Aitkin County Growth Inc
- Assets
- $1.8m
- Revenue
- $120.4k
- Investments
- $0.0
- Employees
- 7
- Location
- Aitkin, MN
- Founding
- 02/1989
- Data as of
- 12/2021
- EIN
- 41-1555856
Organization Overview
Aitkin County Growth Inc, operating under the name Growth Innovations, is located in Aitkin, MN. The organization was established in 1989. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Growth Innovations employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Growth Innovations 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 12/2021, Growth Innovations generated $120.4k 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 (25.9%) each year. All expenses for the organization totaled $193.0k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING ECONOMIC DEVELOPMENT OPPORTUNITIES TO THE SURROUNDING AREA, PROVIDING INCENTIVES FOR NEW BUSINESSES TO LOCATE IN THE AITKIN AREA, AND CREATING NEW EMPLOYMENT OPPORTUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MISSION: JOB CREATION AND AIDING THE ECONOMIC DEVELOPMENT AND DIVERSIFICATION OF AITKIN COUNTY, MN BY PROVIDING FINANCING AND INCUBATOR SPACE TO DEVELOPING BUSINESS AND BY SERVING AS A CONDUIT FOR SPECIALIZED FUNDING AND OPERATIONAL GUIDANCE FOR AGRICULTURAL PRODUCT DIVERSIFICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Jeffers Director/for | Trustee | 30 | $29,583 |
Stan Gustafson Executive Di | OfficerTrustee | 30 | $15,284 |
John Sloan Secy/treasur | OfficerTrustee | 2 | $0 |
Genevieve Fiedler Board Chair | OfficerTrustee | 2 | $0 |
Pat Murphy Board Vice C | OfficerTrustee | 2 | $0 |
Mary Poetz Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $45,817 |
| 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 | $45,817 |
| Total Program Service Revenue | $41,689 |
| Investment income | $30,369 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,570 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $120,445 |
| 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. | $46,369 |
| Compensation of current officers, directors, key employees. | $31,407 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $43,996 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,029 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,593 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,802 |
| Office expenses | $4,525 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,927 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,116 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,315 |
| Insurance | $14,623 |
| All other expenses | $0 |
| Total functional expenses | $193,045 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $595,683 |
| Savings and temporary cash investments | $10,054 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $250,483 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,930 |
| Net Land, buildings, and equipment | $639,466 |
| Investments—publicly traded securities | $220,680 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,689 |
| Total assets | $1,762,985 |
| Accounts payable and accrued expenses | $5,009 |
| Grants payable | $0 |
| Deferred revenue | $8,600 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,634 |
| Total liabilities | $21,243 |
| Net assets without donor restrictions | $1,624,960 |
| Net assets with donor restrictions | $116,782 |
| 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 | $1,762,985 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |