2024-11-11T11:01:04-06:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 460445496 RURAL ELECTRIC ECONOMIC DEVELOPMENT INC RURA 6052564536 PO BOX 227 MADISON SD 57042 MIKE JASPERS ADMINISTRATOR 6052564536 2024-11-04 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-11-04 2023 2024-10-15 13:58:12Z RUSSELL GALL PO BOX 227 MADISON SD 57042 2297564 0 X REEDFUND.COOP X 1997 SD ADMINISTRATION OF A RURAL ECONOMIC DEVELOPMENT LOAN PROGRAM TO STIMULATE ECONOMIC GROWTH. 27 27 0 28 0 0 1159265 1003356 1157987 1209050 44850 85158 0 0 2362102 2297564 0 0 0 0 0 0 0 0 0 832149 867448 832149 867448 1529953 1430116 46728426 48911241 14768054 15520753 31960372 33390488 TO PROVIDE FINANCING AND LEVERAGE INVESTMENTS IN COMMUNITIES IN RURAL AREAS TO MAKE A DIFFERENCE IN THE REGION. 0 0 583101 1209050 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 405 LOANS TOTALING OVER $128 MILLION, WHICH HAS RESULTED IN A TOTAL INVESTMENT OF OVER $1.01 BILLION SINCE 1997. IN ADDITION, OVER 10,000 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. 583101 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 27 27 0 1 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 1 X BARB STROM 6052564536 PO BOX 227 MADISON SD 57042 X CHRIS LARSON CHAIRMAN 1.00 X X 0 0 0 RUSSELL GALL VICE CHAIRMAN 1.00 X X 0 0 0 DEEANNE NORRIS SECRETARY 1.00 X X 0 0 0 CHRIS STUDER TREASURER 1.00 X X 0 0 0 CHAD FELDERMAN DIRECTOR 1.00 X 0 0 0 TIM MCINTYRE DIRECTOR 1.00 X 0 0 0 MATTHEW HOTZLER DIRECTOR 1.00 X 0 0 0 STEPHANIE HORST DIRECTOR 1.00 X 0 0 0 SCOTT MOORE DIRECTOR 1.00 X 0 0 0 TIM O'LEARY DIRECTOR 1.00 X 0 0 0 JORDAN LAMB DIRECTOR 1.00 X 0 0 0 BRAD SCHARDIN DIRECTOR (UNTIL JULY 23) 1.00 X 0 0 0 CHAD KINSLEY DIRECTOR (AS OF JULY 23) 1.00 X 0 0 0 DALE SCHWAGEL DIRECTOR (UNTIL MAR 23) 1.00 X 0 0 0 JEREMY HUHNSTOCK DIRECTOR (AS OF MAR 23) 1.00 X 0 0 0 MATT KLEIN DIRECTOR 1.00 X 0 0 0 CHAR HAGER DIRECTOR 1.00 X 0 0 0 DAVE EIDE DIRECTOR 1.00 X 0 0 0 TIM MCCARTHY DIRECTOR 1.00 X 0 0 0 EVAN BUCKMILLER DIRECTOR 1.00 X 0 0 0 JENNIFER STRYHN DIRECTOR 1.00 X 0 0 0 KEN SCHLIMGEN DIRECTOR 1.00 X 0 0 0 DICK JOHNSON DIRECTOR 1.00 X 0 0 0 JAY SPAANS DIRECTOR 1.00 X 0 0 0 RON HORMAN DIRECTOR 1.00 X 0 0 0 DAVE PAGE DIRECTOR 1.00 X 0 0 0 JEFF BIRKELAND DIRECTOR 1.00 X 0 0 0 LUKE JOHNSON DIRECTOR (AS OF APR 23) 1.00 X 0 0 0 MIKE JASPERS ADMINISTRATOR 10.00 X 0 0 0 0 0 0 0 0 0 0 EAST RIVER ELECTRIC POWER COOP 211 S HARTH AVE PO BOX 227 MADISON SD 57042 ADMINISTRATIVE SERVICES 606386 1 936986 66370 1003356 LOAN INTEREST INCOME 525990 1247363 1247363 LOAN APPLICATION FEES 525990 124873 124873 LOAN LOSS ADJUSTMENT 525990 -163186 -163186 1209050 85158 85158 2297564 1209050 0 85158 62989 62989 5858 5858 34499 34499 10032 10032 7801 7801 5050 2162 2888 262016 262016 3498 3498 ADMINISTRATIVE COSTS 452362 299952 152410 SPONSORSHIPS 16066 16066 MEMBERSHIP DUES 6464 325 6139 LOAN APPLICATION/SERVIC 813 813 867448 583101 284347 0 14259327 7185065 4064727 4086836 28200905 37408042 8043 5748 147812 157812 47612 67738 46728426 48911241 107189 151387 5739271 6490829 8921594 8878537 14768054 15520753 X 23128230 24682605 8832142 8707883 31960372 33390488 46728426 48911241 1430116 0 X 0 1 X 1 1 1 X 1078180 2412374 1075000 1159265 1003356 6728175 1243370 1374304 1360044 1157987 1209050 6344755 2321550 3786678 2435044 2317252 2212406 13072930 0 298789 173784 389761 310780 340990 1514104 298789 173784 389761 310780 340990 1514104 11558826 32960 23239 23719 44850 85158 209926 32960 23239 23719 44850 85158 209926 2354510 3809917 2458763 2362102 2297564 13282856 0.87020 0.87900 0.01580 0.01160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 2297564 0 2297564 0 2297564 867448 0 867448 0 867448 PART X, LINE 2: THE ORGANIZATION BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANIZATION WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. FORM 990, PART VI, SECTION A, LINE 1A THE LOAN COMMITTEE IS COMPRISED OF SEVEN MEMBERS OF THE BOARD OF DIRECTORS AND TWO ALTERNATES, OFFICERS OF THE CORPORATION, ON A ROTATING BASIS. EACH MEMBER SERVES A TWO-YEAR TERM. THE COMMITTEE IS AUTHORIZED TO CONSIDER AND APPROVE LOANS AND LOAN MODIFICATIONS UNDER $350,000. SIX PARTICIPANTS ARE REQUIRED FOR A QUORUM. MINUTES OF THE LOAN COMMITTEE ARE FORWARDED TO THE BOARD FOR THE RECORD. THE BOARD MAY CREATE AN EXECUTIVE COMMITTEE OF FIVE (5) OR MORE DIRECTORS, INCLUDING THE CHAIRMAN AND VICE CHAIRMAN. THE BOARD OF DIRECTORS SHALL ESTABLISH THE MEMBERS OF WHICH BY RESOLUTION FOR SUCH PURPOSES AS CONSIDERED NECESSARY AND PROPER. FORM 990, PART VI, SECTION A, LINE 3 IN ITS MEMORANDUM OF UNDERSTANDING WITH EAST RIVER ELECTRIC POWER COOPERATIVE, RURAL ELECTRIC ECONOMIC DEVELOPMENT (REED) LISTS THAT THE BUSINESS DEVELOPMENT DIRECTOR OF EAST RIVER ELECTRIC WILL SERVE AS ADMINISTRATOR FOR REED. MIKE JASPERS CURRENTLY SERVES IN THIS ROLE AND WAS PAID BY EAST RIVER ELECTRIC $57,881 IN COMPENSATION AND $5,108 IN BENEFITS DURING 2023 FOR SERVICES PROVIDED TO RURAL ELECTRIC ECONOMIC DEVELOPMENT, INC. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS CONSIST OF ELECTRIC COOPERATIVES. EACH ELECTRIC COOPERATIVE MEMBER HAS A SEAT ON THE BOARD AND HAS ONE VOTE. THE SEAT IS FILLED BY THE GENERAL MANAGER OR DESIGNEE OF THE MEMBER COOPERATIVE. IF A GENERAL MANAGER IS SHARED BY MORE THAN ONE COOPERATIVE, THE GENERAL MANAGER WILL HAVE ONE VOTE FOR EACH COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF RURAL ELECTRIC ECONOMIC DEVELOPMENT INC'S 990, THE RETURN WILL BE POSTED TO THE SECURE AREA OF THE WEBSITE FOR THE DIRECTORS, OFFICERS, AND MANAGEMENT'S REVIEW. ANY QUESTIONS OR CONCERNS WILL BE ADDRESSED, AND THE 990 WILL BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICT OF INTEREST IN REGARD TO ANY LOAN THAT IS MADE. IF ANY BOARD MEMBER HAS A CONFLICT, THEN THE LOAN APPLICATION IS NOT ISSUED. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST.