Grow South Dakota
- Assets
- $70.2m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Sisseton, SD
- Founding
- 08/2009
- Data as of
- 06/2022
- EIN
- 56-2667948
Organization Overview
Grow South Dakota is located in Sisseton, SD. The organization was established in 2009. 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. Grow South Dakota 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 06/2022, Grow South Dakota generated $6.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Grow South Dakota has awarded 21 individual grants totaling $422,527. 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
GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW MARKET TAX CREDIT PROGRAM: GROW SOUTH DAKOTA OWNS AND LEASES TWO SCHOOL BUILDINGS TO OGLALA LAKOTA SCHOOL DISTRICT THROUGH THE YEAR.
HOUSING: GROW SOUTH DAKOTA OWNS A 60 UNIT HUD PROPERTY IN MILBANK, SOUTH DAKOTA. THE PROJECT IS CURRENTLY MANAGED BY MILLS PROPERTY MANAGEMENT AND CONSISTS OF 30 ONE-BEDROOM ELDERLY UNITS AND 30 FAMILY TWO- AND THREE- BEDROOM UNITS IN TOWN HOUSE STRUCTURES. THE ORGANIZATION MADE 130 ON- BALANCE SHEET HOUSING LOANS TOTALING 2,493,382 AND 21 OFF-BALANCE SHEET DOWN PAYMENT HOUSING LOANS TOTALING 96,600. THE ORGANIZATION ALSO ASSISTED 78 HOME OWNERS WITH HOUSING REHAB ON EXISTING PROPERTY THAT TOTALED 797,022 IN REPAIRS.
BUSINESS REVOLVING LOAN FUNDS: IN FY2022, GROW SOUTH DAKOTA MADE 21 BUSINESS LOANS TOTALING 1,929,000, CREATING OR RETAINING 44 JOBS THROUGH THE REVOLVING LOAN FUND. THE ORGANIZATION PROVIDES TECHNICAL ASSISTANCE TO ALL APPLICANTS.
GROW SOUTH DAKOTA ASSISTED ONE NON-PROFIT ORGANIZATION BY MAKING AVAILABLE 10 VEHICLES AND ONE PIECE OF EQUIPMENT TO FURTHER THAT ORGANIZATION'S WORK IN LOW-INCOME WEATHERIZATION AND HOUSING REHABILITATION. GROW SOUTH DAKOTA WAS ALSO INVOLVED IN SOME PROGRAMS THAT WILL FURTHER THEIR WORK IN COMMUNITY ENGAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Lorensberg Chief Financ | Officer | 13 | $8,200 |
Marcia Erickson Chief Execut | Officer | 13 | $8,200 |
Lori Finnesand Chief Execut | Officer | 13 | $8,200 |
Craig Carson Vice Preside | OfficerTrustee | 1 | $0 |
Tom Farber Secretary/tr | OfficerTrustee | 1 | $0 |
Daniel Menking President | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Upper Deck Architects Inc Architect | 6/29/21 | $222,600 |
Scull Construction Services Inc General Contractor | 6/29/21 | $17,705,522 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,352,037 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,200,848 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,552,885 |
| Total Program Service Revenue | $2,600,777 |
| Investment income | $6,025 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$247 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,159,440 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,400 |
| Grants and other assistance to domestic individuals. | $807,022 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $24,600 |
| Compensation of current officers, directors, key employees. | $24,600 |
| 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 | $32,645 |
| Fees for services: Legal | $2,356 |
| Fees for services: Accounting | $33,446 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $359,534 |
| Advertising and promotion | $1,950 |
| Office expenses | $13,659 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $284,353 |
| Travel | $5,553 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $495 |
| Interest | $794,343 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,207,945 |
| Insurance | $29,124 |
| All other expenses | $0 |
| Total functional expenses | $3,745,734 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,449,919 |
| Pledges and grants receivable | $743,223 |
| Accounts receivable, net | $16,050 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,936,949 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,690 |
| Net Land, buildings, and equipment | $42,090,093 |
| Investments—publicly traded securities | $152,386 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,798,424 |
| Total assets | $70,205,734 |
| Accounts payable and accrued expenses | $775,865 |
| Grants payable | $0 |
| Deferred revenue | $1,188,802 |
| 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 | $48,292,048 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,466,484 |
| Total liabilities | $55,723,199 |
| Net assets without donor restrictions | $8,237,901 |
| Net assets with donor restrictions | $6,244,634 |
| 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 | $70,205,734 |
Grants Awarded
Over the last fiscal year, Grow South Dakota has awarded $25,400 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Rapid City, SD PURPOSE: SUPPORT PROGRAMS | $12,700 |
Madison, SD PURPOSE: SUPPORT PROGRAMS | $12,700 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Grow South Dakota has recieved totaling $16,530.
| Awarding Organization | Amount |
|---|---|
Feeding South Dakota Sioux Falls, SD PURPOSE: HUNGER RELIEF | $8,624 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $7,500 |
Tom And Danielle Aman Foundation Aberdeen, SD PURPOSE: GENERAL OPERATIONS | $300 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $106 |
Endowment Analysis
| Beg. Balance | $161,572 |
| Earnings | -$16,594 |
| Admin Expense | $1,454 |
| Net Contributions | $8,862 |
| Ending Balance | $152,386 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Minnesota Business Finance Corporation St Cloud, MN | $6,710,385 | $3,673,437 |