2025-02-11T15:38:27-05:00 2024-09-30 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2023-10-01 460350177 NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION NORT 6056987654 104 ASH STREET EAST SISSETON SD 57262 LORI FINNESAND CHIEF EXECUTIVE OFFI 6056987654 2025-02-15 true true KATHLEEN DOYLE P01322431 6056654401 2025-02-10 2023 2025-03-06 01:10:19Z GROW SOUTH DAKOTA LORI FINNESAND 1982868 false X WWW.GROWSD.ORG X 1978 SD TO STIMULATE ECONOMIC OPPORTUNITIES THROUGH LOANS, TECHNICAL SUPPORT AND PARTNERSHIPS 15 15 0 17 0 287503 479761 965430 1086447 29194 129225 49748 15150 1331875 1710583 19000 45423 0 516763 573540 0 0 353077 429381 888840 1048344 443035 662239 31356241 32608281 11588505 12214971 19767736 20393310 TO STIMULATE ECONOMIC OPPORTUNITIES THROUGH LOANS, TECHNICAL SUPPORT AND PARTNERSHIPS false false 781370 45423 1086447 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 42 LOANS TOTALING 3,645,850 CREATING 137 AREA JOBS. AS OF SEPTEMBER 30,2024, NESDEC HAD 275 OUTSTANDING LOANS TOTALING 21,509,950. 781370 true true false false false false false false false false true false false false false true true false false false false false false false false false false true true true false false false false false false false false false false false false false true false false false true 74 0 true 0 false false false false false false false false false false false false false false X 15 15 false false true 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 168127 29437 LORI FINNESAND CHIEF EXECUT 40.00 10.00 X 0 151358 31560 KIMBERLY LORENSBERG CHIEF DEVELO 30.00 15.00 X 0 132871 20856 KATHRYN RASMUS CHIEF FINANC 15.00 30.00 X 0 107823 10588 RITA ANDERSON DIRECTOR 1.00 X 0 0 0 JOELL BIEBER DIRECTOR 1.00 X 0 0 0 COLLEEN CORDELL DIRECTOR 1.00 X 0 0 0 TREVOR CRAMER DIRECTOR 1.00 X 0 0 0 DAVID GLEASON DIRECTOR 1.00 X 0 0 0 ROD KUSSER DIRECTOR 1.00 X 0 0 0 MICHELE LOOBEY-GERTSCH DIRECTOR 1.00 X 0 0 0 DANIEL MENKING CHAIRMAN 1.00 X X 0 0 0 CRAIG RAU VICE CHAIR 1.00 X X 0 0 0 EMILY RODGERS DIRECTOR 1.00 X 0 0 0 PATTY ROEHR SECRETARY 1.00 X X 0 0 0 TERRY SCHULTZ DIRECTOR 1.00 X 0 0 0 BETH SMITH DIRECTOR 1.00 X 0 0 0 JUDY STEEN TREASURER 1.00 X X 0 0 0 PAT TOLLEFSON DIRECTOR 1.00 X 0 0 0 560179 92441 true true false 343761 136000 479761 INTEREST INCOME - LOANS 531390 1006384 1006384 ESCROW & LOAN FEES 531390 42709 42709 LEASE FEE INCOME 531390 20383 20383 LEASE INTEREST INCOME 531390 6617 6617 FILING FEE 531390 5301 5301 5053 5053 1086447 59290 59290 219935 150000 69935 69935 69935 137435 122285 15150 15150 1710583 1171532 59290 21909 21909 23514 23514 376640 231343 145297 120068 88822 31246 38213 23958 14255 38619 23558 15061 12764 12764 21780 21780 3703 3703 6699 6699 13698 13279 419 19358 11041 8317 11289 10746 543 176593 176593 23859 23859 12892 7315 5577 BAD DEBT EXPENSE 90325 90325 TARGETED PROGRAM EXPENSE 24826 24826 FILING FEE EXPENSE 8819 8819 LOAN CLOSING EXPENSE 1500 1500 1276 656 620 1048344 781370 266974 0 X 7600430 9190306 46089 110816 20484919 20971571 1715 1015326 371734 653819 643592 2192088 1429461 377181 262535 31356241 32608281 165989 142997 174698 154316 8711693 9367658 2536125 2550000 11588505 12214971 X 12407531 12473897 7360205 7919413 19767736 20393310 31356241 32608281 X 662239 -612627 575962 X false true X true true true X 122954 1136650 1920611 287503 479761 3947479 122954 1136650 1920611 287503 479761 3947479 3947479 79915 118824 54437 44234 59290 356700 4304179 4561420 0.91710 0.90710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 142506 142506 850049 348963 501086 22771 22771 643592 X 1082806 -612627 -15150 -627777 1710583 1710583 1033194 -15150 -15150 1048344 1048344 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 PRIVATE FOUNDATION UNDER SECTION 509(A)(2). SCHEDULE D, PAGE 4, PART XI, LINE 2D RECLASSIFICATION OF OREO -15,150 SCHEDULE D, PAGE 4, PART XII, LINE 2D RECLASSIFICATION OF OREO -15,150 true NORTHEAST SOUTH DAKOTA COMMUNITY AC 104 ASH STREET SISSETON SD 57262 460282100 3 21909 SUPPORT PROGRAMS FINANCIAL AID 24 23514 X X X false false false false false false false false false MARCIA ERICKSON CHIEF EXECUTIVE OFFI 164057 4070 15779 13658 197564 LORI FINNESAND CHIEF EXECUTIVE OFFI 147288 4070 15779 15781 182918 KIMBERLY LORENSBERG CHIEF DEVELOPMENT OF 128801 4070 12590 8266 153727 FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION FORM 990, PAGE 6, PART VI, LINE 4 NESDEC AMENDED THEIR BYLAWS TO CHANGE THE SERVICE AREA FROM 22 COUNTIES TO INCLUDE STATEWIDE COUNTIES. 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 DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2024, NESDEC ADOPTED ACCOUNTING STANDARDS UPDATE (ASU) 2016-13, FINANCIAL INSTRUMENTSCREDIT LOSSES (TOPIC 326):MEASUREMENT OF CREDIT LOSSES ON FINANCIAL INSTRUMENTS (COMMONLY REFERRED TO AS CECL).THIS NEW STANDARD REPLACES THE INCURRED LOSS METHODOLOGY FOR DETERMINING THE ALLOWANCE FOR DOUBTFUL ACCOUNTS WITH A CURRENT EXPECTED CREDIT LOSS MODEL. THE CECL MODEL REQUIRES THE CONSIDERATION OF REASONABLE AND SUPPORTABLE FORECASTS TO ESTIMATE LIFETIME EXPECTED CREDIT LOSSES. AS A RESULT OF ADOPTING THE CECL STANDARD, NESDEC REEVALUATED ITS ALLOWANCE FOR DOUBTFUL ACCOUNTS AND DETERMINED A REDUCTION OF 575,962 IN THE ALLOWANCE WAS NECESSARY. THIS ADJUSTMENT ALSO RESULTED IN A DECREASE IN BAD DEBT EXPENSE OF 9,312 FOR THE PRIOR PERIOD AND AN INCREASE OF 566,650 TO THE OPENING BALANCE OF EQUITY AS OF SEPTEMBER 30, 2023. THESE CHANGES ARE REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ADOPTION OF THE CECL STANDARD DID NOT HAVE AN IMPACT ON PREVIOUSLY REPORTED NET INCOME OR CASH FLOWS BEYOND THE ADJUSTMENTS DESCRIBED ABOVE. FORM 990, PART XI, LINE 9 RECLASSIFICATION OF OREO -15,150 RECLASSIFICATION OF OREO 15,150 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 true 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 R 80510 GROW SOUTH DAKOTA A 30082 NE SOUTH DAKOTA COMMUNITY ACTION B 21909 NE SOUTH DAKOTA COMMUNITY ACTION O 573540 NE SOUTH DAKOTA COMMUNITY ACTION P 56890 NE SOUTH DAKOTA COMMUNITY ACTION PR J 27000 NE SOUTH DAKOTA COMMUNITY ACTION PR R 3075 SCHEDULE R NORTHEAST SOUTH DAKOTA COMMUNITY ACTION PROGRAM (NESDCAP) IS A NONPROFIT ORGANIZATION THAT PROMOTES HEALTH, EDUCATION AND SOCIAL AND ECONOMIC WELFARE TO LOW INCOME,MINORITY AND DISADVANTAGE PERSONS. NESDEC EMPLOYEES ARE ALSO EMPLOYED BY NESDCAP. NESDEC REIMBURSES NESDCAP FOR SALARIES, EMPLOYEE BENEFITS AND VARIOUS ADMINISTRATIVE AND PROGRAM COSTS. GROW SOUTH DAKOTA IS A NOT-FOR-PROFIT CORPORATION FORMED TO PROMOTE AND FOSTER ECONOMIC,HOUSING, AND EDUCATIONAL DEVELOPMENT IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA AND TO PURPOSEFULLY SERVE LOW TO MODERATE INCOME INDIVIDUALS AND COMMUNITIES. A MINORITY OF GROW SOUTH DAKOTA BOARD MEMBERS ALSO SERVE ON THE NESDEC BOARD. NESDEC REIMBURSES GROW SOUTH DAKOTA FOR VARIOUS ADMINISTRATIVE COSTS.