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Lake Preston Development Corporation

Not tax-deductible

Lake Preston, SD501(c)(4) EIN 51-0199304Revenue $7K in FY2024

On file with the IRSPo Box 215, 57249-0215 · Lake Preston, SDTax-exempt since Oct 1977

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To promote, assist, encourage, and develop the business and economic prosperity of Lake Preston, SD, and the surrounding area. To encourage new industry to rehabilitate existing industries, and to promote the agricultural and recreational Development of Lake Preston, SD, and surrounding areas.

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
100¢ of each $1 spent went to programs.
Run by 5 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · 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
2 of 3
filings with a surplus
Average surplus $67K a year · 47% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
16 mo
of spending, in cash
Looks good: 16.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7K
-95% vs prior year
Spent
$132K
To programs
100%
Net assets
$568K
By yearFY2020–FY2024
Revenue
$7K
FY2024▼ -95%
Tap a bar for its year
Revenue by fiscal year
FY2020$41K
FY2021$51K
FY2022$293K
FY2023$130K
FY2024$7K
Expenses
$132K
FY2024▲ ×41
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022$93K
FY2023$3K
FY2024$132K
Net assets
$568K
FY2024▼ -18%
Tap a bar for its year
Net assets by fiscal year
FY2020$376K
FY2021$342K
FY2022$444K
FY2023$693K
FY2024$568K

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1977.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $132K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation
Luke Smith
President
$0Pt VII · Sec A
Zach Huth
Treasurer
$0Pt VII · Sec A
Jaryn Huth
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Lake Preston 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 15aNo

Programs and updates

Boosts local business, industry, and agriculture for economic prosperity.

Questions for Lake Preston Development Corporation

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Provided by the organization

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1 program · $132K · in their own filed words · FY2024
01

To promote, assist, encourage, and develop the business and economic prosperity of lake preston, SD, and the surrounding area. To encourage new industry to rehabilitate existing industries, and to promote the agricultural and recreational development of lake preston, SD, and surrounding areas.

$132Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7K
Ln 12
Gifts and grantsLn 1h$5K
Investment incomeLn 3$2K
Money outPt IX
$132K
Ln 25
Programscol B$132K
Owns and owesPt X
$568K
net assets · Ln 32
Cash and savingsLn 1–2$177K
Total assetsLn 16$568K
LiabilitiesLn 26$0
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5K
Government grantsLn 1e$5K
Investment incomeLn 3$2K
Total revenueLn 12$7K
Assets in detailPt X, end of year
CashLn 1$120K
SavingsLn 2$57K
Cash and savings togetherLn 1–2$177K
Land, buildings, equipmentLn 10c$378K
Total assetsLn 16$568K
LiabilitiesLn 26$0
Net assetsLn 32$568K
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$346K$177K
Land, buildings, equipmentLn 10c$331K$378K
Total assetsLn 16$693K$568K
LiabilitiesLn 26$0$0
Net assetsLn 32$693K$568K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$425$425
InsuranceLn 23$257$257
Other expenses (24a–d)Ln 24$131K$131K
All other expensesLn 24e$10$10
Total functional expensesLn 25$132K$132K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $7K$132K−$125K$568K 990 PDF
FY2023 $130K$3K$126K$693K 990 PDF
FY2022 $293K$93K$200K$444K 990 PDF
FY2021 $51K$342K 990 PDF
FY2020 $41K$376K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $6,907 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $125,000$5,000
I-9 Program service revenue$0
I-10 Investment incomePrior year $1,294$1,907
I-11 Other revenuePrior year $3,359$0
I-12 Total revenuePrior year $129,653$6,907
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $3,210$131,705
I-18 Total expensesPrior year $3,210$131,705
I-19 Revenue less expensesPrior year $126,443−$124,798
Part VI · Governance 10 of 10 board members independent, 4 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $6,907 across 4 lines filed
VIII-1e Government grants$5,000
VIII-1h Total contributions, gifts and grants$5,000
VIII-3 Investment incomeExcluded from tax $1,907$1,907
VIII-12 Total revenueExcluded from tax $1,907$6,907
Part IX · Statement of functional expenses $131,705 across 4 lines filed
IX-11c Accounting feesPrograms $425$425
IX-23 InsurancePrograms $257$257
IX-24 Other expenses (24a–d)Programs $131,013$131,013
IX-24e All other expensesPrograms $10$10
IX-25 Total functional expensesPrograms $131,705 · Management $0 · Fundraising $0$131,705
Part X · Balance sheet $568,095 assets, 8 lines filed
Asset lines not itemized here account for $12,528; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $289,811$120,064
X-2 Savings and temporary cash investmentsStart of year $55,856$57,062
X-10c Land, buildings and equipment, netStart of year $330,600$378,441
X-16 Total assetsStart of year $692,893$568,095
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $692,893$568,095
X-32 Total net assets or fund balancesStart of year $692,893$568,095
X-33 Total liabilities and net assetsStart of year $692,893$568,095
Part XI · Reconciliation of net assets $568,095 net assets at year end
XI-1 Total revenue$6,907
XI-2 Total expenses$131,705
XI-3 Revenue less expenses−$124,798
XI-4 Net assets at start of year$692,893
XI-10 Net assets at end of year$568,095

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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