Rapid City Economic Development Foundati

Nonprofit profile at a glance

EIN
237267019
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Rapid City, SD, USA
Phone
6053431744
Rating confidence
Limited

Reported finances

Revenue
$0
Expenses
$12,016,589
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • TOM JOHNSON (PRESIDENT/CEO)

Highest reported compensation

  • TOM JOHNSON (PRESIDENT/CEO): $302,781 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2023

The foundation has an extremely active, focused program in place working to attract quality, primary jobs to the rapid city area. Primary jobs are those jobs that bring new wealth into the community. The foundation focuses its programs on attracting manufacturing, processing, and service exporting industries. The foundation also works to help local companies expand and retain jobs. The foundation receives program revenue from leasing space to new and growing businesses in the area.during 2023, the board of directors of rapid city economic development foundation, the city of rapid city, and the economic development administration approved elevate rapid city (a related organization) acquiring the assets, liabilities, and operations of rapid city economic development foundation. The acquisition occurred to align objectives and combine the resources of the two entities to better promote and support the rapid city and black hills region. During 2023 the assets and liabilities of rapid city economic development foundation were transferred to and assumed by elevate rapid city with no cash consideration transferred between entities. The foundation was officially dissolved by the state of South Dakota on december 8, 2023.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
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.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 68
  • Accountability: 90
  • Sustainability: 3
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 0; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 2.5%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: -20.3% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: 11.6% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 16 of 16 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $303K · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 13 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 3 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.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 20/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.