Overview
What is Dakota Resources?
Dakota Resources is a nonprofit organization based in Renner, South Dakota, focusing on enhancing the financial capacity of rural economic development corporations and revolving loan funds through community development loan products. Their Capital Investment Fund (CIF), worth $31.1 million, offers flexible capital for financing local development projects, making it a crucial source of financing for rural economic development corporations and revolving loan funds in South Dakota and other rural Community Development Financial Institutions (CDFIs) nationwide. Dakota Resources also received a $10 million allocation from the USDA Rural Development under the Community Facility Re-Lending Program to reinvest into essential community facilities in rural communities under 20,000 across South Dakota. Additionally, their RBEG Loan Fund provides flexible, low-cost capital to second-stage small business owners across the state. Dakota Resources' mission lies in connecting leadership capacity and access to capital to empower rural communities, believing that these two elements are essential to creating a thriving future for rural areas.
Official website here: www.dakotaresources.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 94% (Four-Star out of Four Star rating)
Dakota Resources has achieved a commendable Four-Star rating from Charity Navigator, reflecting its high standards in accountability and finance. With a score of 90% in this area, the organization demonstrates strong governance, including a fully independent board and robust oversight measures. Key indicators such as the absence of asset diversion and comprehensive financial policies further underscore its commitment to transparency and responsible management.
In terms of program expenditures, Dakota Resources allocates a significant 78.33% of its budget towards its programs, which highlights its focus on fulfilling its mission. The organization has also established effective oversight mechanisms, with an audit committee and documented policies that ensure compliance and ethical practices. These strengths contribute to its financial health and operational integrity.
While Dakota Resources has a strong accountability framework, its cultural and community score of 83 indicates there is room for improvement in equity strategies and community engagement. Continued efforts in these areas could enhance its impact and foster a more inclusive environment, ultimately benefiting the communities it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Dakota Resources legitimate?
Dakota Resources is a legitimate nonprofit organization registered as a 501(c)(3) entity. Dakota Resources submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $324,650
Professional Fundraising Fees: $0
Other Salaries and Wages: $692,318
For more financial information, click here
Official website here: www.dakotaresources.org
What is the mission statement of Dakota Resources?
Dakota Resources' mission is centered around connecting leadership capacity and access to capital to empower rural communities. They believe that these two elements are crucial in shaping the future of rural areas. Their products and programs are designed to support rural change leaders and economic development organizations, aiming to foster thriving communities.
Through community development loan products, Dakota Resources helps build the financial capacity of rural economic development corporations and revolving loan funds. Their Capital Investment Fund (CIF) is a significant source of flexible capital, providing reasonably priced, unsecured capital on a ten-year interest-only term. The CIF was 93.7% deployed at the end of 2022, supporting rural economic development corporations and revolving loan funds across the nation.
Dakota Resources also received a $10 million allocation from USDA Rural Development under the Community Facility Re-Lending Program. This allocation was used to re-lend into essential community facilities in communities under 20,000 across South Dakota, with $4.75 million invested to provide these facilities in rural South Dakota. Additionally, Dakota Resources' RBEG Loan Fund offers flexible, low-cost capital to second-stage small business owners across South Dakota.
Official website here: www.dakotaresources.org
What is the revenue of Dakota Resources?
Dakota Resources's revenue in 2023 was $3,906,257.
Official website here: www.dakotaresources.org
Who are the executives of Dakota Resources and what are their salaries?
The average compensation at Dakota Resources during 2023 was $101,697. There are 10 employees and 29 volunteers at Dakota Resources.
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- Compensation: $132,010
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- Other: $23,496
Official website here: www.dakotaresources.org
Where can I find the form 990 for Dakota Resources?
Dakota Resources's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.dakotaresources.org
Learn more at the official website: www.dakotaresources.org
Mission Statement of Dakota Resources
Dakota Resources, a nonprofit organization, is committed to empowering rural communities by connecting leadership capacity and access to capital. They believe that these two elements are crucial in shaping the future of rural areas. Dakota Resources offers a range of products and programs designed to support rural change leaders and economic development organizations, ultimately contributing to thriving communities.
The organization provides community development loan products, helping to strengthen the financial capacity of rural economic development corporations and revolving loan funds. Dakota Resources' Capital Investment Fund (CIF) is a significant source of flexible capital, with a lending pool of $31.1 million. The CIF was 93.7% deployed at the end of 2022, offering reasonably priced, unsecured capital on a ten-year interest-only term. This funding is vital for rural economic development corporations and revolving loan funds across the state, as well as rural Community Development Financial Institutions (CDFIs) nationwide.
Dakota Resources also received a $10 million allocation from USDA Rural Development under the Community Facility Re-Lending Program. This program enables Dakota Resources to re-lend funds into essential community facilities in communities with less than 20,000 residents across South Dakota. Through this program, Dakota Resources has invested $4.75 million to provide essential community facilities in rural South Dakota. Additionally, the Dakota Resources RBEG Loan Fund offers flexible, low-cost capital to second-stage small business owners across the state of South Dakota.
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Impact
July, 2024
Dakota Resources plays a crucial role in empowering rural communities by connecting capital and capacity. Through their community development loan products, Dakota Resources helps build the financial capacity of rural economic development corporations and revolving loan funds. Their Capital Investment Fund (CIF) of $31.1 million provides flexible capital for financing local development projects, significantly impacting rural economic development corporations and revolving loan funds in the state and rural CDFIs across the nation. Additionally, Dakota Resources received a $10 million allocation from USDA Rural Development to re-lend into essential community facilities in smaller communities across South Dakota, further contributing to rural development in the region. Their RBEG Loan Fund also offers flexible, low-cost capital to small business owners, supporting economic growth across the state. Dakota Resources' commitment to rural empowerment through financial support and programs is vital for the future success of rural communities.
This information is meant to be a general summary of Dakota Resources. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $106,684
- Program Service Revenue: $2,496,237
- Gross Receipts: $3,906,425
Assets and Liabilities:
- Total Assets: $32,660,027
- Total Liabilities: $18,579,097
- Net Assets: $14,080,930
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$1,135,124
INC FROM DAKOTAS AMERI
Revenue
$854,664
MANAGEMENT FEE INCOME
Revenue
$394,469
REGISTRATION AND MISC
Revenue
$111,980
Organization Details
Founding Year
1996
Principal Officer
Joe Bartmann
Website
www.dakotaresources.orgNTEE Category
Code: X99 - Religion related
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