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Experience Sioux Falls FY2023 filing

Not tax-deductible

Sioux Falls, SD501(c)(6)Community Development EIN 87-3484216Revenue $3.8M in FY2023

On file with the IRSexperiencesiouxfalls.com200 N Phillips Avenue, 57104-6052 · Sioux Falls, SDTax-exempt since Jun 2022

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Experience Sioux Falls works with strategic partners to market Sioux Falls, south dakota, develop tourism, and strengthen events providing positive economic impact to the Sioux Falls community.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
$171K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
3 of 3
filings with a surplus
Average surplus $1.6M a year · 37% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$171K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 7.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$649K
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.8M
-26% vs prior year
Spent
$3.4M
To programs
0%
Net assets
$4.7M
By yearFY2022–FY2024
Revenue
$3.8M
FY2023▼ -26%
Tap a bar for its year
Revenue by fiscal year
FY2022$5.1M
FY2023$3.8M
FY2024$3.9M
Expenses
$3.4M
FY2023▲ +241%
Tap a bar for its year
Expenses by fiscal year
FY2022$1.0M
FY2023$3.4M
FY2024$3.6M
Net assets
$4.7M
FY2023▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2022$4.1M
FY2023$4.7M
FY2024$5.1M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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 Jun 2022.

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

Who runs it and what they're paid

9 people listed on the 990; $171K paid to officers and key staff.

Part VII, Section A · reportable compensation
$170,864Pt VII · Sec A
Frank Gurnick
Vice Chairpe
$0Pt VII · Sec A
Amy Smolik
Secretary/Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
Janet Grunewaldt
Chairperson
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Paul Hegg
Director
$0Pt VII · Sec A

Teri Schmidt’s $173K as CEO is at the 56th percentile of top reported officer pay among 2832 $1–10M 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.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022
Teri Schmidt$172,996$170,864$53,034

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.

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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

Programs and updates

Markets Sioux Falls to boost tourism, strengthen events, and create economic impact.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Experience sioux falls, formerly the sioux falls convention and visitors bureau, is funded by two sources. When the organization was created in the early 70's, the city agreed to fund the group through a 1% room tax plus 500,000 from the general fund.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.8M
Ln 12
Fees for servicesLn 2g$3.5M
Gifts and grantsLn 1h$223K
Investment incomeLn 3$64K
Money outPt IX
$3.4M
Ln 25
Owns and owesPt X
$4.7M
net assets · Ln 32
Cash and savingsLn 1–2$2.1M
Total assetsLn 16$5.3M
LiabilitiesLn 26$649K
PeoplePt VI, VII
9
listed · VII A
PaidVII A1
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$223K
Government grantsLn 1e$223K
Fees for servicesLn 2g$3.5M
Investment incomeLn 3$64K
Other incomeLn 4–11$32K
Gains on assetsLn 7$6K
Total revenueLn 12$3.8M
Assets in detailPt X, end of year
SavingsLn 2$2.1M
Cash and savings togetherLn 1–2$2.1M
InvestmentsLn 11–13$1.9M
Land, buildings, equipmentLn 10c$127K
Other assetsLn 15$436K
Total assetsLn 16$5.3M
LiabilitiesLn 26$649K
Net assetsLn 32$4.7M
OperationsPt I, VI
EmployeesI 541
VolunteersI 676
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 FY23End FY23
Cash and savingsLn 1–2$1.8M$2.1M
InvestmentsLn 11–13$1.6M$1.9M
Land, buildings, equipmentLn 10c$138K$127K
Total assetsLn 16$4.8M$5.3M
LiabilitiesLn 26$669K$649K
Net assetsLn 32$4.1M$4.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$171K
Other salaries and wagesLn 7$764K
Pension plan contributionsLn 8$51K
Other employee benefitsLn 9$150K
Payroll taxesLn 10$75K
Accounting feesLn 11c$40K
Investment management feesLn 11f$3K
Advertising and promotionLn 12$1.3M
Office expensesLn 13$177K
Information technologyLn 14$162K
OccupancyLn 16$173K
TravelLn 17$126K
Conferences, conventions and meetingsLn 19$55K
Depreciation, depletion and amortizationLn 22$76K
InsuranceLn 23$9K
Other expenses (24a–d)Ln 24$49K
All other expensesLn 24e$2K
Total functional expensesLn 25$3.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $3.9M$3.6M$327K$5.1M 990 PDF
FY2023 Viewing $3.8M$3.4M$347K$4.7M 990 PDF
FY2022 $5.1M$1.0M$4.1M$4.1M 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 FY2023 990 (6 parts)
Part I · Summary $3,773,001 revenue, 12 lines filed
I-8 Contributions and grants$223,000
I-9 Program service revenuePrior year $5,105,351$3,453,804
I-10 Investment incomePrior year $10,818$64,336
I-11 Other revenuePrior year −$4,308$31,861
I-12 Total revenuePrior year $5,111,861$3,773,001
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $431,435$1,210,426
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $572,399$2,215,742
I-18 Total expensesPrior year $1,003,834$3,426,168
I-19 Revenue less expensesPrior year $4,108,027$346,833
Part VI · Governance 8 of 8 board members independent, 3 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,773,001 across 7 lines filed
Lines not itemized here account for $61,802 of total revenue; see the IRS return.
VIII-1e Government grants$223,000
VIII-1h Total contributions, gifts and grants$223,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,453,594$3,453,594
VIII-3 Investment incomeExcluded from tax $58,814$58,814
VIII-7 Net gain or loss on sales of assetsRelated to mission $5,522$5,522
VIII-8 Net income from fundraising events−$29,731
VIII-12 Total revenueRelated to mission $3,459,326 · Unrelated business $61,592 · Excluded from tax $58,814$3,773,001
Part IX · Statement of functional expenses $3,426,168 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$170,864
IX-7 Other salaries and wages$763,694
IX-8 Pension plan contributions$50,833
IX-9 Other employee benefits$149,727
IX-10 Payroll taxes$75,308
IX-11c Accounting fees$39,833
IX-11f Investment management fees$3,222
IX-12 Advertising and promotion$1,343,455
IX-13 Office expenses$176,589
IX-14 Information technology$162,322
IX-16 Occupancy$172,778
IX-17 Travel$126,400
IX-19 Conferences, conventions and meetings$54,965
IX-22 Depreciation, depletion and amortization$76,224
IX-23 Insurance$8,987
IX-24 Other expenses (24a–d)$48,771
IX-24e All other expenses$2,196
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$3,426,168
Part X · Balance sheet $5,312,496 assets, 14 lines filed
X-2 Savings and temporary cash investmentsStart of year $1,828,563$2,116,397
X-4 Accounts receivableStart of year $482,019$455,114
X-8 Inventories for sale or useStart of year $112,380$113,900
X-9 Prepaid expenses and deferred chargesStart of year $111,284$177,357
X-10c Land, buildings and equipment, netStart of year $137,505$127,000
X-11 Publicly traded securitiesStart of year $1,613,046$1,886,235
X-15 Other assetsStart of year $478,958$436,493
X-16 Total assetsStart of year $4,763,755$5,312,496
X-17 Accounts payable and accrued expensesStart of year $188,384$215,113
X-25 Other liabilitiesStart of year $481,040$433,854
X-26 Total liabilitiesStart of year $669,424$648,967
X-28 Net assets with donor restrictionsStart of year $4,094,331$4,663,529
X-32 Total net assets or fund balancesStart of year $4,094,331$4,663,529
X-33 Total liabilities and net assetsStart of year $4,763,755$5,312,496
Part XI · Reconciliation of net assets $4,663,529 net assets at year end
XI-1 Total revenue$3,773,001
XI-2 Total expenses$3,426,168
XI-3 Revenue less expenses$346,833
XI-4 Net assets at start of year$4,094,331
XI-5 Net unrealized gains (losses) on investments$199,058
XI-8 Prior period adjustments$23,307
XI-10 Net assets at end of year$4,663,529

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

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