Itc Rural Economic Development Inc
- Assets
- $1.2m
- Revenue
- $21.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Clear Lake, SD
- Founding
- 07/2002
- Data as of
- 12/2021
- EIN
- 75-3002561
Organization Overview
Itc Rural Economic Development Inc is located in Clear Lake, SD. The organization was established in 2002. According to its NTEE Classification (S32) the organization is classified as: Rural 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. Itc Rural Economic Development Inc 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 12/2021, Itc Rural Economic Development Inc generated $21.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $10.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LOW INTEREST LOANS TO ENHANCE VITALITY OF RURAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ITC REDI HAD LOANS RECEIVABLE FROM A TOTAL OF 4 COMPANIES/INDIVIDUALS AS OF DECEMBER 31, 2021. THE LOANS WERE FOR MEDICAL CARE, EDUCATION, AND TELECOMMUNICATIONS FOR RURAL DEVELOPMENT, JOB CREATION, AND IMPROVING RURAL INFRASTRUCTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Connie Sawinsky Vice President | OfficerTrustee | 0.5 | $0 |
Tom Main President | OfficerTrustee | 0.5 | $0 |
Joel Ripley Secretary | OfficerTrustee | 0.5 | $0 |
Joel Brandt Treasurer | OfficerTrustee | 0.5 | $0 |
Warren Brandlee Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $20,863 |
| Investment income | $834 |
| 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 | $21,697 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,114 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,623 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,737 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $935,426 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $272,611 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,210,122 |
| Accounts payable and accrued expenses | $1,387 |
| 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 | $249,417 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $250,804 |
| Net assets without donor restrictions | $629,318 |
| Net assets with donor restrictions | $330,000 |
| 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 | $1,210,122 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rural America Initiatives Rapid City, SD | $11,020,564 | $7,975,941 |
Western Organization Of Resource Billings, MT | $7,655,474 | $9,479,621 |
Dubois Community Project Inc Dubois, WY | $25,993 | $2,941 |
Community And Economic Development Associates Chatfield, MN | $1,658,001 | $2,830,781 |
Sharing Our Roots Northfield, MN | $1,750,092 | $967,957 |
Rural Electric Economic Development Inc Madison, SD | $44,957,084 | $2,458,763 |
Native360 Loan Fund Inc Grand Island, NE | $7,395,095 | $2,498,904 |
South Eastern Development Foundation Sioux Falls, SD | $22,464,210 | $4,520,935 |
North Central Planning Council Devils Lake, ND | $2,034,561 | $1,088,900 |
The Blessing Projects Moran, WY | $225,465 | $598,592 |
Center For Rural Policy And Development Mankato, MN | $628,188 | $663,588 |
Big Ideas Inc New Ulm, MN | $77,922 | $540,880 |