Canton Economic Development Corporation

Nonprofit profile at a glance

EIN
460434534
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2021
Location
Canton, SD, USA
Phone
6059877382
Rating
44
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$685,468
Expenses
$198,553
Assets
$1,695,982
Liabilities
$794,054

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • SCOTT LARSON (PRESIDENT)
  • DARIN OAKLAND (VICE PRESIDENT)

People named in this filing

  • SCOTT LARSON (PRESIDENT)
  • DARIN OAKLAND (VICE PRESIDENT)
  • RUSS TOWNSEND (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote and assist the growth and development of small business, industry, and residential growth in canton, sd

What it reported doing in 2024

Took out a loan to pay development expenses

Operating model

Revenue model
Grant-funded. 84% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 19
  • Transparency & Controls: 84
  • Accountability: 12
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 11.4%; rating input score 11
  • Program expense ratio: 39.9%; rating input score 40
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 5th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 71%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 8.54; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 14.3% per year; rating input score 100; 74th percentile among comparable filings
  • Revenue growth: 28.6% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: 16.4% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 11.4% of revenue deployed · 39.9% of spending went to programs
  • Governance: 0 of 61 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $79K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 4 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 11/100.
  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 40/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.