Nonprofit · EIN 46-0445496
RURAL ELECTRIC ECONOMIC DEVELOPMENT INC
Also known as REEDCO INC
Tax-exempt · MADISON, SD 57042
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $2,321,982 | $918,687 | $1,403,295 | $54,602,095 | $14,292,588 | $40,309,507 |
| December 31, 2024 | 990 | $6,325,435 | $899,711 | $5,425,724 | $54,378,901 | $15,562,689 | $38,816,212 |
| December 31, 2023 | 990 | $2,297,564 | $867,448 | $1,430,116 | $48,911,241 | $15,520,753 | $33,390,488 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $398,950
- of which government grants
- $395,000
- Program service revenue
- $1,839,852
- Investment income
- $83,180
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $36,799
- Program services (functional)
- $631,343
- Management and general (functional)
- $287,344
Balance sheet and other
- Total assets, start of year
- $54,378,901
- Total assets, end of year
- $54,602,095
- Total liabilities, end of year
- $14,292,588
- Net assets, end of year
- $40,309,507
- Net assets without donor restrictions
- $32,280,220
- Net assets with donor restrictions
- $8,029,287
- Gross receipts
- $2,321,982
- Employees
- 0
- Volunteers
- 27
- Year formed
- 1997
- State of legal domicile
- SD
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RUSSELL GALL | CHAIRPERSON Trustee or director, Officer | 1 | $0 |
| JENNIFER STRYHN | VICE CHAIR Trustee or director, Officer | 1 | $0 |
| EVAN BUCKMILLER | SECRETARY Trustee or director, Officer | 1 | $0 |
| CHRIS STUDER | TREASURER Trustee or director, Officer | 1 | $0 |
| CHAD FELDERMAN | DIRECTOR Trustee or director | 1 | $0 |
| JEREMY LINDEMAN | DIRECTOR Trustee or director | 1 | $0 |
| MATTHEW HOTZLER | DIRECTOR Trustee or director | 1 | $0 |
| STEPHANIE HORST | DIRECTOR Trustee or director | 1 | $0 |
| CHRIS LARSON | DIRECTOR Trustee or director | 1 | $0 |
| SCOTT MOORE | DIRECTOR Trustee or director | 1 | $0 |
| TIM O'LEARY | DIRECTOR Trustee or director | 1 | $0 |
| JORDAN LAMB | DIRECTOR Trustee or director | 1 | $0 |
| CHAD KINSLEY | DIRECTOR Trustee or director | 1 | $0 |
| DEEANNE NORRIS | DIRECTOR Trustee or director | 1 | $0 |
| JEREMY HUHNSTOCK | DIRECTOR Trustee or director | 1 | $0 |
13 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MATT KLEIN | DIRECTOR Trustee or director | 1 | $0 |
| CHAR HAGER | DIRECTOR Trustee or director | 1 | $0 |
| DAVE EIDIE | DIRECTOR Trustee or director | 1 | $0 |
| TIM MCCARTHY | DIRECTOR Trustee or director | 1 | $0 |
| KEN SCHLIMGEN | DIRECTOR Trustee or director | 1 | $0 |
| JIM HALER | DIRECTOR FROM 07/2025 Trustee or director | 1 | $0 |
| JAY SPAANS | DIRECTOR Trustee or director | 1 | $0 |
| DAVE PAGE | DIRECTOR Trustee or director | 1 | $0 |
| JEFF BIRKELAND | DIRECTOR Trustee or director | 1 | $0 |
| LUKE JOHNSON | DIRECTOR Trustee or director | 1 | $0 |
| RON HORMAN | DIRECTOR UNTIL 07/2025 Trustee or director | 1 | $0 |
| ROBERT RAKER | DIRECTOR Trustee or director | 1 | $0 |
| MIKE JASPERS | ADMINISTRATOR Officer | 10 | $0 |
990 for the year ended December 31, 2024: 28 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RUSSELL GALL | CHAIRPERSON Trustee or director, Officer | 1 | $0 |
| JENNIFER STRYHN | VICE CHAIR Trustee or director, Officer | 1 | $0 |
| EVAN BUCKMILLER | SECRETARY Trustee or director, Officer | 1 | $0 |
| CHRIS STUDER | TREASURER Trustee or director, Officer | 1 | $0 |
| CHAD FELDERMAN | DIRECTOR Trustee or director | 1 | $0 |
| TIM MCINTYRE | DIRECTOR (END SEP) Trustee or director | 1 | $0 |
| JEREMY LINDEMAN | DIRECTOR (BEG SEP) Trustee or director | 1 | $0 |
| MATTHEW HOTZLER | DIRECTOR Trustee or director | 1 | $0 |
| STEPHANIE HORST | DIRECTOR Trustee or director | 1 | $0 |
| CHRIS LARSON | DIRECTOR Trustee or director | 1 | $0 |
| SCOTT MOORE | DIRECTOR Trustee or director | 1 | $0 |
| TIM O'LEARY | DIRECTOR Trustee or director | 1 | $0 |
| JORDAN LAMB | DIRECTOR Trustee or director | 1 | $0 |
| CHAD KINSLEY | DIRECTOR Trustee or director | 1 | $0 |
| DEEANNE NORRIS | DIRECTOR Trustee or director | 1 | $0 |
| JEREMY HUHNSTOCK | DIRECTOR Trustee or director | 1 | $0 |
| MATT KLEIN | DIRECTOR Trustee or director | 1 | $0 |
| CHAR HAGER | DIRECTOR Trustee or director | 1 | $0 |
| DAVE EIDIE | DIRECTOR Trustee or director | 1 | $0 |
| TIM MCCARTHY | DIRECTOR Trustee or director | 1 | $0 |
| KEN SCHLIMGEN | DIRECTOR Trustee or director | 1 | $0 |
| DICK JOHNSON | DIRECTOR Trustee or director | 1 | $0 |
| JAY SPAANS | DIRECTOR Trustee or director | 1 | $0 |
| DAVE PAGE | DIRECTOR Trustee or director | 1 | $0 |
| RON HORMAN | DIRECTOR Trustee or director | 1 | $0 |
| JEFF BIRKELAND | DIRECTOR Trustee or director | 1 | $0 |
| LUKE JOHNSON | DIRECTOR Trustee or director, Officer | 1 | $0 |
| MIKE JASPERS | ADMINISTRATOR Officer | 10 | $0 |
990 for the year ended December 31, 2023: 29 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CHRIS LARSON | CHAIRMAN Trustee or director, Officer | 1 | $0 |
| RUSSELL GALL | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 |
| DEEANNE NORRIS | SECRETARY Trustee or director, Officer | 1 | $0 |
| CHRIS STUDER | TREASURER Trustee or director, Officer | 1 | $0 |
| CHAD FELDERMAN | DIRECTOR Trustee or director | 1 | $0 |
| TIM MCINTYRE | DIRECTOR Trustee or director | 1 | $0 |
| MATTHEW HOTZLER | DIRECTOR Trustee or director | 1 | $0 |
| STEPHANIE HORST | DIRECTOR Trustee or director | 1 | $0 |
| SCOTT MOORE | DIRECTOR Trustee or director | 1 | $0 |
| TIM O'LEARY | DIRECTOR Trustee or director | 1 | $0 |
| JORDAN LAMB | DIRECTOR Trustee or director | 1 | $0 |
| BRAD SCHARDIN | DIRECTOR (UNTIL JULY 23) Trustee or director | 1 | $0 |
| CHAD KINSLEY | DIRECTOR (AS OF JULY 23) Trustee or director | 1 | $0 |
| DALE SCHWAGEL | DIRECTOR (UNTIL MAR 23) Trustee or director | 1 | $0 |
| JEREMY HUHNSTOCK | DIRECTOR (AS OF MAR 23) Trustee or director | 1 | $0 |
| MATT KLEIN | DIRECTOR Trustee or director | 1 | $0 |
| CHAR HAGER | DIRECTOR Trustee or director | 1 | $0 |
| DAVE EIDE | DIRECTOR Trustee or director | 1 | $0 |
| TIM MCCARTHY | DIRECTOR Trustee or director | 1 | $0 |
| EVAN BUCKMILLER | DIRECTOR Trustee or director | 1 | $0 |
| JENNIFER STRYHN | DIRECTOR Trustee or director | 1 | $0 |
| KEN SCHLIMGEN | DIRECTOR Trustee or director | 1 | $0 |
| DICK JOHNSON | DIRECTOR Trustee or director | 1 | $0 |
| JAY SPAANS | DIRECTOR Trustee or director | 1 | $0 |
| RON HORMAN | DIRECTOR Trustee or director | 1 | $0 |
| DAVE PAGE | DIRECTOR Trustee or director | 1 | $0 |
| JEFF BIRKELAND | DIRECTOR Trustee or director | 1 | $0 |
| LUKE JOHNSON | DIRECTOR (AS OF APR 23) Trustee or director | 1 | $0 |
| MIKE JASPERS | ADMINISTRATOR Officer | 10 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 227, MADISON, SD 57042-0227
- In care of
- % LINDA SALMONSON
- Principal officer (990 for 2025)
- RUSSELL GALL, PO BOX 227, MADISON, SD 57042
- Signed the 990
- MIKE JASPERS, ADMINISTRATOR
- Phone
- (605) 256-4536
- Website
- REEDFUND.COOP
- Return prepared by
- EIDE BAILLY ADVISORY LLC
Mission
TO PROVIDE FINANCING AND LEVERAGE INVESTMENTS IN COMMUNITIES IN RURAL AREAS TO MAKE A DIFFERENCE IN THE REGION.
Program accomplishments
- RURAL ELECTRIC ECONOMIC DEVELOPMENT (REED) PROVIDES GAP FINANCING (LOANS) TO COMMUNITY, BUSINESS AND VALUE-ADDED AGRICULTURE PROJECTS TO SUPPORT START-UP AND EXPANSION, LEAD TO JOB CREATION AND RETENTION, AND CREATE A BASIS FOR SUSTAINING AND GROWING RURAL COMMUNITIES. REED HAS MADE 435 LOANS TOTALING OVER $145 MILLION, WHICH HAS RESULTED IN A TOTAL INVESTMENT OF OVER $1.07 BILLION SINCE 1997. IN ADDITION, OVER 10,450 JOBS HAVE BEEN CREATED AND RETAINED. 80% OF REED'S LENDING IS IN COMMUNITIES OF FEWER THAN 5,000 PEOPLE AND 98% OF LOANS ARE TO LOCALLY OWNED PROJECTS, ENSURING THAT PROFITS STAY IN THE COMMUNITY TO HELP MAINTAIN VITAL SERVICES AND ASSIST CONTINUED BUSINESS GROWTH AND SUSTAINABILITY. OUR FUTURE NEEDS HEALTHY COMMUNITIES AND BUSINESSES TO FUEL THE ECONOMY.Expenses $631,343 · revenue $1,839,852
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 46-0445496
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1998
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S32)
- Assets (IRS master file)
- $54,602,095
- Income (IRS master file)
- $2,321,982
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $2,321,982 | $918,687 | $54,602,095 | XML |
| 990 | December 2024 | $6,325,435 | $899,711 | $54,378,901 | IRS |
| 990 | December 2023 | $2,297,564 | $867,448 | $48,911,241 | XML |
| 990 | December 2022 | $2,362,102 | $832,149 | $46,728,426 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 46-0445496).
Questions about RURAL ELECTRIC ECONOMIC DEVELOPMENT INC
- What is the EIN of RURAL ELECTRIC ECONOMIC DEVELOPMENT INC?
- The employer identification number (EIN) of RURAL ELECTRIC ECONOMIC DEVELOPMENT INC is 46-0445496.
- Is RURAL ELECTRIC ECONOMIC DEVELOPMENT INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1998.
- Are donations to RURAL ELECTRIC ECONOMIC DEVELOPMENT INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does RURAL ELECTRIC ECONOMIC DEVELOPMENT INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of RURAL ELECTRIC ECONOMIC DEVELOPMENT INC due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did RURAL ELECTRIC ECONOMIC DEVELOPMENT INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of RURAL ELECTRIC ECONOMIC DEVELOPMENT INC?
- The 990 for the year ended December 31, 2025 names RUSSELL GALL.
- Who are the officers and directors of RURAL ELECTRIC ECONOMIC DEVELOPMENT INC?
- The 990 for the year ended December 31, 2025 lists 28 people; 0 received compensation from the organization.
- How much revenue does RURAL ELECTRIC ECONOMIC DEVELOPMENT INC have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $2,321,982, expenses of $918,687 and total assets of $54,602,095 at year end.
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