Rapid City Economic Development: Nonprofit Profile, Financials & Form 990 (EIN 23-7267019)

Revenue by fiscal year
FY2020	$2.8M
FY2021	$2.8M
FY2022	$2.5M
FY2023	$0

Expenses by fiscal year
FY2020	$734K
FY2021	$1.0M
FY2022	$3.2M
FY2023	$12.0M

Net assets by fiscal year
FY2020	$10.9M
FY2021	$12.7M
FY2022	$12.0M
FY2023	$0

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

17 people listed on the 990; $266K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation

Tom Johnson

President/CEO

$265,574Pt VII · Sec A

Tom Weaver

Vice Chair

$0Pt VII · Sec A

Marne Jones

Treasurer

$0Pt VII · Sec A

Todd Kenner

Secretary

$0Pt VII · Sec A

Darren Haar

Past Chair

$0Pt VII · Sec A

Alan Solano

Board Member

$0Pt VII · Sec A

Andy Bartling

Board Member

$0Pt VII · Sec A

Brad Hearst

Board Member

$0Pt VII · Sec A

See Rapid City Economic Development executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Boosts local jobs and income by attracting businesses and supporting entrepreneurs.

Questions for Rapid City Economic Development

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Your first name shows with your question. Rapid City Economic Development answers here, for everyone.

1 program · in their own filed words · FY2023

01

The foundation has an extremely active, focused program in place working to attract quality, primary jobs to the rapid city area. Primary jobs are those jobs that bring new wealth into the community. The foundation focuses its programs on attracting manufacturing, processing, and service exporting industries.

Form 990 Part III, line 4, FY2023. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-7267019) · Dispute this line

Pt IX · Ln 25 · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking

Grants paid · 2 grants · $2.1M · 2022–2023

Elevate Rapid CitySD · FY2023$7,868

Elevate Rapid CitySD · FY2022$2,128,147

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs

Year ending Dec 2020 · $2.4M federal money spent

Investments for Public Works and Economic Development FacilitiesDepartment of Commerce · ALN 11.300 · Direct$2.4M

The auditor reported 2 findings: a material weakness in money controls.

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$0

Ln 12

Money outPt IX

$12.0M

Ln 25

Owns and owesPt X

$0

net assets · Ln 32

Total assetsLn 16$0

LiabilitiesLn 26$0

PeoplePt VI, VII

17

listed · VII A

PaidVII A1

Voting boardVI 1a16

IndependentVI 1b16

2In more detail

Revenue in detailPt VIII

Total revenueLn 12$0

Assets in detailPt X, end of year

Total assetsLn 16$0

LiabilitiesLn 26$0

Net assetsLn 32$0

OperationsPt I, VI

EmployeesI 50

VolunteersI 614

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$6K	$0
InvestmentsLn 11–13	$893K	$0
Land, buildings, equipmentLn 10c	$15.1M	$0
Total assetsLn 16	$16.0M	$0
LiabilitiesLn 26	$3.9M	$0
Net assetsLn 32	$12.0M	$0

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$12.0M
Total functional expensesLn 25	$12.0M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2023 Latest ViewingFiled with the IRS May 7, 2024	$0	$12.0M	−$12.0M	$0	990 PDF
FY2022Filed with the IRS Nov 14, 2023	$2.5M	$3.2M	−$688K	$12.0M	990 PDF
FY2021Filed with the IRS Nov 15, 2022	$2.8M	$1.0M	$1.8M	$12.7M	990 PDF
FY2020Filed with the IRS Nov 10, 2021	$2.8M	$734K	$2.1M	$10.9M	990 PDF

Schedules filed Part IV

I · Grants J · Pay O · Explanations

See the full FY2023 990

Part I · Summary $0 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $295,557$0

I-10 Investment incomePrior year $2,199,401$0

I-11 Other revenuePrior year $26$0

I-12 Total revenuePrior year $2,494,984$0

I-13 Grants and similar amounts paidPrior year $2,128,147$12,016,589

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $1,054,378$0

I-18 Total expensesPrior year $3,182,525$12,016,589

I-19 Revenue less expensesPrior year −$687,541−$12,016,589

Part VI · Governance 16 of 16 board members independent, no flags

VI-1a Voting members of the governing body16

VI-1b Independent voting members16

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $0 across 1 lines filed

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0

Part IX · Statement of functional expenses $12,016,589 across 1 line filed

IX-1 Grants to domestic organizations$12,016,589

IX-25 Total functional expenses$12,016,589

Part X · Balance sheet $0 assets, 23 lines filed

X-1 Cash, non-interest-bearingStart of year $5,840$0

X-2 Savings and temporary cash investments$0

X-3 Pledges and grants receivable$0

X-4 Accounts receivableStart of year $526$0

X-5 Loans to officers and key people$0

X-6 Loans to other insiders$0

X-7 Notes and loans receivable$0

X-8 Inventories for sale or use$0

X-9 Prepaid expenses and deferred charges$0

X-10c Land, buildings and equipment, netStart of year $15,062,454$0

X-11 Publicly traded securities$0

X-12 Other securities$0

X-13 Program-related investmentsStart of year $892,741$0

X-14 Intangible assets$0

X-15 Other assets$0

X-16 Total assetsStart of year $15,961,561$0

X-17 Accounts payable and accrued expensesStart of year $847$0

X-23 Secured mortgages and notes payableStart of year $3,942,125$0

X-25 Other liabilitiesStart of year $2,000$0

X-26 Total liabilitiesStart of year $3,944,972$0

X-27 Net assets without donor restrictionsStart of year $12,016,589$0

X-32 Total net assets or fund balancesStart of year $12,016,589$0

X-33 Total liabilities and net assetsStart of year $15,961,561$0

Part XI · Reconciliation of net assets $0 net assets at year end

XI-1 Total revenue$0

XI-2 Total expenses$12,016,589

XI-3 Revenue less expenses−$12,016,589

XI-4 Net assets at start of year$12,016,589

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Rapid City Economic Development

Before you give

Is it real?

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Rapid City Economic Development

Funders

Grants

Federal money

By the numbers

Filing history

Schedules filed Part IV