SPEARFISH ECONOMIC DEVELOPMENT CORP

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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

1980

Legal Domicile

Principal Officer

KORY MENKEN

Phone

6056423832

Tax Period

2023-01-01 to 2023-12-31

SPEARFISH ECONOMIC DEVELOPMENT CORP, founded in 1980, is a small nonprofit that reported $648K in total revenue in fiscal year 2023. The organization ran a surplus of $259K, a strong 40% operating margin.

Mission

PROMOTING ECONOMIC GROWTH FOR CITY OF SPEARFISH AND SURROUNDING AREA.

Program Service Accomplishments

Program 1

Expenses: $352,524 Revenue: $83,000

INCREASED COMMUNITY AWARENESS OF ECONOMIC DEVELOPMENT. PROVIDED BUSINESS CONSULTATION TO LOCAL EXISTING BUSINESSES IN MARKETING, FINANCE, LOCAL DEMOGRAPHICS AND TRENDS. PROVIDED BUSINESS CONSULTATION TO LOCAL ENTREPRENEURS THROUGH DEMO GRAPHICAL INFORMATION, ASSISTANCE WITH BUSINESS PLAN DEVELOPMENT AND LOCATIN FINANCING SOURCES. ENCOURAGED NEW BUSINESSES TO LOCATE IN SPEARFISH, SD .

Program 2

ADMINISTRATE LOW INTEREST LOANS TO DEVELOPING AND/OR NEW BUSINESSES TO COMMUNITY OF SPEARFISH IN AN EFFORT TO CREATE NEW JOB OPPORTUNITIES AND PROVIDE INCENTIVE TO BRING NEW BUSINESSES TO AREA

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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 $70,723

Program Service Revenue $83,000

Investment Income $8,957

Other Revenue $484,854

TOTAL REVENUE $647,534

Expense Breakdown

Grants Paid $0

Salaries & Benefits $220,064

Fundraising Expenses $0

Program Expenses $352,524

Other Expenses $168,963

TOTAL EXPENSES $389,027

Year-over-Year Comparison

	2023	2022	Change
Revenue	$647,534	$667,193	0.0%
Expenses	$389,027	$295,020	+0.3%
Net Income	$258,507	$372,173	-0.3%

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

Volunteers

N/A

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

$137,020

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES MORTENSON	DIRECTOR	1.00	Director	$0	$0	$0
JOHN SENDEN	EX-OFFICIO	1.00	Director	$0	$0	$0
JOHN BUXTON	PRESIDENT-ELECT	1.00	Officer Director	$0	$0	$0
DAN O'SHEA	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS WORSLEY	DIRECTOR	1.00	Director	$0	$0	$0
JENNI SNEESBY	PRESIDENT	1.00	Officer Director	$0	$0	$0
JOHN REINERS	DIRECTOR	1.00	Director	$0	$0	$0
JULIE BENEDICT	DIRECTOR	1.00	Director	$0	$0	$0
ASHLEY MCDONALD	EX-OFFICIO	1.00	Director	$0	$0	$0
MANDY KNIGHT	DIRECTOR	1.00	Director	$0	$0	$0
PRISCILLA ROMKEMA	PAST-PRESIDENT	1.00	Officer Director	$0	$0	$0
JESS WEAVER	DIRECTOR	1.00	Director	$0	$0	$0
BRANDON FLANAGAN	EX-OFFICIO	1.00	Director	$0	$0	$0
TJ GUSSO	TREASURER	1.00	Officer Director	$0	$0	$0
JASON ROBERDEAU	DIRECTOR	1.00	Director	$0	$0	$0
KIRK EASTON	EX-OFFICIO	1.00	Director	$0	$0	$0
TATE JOHNSON	VICE PRESIDENT	1.00	Director	$0	$0	$0
BARB CLINE	DIRECTOR	1.00	Director	$0	$0	$0
STEVE ELLIOT	EX-OFFICIO	1.00	Director	$0	$0	$0
KORY MENKEN	EXECUTIVE DIR.	40.00	Officer	$137,020	$0	$137,020

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
2024	No data	No data	No data	No data
2023	$647,534	$389,027	$3,512,500	$258,507
2022	$667,193	$295,020	$2,213,628	$372,173
2021	$296,554	$243,873	$1,135,922	$52,681
2020	$246,803	$242,210	$1,084,143	$4,593
2019	$275,210	$258,719	$1,079,799	$16,491
2018	$273,164	$222,157	$1,034,973	$51,007