Rapid City Economic Development Foundati
To improve the quality of life and increase personal income levels in the rapid city area by fostering a vital business climate which provides quality new jobs, attracts new business, helps existing business, and promotes entrepreneurship.
Key facts about Rapid City Economic Development Foundati
In short: Rapid City Economic Development Foundati gave $12.0M across 1 grant in 2023 (avg $12.0M), mostly in South Dakota. Source: 2023 IRS Form 990.
- EIN
- 23-7267019
- Latest 990 filing
- Form 990, 2023
- Annual giving (2023)
- $12,016,589
- Grants made (2023)
- 1
- Average grant
- $12,016,589
- Median grant
- $12,016,589
- Primary geography
- South Dakota (100% of itemized 2023 grant dollars)
Data from IRS Form 990, 2023; updated September 2026.
Financial Overview
From 2023 IRS Form 990 · View filing
Total Assets
—
Annual Giving
$12.0M
+464.7% YoY
Grant Count
1
+0.0% YoY
Avg Grant Size
$12.0M
+464.7% YoY
How Rapid City Economic Development Foundati gives
- Giving grew 14059% from 2020 to 2023. Method
From the foundation's IRS Form 990 filings. Methodology.
About Rapid City Economic Development Foundati
Based on IRS filings
Rapid City Economic Development Foundati is a public charity, based in Rapid City, SD. IRS filing data is available from 2020 through 2023. In 2023, it awarded 1 grant totaling $12.0M.
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2023 grant dollars on its one itemized grant.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2023, annual grant giving ranged from $85K (2021) to $12.0M (2023). In 2023 it made 1 grant totaling $12.0M.
Grant Insights
How this funder distributes its grants
Top Recipients
Top recipient in 2023
The largest 2023 recipient was Elevate Rapid City ($12.0M).
Grant Size Distribution
22 grants across all recorded years
The most common grant size was under $50K: 20 grants of 22 (91%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Elevate Rapid City Rapid City, SD | During 2023, the board of directors of rapid city economic development foundation, the city of rapid city, and the economic development administration approved elevate rapid city (a related organization) acquiring the assets, liabilities, and operations of rapid city economic development foundation. The acquisition occurred to align objectives and combine the resources of the two entities to better promote and support the rapid city and black hills region. During 2023 the assets and liabilities of rapid city economic development foundation were transferred to and assumed by elevate rapid city with no cash consideration transferred between entities. The foundation was officially dissolved by the state of South Dakota on december 8, 2023. | $12,016,589 |
Financial History
Multi-year comparison from IRS filings
| Metric | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | — | $15,961,561 | $18,568,120 |
| Revenue | — | $2,494,984 | $2,810,029 |
| Expenses | $12,016,589 | $3,182,525 | $1,044,094 |
| Net Investment Income | — | $2,199,401 | $161,363 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS November 10, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS November 15, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 14, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS May 7, 2024)
- IRS filings on file for fiscal years 2020–2023
Leadership & Key People
Officers and directors from IRS filings
Rapid City Economic Development Foundati is led by Tom Johnson, President & CEO since 2022 (on filings since 2020); 1 of 17 officers listed in 2023 is compensated.
Officers on the 2023 filing
Tom Johnson
President & CEO
President → President & CEO, 2022
On filings since 2020
1 hr/week
$266K (2023)
Paulette Davidson
Chair
Vice Chairman → Vice Chair, 2022
Vice Chair → Chair, 2023
On filings since 2020
0.5 hrs/week
No compensation reported
Alan Solano
Board Member
Executive Co → Board Member, 2022
On filings since 2020
0.5 hrs/week
No compensation reported
Brandon Lance
Board Member
Executive Co → Board Member, 2022
On filings since 2020
0.5 hrs/week
No compensation reported
Darren Haar
Past Chair
Chairman → Chair, 2022
Chair → Past Chair, 2023
On filings since 2020
0.5 hrs/week
No compensation reported
Dick Johnson
Board Member
Executive Co → Board Member, 2022
On filings since 2020
0.5 hrs/week
No compensation reported
Greg Loos
Board Member
Executive Co → Board Member, 2022
On filings since 2020
0.5 hrs/week
No compensation reported
Pete Lien
Board Member
Executive Co → Board Member, 2022
On filings since 2020
0.5 hrs/week
No compensation reported
Todd Kenner
Secretary
Executive Co → Board Member, 2022
Board Member → Secretary, 2023
On filings since 2020
0.5 hrs/week
No compensation reported
Tom Weaver
Vice Chair
Secretary → Secretary & Treasurer, 2022
Secretary & Treasurer → Vice Chair, 2023
On filings since 2020
0.5 hrs/week
No compensation reported
Marne Jones
Treasurer
Board Member → Treasurer, 2023
On filings since 2022
0.5 hrs/week
No compensation reported
Andy Bartling
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Brad Hearst
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Hani Shafai
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Jana McCroden
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Mayor Jason Salamun
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Zane Brink
Board Member
New on the 2023 filing
0.5 hrs/week
No compensation reported
Former officers (10)
- Former: Steve Allender (2020–2022) — Board Member
- Former: Kyle Richards (2021–2022) — Board Member
- Former: Jack Kaup (2020–2021) — Executive Co
- Former: Larry Larson (2020–2021) — Executive Co
- Former: Stuart Wevik (2020–2021) — Executive Co
- Former: Bill Gassen (2020) — Executive Co
- Former: Dara Borowski (2020) — Finance Director
- Former: David Dolan (2020) — Executive Co
- Former: David Lust (2020) — Executive Co
- Former: Hugh Boyle (2020) — Executive Co
Data from IRS Form 990 filings, 2020–2023. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2023 IRS filing
The highest reported compensation on the 2023 filing was $266K, to Tom Johnson (President/CEO).
Frequently asked questions about Rapid City Economic Development Foundati
How much does Rapid City Economic Development Foundati give each year?
Rapid City Economic Development Foundati gave $12.0M across 1 grant in 2023, according to its 2023 IRS Form 990. In 2022 it gave $2.1M across 1 grant.
Where does Rapid City Economic Development Foundati operate?
Rapid City Economic Development Foundati has awarded grants in South Dakota.
What is Rapid City Economic Development Foundati's EIN?
Rapid City Economic Development Foundati's EIN (Employer Identification Number) is 23-7267019. IRS Form 990 filing data is available on this page for 2020–2023.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Here's the math on researching Rapid City Economic Development Foundati by hand.
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More Funders in South Dakota
Rapid City Economic Development Foundati down — hundreds of funders to go?