Elevate Rapid City
- Assets
- $18.4m
- Revenue
- $11.9m
- Investments
- $0.0
- Employees
- 21
- Location
- Rapid City, SD
- Founding
- 04/1964
- Data as of
- 12/2022
- EIN
- 46-0118545
Organization Overview
Elevate Rapid City is located in Rapid City, SD. The organization was established in 1964. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Elevate Rapid City employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elevate Rapid City 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, Elevate Rapid City generated $11.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.6% each year . All expenses for the organization totaled $2.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Elevate Rapid City has awarded 11 individual grants totaling $544,865. 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
ELEVATE THE RAPID CITY REGION FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS THE PREMIER WESTERN SOUTH DAKOTA ECONOMIC DEVELOPMENT ORGANIZATION, ELEVATE IS COMMITTED TO PROMOTING BUSINESS AND PERSONAL ADVANCEMENT THROUGH A TARGETED SPOTLIGHT ON JOBS, INFRASTRUCTURE, AND OVERALL QUALITY OF LIFE IN AND AROUND THE BLACK HILLS REGION AND THE RAPID CITY METRO AREA. TOGETHER, WE STRIVE TO EMBRACE THE HEART AND SOUL OF OUR COMMUNITY THROUGH DIVERSIFIED GROWTH AND STRONG PROFESSIONAL OPPORTUNITIES ADVOCATING THE STRENGTHS OF THE BLACK HILLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darren Haar Chair | OfficerTrustee | 1 | $0 |
Paulette Davidson Vice Chair | OfficerTrustee | 1 | $0 |
Tom Weaver Secretary/treasurer | OfficerTrustee | 1 | $0 |
Mayor Steve Allender Executive Committee | Trustee | 1 | $0 |
Dick Johnson Executive Committee | Trustee | 1 | $0 |
Marne Jones Executive Committee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,247,799 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,346,719 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,594,518 |
| Total Program Service Revenue | $818,493 |
| Investment income | $227,478 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,929,341 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $311,311 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $311,467 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $935,083 |
| Pension plan accruals and contributions | $49,967 |
| Other employee benefits | $164,354 |
| Payroll taxes | $81,275 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,943 |
| Fees for services: Accounting | $39,706 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $231,950 |
| Advertising and promotion | $92,656 |
| Office expenses | $44,357 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,061 |
| Travel | $47,387 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108,031 |
| Interest | $16,887 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,439 |
| Insurance | $16,329 |
| All other expenses | $0 |
| Total functional expenses | $2,711,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,011,579 |
| Savings and temporary cash investments | $1,639,766 |
| Pledges and grants receivable | $7,853,394 |
| Accounts receivable, net | $35,641 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,250,830 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $315,977 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $187,330 |
| Intangible assets | $0 |
| Other assets | $108,411 |
| Total assets | $18,402,928 |
| Accounts payable and accrued expenses | $318,670 |
| Grants payable | $91,667 |
| 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 | $600,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,932 |
| Total liabilities | $1,027,269 |
| Net assets without donor restrictions | $17,125,133 |
| Net assets with donor restrictions | $250,526 |
| 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 | $18,402,928 |
Grants Awarded
Over the last fiscal year, Elevate Rapid City has awarded $269,865 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
SOUTH DAKOTA ELLSWORTH DEVELOPMENT AUTHORITY PURPOSE: COMMUNITY DEVELOPMENT | $200,004 |
B9 CREATIONS LLC PURPOSE: WORKFORCE DEVELOPMENT GRANT | $24,000 |
MAIN STREET SQUARE PURPOSE: PARTNER IN PROGRESS CONTRIBUTION | $10,000 |
WESTMINSTER PRESBYTERIAN CHURCH PURPOSE: RELOCATE GRANT | $8,000 |
MIDLAND SCIENTIFIC INC PURPOSE: RELOCATE GRANT | $7,336 |
SD GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENT PURPOSE: 2022 GOVERNOR'S HUNT SPONSORSHIP | $7,500 |