2024-08-30T10:10:06-04:00 2023-12-31 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2023-01-01 510183368 LAKE AREA IMPROVEMENT CORPORATION LAKE 6052560797 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DIRECTOR 6052560797 2024-08-15 true true KATHLEEN DOYLE P01322431 6056654401 2024-07-23 2023 2024-08-08 14:25:15Z BROOKE ROLLAG PO BOX 32 MADISON SD 57042 1374121 false X WWW.MADISONWORKS.COM X 2003 SD TO ENHANCE THE QUALITY OF LIFE FOR ALL CITIZENS OF THE LAKE COUNTY AREA AND TO FACILITATE THE DEVELOPMENT AND RETENTION OF QUALITY JOBS THAT ARE ENVIRONMENTALLY AND ECONOMICALLY COMPATIBLE FOR LAKE COUNTY. 15 15 2 15 0 1169104 571543 233332 315284 12056 19878 1116 248340 1415608 1155045 22500 56818 0 204089 217445 0 0 192681 217312 419270 491575 996338 663470 13895557 15390380 8297059 9125436 5598498 6264944 TO ENHANCE THE QUALITY OF LIFE FOR ALL CITIZENS OF THE LAKE COUNTY AREA AND TO FACILITATE THE DEVELOPMENT AND RETENTION OF QUALITY JOBS THAT ARE ENVIRONMENTALLY AND ECONOMICALLY COMPATIBLE FOR LAKE COUNTY. false false 250932 56818 185089 FORWARD MADISON 4 IS THE MAIN FUNDING SOURCE OF THE LAIC. THE COMPONENTS OF THE INITIATIVE ARE: 1.) INDUSTRIAL PARK GROWTH 2.) RECRUITMENT OF TECHNOLOGY BUSINESSES 3.) WORKFORCE DEVELOPMENT 4.) ENTREPRENEURSHIP 5.) AG DEVELOPMENT 6.) DOWNTOWN BUSINESS ATTRACTION 7.) HOUSING DEVELOPMENT 105993 130195 THE LAND OWNED BY THE LAIC IS TO HELP WITH BUSINESS RETENTION AND EXPANSION AND JOB CREATION IN THE AREA. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES. 356925 true true false false false false false false false false true false false false true true true false false false false false false false false false false true true false false false false false false true false false false false false false false false false false false true 12 0 2 true false false false false false false false false false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false X ORGANIZATION 6052564539 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DI 40.00 X 132000 0 10980 JEFF BLOOM DIRECTOR 1.00 X 0 0 0 DR JOSE-MARIE GRIFFITHS DIRECTOR 1.00 X 0 0 0 MIKE JASPERS PRESIDENT EL 1.00 X X 0 0 0 MIKE KANE DIRECTOR 1.00 X 0 0 0 MIKE MALONE SEC/TREASURE 1.00 X X 0 0 0 TAMMY MILLER DIRECTOR 1.00 X 0 0 0 DELON MORK DIRECTOR 1.00 X 0 0 0 DAN ROEMEN DIRECTOR 1.00 X 0 0 0 FLOYD RUMMEL VICE PRESIDE 1.00 X X 0 0 0 PAUL SCHULTZ DIRECTOR 1.00 X 0 0 0 TERRY SCHULTZ PAST PRESIDE 1.00 X X 0 0 0 ERIC SINCLAIR PRESIDENT 1.00 X X 0 0 0 DENNIS SLAUGHTER DIRECTOR 1.00 X 0 0 0 DUSTIN WILLIAMS DIRECTOR 1.00 X 0 0 0 JERAE WIRE DIRECTOR 1.00 X 0 0 0 132000 10980 1 false false false 465000 106543 571543 INCOME & FEES - LOANS 999999 185089 185089 LAND LEASE 999999 130195 130195 315284 19878 19878 453000 219076 233924 233924 ERC REFUND 999999 14416 14416 14416 1155045 563624 19878 22500 22500 34318 34318 142980 114384 28596 54044 43235 10809 2702 2162 540 3214 2571 643 14505 11604 2901 365 365 14911 14911 34146 34146 23106 23106 17837 137 17700 7444 1258 6186 35057 27166 7891 674 258 416 12122 11711 411 26288 20670 5618 3683 3587 96 11761 4112 7649 LOAN ALLOWANCE 29918 29918 491575 356925 134650 0 X 1101510 1840017 868382 621650 10209 57362 7701022 8232289 4194322 4622551 12617 12200 71399 67088 7495 4311 13895557 15390380 15184 119073 322375 976363 2459500 2530000 5500000 5500000 8297059 9125436 X 5257133 5898078 341365 366866 5598498 6264944 13895557 15390380 663470 2976 X false true X true true true X 310000 338300 787228 1169104 571543 3176175 157826 812585 420435 240162 782700 2413708 467826 1150885 1207663 1409266 1354243 5589883 5589883 7746 8235 9619 12056 19878 57534 7746 8235 9619 12056 19878 57534 475572 1159120 1217282 1421322 1374121 5647417 0.98980 0.99100 0.01000 0.01000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 71399 67088 4311 4311 ADVANCES 5500000 5500000 X 1160045 5000 5000 1155045 1155045 493599 2024 2024 491575 491575 SCHEDULE D, PAGE 3, PART X LAIC IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO LAICS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. LAIC BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. false DAKOTA STATE UNIVERSITY 820 N WASHINGTON ST MADISON SD 57042 GOV 22500 CASH SUPPORT PROGRAMS 1 FACADE PROGRAM 7 34318 CASH ERIC SINCLAIR BOARD MEMBER LEASE INCOME false SCHEDULE L, PART V LAIC HAS DEPOSITS WITH TWO FINANCIAL INSTITUTIONS THAT EMPLOY MEMBERS OF THE BOARD OF DIRECTORS. THE LENDING EXPERTISE OF THESE BOARD MEMBERS IS UTILIZED IN ASSESSING LAICS LOAN PORTFOLIO. AT DECEMBER 31, 2022, LAIC HAD DEPOSITS TOTALING 240,550 AND 570,145,RESPECTIVELY, AT THESE FINANCIAL INSTITUTIONS. FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 11B BOARD REVIEWS WITH CPA WHO PREPARES 990. FORM 990, PAGE 6, PART VI, LINE 12C ANNUAL BOARD REVIEW. FORM 990, PAGE 6, PART VI, LINE 15A EXECUTIVE COMMITTEE REVIEW AND BUDGET REVIEW. BOARD MAKES FINAL APPROVAL. FORM 990, PAGE 6, PART VI, LINE 15B EXECUTIVE COMMITTEE REVIEW AND BUDGET REVIEW. BOARD MAKES FINAL APPROVAL. FORM 990, PAGE 6, PART VI, LINE 19 PRESENTED AT ANNUAL MEETING AND ON REQUEST. GUIDESTAR.COM FORM 990, PART X ADVANCES IN CONJUNCTION WITH THE ISSUANCE OF A CONVERTIBLE NOTE RECEIVABLE, LAIC RECEIVED AN ADVANCE OF 5,500,000 FROM THE STATE OF SOUTH DAKOTA GOVERNORS OFFICE OF ECONOMIC DEVELOPMENT (GOED). UNDER THE AGREEMENT, LAIC WILL RETAIN THE FIRST 500,000 OF ANY PRINCIPAL PAID ON THE CONVERTIBLE NOTE RECEIVABLE AND ALL INTEREST PAID. ANY PRINCIPAL PAYMENTS RECEIVED IN EXCESS OF THE FIRST 500,000 WILL BE REPAID TO GOED. IN THE EVENT OF DEFAULT ON THE CONVERTIBLE NOTE RECEIVABLE, LAIC HAS NO OBLIGATION TO RETURN ANY FUNDS TO GOED.