2024-02-12T16:55:46-05:00 2023-09-30 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2022-10-01 460350177 NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION NORT 6056987654 104 ASH STREET EAST SISSETON SD 57262 LORI FINNESAND CHIEF EXECUTIVE OFFI 6056987654 2024-02-15 true LORI FINNESAND XXX-XX-XXXX true KATHLEEN DOYLE P01322431 6056654401 2024-02-09 2022 2023-04-26 12:10:37Z GROW SOUTH DAKOTA LORI FINNESAND 1349167 false X WWW.GROWSD.ORG X 1978 SD TO STIMULATE ECONOMIC OPPORTUNITIES THROUGH LOANS, TECHNICAL SUPPORT AND PARTNERSHIPS 15 15 0 16 0 1920611 287503 788466 965430 30437 29194 24000 49748 2763514 1331875 19000 0 531676 516763 0 0 381283 353077 912959 888840 1850555 443035 28795164 31356241 9470463 11588505 19324701 19767736 TO STIMULATE ECONOMIC OPPORTUNITIES THROUGH LOANS, TECHNICAL SUPPORT AND PARTNERSHIPS false false 649197 19000 965430 ECONOMIC/COMMUNITY DEVELOPMENT - REVOLVING LOAN PROGRAM (DIRECT LOANS) ASSISTS INDIVIDUALS THAT ARE OTHERWISE UNABLE TO OBTAIN FINANCING TO START OR EXPAND THEIR BUSINESS. IN THIS FISCAL PERIOD, NESDEC MADE 50 LOANS TOTALING 3,126,182 CREATING 143 AREA JOBS. AS OF SEPTEMBER 30, 2023 NESDEC HAD 286 OUTSTANDING LOANS TOTALING 21,684,462. 649197 true true false false false false false false false false true true false false false true true false false false false false false false false false false false true true false false false false false false false false false false false false false true false false false true 3 0 true 0 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 false true true true true true true true false X X X X CHIEF FINANCIAL OFFICER 6056987654 104 ASH ST E SISSETON SD 57262 MARCIA ERICKSON CHIEF EXECUT 10.00 40.00 X 0 151539 26878 LORI FINNESAND CHIEF EXECUT 40.00 10.00 X 0 136862 28724 KIMBERLY LORENSBERG CHIEF DEVELO 40.00 X 0 124585 19054 LORI MOEN CHIEF OPERAT 40.00 X 0 108575 27046 KATHRYN RASMUS CHIEF FINANC 15.00 30.00 X 0 92577 8772 RITA ANDERSON DIRECTOR 0.75 X 0 0 0 JOELL BIEBER DIRECTOR 0.75 X 0 0 0 COLLEEN CORDELL DIRECTOR 0.75 X 0 0 0 TREVOR CRAMER DIRECTOR 0.75 X 0 0 0 VINCE FOLEY DIRECTOR 0.75 X 0 0 0 DAVID GLEASON DIRECTOR 0.75 X 0 0 0 ROD KUSSER DIRECTOR 0.75 X 0 0 0 DANIEL MENKING CHAIRMAN 0.75 X X 0 0 0 CRAIG RAU VICE CHAIR 0.75 X X 0 0 0 PATTY ROEHR DIRECTOR 0.75 X 0 0 0 JOANN SCHAEFERS SECRETARY 0.75 X X 0 0 0 TERRY SCHULTZ DIRECTOR 0.75 X 0 0 0 BETH SMITH DIRECTOR 0.75 X 0 0 0 JUDY STEEN TREASURER 0.75 X X 0 0 0 PAT TOLLEFSON DIRECTOR 0.75 X 0 0 0 614138 110474 false true false 120003 167500 287503 INTEREST INCOME - LOANS 531390 888475 888475 ESCROW & LOAN FEES 531390 38654 38654 LEASE FEE INCOME 531390 18102 18102 LEASE INTEREST INCOME 531390 7398 7398 FILING FEE 531390 5834 5834 6967 6967 965430 41209 41209 3025 3025 3025 3025 12015 -12015 -12015 -12015 52000 5277 46723 46723 1331875 1000138 44234 19000 19000 348424 222708 125716 105232 77996 27236 34245 22236 12009 28862 14142 14720 15011 15011 17828 17828 4797 4797 6521 6521 12604 12115 489 18765 18724 41 18939 6572 12367 172188 172188 23632 23632 9304 4276 5028 TARGETED PROGRAM EXPENSE 21650 21650 BAD DEBT EXPENSE 20726 20726 FILING FEE EXPENSE 8884 8884 LOAN CLOSING EXPENSE 1125 1125 1103 526 577 888840 649197 239643 0 X 5786488 7600430 33098 46089 20019542 20484919 244 1715 1001694 347875 677451 653819 2204103 2192088 74238 377181 28795164 31356241 146020 165989 174698 8274443 8711693 1050000 2536125 9470463 11588505 X 12221766 12407531 7102935 7360205 19324701 19767736 28795164 31356241 X 443035 X false true X true true true X 298796 122954 1136650 1920611 287503 3766514 298796 122954 1136650 1920611 287503 3766514 3766514 88136 79915 118824 54437 44234 385546 4152060 4129821 0.90710 0.91590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 142506 142506 836417 325104 511313 22771 22771 653819 CDC BANKSHARES INC 2042088 F HANCOCK IMPACT HOLDINGS LLC 150000 C 2192088 X 1285152 -46723 -46723 1331875 1331875 842117 -46723 -46723 888840 888840 SCHEDULE D, PAGE 3, PART X NESDEC IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, NESDEC QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(10)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION OTHER THAN A PROVATE FOUNDATION UNDER SECTION 509(A)(2). SCHEDULE D, PAGE 4, PART XI, LINE 2D RECLASSIFICATION OF OREO -46,723 SCHEDULE D, PAGE 4, PART XII, LINE 2D RECLASSIFICATION OF OREO -46,723 true FINANCIAL AID 16 19000 false false false false false false false false false MARCIA ERICKSON CHIEF EXECUTIVE OFFI 143269 8270 26878 178417 LORI FINNESAND CHIEF EXECUTIVE OFFI 128592 8270 28724 165586 FORM 990 NESDEC HAS DEPOSITS WITH BANKS THAT EMPLOY SOME OF THE MEMBERS OF THE BOARD OF DIRECTORS. THE LENDING EXPERTISE OF THESE BOARD MEMBERS IS UTILITZED IN ASSESSING NESDEC'S LOAN PORTFOLIO. NESDEC HAS A DIRECT LOAN RECEIVABLE TOTALING 3,826 WITH A BOARD MEMBER. THE LENDING EXPERTISE OF THE BOARD MEMBER IS UTILIZED IN ASSESSING NESDEC'S LOAN PORTFOLIO. NESDEC HAS A DIRECT LOAN RECEIVABLE OF 1,000,000 WITH GROW SOUTH DAKOTA, AN AFFILIATE. A BOARD MEMBER OF NESDEC SERVES ON THE BOARD OF GROW SOUTH DAKOTA. FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION FORM 990, PAGE 6, PART VI, LINE 11B THE BOARD OF DIRECTORS HAS GIVEN THE BOARD'S AUDIT/FINANCE COMMITTEE AUTHORITY TO REVIEW IN DEPTH AND SUBMIT THE 990 BY THE FILING DEADLINE. A FULL COPY OF THE 990 IS GIVEN TO THE BOARD OF DIRECTORS AT THEIR NEXT SCHEDULED BOARD MEETING FOR ALL BOARD MEMBERS TO REVIEW. FORM 990, PAGE 6, PART VI, LINE 12C REGULAR AND CONSISTENT MONITORING OF THE POLICY FORM 990, PAGE 6, PART VI, LINE 15A THE AUDIT AND FINANCE COMMITTEE MEET WITH THE CHIEF FINANCIAL OFFICER, AND THE CHIEF EXECUTIVE OFFICERS TO REVIEW COMPENSATION INFORMATION FOR KEY POSITIONS. DATA IS COMPILED FROM COMPARABLE ORGANIZATIONS IN THE REGION. THE COMMITTEE REPORTS THE RESULTS TO THE FULL BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 15B THE AUDIT AND FINANCE COMMITTEE MEET WITH THE CHIEF FINANCIAL OFFICER, AND THE CHIEF EXECUTIVE OFFICERS TO REVIEW COMPENSATION INFORMATION FOR KEY POSITIONS. DATA IS COMPILED FROM COMPARABLE ORGANIZATIONS IN THE REGION. THE COMMITTEE REPORTS THE RESULTS TO THE FULL BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 18 GUIDESTAR.COM IRS.GOV FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC ON REQUEST FORM 990, PART X IN 2023, NESDEC IMPLEMENTED THE PROVISIONS OF FASB ASU 2016-02, LEASES, WHICH AFFECTS ANY ENTITY THAT ENTERS INTO A LEASE. ASU 2016-02 REQUIRES THE RECOGNITION OF AN INTANGIBLE LEASE ASSET AND LEASE LIABILTY FOR THE LESSEE AND THE RECOGNITION OF A LEASE RECEIVABLE AND AN UNEARNED REVENUE FOR THE LESSOR. FORM 990, PART XI, LINE 9 RECLASSIFICATION OF OREO -46,723 RECLASSIFICATION OF OREO 46,723 NE SOUTH DAKOTA COMMUNITY ACTION PR 104 ASH ST E SISSETON SD 57262 460282100 SHARE EMPL SD 501 7 N/A false GROW SOUTH DAKOTA 104 ASH ST E SISSETON SD 57262 562667948 LOANS SD 501 7 N/A false false false false true false false false false false true false false false true true true false true true GROW SOUTH DAKOTA D 1000000 GROW SOUTH DAKOTA P 248 GROW SOUTH DAKOTA R 61225 NE SOUTH DAKOTA COMMUNITY ACTION A 30000 NE SOUTH DAKOTA COMMUNITY ACTION O 516764 NE SOUTH DAKOTA COMMUNITY ACTION R 800 NE SOUTH DAKOTA COMMUNITY ACTION PR P 31224 NE SOUTH DAKOTA COMMUNITY ACTION PR J 29700 NE SOUTH DAKOTA COMMUNITY ACTION PR S 106856