North Central Economic Development Association Inc
- Assets
- $2.4m
- Revenue
- $107.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Staples, MN
- Founding
- 12/1986
- Data as of
- 06/2023
- EIN
- 36-3458720
Organization Overview
North Central Economic Development Association Inc is located in Staples, MN. The organization was established in 1986. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Central Economic Development Association Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, North Central Economic Development Association Inc generated $107.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.3%) each year. All expenses for the organization totaled $102.2k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (10.7%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PROVIDE ASSISTANCE TO CULTIVATE NEW SKILLS AND RESOURCES THAT UNITE COMMUNITIES AND CONTRIBUTE TO A PROSPEROUS ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REGION FIVE DEVELOPMENT COMMISSION RECEIVED A $1.6 MILLION EDA CARES ACT RECOVERY ASSISTANCE GRANT TO CAPITALIZE AND ADMINISTER REVOLVING LOAN FUNDS THAT WILL PROVIDE GAP FINANCING TO SMALL BUSINESSES AND ENTREPRENEURS ADVERSELY AFFECTED BY THE CORONAVIRUS PANDEMIC IN CROW WING, CASS, MORRISON, TODD, AND WADENA COUNTIES.
MN DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED) PROVIDES FUNDS TO A NETWORK OF NON-PROFIT LENDERS WHICH USE THESE FUNDS FOR LOANS TO START-UP AND EXPANDING BUSINESSES THROUGHOUT THE STATE. DEED ALSO HAS PROVIDED FUNDS FOR SMALL BUSINESS EMERGENCY LOANS (SBEL) TO HELP SMALL BUSINESSES THROUGH THE PANDEMIC.
USDA BACKED FUNDING WITH BUSINESS ASSISTANCE FOR START-UP/EXPANSION IN TEN COUNTIES IN CENTRAL MINNESOTA - CASS, CROW WING, CHISAGO, ISANTI, KANABEC, MILLE LACS, MORRISON, PINE, TODD AND WADENA. FUNDING OFFERED IN PARTNERSHIP WITH EAST CENTRAL REGIONAL DEVELOPMENT COMMISSION. FUNDING IN SMALLER AMOUNTS, NO BANK PARTICIPATION REQUIRED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Zylka Chair | OfficerTrustee | 0.5 | $500 |
Steven Hansen Vice Chair | OfficerTrustee | 0.5 | $400 |
Lisa Graba-Meech Treasurer | OfficerTrustee | 0.5 | $35 |
Steve Gertken Secretary | OfficerTrustee | 0.5 | $270 |
Maurice Durheim Director | Trustee | 0.5 | $385 |
Dan Frank Alternate | Trustee | 0.5 | $350 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,425 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,425 |
| Total Program Service Revenue | $98,065 |
| Investment income | $2,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $107,271 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,675 |
| Compensation of current officers, directors, key employees. | $2,675 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $71,780 |
| Fees for services: Legal | $61 |
| Fees for services: Accounting | $12,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $908 |
| Advertising and promotion | $104 |
| Office expenses | $0 |
| Information technology | $3,469 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $693 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,154 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,249 |
| All other expenses | $0 |
| Total functional expenses | $102,221 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $574,090 |
| Savings and temporary cash investments | $15,961 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $713 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,817,945 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,194 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,952 |
| Total assets | $2,413,855 |
| Accounts payable and accrued expenses | $29,337 |
| Grants payable | $0 |
| Deferred revenue | $25,898 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $532,405 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $36,442 |
| Total liabilities | $624,082 |
| Net assets without donor restrictions | $1,789,773 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,413,855 |