $1,642,732 |
Grants Awarded
Over the last fiscal year, Main Street Square Incorporated has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF RAPID CITYPARKS DEPARTMENT | | | $10,000 |
RURAL COMMUNITY ASSIST-NATIVE POPCORPORATION | | | $15,000 |