Brookings Economic Development Corporation
- Assets
- $6.4m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 2
- Location
- Brookings, SD
- Founding
- 09/1997
- Data as of
- 12/2022
- 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 12/2022, Brookings Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brookings Economic Development Corporation 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 12/2022, Brookings Economic Development Corporation generated $2.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $777.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Brookings Economic Development Corporation has awarded 15 individual grants totaling $1,034,770. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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 |
|---|---|---|---|
Tim Reed CEO | Officer | 40 | $74,877 |
Tom Kersting Director | Trustee | 1 | $0 |
Randy Hanson Director | Trustee | 1 | $0 |
Dick Peterson Director | Trustee | 1 | $0 |
Andy Johnson Director | Trustee | 1 | $0 |
Nick Wendell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $215,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,330,213 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,545,213 |
| Total Program Service Revenue | $164,000 |
| Investment income | $2,674 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $108,127 |
| 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 | $2,897,269 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $61,000 |
| 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. | $81,627 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,222 |
| Pension plan accruals and contributions | $6,722 |
| Other employee benefits | $13,168 |
| Payroll taxes | $10,022 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,894 |
| Fees for services: Accounting | $24,452 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $241,439 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $42,586 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $52,053 |
| Insurance | $13,623 |
| All other expenses | $32,399 |
| Total functional expenses | $777,366 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $415,876 |
| Savings and temporary cash investments | $2,160,220 |
| Pledges and grants receivable | $1,890,557 |
| Accounts receivable, net | $80,797 |
| 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 | $17,379 |
| Net Land, buildings, and equipment | $1,631,473 |
| Investments—publicly traded securities | $59,676 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $176,147 |
| Total assets | $6,432,125 |
| Accounts payable and accrued expenses | $112,418 |
| 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 | $80,037 |
| Total liabilities | $192,455 |
| Net assets without donor restrictions | $4,052,770 |
| Net assets with donor restrictions | $2,186,900 |
| 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 | $6,432,125 |
Grants Awarded
Over the last fiscal year, Brookings Economic Development Corporation has awarded $56,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ENTERPRISE INSTITUTE PURPOSE: Entrepreneur Development | $36,000 |
SOUTH DAKOTA COMMUNITY FOUNDA PURPOSE: Matching Funds | $20,000 |