2019-10-24T12:45:17-05:00 2019-06-30 450250958 EIDE BAILLY LLP 24 2ND AVE SW ABERDEEN SD 574014115 990 2018-07-01 562667948 GROW South Dakota GROW 6056987654 104 Ash Street East Sisseton SD 572621908 Lori Finnesand Chief Executive Officer 6056987654 2019-10-21 1 Melissa White CPA P00851284 6052258783 2019-10-21 216.147.181.45 2019-10-21 15:20:09 CD P 33FCE29DCA34E84F0BE5D3F2736FE3C9663599FC A78A3873C2DE1C7648AC2F3293B5CE6B8FCFFA9B 2018 2019-02-21 02:37:17Z Lori Finnesand 104 Ash Street East Sisseton SD 572621908 6736103 0 X www.growsd.org X 2007 SD Providing innovative advancement of housing, education, and economic opportunities throughout South Dakota. X 6 6 0 7 0 0 5426178 2755950 2173433 788169 20646 20063 3385613 3171921 11005870 6736103 1729971 404867 0 0 24000 24000 0 0 0 4056395 1736619 5810366 2165486 5195504 4570617 31713660 37094728 28626541 29435514 3087119 7659214 X Providing innovative advancement of housing, education, and economic opportunities throughout South Dakota. 0 0 338718 283231 New Market Tax Credit Program: GROW South Dakota owns and leased two school buildings to the Shannon County School District (also known as Oglala Lakota School District) throughout the year. As of 6/30/2019, GROW South Dakota only owned and leased one school building. 1453026 404867 190839 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 townhouse structures. The organization made 156 on-balance sheet housing loans totaling $1,720,158 and 11 off-balance sheet down payment housing loans totaling $80,000. 246367 291585 Business Revolving Loan Funds: In FY 2019, GROW South Dakota made 14 business loans totaling $907,000, creating or retaining 36 jobs through the Revolving Loan Fund. The organization provides technical assistance to all applicants. 28809 33988 GROW South Dakota assisted one non-profit organization by making available 9 vehicles 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. 28809 33988 2066920 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 25 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X X Chief Financial Officer 6056987654 104 Ash Street East Sisseton SD 57262 Daniel Menking President 1.00 X X 0 0 0 Craig Carson Vice President 1.00 X X 0 0 0 Thomas Farber Secretary/Treasurer 1.00 X X 0 0 0 Dave Hahler Director 1.00 X 0 0 0 Micheal Malone Director 1.00 X 0 0 0 Terri LaBrie July-Mar Director 1.00 X 0 0 0 Ruth Christopherson Director 1.00 X 0 0 0 Lori Finnesand Chief Executive Officer 13.00 X 8000 0 0 Kimberly Lorensberg Chief Financial Officer 13.00 X 8000 0 0 Marcia Erickson Chief Executive Officer 13.00 X 8000 0 0 24000 0 0 0 0 0 0 Chris Pallesen Construction 45639 120th St Sisseton SD 57262 Construction Contractor 317056 Dougherty Financial Group LLC 90 South 7th St Ste 4300 Minneapolis MN 554024108 NMTC Placement Agent Services 258000 Dorsey & Whitney LLP PO Box 1680 Minneapolis MN 554801680 NMTC Legal Services 160000 Husch Blackwell LLP PO Box 790379 Saint Louis MO 63179 NMTC Legal Services 110000 4 1415892 1340058 2755950 Interest Income - Loans 900099 256860 256860 Lease Fee Income 531120 215012 215012 Apartment Revenue 531110 180823 180823 Development Fees 900099 95407 95407 Loan Fees 900099 33267 33267 6800 6800 788169 20063 20063 Gain on Debt Forgiveness & Transf 900099 3079172 3079172 Insurance Proceeds 900099 81275 81275 Miscellaneous Revenue 900099 11474 11474 3171921 6736103 799643 0 3180510 74712 74712 330155 330155 24000 24000 511293 481534 29759 33919 33919 28143 28143 19819 19819 25172 22072 3100 150165 149165 1000 3111 3111 5486 4172 1314 345210 345210 287181 287181 32352 21272 11080 Bad Debt Expense 250559 250559 Taxes and Licenses 24445 24445 Miscellaneous 12264 12094 170 Valuation Adjustment of 7500 7500 2165486 2066920 98566 0 3554347 12597966 673790 350088 2493 8354 10500 7683525 9236093 478571 28695 16521 14567484 1054648 19436110 13512836 110230 120010 224470 763789 31713660 37094728 92449 1794062 1095752 2513353 27424967 23919679 13373 1208420 28626541 29435514 X -442525 3404083 3529644 4255131 3087119 7659214 31713660 37094728 4570617 1478 0 X 0 1 X 1 1 1 X 2212062 1357981 1099625 5426178 2755950 12851796 2212062 1357981 1099625 5426178 2755950 12851796 12851796 13982 16947 13968 15001 20063 79961 19744 2017 2230 23991 12955748 9093107 0.99200 0.99140 X 110230 6762 4032 1014 120010 108392 4056 5661 6866 1013 110230 92857 4381 12097 943 108392 41017 50031 1809 92857 19356 22801 -912 228 41017 1.00000 1 0 96000 96000 3530271 890842 2639429 303050 163806 139244 10638163 10638163 13512836 Apartment Security Deposits 15349 Beneficiary Obligation 1193071 1208420 X 6737581 1478 1478 6736103 0 6736103 2165486 0 2165486 0 2165486 Part V, Line 4: The Organization's endowment fund will be used to support GROW South Dakota's mission. Part X, Line 2: The Corporation is a nonprofit corporation exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code; therefore, no provision for income taxes has been presented in the accompanying financial statements. The Corporation is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the Corporation is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that 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. The subsidiaries of GROW South Dakota are all single member limited liability companies, and, as such, each respective company's taxable income or loss is allocated to the Corporation. Therefore, no provision for income taxes has been included in the financial statements for those companies. The Corporation and its subsidiaries evaluate their tax positions that have been taken or are expected to be taken on income tax returns and annual filing requirements to determine if an accrual is necessary for uncertain tax positions. As of June 30, 2019 and 2018, the unrecognized tax benefits accrual was zero. The Corporation and its subsidiaries will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense, if incurred. 1 Inter-Lakes Community Action Partnership 111 N Van Eps Madison SD 57042 460282131 501(c)(3) 36612 Individual Development Accounts/Eligibility Determination Sessions Western SD Community Action Agency 1844 Lombardy Drive Rapid City SD 57703 460281029 501(c)(3) 31750 Individual Development Accounts Rural Office of Community Services Inc 106 SW St PO Box 547 Wagner SD 57380 460365648 501(c)(3) 6350 Individual Development Accounts 3 Housing Rehab 26 213508 Housing Downpayment Forgivable Loans 11 80000 Emergency Assistance 20 6647 Housing Downpayment Grants 3 30000 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. Justin Deutsch CEO's Son Housing Down Payment Loan X 10500 10500 0 0 1 10500 Schedule L, Part II Grow SD's process originally included having all loans approved by the board of directors; however, the process has since been updated to not have the housing loans approved by the board of directors. The board of directors still approves all business loans. Batesland School Building 2018-10-05 15912616 Net Book Value 453121789 Oglala Lakota County School District 14 BIA 33 Porcupine SD 57772 Government 0 0 0 0 Form 990, Part VI, Section A, line 3 The organization has no employees. Instead, GROW South Dakota reimburses an unrelated organization for employee salary costs for the services provided to the organization. Form 990, Part VI, Section A, line 8b The organization did not hold any committee meetings during the year; therefore, no documentation was needed. Form 990, Part VI, Section B, 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, Part VI, Section B, 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, Part VI, Section B, line 15 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, Part VI, Section C, line 19 Governing documents are available to the public upon request. Grow Wolf Creek School LLC 104 Ash Street East Sisseton SD 57262 832556989 School Building SD 0 18659036 GROW South Dakota Batesland Schools LLC 104 Ash Street East Sisseton SD 57262 453121789 School Building SD 3236064 0 GROW South Dakota Pheasant Valley Courtyard LLC 104 Ash Street East Sisseton SD 57262 273922832 Apartment Rental SD 499992 3186135 GROW South Dakota