2026-07-10T14:20:13-04:00 2025-12-31 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2025-01-01 510183368 LAKE AREA IMPROVEMENT CORPORATION LAKE 6052560797 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DIRECTOR 6052560797 2026-06-30 true KATHLEEN DOYLE P01322431 6056654401 2026-07-03 2025 2025-03-06 01:10:19Z MADISON AREA DEVELOPMENT CORPORATIO BROOKE ROLLAG PO BOX 32 MADISON SD 57042 1881427 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. 14 14 2 14 0 6768678 1593202 307887 88451 85694 199774 -299325 0 6862934 1881427 0 0 274265 260144 0 12255 3862736 7730130 4137001 7990274 2725933 -6108847 19954823 16642067 10963946 13760037 8990877 2882030 X 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 491911 88451 IN 2025, MADISON AREA DEVELOPMENT CORPORATION (FORMERLY LAKE AREA IMPROVEMENT CORPORATION) CONTINUED ITS MISSION OF ADVANCING ECONOMIC DEVELOPMENT THROUGHOUT MADISON AND THE SURROUNDING REGION. A SIGNIFICANT MILESTONE WAS THE COMPLETION OF THE MADISON EARLY LEARNING CENTER, A 4.5 MILLION COMMUNITY INVESTMENT DEVELOPED IN PARTNERSHIP WITH EMBE TO HELP ADDRESS THE AREA'S CRITICAL CHILDCARE SHORTAGE. THE CENTER WELCOMED ITS FIRST FAMILIES AND BEGAN PROVIDING HIGH-QUALITY EARLY LEARNING OPPORTUNITIES, STRENGTHENING THE LOCAL WORKFORCE AND SUPPORTING LONG-TERM ECONOMIC GROWTH. MADC ALSO COMPLETED THE EXPANSION OF THE LAKEVIEW INDUSTRIAL PARK, ADDING APPROXIMATELY 50 ACRES OF SHOVEL-READY INDUSTRIAL LAND WITH NEW STREETS AND INFRASTRUCTURE TO SUPPORT FUTURE BUSINESS INVESTMENT AND JOB CREATION. THE ORGANIZATION ALSO INTRODUCED A NEW SOCIAL TO LEARN APPROACH TO ITS ENGLISH LANGUAGE LEARNING (ELL) PROGRAM IN PARTNERSHIP WITH THE MADISON PUBLIC LIBRARY. THIS COMMUNITY-BASED MODEL CREATES OPPORTUNITIES FOR PARTICIPANTS TO BUILD ENGLISH LANGUAGE SKILLS THROUGH CONVERSATION, RELATIONSHIP-BUILDING, AND REAL-WORLD INTERACTIONS, HELPING STRENGTHEN WORKFORCE INTEGRATION AND COMMUNITY CONNECTIONS. THE RELENDING PROGRAM CONTINUES TO PROVIDE FINANCING ASSISTANCE TO BUSINESSES, SUPPORTING BUSINESS EXPANSION, RETENTION, JOB CREATION, AND LONG-TERM ECONOMIC VITALITY THROUGHOUT THE REGION. 491911 true true false false false false false false false false true false false true true true true false false false false false false false false false false false false true false false false false false true false false false false false false false false false false false true 10 0 true 2 true false false false false false false false false false false false false false false X 14 14 false false false false false false false true true false false false true true true true true true true false X ORGANIZATION 6052564539 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DI 40.00 X 154542 0 13515 JEFF BLOOM DIRECTOR 1.00 X 0 0 0 ROB BUCHHOLTZ DIRECTOR 1.00 X 0 0 0 ED FIEGEN DIRECTOR 1.00 X 0 0 0 DR JOSE-MARIE GRIFFITHS DIRECTOR 1.00 X 0 0 0 MIKE JASPERS PRESIDENT 1.00 X X 0 0 0 MIKE MALONE SEC/TREASURE 1.00 X X 0 0 0 DELON MORK VICE PRESIDE 1.00 X X 0 0 0 DAN ROEMEN DIRECTOR 1.00 X 0 0 0 FLOYD RUMMEL PRESIDENT EL 1.00 X X 0 0 0 TERRY SCHULTZ DIRECTOR 1.00 X 0 0 0 ERIC SINCLAIR PAST PRESIDE 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 154542 13515 1 false true false 1444907 148295 1593202 INCOME & FEES - LOANS 999999 57464 57464 LAND LEASE 999999 17462 17462 FUNDRAISER 999999 13500 13500 MISCELLANEOUS 999999 25 25 88451 199774 199774 1881427 88451 199774 168057 134446 33611 65000 52000 13000 3500 2800 700 7401 5555 1846 16186 12949 3237 1924 1924 29592 29592 3000 3000 14210 14010 200 18462 18462 14229 7672 6557 34473 11802 10416 12255 26303 24888 1415 248641 176640 72001 14636 5866 8770 BAD DEBT EXPENSE-LOANS 7281793 7281793 PROJECT EXPENSES 34762 34762 GRANT EXPENSE 22500 22500 BAD DEBT RECOVERY-IRP 13400 13400 -27795 -30379 2584 7990274 491911 7486108 12255 X 3420204 5550128 2399217 2086300 8253886 1369267 4160786 3524504 10694 6227 64649 64649 1710036 4105641 19954823 16642067 113878 447354 2820068 5132543 2530000 2680140 5500000 5500000 10963946 13760037 X 8581718 2440158 409159 441872 8990877 2882030 19954823 16642067 -6108847 X false true X true true true X 787228 1169104 571543 6768678 1593202 10889755 420435 240162 782700 776020 88451 2307768 1207663 1409266 1354243 7544698 1681653 13197523 13197523 9619 12056 19878 85694 199774 327021 9619 12056 19878 85694 199774 327021 1217282 1421322 1374121 7630392 1881427 13524544 0.97580 0.98940 0.02000 0.01000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64649 64649 CONSTRUCTION IN PROGRESS 4058090 UNAMORTIZED LOAN ISSUANCE COSTS 47551 4105641 ADVANCES 5500000 5500000 X 1881427 1881427 1881427 7990274 7990274 7990274 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. X X X X false false false false false false false false false BROOKE ROLLAG EXECUTIVE DIRECTOR 154542 9000 4515 168057 FLOYD RUMMEL BOARD MEMBER BANK EMPLOYEE false ED FIEGEN BOARD MEMBER BANK EMPLOYEE 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, 2025, LAIC HAD DEPOSITS TOTALING 389,612 AND 4,687,109, RESPECTIVELY, AT THESE FINANCIAL INSTITUTIONS. AT DECEMBER 31, 2024, LAIC HAD DEPOSITS TOTALING 1,681,746 AND 1,549,451, RESPECTIVELY, AT THESE FINANCIAL INSTITUTIONS. FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION. FORM 990, PAGE 2, PART III, LINE 4A IN 2025, MADISON AREA DEVELOPMENT CORPORATION (FORMERLY LAKE AREA IMPROVEMENT CORPORATION) CONTINUED ITS MISSION OF ADVANCING ECONOMIC DEVELOPMENT THROUGHOUT MADISON AND THE SURROUNDING REGION. A SIGNIFICANT MILESTONE WAS THE COMPLETION OF THE MADISON EARLY LEARNING CENTER, A 4.5 MILLION COMMUNITY INVESTMENT DEVELOPED IN PARTNERSHIP WITH EMBE TO HELP ADDRESS THE AREA'S CRITICAL CHILDCARE SHORTAGE. THE CENTER WELCOMED ITS FIRST FAMILIES AND BEGAN PROVIDING HIGH-QUALITY EARLY LEARNING OPPORTUNITIES, STRENGTHENING THE LOCAL WORKFORCE AND SUPPORTING LONG-TERM ECONOMIC GROWTH. MADC ALSO COMPLETED THE EXPANSION OF THE LAKEVIEW INDUSTRIAL PARK, ADDING APPROXIMATELY 50 ACRES OF SHOVEL-READY INDUSTRIAL LAND WITH NEW STREETS AND INFRASTRUCTURE TO SUPPORT FUTURE BUSINESS INVESTMENT AND JOB CREATION. THE ORGANIZATION ALSO INTRODUCED A NEW SOCIAL TO LEARN APPROACH TO ITS ENGLISH LANGUAGE LEARNING (ELL) PROGRAM IN PARTNERSHIP WITH THE MADISON PUBLIC LIBRARY. THIS COMMUNITY-BASED MODEL CREATES OPPORTUNITIES FOR PARTICIPANTS TO BUILD ENGLISH LANGUAGE SKILLS THROUGH CONVERSATION, RELATIONSHIP-BUILDING, AND REAL-WORLD INTERACTIONS, HELPING STRENGTHEN WORKFORCE INTEGRATION AND COMMUNITY CONNECTIONS. THE RELENDING PROGRAM CONTINUES TO PROVIDE FINANCING ASSISTANCE TO BUSINESSES, SUPPORTING BUSINESS EXPANSION, RETENTION, JOB CREATION, AND LONG-TERM ECONOMIC VITALITY THROUGHOUT THE REGION. 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 AS OF DECEMBER 31, 2025, LAIC WROTE OFF AN OUTSTANDING CONVERTIBLE NOTE RECEIVABLE BALANCE OF 7,326,279 AFTER RECEIVING NOTIFICATION THAT THE BORROWER WAS DEFAULTING UNDER THE TERMS OF THE ARRANGEMENT. ACCORDINGLY, NOTES RECEIVABLE CONVERTIBLE, NET OF ALLOWANCE IS REPORTED AT ZERO AS OF DECEMBER 31, 2025. THE FINANCIAL STATEMENTS ARE PRESENTED ON A COMPARATIVE BASIS. THE BALANCE PRESENTED AS OF DECEMBER 31, 2024 REFLECTS THE CONVERTIBLE NOTE RECEIVABLE OUTSTANDING AT THAT DATE, PRIOR TO THE WRITE-OFF RECORDED AS OF DECEMBER 31, 2025. THE BORROWER RELATIONSHIP REPRESENTED A SIGNIFICANT CONCENTRATION OF CREDIT RISK FOR LAIC DURING THE PERIOD IN WHICH THE CONVERTIBLE NOTE RECEIVABLE WAS OUTSTANDING. IN CONNECTION WITH THIS FINANCING ARRANGEMENT, THE CONVERTIBLE NOTE RECEIVABLE WAS SUBJECT TO AN ADVANCE ARRANGEMENT WITH THE STATE OF SOUTH DAKOTA GOVERNORS OFFICE OF ECONOMIC DEVELOPMENT THAT AFFECTED HOW RELATED PRINCIPAL AND INTEREST COLLECTIONS WERE RETAINED BY LAIC OR REMITTED TO THE STATE. IN CONJUNCTION WITH THE ISSUANCE OF THE 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. DURING THE YEAR ENDED DECEMBER 31, 2025, THE BORROWER DEFAULTED ON THE CONVERTIBLE NOTE RECEIVABLE. AS A RESULT OF THE DEFAULT, THERE IS UNCERTAINTY REGARDING THE AMOUNT, IF ANY, THAT WILL BE COLLECTED ON THE NOTE IN EXCESS OF THE FIRST 500,000 AND, ACCORDINGLY, THE AMOUNT, IF ANY, THAT WILL ULTIMATELY BE REPAYABLE TO GOED. INVENTORY HELD FOR RESALE CONSISTS OF VARIOUS PROPERTIES, PRIMARILY UNIMPROVED LAND. THE PROPERTIES ARE CARRIED AT COST OR ESTIMATED FAIR VALUE, IF DONATED, PLUS ANY COSTS OF IMPROVEMENT. THE MAJORITY OF PROPERTIES ARE LOCATED IN INDUSTRIAL PARK AREAS. ALTHOUGH THE PROPERTIES ARE MARKETED TO BE SOLD AT FAIR VALUE, SALE CONCESSIONS ARE TYPICAL TO ENCOURAGE EXPANSION OF THE INDUSTRIAL PARK AREAS. THUS, LOSSES ON THE SALE OF THE PROPERTIES ARE NOT UNUSUAL. DURING 2025, THE PORTION OF INVENTORY HELD FOR RESALE RELATED TO THE DEVELOPMENT OF THE CHILDCARE CENTER (1,155,602) WAS RECLASSIFIED TO CONSTRUCTION IN PROGRESS. THE REDUCTION IN INVENTORY WAS NOT THE RESULT OF A SALE, BUT RATHER A CHANGE IN MANAGEMENTS INTENDED USE OF THE PROPERTY, AS LAIC INTENDS TO RETAIN OWNERSHIP OF THE FACILITY ON COMPLETION AND LEASE IT TO A THIRD PARTY.