Spearfish Economic Development Corp

Nonprofit profile at a glance

EIN
460358940
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2010
Location
Spearfish, SD, USA
Phone
6056423832
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$433,026
Expenses
$397,868
Assets
$3,388,114
Liabilities
$1,993,271

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

Leadership & pay

20 people listed

Executive titles in this filing

  • JOHN BUXTON (PRESIDENT-ELECT)
  • JENNI SNEESBY (PRESIDENT)
  • PRISCILLA ROMKEMA (PAST-PRESIDENT)
  • TATE JOHNSON (VICE PRESIDENT)

Highest reported compensation

  • KORY MENKEN (EXECUTIVE DIR.): $145,618 total reported compensation

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

Overview

Mission

Promoting economic growth for city of spearfish and surrounding area.

What it reported doing in 2024

Increased community awareness of economic development. Provided business consultation to local existing businesses in marketing, finance, local demographics and trends. Provided business consultation to local entrepreneurs through demo graphical information, assistance with business plan development and locatin financing sources. Encouraged new businesses to locate in spearfish, sd .

Operating model

Revenue model
Other-operating. 70% of the money available for current operations came from other operating revenue.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.5%; rating input score 83
  • Program expense ratio: 90.7%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.1%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 8.52; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 36.6%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 8.6% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 8.8% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 11.7% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 83.5% of revenue deployed · 90.7% of spending went to programs
  • Governance: 16 of 16 board members independent · 5 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $361K in reported program spending
  • Leadership: top reported pay $146K · 20 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.