Grant County Development Corporation FY2022 filing

Not tax-deductible

Milbank, SD501(c)(4)EIN 36-3452396Revenue $430K in FY2022

On file with the IRSgrantcountysd.com/gcdc1001 East 4th Avenue, 57252-2658 · Milbank, SDTax-exempt since Sep 1986

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The goal of the organization is to promote, encourage, and advance the Development of private enterprise, community Development, area tourism, industry & business, in Grant County, SD.

80¢ of each $1 spent went to programs.
$65K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $152K a year · 26% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$65K
to officers and key staff · 58% of spending
Concern: pay to officers and key staff is 58% of spending; over 30%.
Pt VII · Sec A
Cash reserves
55 mo
of spending, in cash
Looks good: 55.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $4K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$183K
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$430K
+184% vs prior year
Spent
$112K
To programs
80%
Net assets
$874K
By yearFY2020–FY2024
Revenue
$430K
FY2022▲ +184%
Tap a bar for its year
Revenue by fiscal year
FY2020$304K
FY2021$151K
FY2022$430K
FY2023$872K
FY2024$1.2M
Expenses
$112K
FY2022▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2020$401K
FY2021$121K
FY2022$112K
FY2023$608K
FY2024$909K
Net assets
$874K
FY2022▲ +57%
Tap a bar for its year
Net assets by fiscal year
FY2020$526K
FY2021$557K
FY2022$874K
FY2023$1.1M
FY2024$1.4M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1986.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $90K Management & general 20% · $22K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

15 people listed on the 990; $65K paid to officers and key staff.

Part VII, Section A · reportable compensation
$64,594Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Past-Preside
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Traci Stein$70,600————
Krista Ateyo-Gortmaker$24,812$65,000———
Krista Atyeo-Gortmaker——$64,594$59,800$9,964

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Grant County Development Corporation executive salaries →

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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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Boosts private enterprise, community development, tourism, and business in Grant County, SD.

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Provided by the organization

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2 programs · $90K · in their own filed words · FY2022
01

The economic development program is dedicated to the development of private enterprise, local employment opportunities, area tourism and community growth through the expansion of business & industry in grant county, south dakota.

$83Kprogram expense
02

The intermediary relending program provides low interest loans to local intermediaries that re-lend to businesses and for community development projects in rural communitites.

$7Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2020
Total grants receivedfrom 1 funder$4K
Grants paid · 5 grants · $1.5M · 2020–2024
Jag Development LLCFY2024$372,018
Janmark INCFY2024$350,000
Jag Development LLCFY2023$500,000
Rosewood Apts LLCFY2020$222,848
Milbank Chamber of CommerceFY2020$43,000

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$430K
Ln 12
Investment incomeLn 3$351K
Gifts and grantsLn 1h$70K
Fees for servicesLn 2g$9K
Money outPt IX
$112K
Ln 25
Programscol B$90K
Managementcol C$22K
Owns and owesPt X
$874K
net assets · Ln 32
Cash and savingsLn 1–2$516K
Total assetsLn 16$1.1M
LiabilitiesLn 26$183K
PeoplePt VI, VII
15
listed · VII A
PaidVII A1
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$70K
Government grantsLn 1e$70K
Fees for servicesLn 2g$9K
Investment incomeLn 3$351K
Gains on assetsLn 7$350K
Total revenueLn 12$430K
Assets in detailPt X, end of year
CashLn 1$5K
SavingsLn 2$511K
Cash and savings togetherLn 1–2$516K
Total assetsLn 16$1.1M
LiabilitiesLn 26$183K
Net assetsLn 32$874K
OperationsPt I, VI
EmployeesI 52
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$474K$516K
Total assetsLn 16$806K$1.1M
LiabilitiesLn 26$249K$183K
Net assetsLn 32$557K$874K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$62K$45K$16K
Other salaries and wagesLn 7$3K$2K$803
Payroll taxesLn 10$5K$4K$1K
Accounting feesLn 11c$8K$7K$1K
Other fees for servicesLn 11g$9K$8K$686
Advertising and promotionLn 12$6K$6K
Office expensesLn 13$2K$1K$407
TravelLn 17$4K$3K$986
Conferences, conventions and meetingsLn 19$1K$941$343
InterestLn 20$1K$1K
Other expenses (24a–d)Ln 24$12K$12K$73
Total functional expensesLn 25$112K$90K$22K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.2M$909K$244K$1.4M 990 PDF
FY2023 $872K$608K$264K$1.1M 990 PDF
FY2022 Viewing $430K$112K$317K$874K 990 PDF
FY2021 $151K$121K$30K$557K 990 PDF
FY2020 $304K$401K−$98K$526K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $429,505 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $143,280$70,000
I-9 Program service revenuePrior year $7,223$8,773
I-10 Investment incomePrior year $485$350,732
I-11 Other revenue$0
I-12 Total revenuePrior year $150,988$429,505
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $72,784$69,700
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $47,845$42,588
I-18 Total expensesPrior year $120,629$112,288
I-19 Revenue less expensesPrior year $30,359$317,217
Part VI · Governance 14 of 14 board members independent, 2 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $429,505 across 6 lines filed
VIII-1e Government grants$70,000
VIII-1h Total contributions, gifts and grants$70,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,773$8,773
VIII-3 Investment incomeExcluded from tax $680$680
VIII-7 Net gain or loss on sales of assetsRelated to mission $350,052$350,052
VIII-12 Total revenueRelated to mission $358,825 · Excluded from tax $680$429,505
Part IX · Statement of functional expenses $112,288 across 11 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $45,118 · Management $16,475$61,593
IX-7 Other salaries and wagesPrograms $2,198 · Management $803$3,001
IX-10 Payroll taxesPrograms $3,741 · Management $1,365$5,106
IX-11c Accounting feesPrograms $6,661 · Management $1,220$7,881
IX-11g Other fees for servicesPrograms $8,094 · Management $686$8,780
IX-12 Advertising and promotionPrograms $5,707$5,707
IX-13 Office expensesPrograms $1,113 · Management $407$1,520
IX-17 TravelPrograms $2,957 · Management $986$3,943
IX-19 Conferences, conventions and meetingsPrograms $941 · Management $343$1,284
IX-20 InterestPrograms $1,201$1,201
IX-24 Other expenses (24a–d)Programs $12,199 · Management $73$12,272
IX-25 Total functional expensesPrograms $89,930 · Management $22,358 · Fundraising $0$112,288
Part X · Balance sheet $1,057,243 assets, 11 lines filed
Asset lines not itemized here account for $450,919; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $4,047$5,122
X-2 Savings and temporary cash investmentsStart of year $469,533$511,281
X-4 Accounts receivableStart of year $68$69
X-8 Inventories for sale or useStart of year $134,800$89,852
X-16 Total assetsStart of year $805,684$1,057,243
X-17 Accounts payable and accrued expensesStart of year $1,341$1,308
X-26 Total liabilitiesStart of year $248,828$183,170
X-27 Net assets without donor restrictionsStart of year $276,841$609,398
X-28 Net assets with donor restrictionsStart of year $280,015$264,675
X-32 Total net assets or fund balancesStart of year $556,856$874,073
X-33 Total liabilities and net assetsStart of year $805,684$1,057,243
Part XI · Reconciliation of net assets $874,073 net assets at year end
XI-1 Total revenue$429,505
XI-2 Total expenses$112,288
XI-3 Revenue less expenses$317,217
XI-4 Net assets at start of year$556,856
XI-10 Net assets at end of year$874,073

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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