GREATER RAPID CITY AREA ECONOMIC D… - 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

1992

Legal Domicile

Principal Officer

JEFF HAVERLY

Phone

6053431880

Tax Period

2018-01-01 to 2018-12-31

GREATER RAPID CITY AREA ECONOMIC DEVELOPMENT CORP, founded in 1992, is a small nonprofit that reported $686K in total revenue in fiscal year 2018. Net assets of $4.5M represent 79 months of operating reserves.

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

IMPROVED THE QUALITY OF LIFE AND INCREASED PERSONAL INCOME LEVELS IN THE GREATER RAPID CITY AREA BY: 1. FOSTERING A VITAL BUSINESS CLIMATE 2. HELPING TO DEVELOP QUALITY NEW JOBS 3. ATTRACTING NEW...

IMPROVED THE QUALITY OF LIFE AND INCREASED PERSONAL INCOME LEVELS IN THE GREATER RAPID CITY AREA BY: 1. FOSTERING A VITAL BUSINESS CLIMATE 2. HELPING TO DEVELOP QUALITY NEW JOBS 3. ATTRACTING NEW BUSINESS 4. ASSISTING EXISTING BUSINESSES 5. PROMOTING ENTREPRENEURSHIP WE ACHIEVED THESE GOALS USING THE FOLLOWING TOOLS: 1. UTILIZING A REVOLVING LOAN FUND BASED ON THE CREATION OF QUALITY JOBS 2. TRACKING COMMERCIAL REAL ESTATE AVAILABILITY AND DEVELOPMENT 3. MAKING BUSINESS RETENTION AND EXPANSION VISITS 4. MEETING AND WORKING WITH LEADERS IN GOVERNMENT, EDUCATION, AND BUSINESS 5. SPEAKING TO COMMUNITY GROUPS TO PROMOTE THE AREA 6. ATTENDING SELECT TRADE SHOWS IN TARGETED INDUSTRIES IN TURN THE ABOVE GENERATES INTEREST INCOME FROM LOANS TO QUALIFYING ORGANIZATIONS AND ADMINISTRATIVE FEES FOR THOSE CHARGED FOR OUR SERVICES.

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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 (2018)

Revenue Breakdown

Contributions & Grants $637,828

Program Service Revenue $0

Investment Income $45,795

Other Revenue $2,699

TOTAL REVENUE $686,322

Expense Breakdown

Grants Paid $103,060

Salaries & Benefits $335,537

Fundraising Expenses $0

Other Expenses $271,955

TOTAL EXPENSES $710,552

Year-over-Year Comparison

	2018	2017	Change
Revenue	$686,322	$646,247	+0.1%
Expenses	$710,552	$534,397	+0.3%
Net Income	$-24,230	$111,850	-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

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

$184,488

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID LUST	CHAIRMAN	0.50	Officer Director	$0	$0	$0
JAY HAMMERQUIST	VICE CHAIRMA	0.50	Officer Director	$0	$0	$0
RON BLUM	SECRETARY/TR	0.50	Officer Director	$0	$0	$0
STEVE ALLENDER	MAYOR	0.50	Officer Director	$0	$0	$0
SHAWN GAB	PAST CHAIRMA	0.50	Officer Director	$0	$0	$0
JODY BENDER	DIRECTOR	0.50	Director	$0	$0	$0
DARREN HAAR	DIRECTOR	0.50	Director	$0	$0	$0
JOEL BRANNAN	DIRECTOR	0.50	Director	$0	$0	$0
BRAD ESTES	DIRECTOR	0.50	Director	$0	$0	$0
MIKE BUCKINGHAM	DIRECTOR	0.50	Director	$0	$0	$0
PAULINE SUMPTION	DIRECTOR	0.50	Director	$0	$0	$0
PATRICK DANE	DIRECTOR	0.50	Director	$0	$0	$0
DR HEATHER WILSON	DIRECTOR	0.50	Director	$0	$0	$0
DR ANN BOLMAN	DIRECTOR	0.50	Director	$0	$0	$0
JAFAR KARIM	DIRECTOR	0.50	Director	$0	$0	$0
RON AMODEO	DIRECOTOR	0.50	Director	$0	$0	$0
DAVE WESTERGAARD	DIRECTOR	0.50	Director	$0	$0	$0
BRIAN BUTTERFIELD	DIRECTOR	0.50	Director	$0	$0	$0
TOM WEAVER	DIRECTOR	0.50	Director	$0	$0	$0
DEB HADCOCK	DIRECTOR	0.50	Director	$0	$0	$0
TOM HELLAND	DIRECTOR	0.50	Director	$0	$0	$0
DAN SENFTNER	DIRECTOR	0.50	Director	$0	$0	$0
LINDA RABE	DIRECTOR	0.50	Director	$0	$0	$0
GENE BILADEAU	DIRECTOR	0.50	Director	$0	$0	$0
DR LORI SIMON	DIRECTOR	0.50	Director	$0	$0	$0
BENJAMIN SNOW	PRESIDENT	40.00	Officer	$151,083	$26,113	$177,196
JEFF HAVERLY	EXECUTIVE DI	40.00	Officer	$7,292	$0	$7,292
TERRI HAVERLY	VICE PRESIDE	0.50	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
2018	$686,322	$710,552	$4,774,445	$-24,230

GREATER RAPID CITY AREA ECONOMIC DEVELOPMENT CORP