2023-10-02T14:05:17-04:00 2022-12-31 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2022-01-01 510183368 LAKE AREA IMPROVEMENT CORPORATION LAKE PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DIRECTOR 6052560797 2023-07-15 true BROOKE ROLLAG XXX-XX-XXXX true KATHLEEN DOYLE P01322431 6056654401 2023-09-18 2022 2023-04-26 12:10:37Z BROOKE ROLLAG PO BOX 32 MADISON SD 57042 1421322 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. 15 15 2 15 0 787228 1169104 180585 233332 9619 12056 49684 1116 1027116 1415608 2500 22500 0 175222 204089 0 0 222863 192681 400585 419270 626531 996338 11977132 13919557 7388522 8297059 4588610 5622498 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 203470 22500 166044 FORWARD MADISON 4 IS THE MAIN FUNDING SOURCE OF THE LAIC. THE COMPONENTS OF THE INITIATIVE ARE: 1.) INDUSTRIAL PARK GROWTH 2.) RECRUITMENT OF TECHNOLOGY BUSINESSES 3.) WORKFORCE DEVELOPMENT 4.) ENTREPRENEURSHIP 5.) AG DEVELOPMENT 6.) DOWNTOWN BUSINESS ATTRACTION 7.) HOUSING DEVELOPMENT 107149 67288 THE LAND OWNED BY THE LAIC IS TO HELP WITH BUSINESS RETENTION AND EXPANSION AND JOB CREATION IN THE AREA. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES. 310619 true true false false false false false false false false true false false false true true true false false false false false false false false false false true false false false false false false false true false false true false false false false false false false false true 5 0 2 true false false false false false false false false false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false X ORGANIZATION 6052564539 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DI 40.00 X 125000 0 10380 JEFF BLOOM DIRECTOR 1.00 X 0 0 0 DR JOSE-MARIE GRIFFITHS DIRECTOR 1.00 X 0 0 0 MIKE JASPERS VICE PRESIDE 1.00 X X 0 0 0 MIKE KANE DIRECTOR 1.00 X 0 0 0 MIKE MALONE PAST PRESIDE 1.00 X X 0 0 0 TAMMY MILLER DIRECTOR 1.00 X 0 0 0 DELON MORK DIRECTOR 1.00 X 0 0 0 DAN ROEMEN DIRECTOR 1.00 X 0 0 0 FLOYD RUMMEL SEC/TREASURE 1.00 X X 0 0 0 PAUL SCHULTZ DIRECTOR 1.00 X 0 0 0 TERRY SCHULTZ PRESIDENT 1.00 X X 0 0 0 ERIC SINCLAIR PRESIDENT EL 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 125000 10380 1 false false false 285304 883800 360000 1169104 INCOME & FEES - LOANS 999999 161044 161044 LAND LEASE 999999 67288 67288 OTHER REVENUE 999999 5000 5000 233332 12056 12056 5714 -5714 -5714 INSURANCE PROCEEDS 6830 6830 6830 1415608 234448 12056 22500 22500 135380 108304 27076 51516 41213 10303 2457 1966 491 2946 2357 589 11790 9432 2358 515 515 14103 14103 1330 1330 12817 12697 120 20212 20212 6170 6170 44863 38512 6351 77 77 24987 24687 300 23117 19610 3507 3952 3877 75 4797 4797 DOWNTOWN FACADE PROGRAM 24134 24134 LOAN ALLOWANCE RECOVERY 11607 11607 419270 310619 108651 0 X 2117541 1101510 519257 868382 4588 10209 7329339 7701022 1968576 4194322 4384 12617 70899 63404 9447 7495 24000 24000 11977132 13919557 7816 15184 1350706 1322375 530000 1459500 5500000 5500000 7388522 8297059 X 4228650 5281133 359960 341365 4588610 5622498 11977132 13919557 996338 37550 X false true X true X 282500 310000 338300 787228 1169104 2887132 54442 157826 812585 420435 240162 1685450 336942 467826 1150885 1207663 1409266 4572582 4572582 3790 7746 8235 9619 12056 41446 3790 7746 8235 9619 12056 41446 340732 475572 1159120 1217282 1421322 4614028 0.99100 0.99220 0.01000 0.01000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 70899 63404 7495 7495 ADVANCES 5500000 5500000 X 1453158 37550 37550 1415608 1415608 419270 419270 419270 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. false DAKOTA STATE UNIVERSITY 820 N WASHINGTON ST MADISON SD 57042 GOV 22500 SUPPORT PROGRAMS 1 ERIC SINCLAIR BOARD MEMBER LEASE INCOME 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, 2022, LAIC HAD DEPOSITS TOTALING 240,550 AND 570,145,RESPECTIVELY, AT THESE FINANCIAL INSTITUTIONS. X 1 360000 false false false FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION FORM 990, PAGE 6, PART VI, LINE 11B BOARD REVIEWS WITH CPA FIRM THAT PREPARES 990 FORM 990, PAGE 6, PART VI, LINE 12C ANNUAL BOARD REVIEW FORM 990, PAGE 6, PART VI, LINE 15A EXECUTIVE COMMITTEE REVIEWS/BUDGET REVIEW. BOARD MAKES FINAL APROVAL. FORM 990, PAGE 6, PART VI, LINE 15B EXECUTIVE COMMITTEE REVIEWS/BUDGET REVIEW. BOARD MAKES FINAL APROVAL. FORM 990, PAGE 6, PART VI, LINE 19 PRESENTED AT ANNUAL MEETING AND ON REQUEST GUIDESTAR.COM FORM 990, PART X IN CONJUNCTION WITH THE ISSUANCE OF A 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. IN THE EVENT OF DEFAULT ON THE CONVERTIBLE NOTE RECEIVABLE, LAIC HAS NO OBLIGATION TO RETURN ANY FUNDS TO GOED. DURING THE YEAR-ENDED DECEMBER 31, 2022, LAIC OBTAINED A SHORT-TERM NOTE WITH A LOCAL FINANCIAL INSTITUTION. THE NOTE IS UNSECURED AND COMES DUE JUNE 30, 2023. THE NOTE BEARS INTEREST AT A VARIABLE RATE EQUAL TO THE NEW YORK PRIME AS PUBLISHED IN THE WALL STREET JOURNAL PLUS 0.50% WITH AN INITIAL RATE OF 7.00% PER ANNUM. LAIC WAS ADVANCED AND OBLIGATED FOR 464,750 ON THIS NOTE AT DECEMBER 31, 2022. DURING THE YEAR-ENDED DECEMBER 31, 2022, LAIC OBTAINED AN ADDITIONAL SHORT-TERM NOTE WITH ANOTHER LOCAL FINANCIAL INSTITUTION. THE NOTE IS UNSECURED AND COMES DUE JUNE 30,2023. THE NOTE BEARS INTEREST AT A VARIABLE RATE EQUAL TO THE PRIME RATE AS PUBLISHED IN THE WALL STREET JOURNAL PLUS 0.50% WITH AN INITIAL RATE OF 7.00% PER ANNUM. THE RATE WILL NOT BE LESS THAN 6.50% OR MORE THAN 10.50% PER ANNUM. LAIC WAS ADVANCED AND OBLIGATED FOR 464,750 ON THIS NOTE AT DECEMBER 31, 2022. IN 2023, LAIC FILED FOR ERC REFUNDS TOTALLING 24,000 FOR QUARTERS IN 2020 AND 2021. PRIOR YEAR 990S WERE AMENDED TO REFLECT THESE AMOUNTS. A RECEIVABLE WAS BOOKED AT 12/31/21 WHICH IS NOT REFLECTED IN THE AUDITED FINANCIAL STATEMENTS.