Sioux Falls Development Foundation Inc
- Assets
- $87.1m
- Revenue
- $16.8m
- Investments
- $0.0
- Employees
- 17
- Location
- Sioux Falls, SD
- Founding
- 08/1957
- Data as of
- 09/2023
- EIN
- 46-0243934
Organization Overview
Sioux Falls Development Foundation Inc is located in Sioux Falls, SD. The organization was established in 1957. 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 09/2023, Sioux Falls Development Foundation Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sioux Falls Development Foundation Inc 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 09/2023, Sioux Falls Development Foundation Inc generated $16.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 34.1% each year . All expenses for the organization totaled $2.8m during the year ending 09/2023. While expenses have increased by 4.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
TO COLLABORATIVELY CREATE QUALITY ECONOMIC GROWTH AND WORKFORCE DEVELOPMENT IN SIOUX FALLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SIOUX FALLS DEVELOPMENT FOUNDATION SEEKS TO PROMOTE THE GENERAL WELFARE OF THE CITY OF SIOUX FALLS, SD AND THE SURROUNDING COMMUNITY BY FOSTERING BUSINESS AND EMPLOYMENT. THIS PURPOSE WAS ACHIEVED IN 2022 THROUGH THE SALE OF 66.2 ACRES OF INDUSTRIAL PARK LAND TO NEW AND EXISTING BUSINESSES ALONG WITH WORKFORCE DEVELOPMENT ACTIVITIES THAT REACHED 22,000 POTENTIAL EMPLOYEES AND 141 PROSPECTIVE EMPLOYERS.
PARTNERS WITH VARIOUS ORGANIZATIONS TO ASSIST NEW AND EXISTING BUSINESS, MARKET OUR COMMUNITY AND FOSTER EMERGING INDUSTRIES, PROMOTE INTERNATIONAL TRADE SERVICES OFFICE FOR THE STATE OF SOUTH DAKOTA.
THE ORGANIZATION PLACES A STRONG EMPHASIS ON WORKFORCE DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kurt Loudenback Past Chair | OfficerTrustee | 2 | $0 |
Steve Kolbeck Chair | OfficerTrustee | 2 | $0 |
Kent Cutler Secretary | OfficerTrustee | 2 | $0 |
Clark Meyer Treasurer | OfficerTrustee | 2 | $0 |
Ryan Boschee Chair-Elect | OfficerTrustee | 2 | $0 |
Clint Ackerman Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Riley Construction Inc Construction | 9/29/23 | $5,496,216 |
Runge Enterprises Inc Construction | 9/29/23 | $4,765,060 |
Davenport Evans Hurwitz & Smith Legal | 9/29/23 | $212,835 |
Sayre Associates Engineering | 9/29/23 | $552,061 |
Metro Construction Inc Construction | 9/29/23 | $162,470 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $139,165 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $12,652,058 |
| All other contributions, gifts, grants, and similar amounts not included above | $428,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,219,473 |
| Total Program Service Revenue | $68,471 |
| Investment income | $297,677 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,395 |
| 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 | $3,218,149 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,811,116 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $454,338 |
| 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. | $644,234 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $477,795 |
| Pension plan accruals and contributions | $37,187 |
| Other employee benefits | $19,572 |
| Payroll taxes | $77,983 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $54,519 |
| Fees for services: Accounting | $33,816 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $109,349 |
| Advertising and promotion | $3,333 |
| Office expenses | $12,740 |
| Information technology | $58,034 |
| Royalties | $0 |
| Occupancy | $78,551 |
| Travel | $5,069 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,834 |
| Interest | $5,567 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,766 |
| Insurance | $22,774 |
| All other expenses | $2,035 |
| Total functional expenses | $2,831,082 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,885,353 |
| Pledges and grants receivable | $15,944,464 |
| Accounts receivable, net | $4,198,458 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $47,963,141 |
| Prepaid expenses and deferred charges | $21,822 |
| Net Land, buildings, and equipment | $58,356 |
| Investments—publicly traded securities | $5,211,088 |
| Investments—other securities | $0 |
| Investments—program-related | $3,009,442 |
| Intangible assets | $0 |
| Other assets | $813,374 |
| Total assets | $87,105,498 |
| Accounts payable and accrued expenses | $1,600,974 |
| Grants payable | $0 |
| Deferred revenue | $3,044,169 |
| 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 | $19,012,709 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,107,403 |
| Total liabilities | $26,765,255 |
| Net assets without donor restrictions | $56,840,176 |
| Net assets with donor restrictions | $3,500,067 |
| 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 | $87,105,498 |
Grants Awarded
Over the last fiscal year, Sioux Falls Development Foundation Inc has awarded $88,466 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BRANDON DEVELOPMENT FOUNDATION PURPOSE: Dissolution | $72,466 |
MINNEHAHA COUNTY ECONOMIC DEVELOPMENT ASSOCIATION PURPOSE: PPP loan distribution | $8,800 |
LINCOLN COUNTY ECONOMIC DEVELOPMENT ASSOCIATION PURPOSE: PPP loan distribution | $7,200 |