Brookings Economic Development Corporation
Nonprofit profile at a glance
- EIN
- 460440746
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024
- Location
- Brookings, SD, USA
- Phone
- 6056978103
- Rating
- 48
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $861,551
- Expenses
- $1,186,019
- Assets
- $6,035,353
- Liabilities
- $290,471
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Executive titles in this filing
- Tim Reed (CEO)
- Tom Fishback (President)
- Victoria Blatchford (Past President)
- Justin Gray (Vice President)
Highest reported compensation
- Tim Reed (CEO): $105,102 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
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.
What it reported doing in 2024
Enhance economic well-being of the Brookings and surrounding area.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 89
- Accountability: 90
- Sustainability: 38
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -37.7%; rating input score 4; 4th percentile among comparable filings
- Total-asset coverage ratio: 5.09; rating input score 85; 85th percentile among comparable filings
- Liabilities to assets ratio: 0.05; rating input score 52; 52nd percentile among comparable filings
- Officer compensation ratio: 8.9%; rating input score 41; 41st percentile among comparable filings
Growth
- Program expense growth: -6.1% per year; rating input score 0; 7th percentile among comparable filings
- Revenue growth: -1.1% per year; rating input score 0; 11th percentile among comparable filings
- Asset growth: 8.7% per year; rating input score 100; 54th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 13 of 13 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $105K · 17 people listed
- Consistency: 15 of 16 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 13 filing years from 2011 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Related organizations: 3 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Sustainability: Operating margin scored 4/100.
- Review — Accountability: Governance controls: 2 of 8 not reported.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Sustainability: Officer compensation ratio scored 41/100.
- Review — Sustainability: Liabilities to assets ratio scored 52/100.