2025-10-09T13:52:12-04:00 2024-12-31 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2024-01-01 460438143 BEADLE AND SPINK ENTERPRISE COMMUNITY INC BEAD 6056356165 209 HUMPHREY DRIVE N DOLAND SD 57436 EMILY RODGERS EXECUTIVE DIRECTOR 6056356165 2025-10-15 true true KATHLEEN DOYLE P01322431 6056654401 2025-09-30 2024 2025-03-06 01:10:19Z EMILY RODGERS PO BOX 45 DOLAND SD 57436 778444 false X WWW.BASEC.ORG X 1995 SD TO PROMOTE AND SUPPORT COMMUNITY IMPROVEMENT EFFORTS. BASEC'S SHARED VISION IS THAT ITS COMMUNITIES BE HEALTHY, VITAL, AND HAVE THE CAPACITY TO PRODUCE RESULTS THEY CARE ABOUT. 8 8 2 9 0 500 0 256994 330973 -8400 23090 -2462 -13768 246632 340295 8059 4158 0 99074 137294 0 0 255808 57795 362941 199247 -116309 141048 7512386 8159423 2423007 2928996 5089379 5230427 TO PROMOTE AND SUPPORT COMMUNITY IMPROVEMENT EFFORTS. BASEC'S SHARED VISION IS THAT ITS COMMUNITIES BE HEALTHY, VITAL, AND HAVE THE CAPACITY TO PRODUCE RESULTS THEY CARE ABOUT. false false 130964 4158 695973 BASEC WAS FORMED TO ACCEPT PUBLIC AND PRIVATE FUNDS TO RAISE THE ECONOMIC WELFARE,EDUCATIONAL AND SOCIAL LEVELS OF RESIDENTS IN THE BASEC AREA. BASEC UTILIZES A BROAD RANGE OF PROGRAMS AND INITIATIVES TO PROMOTE REVITALIZATION OF THE AREA UNDER THE PROGRAM AREAS OF BUSINESS DEVELOPMENT, FARM INCOME DEVELOPMENT, HOUSING DEVELOPMENT, AND RURAL DEVELOPMENT. BASEC MAINTAINS A REVOLVING LOAN FUND FUNDED THROUGH GRANT AND LOAN PROGRAMS. 130964 true false 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 false false false false false false true false false false false false false false false false false false false false true 5 0 true 2 true false false false false false false false false false false false false false false X 8 8 false false false false false false false true true false false true true false true true true true false false X X LEANNE BAWEK 6056356165 40320 176TH STREET DOLAND SD 57436 EMILY RODGERS EXECUTIVE DI 40.00 X 54000 0 13175 LEANNE BAWEK PRESIDENT 1.00 X X 0 0 0 BAILEY COATS DIRECTOR 1.00 X 0 0 0 TONY HAARSTAD DIRECTOR 1.00 X 0 0 0 ADAM HAHLER DIRECTOR 1.00 X 0 0 0 JAMES HULBERT DIRECTOR 1.00 X 0 0 0 DANE LAMBERT VICE PRESIDE 1.00 X X 0 0 0 KATHY MICHEEL DIRECTOR 1.00 X 0 0 0 MATTHEW TEEL DIRECTOR 1.00 X 0 0 0 JOHN TSCHETTER SECRETARY/TR 1.00 X X 0 0 0 54000 13175 false false false INTEREST FROM LOANS 999999 295310 295310 MISCELLANEOUS INCOME 999999 12224 12224 LOAN FEE INCOME 999999 12212 12212 MANAGEMENT FEE 999999 10279 10279 LATE FEES 999999 948 948 330973 7471 7471 75000 59381 15619 15619 15619 365000 378768 -13768 -13768 340295 332824 7471 4158 4158 67175 43664 23511 44989 29242 15747 1747 1136 611 16264 10572 5692 7119 4627 2492 5470 3555 1915 37670 24485 13185 5217 3391 1826 4850 3152 1698 25371 16492 8879 6354 5410 944 1608 1045 563 4115 2674 1441 97570 63420 34150 14067 9144 4923 1969 1969 LOAN LOSS EXPENSE 38068 24744 13324 MISCELLANEOUS EXPENSE 12861 8360 4501 COMMUNITY DEVELOPMENT 368 239 129 PRIOR YEAR ADJUSTMENT -197763 -128546 -69217 199247 130964 68283 0 X 2333689 2197097 18106 29607 19511 4664594 5774996 311286 47050 3480 3480 171084 99625 144905 71459 24825 27724 7512386 8159423 8648 11241 2389708 2916545 24651 1210 2423007 2928996 X 4691463 4660426 397916 570001 5089379 5230427 7512386 8159423 141048 X false true X true X 6500 14005 33500 500 54505 6500 14005 33500 500 54505 54505 7471 7471 61976 962867 0.87950 1.00000 X 107033 42391 64642 64051 57234 6817 71459 TENANT DEPOSITS 1210 1210 X 340295 340295 340295 397010 197763 197763 199247 199247 SCHEDULE D, PAGE 3, PART X BASEC 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 BASECS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. BASEC BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITION TAKEN AND AS SUCH DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. SCHEDULE D, PAGE 4, PART XIII DURING THE FISCAL YEAR ENDED DECEMBER 31, 2024, BASEC ADOPTED ACCOUNTING STANDARDS UPDATE (ASU) NO. 2016-13, FINANCIAL INSTRUMENTS CREDIT 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. BASEC ADOPTED CECL USING THE MODIFIED RETROSPECTIVE METHOD. AS A RESULT, BASEC REEVALUATED ITS ALLOWANCE FOR DOUBTFUL ACCOUNTS AND DETERMINED A REDUCTION OF 197,763 IN THE ALLOWANCE WAS NECESSARY. THIS ADJUSTMENT ALSO RESULTED IN AN INCREASE OF 197,763 TO THE OPENING BALANCE OF EQUITY AS OF DECEMBER 31, 2023. THESE CHANGES ARE REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. BAILEY COATS - HOME MORTGAGE DIRECTOR HOME MORTGAGE X 29259 11564 false true true BAILEY COATS - HOME ENHANCEMENT DIRECTOR HOME ENHANCEMENT X 18506 7947 false true true 19511 FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS SERVE WITHOUT COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 11B THE PRESIDENT OF THE BOARD OF DIRECTORS REVIEWS THE FORM 990 BEFORE IT IS SIGNED AND FILED. FORM 990, PAGE 6, PART VI, LINE 12C ALL BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO REPORT ANY CONFLICTS OF INTEREST. FORM 990, PAGE 6, PART VI, LINE 15A A COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND PROVIDES A RECOMMENDATION BASED ON THE SOUTH DAKOTA DEPARTMENT OF LABOR WAGE COMPARABILITY SUTDY. THE RECOMMENDATION IS APPROVED BY THE BOARD. FORM 990, PAGE 6, PART VI, LINE 18 GUIDESTAR.COM FORM 990, PAGE 6, PART VI, LINE 19 ON REQUEST. FORM 990, PART X IN FEBRUARY 2016, THE FINANCIAL ACCOUNTING STANDARD BOARD (FASB) ISSUED NEW GUIDANCE ON THE MEASUREMENT OF CURRENT EXPECTED CREDIT LOSSES (CECL) ON FINANCIAL INSTRUMENTS. THE FASB HAS SUBSEQUENTLY ISSUED ADDITIONAL GUIDANCE AMENDING CERTAIN ASPECTS OF THE MEASUREMENT OF CECL. THE NEW GUIDANCE HAS REPLACED THE INCURRED LOSS METHODOLOGY OF RECOGNIZING CREDIT LOSSES ON FINANCIAL INSTRUMENTS WITH A METHODOLOGY THAT ESTIMATES THE EXPECTED CREDIT LOSS ON FINANCIAL INSTRUMENTS AND REFLECTS THE NEW AMOUNT EXPECTED TO BE COLLECTED ON THE FINANCIAL INSTRUMENTS. BASEC ADOPTED THIS CHANGE IN THE ACCOUNTING PRINCIPLE AS OF THE FIRST DAY OF THE FISCAL YEAR