RAPID CITY ECONOMIC DEVELOPMENT FO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1973

Legal Domicile

Principal Officer

TOM JOHNSON

Phone

6053431744

Tax Period

2023-01-01 to 2023-12-31

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.

Program Service Accomplishments

Program 1

THE FOUNDATION HAS AN EXTREMELY ACTIVE, FOCUSED PROGRAM IN PLACE WORKING TO ATTRACT QUALITY, PRIMARY JOBS TO THE RAPID CITY AREA. PRIMARY JOBS ARE THOSE JOBS THAT BRING NEW WEALTH INTO THE COMMUNITY. THE FOUNDATION FOCUSES ITS PROGRAMS ON ATTRACTING MANUFACTURING, PROCESSING, AND SERVICE EXPORTING INDUSTRIES. THE FOUNDATION ALSO WORKS TO HELP LOCAL COMPANIES EXPAND AND RETAIN JOBS. THE FOUNDATION RECEIVES PROGRAM REVENUE FROM LEASING SPACE TO NEW AND GROWING BUSINESSES IN THE AREA.DURING 2023, THE BOARD OF DIRECTORS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION, THE CITY OF RAPID CITY, AND THE ECONOMIC DEVELOPMENT ADMINISTRATION APPROVED ELEVATE RAPID CITY (A RELATED ORGANIZATION) ACQUIRING THE ASSETS, LIABILITIES, AND OPERATIONS OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION. THE ACQUISITION OCCURRED TO ALIGN OBJECTIVES AND COMBINE THE RESOURCES OF THE TWO ENTITIES TO BETTER PROMOTE AND SUPPORT THE RAPID CITY AND BLACK HILLS REGION. DURING 2023 THE ASSETS AND LIABILITIES OF RAPID CITY ECONOMIC DEVELOPMENT FOUNDATION WERE TRANSFERRED TO AND ASSUMED BY ELEVATE RAPID CITY WITH NO CASH CONSIDERATION TRANSFERRED BETWEEN ENTITIES. THE FOUNDATION WAS OFFICIALLY DISSOLVED BY THE STATE OF SOUTH DAKOTA ON DECEMBER 8, 2023.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

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

$302,781

Total Directors

Key Employees

Highest Compensated

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

RAPID CITY ECONOMIC DEVELOPMENT FOUNDATI