First District Development Company
- Assets
- $3.3m
- Revenue
- $431.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Watertown, SD
- Founding
- 01/1984
- Data as of
- 09/2022
- EIN
- 46-0374958
Organization Overview
First District Development Company is located in Watertown, SD. The organization was established in 1984. According to its NTEE Classification (S43) the organization is classified as: Small Business 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. First District Development Company is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2022, First District Development Company generated $431.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $392.3k during the year ending 09/2022. While expenses have increased by 5.3% 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
PROVIDE ASSISTANCE AND CONSULTATION TO LOAN APPLICANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS ADMINISTRATION 503/504 PROGRAM - PROVIDES BUSINESSES WITH ASSISTANCE AND CONSULTATION IN THE PREPARATION OF DOCUMENTS NECESSARY TO OBTAIN SBA LOANS.
INTERMEDIARY RELENDING PROGRAM - ESTABLISHES REVOLVING LOAN FUNDS TO LEND MONEY TO BUSINESSES TO ASSIST IN JOB CREATION WITHIN THE REGION.
REVOLVING LOAN FUND PROGRAM - ESTABLISHES REVOLVING LOAN FUNDS TO LEND MONEY TO BUSINESSES TO ASSIST IN JOB CREATION WITHIN THE REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ben Hanson President | OfficerTrustee | $0 | |
Earl Popham Treasurer | OfficerTrustee | $0 | |
Bobbie Bohlen Vice Preside | OfficerTrustee | $0 | |
Tim Walter Secretary | OfficerTrustee | $0 | |
Amy Waite Executive VP | Officer | $0 | |
Jennifer Quail Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $417,893 |
| Investment income | $13,060 |
| 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 | $430,953 |
| 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 | $205,647 |
| Pension plan accruals and contributions | $11,345 |
| Other employee benefits | $9,745 |
| Payroll taxes | $15,649 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,275 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,170 |
| Office expenses | $12,820 |
| Information technology | $11,922 |
| Royalties | $0 |
| Occupancy | $1,411 |
| Travel | $14,958 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,032 |
| Insurance | $9,577 |
| All other expenses | $4,266 |
| Total functional expenses | $392,251 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,051,544 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,988 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $767,949 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $357,380 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $127,887 |
| Total assets | $3,325,748 |
| Accounts payable and accrued expenses | $25,281 |
| 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 | $508,489 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $533,770 |
| Net assets without donor restrictions | $1,803,985 |
| Net assets with donor restrictions | $987,993 |
| 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 | $3,325,748 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Consortium Of Community Developers Minneapolis, MN | $14,565,346 | $14,747,823 |
Women Venture St Paul, MN | $7,708,341 | $8,474,014 |
Urban Ventures Leadership Foundation Minneapolis, MN | $23,559,763 | $6,521,879 |
Great Fls Development Authority Inc Great Falls, MT | $19,433,536 | $5,045,202 |
Bioconnect Iowa Des Moines, IA | $1,127,931 | $1,803,790 |
Lakota Fund Kyle, SD | $17,004,625 | $4,059,450 |
Custer County Foundation Inc Broken Bow, NE | $7,035,087 | $2,062,629 |
Central Minnesota Development Company Andover, MN | $3,109,444 | $999,166 |
Montana Business Assistance Connection Inc Helena, MT | $11,964,243 | $1,416,863 |
Northeast South Dakota Economic Corporation Sisseton, SD | $28,795,164 | $2,763,514 |
Wyoming Womens Business Center Laramie, WY | $937,422 | $712,073 |
Beta Group Minneapolis, MN | $157,595 | $502,721 |