Prairie Development Corporation
- Assets
- $3.8m
- Revenue
- $281.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Stratton, CO
- Founding
- 12/1998
- Data as of
- 12/2023
- EIN
- 84-1043508
Organization Overview
Prairie Development Corporation is located in Stratton, CO. The organization was established in 1998. 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. Prairie Development Corporation 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 12/2023, Prairie Development Corporation generated $281.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $131.4k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Prairie Development Corporation has awarded 16 individual grants totaling $212,148. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LOANS FOR LOW-INCOME HOUSING TO INDIVIDUALS AND BUSINESSES. LOW-INCOME LOANS AND LOAN GUARANTEES FOR HOUSING REHAB, BUSINESS START-UP AND RELATED SUPPORT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROGRAMS - GUARANTEED AND DIRECT LOANS UP TO 150,000 TO BUSINESSES; PRAIRIE DEVELOPMENT CORPORATION MAY LOAN 20,000 PER EACH FTE POSITION OF WHICH 51% MUST BE OFFERED OR FILLED BY LOW-MODERATE INCOME QUALIFIED PEOPLE. PRAIRIE DEVELOPMENT CORPORATION IS NOT A PRIMARY LENDER AND MANY LOANS ARE MADE IN PARTNERSHIP WITH BANKS AND/OR OTHER FINANCIAL INSTITUTIONS IN THE LOCAL AREA. IN ADDITION, PRAIRIE DEVELOPMENT CORPORATION IS INVOLVED WITH THE MARKETING OF TOURISM TO THE REGION TO BRING DOLLARS TO THE COMMUNITIES AND TO HELP SUPPORT JOB STABILITY. DURING 2023 SIX NEW BUSINESS LOAN WERE CLOSED FOR 196,500 WHICH WAS LEVERAGED WITH REVOLVED LOAN FUNDS.
COMMUNITY HOUSING PROGRAMS - LOW OR NO INTEREST LOANS TO LOW-MODERATE INCOME PERSONS FOR REHABILITATION OF OWNER-OCCUPIED HOUSING. PRAIRIE DEVELOPMENT CORPORATION ALSO HAS AN EMERGENCY HOME REPAIR LOAN PROGRAM AND DOWN PAYMENT ASSISTANCE LOAN PROGRAM FOR FIRST TIME HOMEBUYERS MEETING LOW-MODERATE INCOME GUIDELINES. PRAIRIE DEVELOPMENT CORPORATION ALSO PURCHASES VACANT SINGLE-FAMILY HOMES IN NEED OF REHABILITATION, MAKING NEEDED REPAIRS AND RESELLING THEM TO INCOME QUALIFIED FIRST TIME HOMEBUYERS. DURING 2023, THREE HOUSING LOANS WERE CLOSED AS EMERGENCY REPAIRS FOR 11,279.
OFFICE AND APARTMENT RENTAL - PRAIRIE DEVELOPMENT LEASES TWO APARTMENTS AND SUBLETS OFFICE SPACE TO THE EAST CENTRAL COUNCIL OF GOVERNMENTS AND THE HOME AGENCY (INSURANCE COMPANY).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Candace Payne Administrato | OfficerTrustee | 20 | $0 |
Ed Rarick Chairman | OfficerTrustee | 0.5 | $0 |
Dorothy Stone Vice Chair | OfficerTrustee | 0.5 | $0 |
Robert Safranek Treasurer | OfficerTrustee | 0.5 | $0 |
Steve Burgess Board Member | Trustee | 0.5 | $0 |
Grant Thayer Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $153,900 |
| All other contributions, gifts, grants, and similar amounts not included above | $40 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $153,940 |
| Total Program Service Revenue | $45,990 |
| Investment income | $21,065 |
| 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 | $281,232 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,000 |
| Office expenses | $252 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $101 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,264 |
| Insurance | $0 |
| All other expenses | -$6,731 |
| Total functional expenses | $131,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $977,594 |
| Savings and temporary cash investments | $1,254,031 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,383,875 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $141,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,756,706 |
| Accounts payable and accrued expenses | $4,470 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $500 |
| Total liabilities | $4,970 |
| Net assets without donor restrictions | $329,020 |
| Net assets with donor restrictions | $3,422,716 |
| 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 | $3,756,706 |
Grants Awarded
Over the last fiscal year, Prairie Development Corporation has awarded $212,148 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
HIGHWAY 59 GRAINS LLC PURPOSE: GEN SUPPORT - COVID | $15,000 |
GANALODGE CORP PURPOSE: GEN SUPPORT - COVID | $15,000 |
D&J CAFE LLC PURPOSE: GEN SUPPORT - COVID | $6,599 |
EAST YUMA COUNTY HISTORICALSOCIETY PURPOSE: GEN SUPPORT - COVID | $10,461 |
DL SERVICES LLC PURPOSE: GEN SUPPORT - COVID | $15,000 |
NOTTY LLC PURPOSE: GEN SUPPORT - COVID | $8,979 |