2024-11-26T17:24:26-05:00 2024-06-30 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2023-07-01 562667948 GROW SOUTH DAKOTA GROW 6056987654 104 ASH STREET EAST SISSETON SD 57262 LORI FINNESAND CHIEF EXECUTIVE OFFI 6056987654 2024-11-15 true KATHLEEN DOYLE P01322431 6056654401 2024-11-25 2023 2024-10-15 13:58:12Z LORI FINNESAND 9969587 false X WWW.GROWSD.ORG X 2007 SD GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. 9 9 0 9 0 1966588 8429154 1118755 1476799 21202 60634 0 3106545 9966587 761957 1021197 0 329536 462913 0 0 1642358 1392701 2733851 2876811 372694 7089776 56863772 81623666 56294140 73954005 569632 7669661 X GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. false false 714626 424861 NEW MARKET TAX CREDIT PROGRAM: GROW SOUTH DAKOTA OWNS AND LEASES TWO SCHOOL BUILDINGS TO OGLALA LAKOTA SCHOOL DISTRICT THROUGH THE YEAR. 1389009 984804 236172 HOUSING: GROW SOUTH DAKOTA OWNS A 60 UNIT HUD PROPERTY IN MILBANK, SOUTH DAKOTA. THE PROJECT IS CURRENTLY MANAGED BY MILLS PROPERTY MANAGEMENT AND CONSISTS OF 30 ONE-BEDROOM ELDERLY UNITS AND 30 FAMILY TWO- AND THREE- BEDROOM UNITS IN TOWN HOUSE STRUCTURES. THE ORGANIZATION MADE 208 ON- BALANCE SHEET HOUSING LOANS TOTALING 3,628,213. THE ORGANIZATION ALSO ASSISTED 81 HOME OWNERS WITH HOUSING REHAB ON EXISTING PROPERTY THAT TOTALED 984,804 IN REPAIRS. 576531 775378 BUSINESS REVOLVING LOAN FUNDS: IN FY2024, GROW SOUTH DAKOTA MADE 23 BUSINESS LOANS TOTALING 6,559,750 CREATING OR RETAINING 75 JOBS THROUGH THE REVOLVING LOAN FUND. THE ORGANIZATION PROVIDES TECHNICAL ASSISTANCE TO ALL APPLICANTS. 89961 36393 40388 GROW SOUTH DAKOTA ASSISTED ONE NON-PROFIT ORGANIZATION BY MAKING AVAILABLE 10 VEHICLES AND ONE PIECE OF EQUIPMENT TO FURTHER THAT ORGANIZATION'S WORK IN LOW-INCOME WEATHERIZATION AND HOUSING REHABILITATION. GROW SOUTH DAKOTA WAS ALSO INVOLVED IN SOME PROGRAMS THAT WILL FURTHER THEIR WORK IN COMMUNITY ENGAGEMENT. 89961 36393 40388 2770127 true true false false false false false false false true true false false true true true true true 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 true false false false true 7 0 true 0 false false false false false false false false false false false false false false X 9 9 false true false false false false false true true false false true true true true true true true false false X X ORGANIZATION 6056987654 104 ASH STREET EAST SISSETON SD 57262 MARCIA ERICKSON CHIEF EXECUT 13.00 X 4070 0 0 LORI FINNESAND CHIEF EXECUT 13.00 X 4070 0 0 KATHRYN RASMUS CHIEF FINANC 13.00 X 4070 0 0 TAWNEY BRUNSCH DIRECTOR 1.00 X 0 0 0 CRAIG CARSON VICE PRESIDE 1.00 X X 0 0 0 TOM FARBER SECRETARY/TR 1.00 X X 0 0 0 MICHELLE KANE DIRECTOR 1.00 X 0 0 0 ERIC KUNZWEILER DIRECTOR 1.00 X 0 0 0 MICHAEL MALONE DIRECTOR 1.00 X 0 0 0 DANIEL MENKING PRESIDENT 1.00 X X 0 0 0 GINGER NIEMANN DIRECTOR 1.00 X 0 0 0 ERIC SHEPHERD DIRECTOR 1.00 X 0 0 0 12210 false false false SCULL CONSTRUCTION SERVICES INC PO BOX 7636 RAPID CITY SD 57709 GENERAL CONTRAC 3399800 THE WINDOW SHOP 124 SOUTH MAIN MITCHELL SD 57301 CONTRACT LABOR 251295 EB TILING & CONSTRUCTION 160 DAKOTA AVE HURON SD 57350 CONTRACT LABOR 114438 3 7259215 1169939 8429154 INTEREST INCOME - LOANS 900099 664213 664213 LEASE INTEREST INCOME 900099 357928 357928 APARTMENT REVENUE 531110 227901 227901 ORIGINATION FEES 900099 99733 99733 DEVELOPMENT FEES 531110 70621 70621 56403 56403 1476799 54134 54134 9500 3000 6500 6500 6500 9966587 1483299 54134 36393 36393 984804 984804 12210 8142 4068 383578 324494 59084 13351 11221 2130 21117 17747 3370 32657 27426 5231 33195 33195 11513 11513 41512 35147 6365 51569 51569 8343 8343 6365 4294 2071 247671 245851 1820 13461 11711 1750 232 232 818041 818041 162570 162570 35237 14674 20563 LOSS ON SALE OF OREO 26500 26500 BAD DEBT EXPENSE -28608 -28608 GAIN ON SALE OF OREO -34900 -34900 2876811 2770127 106684 0 X 7964199 6870181 680200 867758 4314 11753 15591868 23850731 14055 8485 4110101 1874776 2357778 2235325 160096 185783 30091262 47593650 56863772 81623666 713464 813353 2181495 684769 47934551 63976484 489263 5464630 7990136 56294140 73954005 X -6268992 -5510350 6838624 13180011 569632 7669661 56863772 81623666 7089776 10253 X false true X true true true X 3317855 2686957 3552885 1966588 8429154 19953439 3317855 2686957 3552885 1966588 8429154 19953439 19953439 29895 12668 6025 21202 54134 123924 20077363 5196331 0.99380 0.99370 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 160096 10629 16630 1572 185783 152386 8930 12178 12000 1398 160096 161572 8862 -16594 1454 152386 135305 14646 26466 13500 1345 161572 120010 7716 8691 1112 135305 1.00000 true false 96000 96000 3637111 1585586 2051525 27865 20255 7610 349125 268935 80190 2235325 LEASE RECEIVABLE 28440431 CONSTRUCTION IN PROGRESS 17009085 UNAMORTIZED DEBT ISSUANCE COSTS 1876733 ACCRUED INTEREST 266841 OTHER REAL ESTATE OWNED 560 47593650 BENEFICIARY OBLIGATION 7972165 SECURITY DEPOSITS 17971 7990136 X 9976840 10253 10253 9966587 9966587 2876811 2876811 2876811 SCHEDULE D, PAGE 2, PART V, LINE 4 THE ORGANIZATION'S ENDOWMENT FUNDS WILL BE USED TO SUPPORT GROW SOUTH DAKOTA'S MISSION. SCHEDULE D, PAGE 3, PART X THE CORPORATION IS ORGANIZED AS A SOUTH DAKOTA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. THE CORPORATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ENTITY IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. THE CORPORATION IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. true COMMUNITY WORKS NORTH DAKOTA 200 1ST AVE MANDAN ND 58554 3 13035 SUPPORT PROGRAMS LAKOTA FUND PO BOX 340 KYLE SD 57752 7478 SUPPORT PROGRAMS NEIGHBORWORKS DAKOTA HOME RESOURCES 795 MAIN ST DEADWOOD SD 57732 8380 SUPPORT PROGRAMS 4 4 HOUSING REHAB 81 984804 SCHEDULE I, PAGE 1, PART I, LINE 2 GROW SOUTH DAKOTA REQUIRES THE GRANTEES TO SUBMIT A FINANCIAL REPORT AS FUNDS ARE BEING SPENT. GROW SOUTH DAKOTA REIMBURSES THE GRANTEE FOR EXPENSES INCURRED. IN ADDITION, A GROW SOUTH DAKOTA STAFF IS ACTIVELY INVOLVED IN THE PROJECT AND PROVIDES TECHNICAL ASSISTANCE AS NEEDED. FORM 990 - ORGANIZATION'S MISSION GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION. FORM 990, PAGE 2, PART III, LINE 4D GROW SOUTH DAKOTA ASSISTED ONE NON-PROFIT ORGANIZATION BY MAKING AVAILABLE 10 VEHICLES AND ONE PIECE OF EQUIPMENT TO FURTHER THAT ORGANIZATION'S WORK IN LOW-INCOME WEATHERIZATION AND HOUSING REHABILITATION. GROW SOUTH DAKOTA WAS ALSO INVOLVED IN SOME PROGRAMS THAT WILL FURTHER THEIR WORK IN COMMUNITY ENGAGEMENT. FORM 990, PAGE 6, PART VI, LINE 3 THE ORGANIZATION DOES NOT HAVE EMPLOYEES. THE ORGANIZATION REIMBURSES A RELATED ORGANIZATION FOR EMPLOYEE SALARY COSTS FOR THE SERVICES PROVIDED. FORM 990, PAGE 6, PART VI, LINE 11B THE BOARD OF DIRECTORS RECEIVED A COPY OF THE FORM 990 AND ALL ATTACHMENTS PRIOR TO A BOARD MEETING. DURING THE MEETING, THE BOARD OF DIRECTORS REVIEWED THE FORM 990 AND ATTACHMENTS IN DEPTH AND APPROVED THE SUBMISSION OF THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS THE GOVERNING BOARD MEMBERS AND OFFICERS. EACH BOARD MEMBER SIGNS A CONFLICT OF INTEREST STATEMENT WHEN THEY INITIALLY JOIN THE BOARD AND ON AN ANNUAL BASIS THEREAFTER. A DECLARATION OF CONFLICT OF INTEREST STATEMENT IS PART OF EVERY BOARD MEETING AGENDA. IF A CONFLICT EXISTS, THE BOARD MEMBER DISCLOSES WHICH AGENDA ITEM THEY HAVE A CONFLICT WITH. COMPLIANCE IS ENFORCED THROUGH REGULAR AND CONSISTENT MONITORING OF THE CONFLICTS OF INTEREST POLICY. FORM 990, PAGE 6, PART VI, LINE 15A THE ORGANIZATION'S OFFICERS AND STAFF ARE EMPLOYED BY AN UNRELATED ORGANIZATION. THE OFFICERS OF THE ORGANIZATION ARE ALSO OFFICERS OF THE UNRELATED ORGANIZATION. THEIR COMPENSATION IS REVIEWED ON AN ANNUAL BASIS BY THE UNRELATED ORGANIZATION'S FULL BOARD OF DIRECTORS DURING REGULARLY SCHEDULED BOARD MEETINGS. COMPARABLE DATA IS GATHERED FROM SIMILAR ORGANIZATION'S 990'S AND BY A THIRD-PARTY COMPENSATION STUDY. FORM 990, PAGE 6, PART VI, LINE 18 GUIDESTAR.COM FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON REQUEST. FORM 990, PART X THE CORPORATION HAS A DESIGNATED FUND SEPARATE FROM THE AGENCY THAT WAS ESTABLISHED BY THE FOUNDATION FOR THE CORPORATION. THE FUND IS HELD AND INVESTED BY THE FOUNDATION FOR THE BENEFIT OF THE CORPORATION. THE FAIR VALUE OF THIS ACCOUNT AS OF JUNE 30, 2024 WAS 27,129 AND IS CARRIED ON THE FOUNDATIONS FINANCIAL STATEMENTS ONLY AND NOT INCLUDED AS AN ASSET IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. INCOME FROM THE DESIGNATED FUND IS RECORDED TO THE EXTENT DISTRIBUTIONS FROM THE FUND ARE RECEIVED BY THE CORPORATION, TO WHICH NO DISTRIBUTIONS WERE RECEIVED DURING THE YEAR ENDED JUNE 30, 2024. DURING THE YEAR ENDED JUNE 30, 2024, GROW CTE SCHOOL, LLC ENTERED INTO A CONSTRUCTION PROJECT TO ADD AN AUTO LEARNING CENTER AND EXPANSION TO THE CTE SCHOOL BUILDING (THE PROJECT). GROW CTE SCHOOL, LLC CLOSED ON THE NMTC FINANCING IN AUGUST OF 2023. AS OF JUNE 30, 2024, CONSTRUCTION WAS STILL ONGOING AND WAS EXPECTED TO BE FINALIZED IN AUGUST OF 2024. BECAUSE THE PROJECT WAS STILL UNDER CONSTRUCTION AT FISCAL YEAREND, THE COSTS ARE INCLUDED IN CONSTRUCTION IN PROGRESS ON THE STATEMENT OF FINANCIAL POSITION. ONCE THE PROJECT IS COMPLETE, A SALES-TYPE LEASE WILL BE EXECUTED RESULTING IN A TRANSFER OF OWNERSHIP OF THE ASSETS TO THE OGLALA LAKOTA COUNTY SCHOOL DISTRICT AND THE RECOGNITION OF A LEASE RECEIVABLE EQUAL TO THE VALUE OF PAYMENTS EXPECTED TO BE RECEIVED BY THE COMPANY DURING THE SEVEN-YEAR COMPLIANCE PERIOD. THE DIFFERENCE BETWEEN THE VALUE OF THE TRANSFERRED ASSETS AND THE LEASE RECEIVABLE WILL BE RECOGNIZED AS A LOSS BY THE COMPANY. SIMILAR TO OTHER NMTC PROJECTS, THE COMPANY EXPECTS TO SEE THIS LOSS REVERSE WHEN THE PROJECT UNWINDS. GROW WOLF CREEK SCHOOL LLC 104 ASH ST E SISSETON SD 57262 832556989 SCHOOL BLD SD 191378 13650691 GROW SD GROW CTE SCHOOL LLC 104 ASH ST E SISSETON SD 57262 843859545 SCHOOL BLD SD 162862 34361847 GROW SD PHEASANT VALLEY COURTYARD LLC 104 ASH ST E SISSETON SD 57262 273922832 APT RENTAL SD 495866 2637089 GROW SD NORTHEAST SD COMMUNITY ACTION PROGR 104 ASH ST E SISSETON SD 57262 460282100 SHARED EMP SD 501 7 N/A false NORTHEAST SD ECONOMIC CORPORATION 104 ASH ST E SISSETON SD 57262 460350177 SHARED EMP SD 501 7 N/A false false true false false true false false false false true false false false true true true false true true NORTHEAST SD COMMUNITY ACTION PROGR J 40389 NORTHEAST SD COMMUNITY ACTION PROGR P 567142 NORTHEAST SD COMMUNITY ACTION PROGR S 100 NORTHEAST SD COMMUNITY ACTION PROGR E 1232932 NORTHEAST SD COMMUNITY ACTION PROGR R 37002 NORTHEAST SD ECONOMIC CORPORATION P 1500 NORTHEAST SD ECONOMIC CORPORATION R 31582 NORTHEAST SD ECONOMIC CORPORATION E 1006246 SCHEDULE R GROW SOUTH DAKOTAS WHOLLY OWNED SUBSIDIARIES GROW WOLF CREEK SCHOOL, LLC AND GROW CTE SCHOOL, LLC, ARE NONPROFIT LIMITED LIABILITY COMPANIES WHOSE PRIMARY OBJECTIVE WAS TO OBTAIN NEW MARKET TAX CREDIT (NMTC) LOANS TO BUILD AND LEASE SCHOOLS IN OGLALA LAKOTA COUNTY TO THE OGLALA LAKOTA COUNTY SCHOOL DISTRICT (SCHOOL DISTRICT). THE NEW MARKET TAX CREDITS ALLOCATED TO THE INVESTORS OF THE PROGRAM HAVE A SEVEN-YEAR COMPLIANCE PERIOD. IT IS EXPECTED THAT UPON EXPIRATION OF THE SEVEN-YEAR COMPLIANCE PERIODS, THE PROJECTS WILL UNWIND. IT IS ANTICIPATED THE GROW WOLF CREEK SCHOOL, LLC NEW MARKET TAX CREDITS PROJECT WILL UNWIND AS SOON AS FISCAL YEAR 2026 WHEN THE COMPLIANCE PERIOD IS SCHEDULED TO EXPIRE. IT IS ANTICIPATED THE GROW CTE SCHOOL, LLC NEW MARKET TAX CREDITS PROJECT WILL UNWIND AS SOON AS FISCAL YEAR 2027 WHEN THE COMPLIANCE PERIOD IS SCHEDULED TO EXPIRE. DURING 2024 A SECOND PROJECT WAS INITIATED AND IS EXPECTED TO BE COMPLETED DURING THE FISCAL YEAR ENDING JUNE 30, 2025. GROW SOUTH DAKOTAS WHOLLY OWNED SUBSIDIARY PHEASANT VALLEY COURTYARD, LLC IS A LOW INCOME HOUSING PROJECT LOCATED IN MILBANK, SOUTH DAKOTA, PROVIDING AFFORDABLE HOUSING FOR FAMILIES, HANDICAPPED, ELDERLY, AND DISABLED PERSONS. THE NORTHEAST SOUTH DAKOTA COMMUNITY ACTION PROGRAM (NESDCAP) IS A NONPROFIT ORGANIZATION THAT PROMOTES HEALTH, EDUCATION, AND SOCIAL AND ECONOMIC WELFARE TO LOWINCOME, MINORITY, AND DISADVANTAGED PERSONS. THE NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION (NESDEC) WAS FORMED TO ACCEPT PUBLIC AND PRIVATE FUNDS TO RAISE THE ECONOMIC WELFARE, EDUCATIONAL, AND SOCIAL LEVELS OF UNDERPRIVILEGED OR LOW-INCOME RESIDENTS OF A TWENTY-TWO- COUNTY AREA, AND GROUPS COMPOSED, SUBSTANTIALLY, OF SUCH RESIDENTS, TO FOSTER AND PROMOTE COMMUNITY-WIDE INTEREST AND CONCERN FOR THE PROBLEMS OF SAID RESIDENTS AND GROUPS. ALL THREE ORGANIZATIONS ARE BRANDED UNDER THE NAME GROW SOUTH DAKOTA; HOWEVER, NESDCAP AND NESDEC ARE SEPARATE ENTITIES AND THEREFORE NOT PRESENTED AS PART OF THESE FINANCIAL STATEMENTS. THE CORPORATION REIMBURSES NESDCAP/NESDEC FOR SALARIES, EMPLOYEE BENEFITS, AND VARIOUS ADMINISTRATIVE/PROGRAM COSTS WHICH AMOUNTED TO APPROXIMATELY 567,142 FOR THE YEAR ENDED JUNE 20, 2024 AND RELATED ACCOUNTS PAYABLE TO NESDCAP WAS 11,006 AS OF JUNE 30, 2024. THE CORPORATION LEASES VEHICLES TO NESDCAP. ALL VEHICLES LEASES ARE CONSIDERED FINANCING LEASES BECAUSE NESDCAP HAS THE OPTION TO TERMINATE LEASES UPON THIRTY-DAY NOTICE. VEHICLE AND EQUIPMENT LEASE INCOME WAS 40,389 FOR THE YEAR ENDED JUNE 30, 2024. THE CORPORATION ALSO OBTAINED LONG-TERM NOTES PAYABLE FROM NESDCAP/NESDEC TO FUND ITS LOAN FUND. TOTAL RELATED PARTY LOAN BALANCE INCLUDING ACCRUED INTEREST, WAS 2,239,178 AS OF JUNE 30, 2024, AND TOTAL INTEREST EXPENSE PAID WAS 67,083 FOR THE YEAR ENDED JUNE 30, 2024