West River Foundation For Economic And Community Development
- Assets
- $14.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 5
- Location
- Sturgis, SD
- Founding
- 10/2000
- Data as of
- 06/2022
- EIN
- 46-0457322
Organization Overview
West River Foundation For Economic And Community Development is located in Sturgis, SD. The organization was established in 2000. 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. As of 06/2022, West River Foundation For Economic And Community Development employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West River Foundation For Economic And Community Development 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 06/2022, West River Foundation For Economic And Community Development generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $887.6k during the year ending 06/2022. While expenses have increased by 9.8% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RECRUIT BUSINESSES FROM OTHER STATES AND TO EXPAND IN-STATE BUSINESS INCLUDING ADMINISTERING AN ECONOMIC DEVELOPMENT AND RELENDING PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADMINISTER AN ECONOMIC DEVELOPMENT AND RELENDING PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Rosenboom Executive Director | Officer | 20 | $46,600 |
Tim Crawford Vice President | OfficerTrustee | 2 | $4,000 |
Donald Andersen President | OfficerTrustee | 2 | $4,000 |
Shirley Halverson Treasurer | OfficerTrustee | 2 | $4,000 |
William Termes Secretary | OfficerTrustee | 2 | $4,000 |
James Doolittle Director | Trustee | 2 | $4,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $263,000 |
| 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 | $263,000 |
| Total Program Service Revenue | $925,822 |
| Investment income | $28,679 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,437 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,281,942 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,750 |
| 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. | $69,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $105,357 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,703 |
| Fees for services: Accounting | $31,310 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $286,227 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,129 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $88,214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $2,785 |
| Total functional expenses | $887,576 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $495,969 |
| Savings and temporary cash investments | $2,299,549 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,464 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,610,748 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $568,803 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $196,265 |
| Total assets | $14,301,798 |
| Accounts payable and accrued expenses | $92,927 |
| 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 | $8,785,408 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,117,313 |
| Total liabilities | $9,995,648 |
| Net assets without donor restrictions | $4,306,150 |
| 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 | $14,301,798 |
Grants Awarded
Over the last fiscal year, West River Foundation For Economic And Community Development has awarded $27,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SD GOVERNORS OFFICE OF ECONOMIC DEVELOPMENT PURPOSE: ECONOMIC DEVELOPMENT | $15,000 |
Pierre, SD PURPOSE: BISON CENTER PROJECT | $12,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |