STURGIS 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

1973

Legal Domicile

Principal Officer

KEN MEIROSE

Phone

6053474906

Tax Period

2024-01-01 to 2024-12-31

STURGIS ECONOMIC DEVELOPMENT CORP, founded in 1973, is a small nonprofit that reported $266K in total revenue in fiscal year 2024. Revenue fell 34% from the prior year — a significant decline worth monitoring. Net assets of $3.1M represent 141 months of operating reserves.

Mission

Pursue economic development by assisting new or expanding business andindustry in Sturgis and the Greater Meade County Area, and to coordinatethose efforts with community entities.

Program Service Accomplishments

Program 1

SEDC WORKS WITH NEW AND EXISTING BUSINESSES IN AND AROUND STURGIS SD AND MEADE COUNTY, PROMOTING ECONOMIC DEVELOPMENT AND EXPANSION. SEDC ALSO WORKS WITH LOCAL GOVERNMENT TO PROMOTE ECONOMIC...

SEDC WORKS WITH NEW AND EXISTING BUSINESSES IN AND AROUND STURGIS SD AND MEADE COUNTY, PROMOTING ECONOMIC DEVELOPMENT AND EXPANSION. SEDC ALSO WORKS WITH LOCAL GOVERNMENT TO PROMOTE ECONOMIC DEVELOPMENT.

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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 (2024)

Revenue Breakdown

Contributions & Grants $225,890

Program Service Revenue $7,500

Investment Income $40,933

Other Revenue $-8,548

TOTAL REVENUE $265,775

Expense Breakdown

Grants Paid $5,000

Salaries & Benefits $184,394

Fundraising Expenses $0

Other Expenses $79,207

TOTAL EXPENSES $268,601

Year-over-Year Comparison

	2024	2023	Change
Revenue	$265,775	$405,495	-0.3%
Expenses	$268,601	$388,902	-0.3%
Net Income	$-2,826	$16,593	-1.2%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AMANDA ANGLIN	EXECUTIVE DIRECTOR	0.00		$0	$0	$118,733
BRENNA BLOCK	COORDINATOR	0.00		$0	$0	$65,661
PAUL BISSON	Chairman	1.00	Officer Director	$0	$0	$0
JD WILLIAMS	VICE CHAIRMAN	1.00	Director	$0	$0	$0
MARK SCHMIDT	Director	1.00	Director	$0	$0	$0
RYAN ALDREN	Director	1.00	Director	$0	$0	$0
CHRIS BERGMAN	Director	1.00	Director	$0	$0	$0
BRITTON BLAIR	Director	1.00	Director	$0	$0	$0
TESSA GUNDERSON	Director	1.00	Director	$0	$0	$0
ROD BRADLEY	Director	1.00	Director	$0	$0	$0
JESSE BLAKEMAN	Director	1.00	Director	$0	$0	$0
RICK BUSH	Director	1.00	Director	$0	$0	$0
GARY DEERING	Director	1.00	Director	$0	$0	$0
KEN MEIROSE	Treasurer	1.00	Officer	$0	$0	$0

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	$265,775	$268,601	$5,413,764	$-2,826
2023	$405,495	$388,902	$4,935,008	$16,593
2022	$340,998	$334,302	$4,834,650	$6,696
2021	$800,640	$265,707	$4,147,899	$534,933
2020	$346,319	$270,353	$3,654,031	$75,966
2019	$287,743	$177,188	$3,998,672	$110,555
2018	$246,993	$197,561	$3,970,349	$49,432