Black Hills Community Economic Development Inc
- Assets
- $2.9m
- Revenue
- $972.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Rapid City, SD
- Founding
- 07/1981
- Data as of
- 09/2022
- EIN
- 46-0361483
Organization Overview
Black Hills Community Economic Development Inc is located in Rapid City, SD. The organization was established in 1981. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Hills Community Economic Development Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2022, Black Hills Community Economic Development Inc generated $972.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $617.1k during the year ending 09/2022. While expenses have increased by 4.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC DEVELOPMENT IN THE STATE OF SOUTH DAKOTA AND THE RAPID CITY/BLACK HILLS REGIONAL TRADE ZONE WITHIN A 200 MILE RADIUS TO INCLUDE CONTIGUOUS COUNTIES IN NEBRASKA AND WYOMING AND PROVIDE TECHNICAL ASSISTANCE TO AID IN ECONOMIC BASE EXPANSION INCLUDING THE ADMINISTRATION OF A REVOLVING LOAN PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE, ENCOURAGE AND ADVANCE ECONOMIC AND COMMUNITY DEVELOPMENT IN WESTERN SOUTH DAKOTA. THE ORGANIZATION ADMINISTERS THE REGIONAL SMALL BUSINESS ADMINISTRATION (SBA) 504 LOAN PROGRAM.
ADMINISTERS THE CARES AND LAWRENCE COUNTY REVOLVING LOAN PROGRAMS. LOANS WERE FUNDED THROUGH A GRANTS FROM THE US DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION AND LAWRENCE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kayce Gerlach Secretary/tr | OfficerTrustee | 2 | $0 |
Kevin Dietz President | OfficerTrustee | 2 | $0 |
Candi Thomson Vice Preside | OfficerTrustee | 2 | $0 |
Frances White Executive Di | Officer | 40 | $0 |
Kory Menken Board Member | Trustee | 1 | $0 |
James Mortensen Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $10,750 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $287,432 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $298,182 |
| Total Program Service Revenue | $673,202 |
| Investment income | $1,246 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $972,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,327 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $384,263 |
| Advertising and promotion | $892 |
| Office expenses | $15,905 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $617 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,708 |
| All other expenses | $0 |
| Total functional expenses | $617,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,081 |
| Savings and temporary cash investments | $1,097,573 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,706 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,512,399 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,314 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $103,233 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $119,815 |
| Total assets | $2,883,121 |
| Accounts payable and accrued expenses | $186,556 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $186,556 |
| Net assets without donor restrictions | $1,603,655 |
| Net assets with donor restrictions | $1,092,910 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,883,121 |
Grants Awarded
Over the last fiscal year, Black Hills Community Economic Development Inc has awarded $36,053 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VRC METAL SYSTEMS LLC PURPOSE: WORKFORCE DEVELOPMNT | $21,065 |
RFA ENGINEERING PURPOSE: WORKFORCE DEVELOPMNT | $14,988 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Black Hills Community Economic Development Inc has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
West River Foundation Sturgis, SD PURPOSE: EDUCATION SUPPORT | $10,000 |
West River Foundation Sturgis, SD PURPOSE: EDUCATION SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |