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Startup Sioux Falls FY2020 filing

Not tax-deductible

Sioux Falls, SD501(c)(4)Community DevelopmentEIN 81-0585921Revenue $679K in FY2020

On file with the IRSrealzeal.com100 E 6th St, 57104-5929 · Sioux Falls, SDTax-exempt since Oct 2004

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The purpose of zeal is to create a thriving epicenter of entrepreneurship and pipeline of emerging rapid growth businesses to expand and diversify the Sioux Falls economy by providing incubator, accelerator and other entrepreneurial development services to companies launching in or expanding to the Sioux Falls region.

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
86¢ of each $1 spent went to programs.
$307K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2020 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $231K a year · 20% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$307K
to officers and key staff · 40% of spending
Concern: pay to officers and key staff is 40% of spending; over 30%.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $65K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$79K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 11 voting members
Looks good: 9 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$679K
Spent
$760K
To programs
86%
Net assets
$4.4M
By yearFY2020–FY2025
Revenue
$679K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$679K
FY2021$834K
FY2022$1.5M
FY2023$2.1M
FY2024$1.1M
FY2025$836K
Expenses
$760K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$760K
FY2021$929K
FY2022$960K
FY2023$971K
FY2024$1.1M
FY2025$974K
Net assets
$4.4M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$4.4M
FY2021$4.4M
FY2022$4.9M
FY2023$6.0M
FY2024$6.1M
FY2025$5.9M

From the FY2020 Form 990 (year ending September 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2004.

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

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $656K Management & general 9% · $70K Fundraising 4% · $34K

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

13 people listed on the 990; $307K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Bob Mundt
Director
$193,242Pt VII · Sec A
$63,818Pt VII · Sec A
Brienne Maner
President
$49,604Pt VII · Sec A
$0Pt VII · Sec A
Pam Homan
Director
$0Pt VII · Sec A
Bill Anderson
Vice Chairman
$0Pt VII · Sec A
Karla Santi
Director
$0Pt VII · Sec A
Matthew Paulson
Secretary/Treasurer
$0Pt VII · Sec A

Bob Mundt’s $193K as Director is at the 96th percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Startup Sioux Falls 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

Nurtures new businesses with incubator and accelerator services to grow the Sioux Falls economy.

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Provided by the organization

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1 program · $656K · in their own filed words · FY2019
01

To assist in the development and expansion of emerging rapid growth businesses in the sioux falls region. To provide office and lab space, along with other entrepreneurial services to these businesses.

$656Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
Sioux Falls Area Community Foundation INCFY2024$65K
Total grants receivedfrom 1 funder$65K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$679K
Ln 12
Fees for servicesLn 2g$619K
Gifts and grantsLn 1h$100K
Money outPt IX
$760K
Ln 25
Programscol B$656K
Managementcol C$70K
Fundraisingcol D$34K
Owns and owesPt X
$4.4M
net assets · Ln 32
Cash and savingsLn 1–2$323K
Total assetsLn 16$4.5M
LiabilitiesLn 26$79K
PeoplePt VI, VII
13
listed · VII A
PaidVII A3
Voting boardVI 1a11
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$100K
Fees for servicesLn 2g$619K
Gains on assetsLn 7−$40K
Total revenueLn 12$679K
Assets in detailPt X, end of year
CashLn 1$323K
Cash and savings togetherLn 1–2$323K
InvestmentsLn 11–13$250K
Land, buildings, equipmentLn 10c$3.9M
Total assetsLn 16$4.5M
LiabilitiesLn 26$79K
Net assetsLn 32$4.4M
OperationsPt I, VI
EmployeesI 58
VolunteersI 60
Fiscal year endsHeaderSeptember
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 FY20End FY20
Cash and savingsLn 1–2$368K$323K
InvestmentsLn 11–13$290K$250K
Land, buildings, equipmentLn 10c$4.1M$3.9M
Total assetsLn 16$4.8M$4.5M
LiabilitiesLn 26$305K$79K
Net assetsLn 32$4.5M$4.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$88K$59K$14K$15K
Other salaries and wagesLn 7$74K$50K$12K$13K
Pension plan contributionsLn 8−$3K−$2K−$445−$477
Other employee benefitsLn 9$11K$8K$2K$2K
Payroll taxesLn 10$13K$8K$2K$2K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$26K$3K$23K
Advertising and promotionLn 12$29K$29K
Office expensesLn 13$5K$4K$399$336
TravelLn 17$3K$2K$534$573
InterestLn 20$9K$9K$244
Depreciation, depletion and amortizationLn 22$213K$207K$6K
InsuranceLn 23$13K$12K$1K
Other expenses (24a–d)Ln 24$260K$254K$6K
All other expensesLn 24e$18K$14K$2K$2K
Total functional expensesLn 25$760K$656K$70K$34K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $836K$974K−$138K$5.9M 990 PDF
FY2024 $1.1M$1.1M$60K$6.1M 990 PDF
FY2023 $2.1M$971K$1.1M$6.0M 990 PDF
FY2022 $1.5M$960K$505K$4.9M 990 PDF
FY2021 $834K$929K−$95K$4.4M 990 PDF
FY2020 Viewing $679K$760K−$81K$4.4M 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 J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $678,940 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $125,000$100,000
I-9 Program service revenuePrior year $788,966$618,940
I-10 Investment incomePrior year $1,074−$40,000
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $915,040$678,940
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $402,724$183,155
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $551,518$576,845
I-18 Total expensesPrior year $954,242$760,000
I-19 Revenue less expensesPrior year −$39,202−$81,060
Part VI · Governance 9 of 11 board members independent, 3 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members9
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $678,940 across 5 lines filed
VIII-1d Related organizations$100,000
VIII-1h Total contributions, gifts and grants$100,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $618,940$618,940
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$40,000−$40,000
VIII-12 Total revenueRelated to mission $618,940 · Unrelated business $0 · Excluded from tax −$40,000$678,940
Part IX · Statement of functional expenses $760,000 across 15 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $59,110 · Management $13,939 · Fundraising $14,968$88,017
IX-7 Other salaries and wagesPrograms $49,674 · Management $11,713 · Fundraising $12,579$73,966
IX-8 Pension plan contributionsPrograms −$1,887 · Management −$445 · Fundraising −$477−$2,809
IX-9 Other employee benefitsPrograms $7,697 · Management $1,815 · Fundraising $1,949$11,461
IX-10 Payroll taxesPrograms $8,408 · Management $1,983 · Fundraising $2,129$12,520
IX-11b Legal feesManagement $1,415$1,415
IX-11c Accounting feesPrograms $3,123 · Management $22,610$25,733
IX-12 Advertising and promotionPrograms $28,640$28,640
IX-13 Office expensesPrograms $4,431 · Management $399 · Fundraising $336$5,166
IX-17 TravelPrograms $2,264 · Management $534 · Fundraising $573$3,371
IX-20 InterestPrograms $8,725 · Management $244$8,969
IX-22 Depreciation, depletion and amortizationPrograms $206,722 · Management $5,790$212,512
IX-23 InsurancePrograms $11,687 · Management $1,053$12,740
IX-24 Other expenses (24a–d)Programs $254,210 · Management $6,266$260,476
IX-24e All other expensesPrograms $13,501 · Management $2,218 · Fundraising $2,104$17,823
IX-25 Total functional expensesPrograms $656,305 · Management $69,534 · Fundraising $34,161$760,000
Part X · Balance sheet $4,525,748 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $367,828$323,206
X-4 Accounts receivableStart of year $17,337$5,028
X-9 Prepaid expenses and deferred chargesStart of year $10,279$5,005
X-10c Land, buildings and equipment, netStart of year $4,147,474$3,942,508
X-11 Publicly traded securitiesStart of year $290,001$250,001
X-16 Total assetsStart of year $4,832,919$4,525,748
X-17 Accounts payable and accrued expensesStart of year $32,762$35,788
X-25 Other liabilitiesStart of year $26,930$43,261
X-26 Total liabilitiesStart of year $305,160$79,049
X-27 Net assets without donor restrictionsStart of year $4,527,759$4,446,699
X-32 Total net assets or fund balancesStart of year $4,527,759$4,446,699
X-33 Total liabilities and net assetsStart of year $4,832,919$4,525,748
Part XI · Reconciliation of net assets $4,446,699 net assets at year end
XI-1 Total revenue$678,940
XI-2 Total expenses$760,000
XI-3 Revenue less expenses−$81,060
XI-4 Net assets at start of year$4,527,759
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$4,446,699

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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