2025-11-20T09:01:29-05:00 2025-06-30 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2024-07-01 562667948 GROW SOUTH DAKOTA GROW 6056987654 104 ASH STREET EAST SISSETON SD 57262 LORI FINNESAND CHIEF EXECUTIVE OFFI 6056987654 2025-11-15 true KATHLEEN DOYLE P01322431 6056654401 2025-11-13 2024 2025-03-06 01:10:19Z LORI FINNESAND 3914044 false X WWW.GROWSD.ORG X 2007 SD GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. 9 9 0 9 0 8429154 1986023 1476799 1806884 60634 112137 0 9966587 3905044 1021197 738887 0 462913 422558 0 0 1392701 1886895 2876811 3048340 7089776 856704 81623666 74568666 73954005 74571255 7669661 -2589 X GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. false false 938288 545894 NEW MARKET TAX CREDIT PROGRAM: GROW SOUTH DAKOTA OWNS AND LEASES TWO SCHOOL BUILDINGS TO OGLALA LAKOTA SCHOOL DISTRICT THROUGH THE YEAR. 1567230 690574 279564 HOUSING: GROW SOUTH DAKOTA OWNS A 60 UNIT HUD PROPERTY IN MILBANK, SOUTH DAKOTA. THE PROJECT IS CURRENTLY MANAGED BY MILLS PROPERTY MANAGEMENT AND CONSISTS OF 30 ONE-BEDROOM ELDERLY UNITS AND 30 FAMILY TWO- AND THREE- BEDROOM UNITS IN TOWN HOUSE STRUCTURES. THE ORGANIZATION MADE 95 ON- BALANCE SHEET HOUSING LOANS TOTALING 1,586,529. THE ORGANIZATION ALSO ASSISTED 61 HOME OWNERS WITH HOUSING REHAB ON EXISTING PROPERTY THAT TOTALED 690,574 IN REPAIRS. 258293 939492 BUSINESS REVOLVING LOAN FUNDS: IN FY2025, GROW SOUTH DAKOTA MADE 18 BUSINESS LOANS TOTALING 1,352,500 CREATING OR RETAINING 38 JOBS THROUGH THE REVOLVING LOAN FUND. THE ORGANIZATION PROVIDES TECHNICAL ASSISTANCE TO ALL APPLICANTS. 110423 48313 41934 GROW SOUTH DAKOTA ASSISTED ONE NON-PROFIT ORGANIZATION BY MAKING AVAILABLE 8 VEHICLES AND ONE PIECE OF EQUIPMENT TO FURTHER THAT ORGANIZATION'S WORK IN LOW-INCOME WEATHERIZATION AND HOUSING REHABILITATION. GROW SOUTH DAKOTA WAS ALSO INVOLVED IN SOME PROGRAMS THAT WILL FURTHER THEIR WORK IN COMMUNITY ENGAGEMENT. 110423 48313 41934 2874234 true true false false false false false false false true true false false true true true true true false false false false false false false false false true true false false false false false false false false false false false false false true true false false false true 41 0 true 0 false false false false false false false false false false false false false false X 9 9 false true false false false false false true true false false true true true true true true true false false X X ORGANIZATION 6056987654 104 ASH STREET EAST SISSETON SD 57262 X TAWNEY BRUNSCH DIRECTOR 1.00 X 0 0 0 CRAIG CARSON VICE PRESIDE 1.00 X X 0 0 0 TOM FARBER SECRETARY/TR 1.00 X X 0 0 0 MICHELLE KANE DIRECTOR 1.00 X 0 0 0 ERIC KUNZWEILER DIRECTOR 1.00 X 0 0 0 MICHAEL MALONE DIRECTOR 1.00 X 0 0 0 DANIEL MENKING PRESIDENT 1.00 X X 0 0 0 GINGER NIEMANN DIRECTOR 1.00 X 0 0 0 ERIC SHEPHERD DIRECTOR 1.00 X 0 0 0 MARCIA ERICKSON CHIEF EXECUT X 0 0 0 LORI FINNESAND CHIEF EXECUT X 0 0 0 KATHRYN RASMUS CHIEF FINANC X 0 0 0 false false false SCULL CONSTRUCTION SERVICES INC PO BOX 7636 RAPID CITY SD 57709 GENERAL CONTRAC 4319738 THE WINDOW SHOP 124 SOUTH MAIN MITCHELL SD 57301 CONTRACT LABOR 271061 EB TILING & CONSTRUCTION 160 DAKOTA AVE HURON SD 57350 CONTRACT LABOR 155268 3 1179978 806045 1986023 INTEREST INCOME - LOANS 900099 893087 893087 LEASE INTEREST INCOME 900099 549811 549811 APARTMENT REVENUE 531110 275563 275563 LEASE FEE INCOME 900099 38017 38017 ORIGINATION FEES 531110 35700 35700 14706 14706 1806884 96947 96947 24190 9000 15190 15190 15190 3905044 1822074 96947 48313 48313 690574 690574 355377 239450 115927 12703 8558 4145 25040 16872 8168 29438 19836 9602 35908 35908 3884 3884 43837 37130 6707 120735 120735 9001 9001 4897 3900 997 181316 178170 3146 30049 26581 3468 241 241 1053073 1053073 166563 166563 38675 16970 21705 BAD DEBT EXPENSE 198716 198716 3048340 2874234 174106 0 X 6870181 7684717 867758 616801 11753 4400 23850731 24369091 8485 10293 4125786 1935315 2235325 2190471 185783 209908 47593650 39482985 81623666 74568666 813353 746124 684769 775353 63976484 65060015 489263 7990136 7989763 73954005 74571255 X -5510350 -13806421 13180011 13803832 7669661 -2589 81623666 74568666 X 856704 13898 -8542852 X false true X true true true X 2686957 3552885 1966588 8429154 1986023 18621607 2686957 3552885 1966588 8429154 1986023 18621607 18621607 12668 6025 21202 54134 96947 190976 18812583 7003215 0.98980 0.99380 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 185783 5251 20632 1758 209908 160096 10629 16630 1572 185783 152386 8930 12178 12000 1398 160096 161572 8862 -16594 1454 152386 135305 14646 26466 13500 1345 161572 1.00000 true false 96000 96000 3645112 1727211 1917901 300929 132085 168844 83745 76019 7726 2190471 LEASE RECEIVABLE 37299200 UNAMORTIZED DEBT ISSUANCE COSTS 1799416 ACCRUED INTEREST 384369 39482985 BENEFICIARY OBLIGATION 7972165 SECURITY DEPOSITS 17598 7989763 X 3918942 13898 13898 3905044 3905044 3048340 3048340 3048340 SCHEDULE D, PAGE 2, PART V, LINE 4 THE ORGANIZATION'S ENDOWMENT FUNDS WILL BE USED TO SUPPORT GROW SOUTH DAKOTA'S MISSION. SCHEDULE D, PAGE 3, PART X THE CORPORATION IS ORGANIZED AS A SOUTH DAKOTA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. THE CORPORATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ENTITY IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. THE CORPORATION IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. SCHEDULE D, PAGE 4, PART XIII AT LEASE COMMENCEMENT, THE CORPORATION RECOGNIZED A COMBINED LOSS OF 8,542,852 RELATED TO THESE SALES-TYPE LEASES. THIS LOSS REPRESENTS THE EXCESS OF THE CARRYING AMOUNTS OF THE LEASED ASSETS OVER THE NET INVESTMENT IN THE LEASES, MEASURED AS THE PRESENT VALUE OF LEASE PAYMENTS, IN ACCORDANCE WITH ASC 842. IN LINE WITH ASC 842-30, UPON LEASE COMMENCEMENT, THE CORPORATION DERECOGNIZED THE LEASED ASSETS AND RECOGNIZED NET INVESTMENTS IN THE LEASES. THE LOSS REFLECTS THE MEASUREMENT DIFFERENCE BETWEEN THE CARRYING VALUE OF THE ASSETS AND THE PRESENT VALUE OF THE LEASE PAYMENTS DISCOUNTED USING THE RESPECTIVE RATES OF 3.00% AND 0.41%. true COMMUNITY WORKS NORTH DAKOTA 200 1ST AVE MANDAN ND 58554 3 12401 SUPPORT PROGRAMS BLUE STEM CONSULTING 60 HILLSIDE DRIVE BUFFALO WY 82834 21375 SUPPORT PROGRAMS THE LAKOTA FUNDS PO BOX 340 KYLE SD 57752 7821 SUPPORT PROGRAMS 3 2 HOUSING REHAB 61 690574 SCHEDULE I, PAGE 1, PART I, LINE 2 GROW SOUTH DAKOTA REQUIRES THE GRANTEES TO SUBMIT A FINANCIAL REPORT AS FUNDS ARE BEING SPENT. GROW SOUTH DAKOTA REIMBURSES THE GRANTEE FOR EXPENSES INCURRED. IN ADDITION, A GROW SOUTH DAKOTA STAFF IS ACTIVELY INVOLVED IN THE PROJECT AND PROVIDES TECHNICAL ASSISTANCE AS NEEDED. FORM 990 - ORGANIZATION'S MISSION GROW SOUTH DAKOTA IS A NONPROFIT CORPORATION WHOSE PRIMARY OBJECTIVE IS TO PROMOTE AND FOSTER ECONOMIC GROWTH, HOUSING DEVELOPMENT, AND EDUCATIONAL OPPORTUNITIES IN DISTRESSED COMMUNITIES AND UNDERSERVED MARKETS IN SOUTH DAKOTA. FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION. FORM 990, PAGE 2, PART III, LINE 4D GROW SOUTH DAKOTA ASSISTED ONE NON-PROFIT ORGANIZATION BY MAKING AVAILABLE 8 VEHICLES AND ONE PIECE OF EQUIPMENT TO FURTHER THAT ORGANIZATION'S WORK IN LOW-INCOME WEATHERIZATION AND HOUSING REHABILITATION. GROW SOUTH DAKOTA WAS ALSO INVOLVED IN SOME PROGRAMS THAT WILL FURTHER THEIR WORK IN COMMUNITY ENGAGEMENT. FORM 990, PAGE 6, PART VI, LINE 3 THE ORGANIZATION DOES NOT HAVE EMPLOYEES. THE ORGANIZATION REIMBURSES A RELATED ORGANIZATION FOR EMPLOYEE SALARY COSTS FOR THE SERVICES PROVIDED. FORM 990, PAGE 6, PART VI, LINE 11B THE BOARD OF DIRECTORS RECEIVED A COPY OF THE FORM 990 AND ALL ATTACHMENTS PRIOR TO A BOARD MEETING. DURING THE MEETING, THE BOARD OF DIRECTORS REVIEWED THE FORM 990 AND ATTACHMENTS IN DEPTH AND APPROVED THE SUBMISSION OF THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS THE GOVERNING BOARD MEMBERS AND OFFICERS. EACH BOARD MEMBER SIGNS A CONFLICT OF INTEREST STATEMENT WHEN THEY INITIALLY JOIN THE BOARD AND ON AN ANNUAL BASIS THEREAFTER. A DECLARATION OF CONFLICT OF INTEREST STATEMENT IS PART OF EVERY BOARD MEETING AGENDA. IF A CONFLICT EXISTS, THE BOARD MEMBER DISCLOSES WHICH AGENDA ITEM THEY HAVE A CONFLICT WITH. COMPLIANCE IS ENFORCED THROUGH REGULAR AND CONSISTENT MONITORING OF THE CONFLICTS OF INTEREST POLICY. FORM 990, PAGE 6, PART VI, LINE 15A THE ORGANIZATION'S OFFICERS AND STAFF ARE EMPLOYED BY AN UNRELATED ORGANIZATION. THE OFFICERS OF THE ORGANIZATION ARE ALSO OFFICERS OF THE UNRELATED ORGANIZATION. THEIR COMPENSATION IS REVIEWED ON AN ANNUAL BASIS BY THE UNRELATED ORGANIZATION'S FULL BOARD OF DIRECTORS DURING REGULARLY SCHEDULED BOARD MEETINGS. COMPARABLE DATA IS GATHERED FROM SIMILAR ORGANIZATION'S 990'S AND BY A THIRD-PARTY COMPENSATION STUDY. FORM 990, PAGE 6, PART VI, LINE 18 GUIDESTAR.COM FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON REQUEST. FORM 990, PART X THE CORPORATION HAS A DESIGNATED FUND SEPARATE FROM THE AGENCY THAT WAS ESTABLISHED BY THE FOUNDATION FOR THE CORPORATION. THE FUND IS HELD AND INVESTED BY THE FOUNDATION FOR THE BENEFIT OF THE CORPORATION. THE FAIR VALUE OF THIS ACCOUNT AS OF JUNE 30, 2025, WAS 29,948 AND IS CARRIED ON THE FOUNDATIONS FINANCIAL STATEMENTS ONLY AND NOT INCLUDED AS AN ASSET IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. INCOME FROM THE DESIGNATED FUND IS RECORDED TO THE EXTENT DISTRIBUTIONS FROM THE FUND ARE RECEIVED BY THE CORPORATION. THERE WERE NO DISTRIBUTIONS RECEIVED DURING THE YEAR ENDED JUNE 30, 2025. FORM 990, PART XI, LINE 9 LOSS ON SALES -TYPE LEASE -8,542,852 THE CORPORATION (AS LESSOR) ENTERED INTO TWO SALES-TYPE LEASE AGREEMENTS WITH THE LESSEE, OGLALA LAKOTA COUNTY SCHOOL DISTRICT NO. 65-1, EFFECTIVE JULY 23, 2024, CLASSIFIED AS FINANCE LEASES UNDER ASC 842. 1. GROW CTE SCHOOL EXPANSION LEASE LEASE TERM: JULY 23, 2024 TO NOVEMBER 20, 2043 (233 MONTHS) DISCOUNT RATE: 3.00% PAYMENT FREQUENCY: ANNUAL PAYMENTS: 162,246 PER YEAR FOR 6 YEARS DURING THE COMPLIANCE PERIOD; VARIOUS AMOUNTS FOR 14 YEARS POST COMPLIANCE TOTAL PAYMENTS: 8,595,063 PRESENT VALUE OF LEASE PAYMENTS: 5,997,056 2. GROW AUTO TECH LEASE LEASE TERM: JULY 23, 2024 TO NOVEMBER 20, 2043 (233 MONTHS) DISCOUNT RATE: 0.41% PAYMENT FREQUENCY: ANNUAL PAYMENTS: 58,870 PER YEAR FOR 6 YEARS DURING THE COMPLIANCE PERIOD; VARIOUS AMOUNTS FOR 14 YEARS POST COMPLIANCE TOTAL PAYMENTS: 3,118,681 PRESENT VALUE OF LEASE PAYMENTS: 2,965,955 AT LEASE COMMENCEMENT, THE CORPORATION RECOGNIZED A COMBINED LOSS OF 8,542,852 RELATED TO THESE SALES-TYPE LEASES. THIS LOSS REPRESENTS THE EXCESS OF THE CARRYING AMOUNTS OF THE LEASED ASSETS OVER THE NET INVESTMENT IN THE LEASES, MEASURED AS THE PRESENT VALUE OF LEASE PAYMENTS, IN ACCORDANCE WITH ASC 842. IN LINE WITH ASC 842-30, UPON LEASE COMMENCEMENT, THE CORPORATION DERECOGNIZED THE LEASED ASSETS AND RECOGNIZED NET INVESTMENTS IN THE LEASES. THE LOSS REFLECTS THE MEASUREMENT DIFFERENCE BETWEEN THE CARRYING VALUE OF THE ASSETS AND THE PRESENT VALUE OF THE LEASE PAYMENTS DISCOUNTED USING THE RESPECTIVE RATES OF 3.00% AND 0.41%. GROW WOLF CREEK SCHOOL LLC 104 ASH ST E SISSETON SD 57262 832556989 SCHOOL BLD SD 191615 13554247 GROW SD GROW CTE SCHOOL LLC 104 ASH ST E SISSETON SD 57262 843859545 SCHOOL BLD SD 354279 25202308 GROW SD PHEASANT VALLEY COURTYARD LLC 104 ASH ST E SISSETON SD 57262 273922832 APT RENTAL SD 533763 2498839 GROW SD NORTHEAST SD COMMUNITY ACTION PROGR 104 ASH ST E SISSETON SD 57262 460282100 SHARED EMP SD 501 7 N/A false NORTHEAST SD ECONOMIC CORPORATION 104 ASH ST E SISSETON SD 57262 460350177 SHARED EMP SD 501 7 N/A false false true false false true false false false false true false false false true true true false true true NORTHEAST SD COMMUNITY ACTION PROGR J 41934 NORTHEAST SD COMMUNITY ACTION PROGR P 551638 NORTHEAST SD COMMUNITY ACTION PROGR S 75 NORTHEAST SD COMMUNITY ACTION PROGR E 1232932 NORTHEAST SD COMMUNITY ACTION PROGR R 36900 NORTHEAST SD ECONOMIC CORPORATION R 30000 NORTHEAST SD ECONOMIC CORPORATION E 1006246 NORTHEAST SD ECONOMIC CORPORATION S 50 SCHEDULE R GROW SOUTH DAKOTAS WHOLLY OWNED SUBSIDIARIES GROW WOLF CREEK SCHOOL, LLC AND GROW CTE SCHOOL, LLC, ARE NONPROFIT LIMITED LIABILITY COMPANIES WHOSE PRIMARY OBJECTIVE WAS TO OBTAIN NEW MARKET TAX CREDIT (NMTC) LOANS TO BUILD AND LEASE SCHOOLS IN OGLALA LAKOTA COUNTY TO THE OGLALA LAKOTA COUNTY SCHOOL DISTRICT (SCHOOL DISTRICT). THE NEW MARKET TAX CREDITS ALLOCATED TO THE INVESTORS OF THE PROGRAM HAVE A SEVEN-YEAR COMPLIANCE PERIOD. IT IS EXPECTED THAT UPON EXPIRATION OF THE SEVEN-YEAR COMPLIANCE PERIODS, THE PROJECTS WILL UNWIND. IT IS ANTICIPATED THE GROW WOLF CREEK SCHOOL, LLC NEW MARKET TAX CREDITS PROJECT WILL UNWIND AS SOON AS FISCAL YEAR 2026 WHEN THE COMPLIANCE PERIOD IS SCHEDULED TO EXPIRE. IT IS ANTICIPATED THE GROW CTE SCHOOL, LLC NEW MARKET TAX CREDITS PROJECT WILL UNWIND AS SOON AS FISCAL YEAR 2027 WHEN THE COMPLIANCE PERIOD IS SCHEDULED TO EXPIRE. DURING 2024 A SECOND PROJECT WAS INITIATED. THE GROW CTE II SCHOOL, LLC NEW MARKET TAX CREDITS PROJECT WAS COMPLETED DURING THE FISCAL YEAR ENDING JUNE 30, 2025 AND IS EXPECTED TO UNWIND IN FISCAL YEAR 2031. GROW SOUTH DAKOTAS WHOLLY OWNED SUBSIDIARY PHEASANT VALLEY COURTYARD, LLC IS A LOW INCOME HOUSING PROJECT LOCATED IN MILBANK, SOUTH DAKOTA, PROVIDING AFFORDABLE HOUSING FOR FAMILIES, HANDICAPPED, ELDERLY, AND DISABLED PERSONS. THE 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 DISADVANTAGED PERSONS. THE NORTHEAST SOUTH DAKOTA ECONOMIC CORPORATION (NESDEC) WAS FORMED TO ACCEPT PUBLIC AND PRIVATE FUNDS TO RAISE THE ECONOMIC WELFARE, EDUCATIONAL, AND SOCIAL LEVELS OF UNDERPRIVILEGED OR LOW-INCOME RESIDENTS OF A TWENTY-TWO- COUNTY AREA, AND GROUPS COMPOSED, SUBSTANTIALLY, OF SUCH RESIDENTS, TO FOSTER AND PROMOTE COMMUNITY-WIDE INTEREST AND CONCERN FOR THE PROBLEMS OF SAID RESIDENTS AND GROUPS. ALL THREE ORGANIZATIONS ARE BRANDED UNDER THE NAME GROW SOUTH DAKOTA; HOWEVER, NESDCAP AND NESDEC ARE SEPARATE ENTITIES AND THEREFORE NOT PRESENTED AS PART OF THESE FINANCIAL STATEMENTS. THE CORPORATION REIMBURSES NESDCAP/NESDEC FOR SALARIES, EMPLOYEE BENEFITS, AND VARIOUS ADMINISTRATIVE/PROGRAM COSTS WHICH AMOUNTED TO APPROXIMATELY 551,638 FOR THE YEAR ENDED JUNE 30, 2025 AND RELATED ACCOUNTS PAYABLE TO NESDCAP WAS 15,958 AS OF JUNE 30, 2025. THE CORPORATION LEASES VEHICLES TO NESDCAP. ALL VEHICLES LEASES ARE CONSIDERED FINANCING LEASES BECAUSE NESDCAP HAS THE OPTION TO TERMINATE LEASES UPON THIRTY-DAY NOTICE. VEHICLE AND EQUIPMENT LEASE INCOME WAS 41,934 FOR THE YEAR ENDED JUNE 30, 2025. THE CORPORATION ALSO OBTAINED LONG-TERM NOTES PAYABLE FROM NESDCAP/NESDEC TO FUND ITS LOAN FUND. TOTAL RELATED PARTY LOAN BALANCE INCLUDING ACCRUED INTEREST, WAS 2,239,178 AS OF JUNE 30, 2025, AND TOTAL INTEREST EXPENSE PAID WAS 66,900 FOR THE YEAR ENDED JUNE 30, 2025.