RAPID CITY ECONOMIC DEVELOPMENT FOUNDATI

EIN: 237267019

RAPID CITY, SD

Total Revenue
N/A
Total Expenses
$12,016,589
Total Assets
N/A
Net Assets
N/A
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1973
Legal Domicile
SD
Principal Officer
TOM JOHNSON
Phone
6053431744
Tax Period
2023-01-01 to 2023-12-31

RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION, founded in 1973, is a community nonprofit that reported $3.1M in total revenue in fiscal year 2018. Revenue surged 896% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.5M, a strong 79% operating margin.

Mission

TO IMPROVE THE QUALITY OF LIFE AND INCREASE PERSONAL INCOME LEVELS IN THE RAPID CITY AREA BY FOSTERING A VITAL BUSINESS CLIMATE WHICH PROVIDES QUALITY NEW JOBS, ATTRACTS NEW BUSINESS, HELPS EXISTING BUSINESS, AND PROMOTES ENTREPRENEURSHIP.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $0

Expense Breakdown

Grants Paid $12,016,589
Salaries & Benefits $0
Fundraising Expenses $0
Other Expenses $0
TOTAL EXPENSES $12,016,589

Year-over-Year Comparison

2023 2022 Change
Revenue N/A $2,494,984 -1.0%
Expenses $12,016,589 $3,182,525 +2.8%
Net Income N/A $-687,541 N/A
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
16
Independent Members
16
Employees
N/A
Volunteers
16

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$302,781
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PAULETTE DAVIDSON CHAIR 0.50
Officer Director
$0 $0 $0
TOM WEAVER VICE CHAIR 0.50
Officer Director
$0 $0 $0
MARNE JONES TREASURER 0.50
Officer Director
$0 $0 $0
TODD KENNER SECRETARY 0.50
Officer Director
$0 $0 $0
DARREN HAAR PAST CHAIR 0.50
Director
$0 $0 $0
ALAN SOLANO BOARD MEMBER 0.50
Director
$0 $0 $0
ANDY BARTLING BOARD MEMBER 0.50
Director
$0 $0 $0
BRAD HEARST BOARD MEMBER 0.50
Director
$0 $0 $0
BRANDON LANCE BOARD MEMBER 0.50
Director
$0 $0 $0
DICK JOHNSON BOARD MEMBER 0.50
Director
$0 $0 $0
GREG LOOS BOARD MEMBER 0.50
Director
$0 $0 $0
HANI SHAFAI BOARD MEMBER 0.50
Director
$0 $0 $0
JANA MCCRODEN BOARD MEMBER 0.50
Director
$0 $0 $0
MAYOR JASON SALAMUN BOARD MEMBER 0.50
Director
$0 $0 $0
PETE LIEN BOARD MEMBER 0.50
Director
$0 $0 $0
ZANE BRINK BOARD MEMBER 0.50
Director
$0 $0 $0
TOM JOHNSON PRESIDENT/CEO 1.00
Officer
$265,574 $37,207 $302,781
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2023 No data $12,016,589 No data No data
2022 $2,494,984 $3,182,525 $15,961,561 $-687,541
2021 $2,810,029 $1,044,094 $18,568,120 $1,765,935
2020 $2,793,030 $734,246 $19,180,291 $2,058,784
2019 $1,181,328 $729,828 $10,135,710 $451,500
2018 $3,140,149 $657,681 $9,716,886 $2,482,468
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