Brookings Economic Development Corporation
- Assets
- $4.7m
- Revenue
- $938.8k
- Investments
- $0.0
- Employees
- 6
- Location
- Brookings, SD
- Founding
- 09/1997
- Data as of
- 12/2019
- EIN
- 46-0440746
Organization Overview
Brookings Economic Development Corporation is located in Brookings, SD. The organization was established in 1997. 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. As of 12/2019, Brookings Economic Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Brookings Economic Development Corporation generated $938.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.9%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 5 years. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATED TO SERVE THE BROOKINGS AREA BY ENHANCING THE ECONOMIC WELL-BEING OF THE CITY OF BROOKINGS AND ITS SURROUNDING AREAS AND TO IMPROVE ITS QUALITY OF LIFE AND PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENHANCE ECONOMIC WELL-BEING OF THE BROOKINGS AND SURROUNDING AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allan Heuton Executive Direc | Trustee | 40 | $141,810 |
Dan Hansen President | Officer | 1 | $0 |
Carla Gatzke Vice President | Officer | 1 | $0 |
Daniel Scholl Director | Officer | 1 | $0 |
Stacy Meganthal Director | Trustee | 1 | $0 |
Daryl England Director | Trustee | 1 | $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 | $293,389 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $293,389 |
| Total Program Service Revenue | $411,832 |
| Investment income | $28,190 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $109,733 |
| 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 | $938,791 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $167,000 |
| 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. | $164,810 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $178,776 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $84,528 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $30,405 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,414 |
| Advertising and promotion | $0 |
| Office expenses | $35,126 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,825 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $60,287 |
| Insurance | $10,047 |
| All other expenses | $65,744 |
| Total functional expenses | $1,219,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $262,615 |
| Savings and temporary cash investments | $1,541,653 |
| Pledges and grants receivable | $638,056 |
| Accounts receivable, net | $11,143 |
| 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 | $25,743 |
| Net Land, buildings, and equipment | $1,807,757 |
| Investments—publicly traded securities | $50,137 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $325,911 |
| Total assets | $4,663,015 |
| Accounts payable and accrued expenses | $25,009 |
| 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 | $58,500 |
| Total liabilities | $83,509 |
| Net assets without donor restrictions | $3,704,310 |
| Net assets with donor restrictions | $875,196 |
| 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 | $4,663,015 |
Grants Awarded
Over the last fiscal year, Brookings Economic Development Corporation has awarded $167,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Brookings, SD PURPOSE: Pass-Through | $120,000 |
Brookings, SD PURPOSE: Entrepreneur Development | $36,000 |
Brookings, SD PURPOSE: Events | $11,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Brookings Economic Development Corporation has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Avera Health Sioux Falls, SD PURPOSE: Sponsorship | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vocational Development Center Inc Council Bluffs, IA | $11,421,546 | $16,668,766 |
Southern Iowa Economic Development Association Ottumwa, IA | $3,717,590 | $9,677,179 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $7,022,312 | $7,900,655 |
Metropolitan Economic Development Association Minneapolis, MN | $39,495,187 | $7,589,215 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $4,315,393 | $6,283,804 |
Southern Minnesota Initiative Foundation Owatonna, MN | $60,294,730 | $2,947,582 |
Omaha Economic Development Corp Omaha, NE | $20,305,868 | $3,763,744 |
South Segment Community Development Corporation Halliday, ND | $18,493,571 | $2,579,873 |
Wolf Run Village Inc Watford City, ND | $14,082,138 | $4,932,515 |
Fargo Moorhead Convention & Visitors Bureau Inc Fargo, ND | $3,339,699 | $2,286,077 |
Minnesota Business Finance Corporation St Cloud, MN | $4,318,975 | $2,943,295 |
Big Sky Economic Development Corporation Billings, MT | $2,847,135 | $2,204,108 |