North Central Economic Development Association Inc

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 06/2022, North Central Economic Development Association Inc generated $152.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $112.8k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (10.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

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)Compensation
Greg Zylka
Chair
$470
Maurice Durheim
Director
$370
Dan Frank
Alternate
$320
Steven Hansen
Vice Chair
$285
Steve Gertken
Secretary
$270
Carrie Reierson
Board Member
$250

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $15,807
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$15,807
Total Program Service Revenue$135,636
Investment income $1,485
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 $152,928

Grants Recieved

Over the last fiscal year, we have identified 3 grants that North Central Economic Development Association Inc has recieved totaling $163,000.

Awarding OrganizationAmount
Saint Paul & Minnesota Foundation

Saint Paul, MN

PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES

$100,000
Charles K Blandin Foundation

Grand Rapids, MN

PURPOSE: PROJECT SUPPORT FOR CAPACITY BUILDING IN RURAL MINNESOTA

$50,000
Five Wings Arts Council

Staples, MN

PURPOSE: SMALL GRANTS & PROJ

$13,000
View Grant Recipient Profile

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