Greater Rapid City Area Economic Development Corp
- Assets
- $4.8m
- Revenue
- $686.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Rapid City, SD
- Founding
- Data as of
- 12/2018
- EIN
- 46-0414080
Organization Overview
Greater Rapid City Area Economic Development Corp is located in Rapid City, SD. As of 12/2018, Greater Rapid City Area Economic Development Corp employed 5 individuals. Greater Rapid City Area Economic Development Corp 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 12/2018, Greater Rapid City Area Economic Development Corp generated $686.3k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $710.6k during the year ending 12/2018. While expenses have increased by 10.4% per year over the past 4 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Lust Chairman | OfficerTrustee | 0.5 | $0 |
Jay Hammerquist Vice Chairma | OfficerTrustee | 0.5 | $0 |
Ron Blum Secretary/tr | OfficerTrustee | 0.5 | $0 |
Steve Allender Mayor | OfficerTrustee | 0.5 | $0 |
Shawn Gab Past Chairma | OfficerTrustee | 0.5 | $0 |
Jody Bender Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $82,473 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $370,355 |
| All other contributions, gifts, grants, and similar amounts not included above | $185,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $637,828 |
| Total Program Service Revenue | $0 |
| Investment income | $47,536 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,741 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $686,322 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $103,060 |
| 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. | $184,488 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $97,596 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,018 |
| Payroll taxes | $17,435 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,363 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,268 |
| Advertising and promotion | $58,861 |
| Office expenses | $17,638 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,728 |
| Travel | $12,356 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,293 |
| Interest | $11 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,511 |
| Insurance | $4,428 |
| All other expenses | $87,498 |
| Total functional expenses | $710,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $515,597 |
| Savings and temporary cash investments | $2,418,400 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,572 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $25,129 |
| Net Land, buildings, and equipment | $7,675 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,800,072 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,774,445 |
| Accounts payable and accrued expenses | $342 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $237,650 |
| 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 | $237,992 |
| Unrestricted restricted net Assets | $4,351,453 |
| Temporarily restricted net Assets | $185,000 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $4,536,453 |
Grants Awarded
Over the last fiscal year, Greater Rapid City Area Economic Development Corp has awarded $100,913 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CENTRAL STATES FAIR PURPOSE: ECONOMIC GROWTH | $20,000 |
RAPID CITY REGIONAL AIRPORT PURPOSE: ECOMONIC GROWTH | $10,913 |
SOUTH SCHOOL OF MINES & TECHNOLOGY PURPOSE: ECONOMIC GROWTH | $70,000 |