Cass County Economic Development Corporation
- Assets
- $1.1m
- Revenue
- $413.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Walker, MN
- Founding
- 08/1998
- Data as of
- 09/2022
- EIN
- 41-1873815
Organization Overview
Cass County Economic Development Corporation is located in Walker, MN. The organization was established in 1998. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Cass County Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cass County Economic Development Corporation 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 09/2022, Cass County Economic Development Corporation generated $413.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $214.9k during the year ending 09/2022. While expenses have increased by 6.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO WORK COOPERATIVELY WITH CASS COUNTY GOVERNMENT, BUSINESSES AND COMMUNITY RESOURCES TO IMPROVE THE ECONOMY BY CREATING NEW JOB OPPORTUNITIES, RETAINING CURRENT EMPLOYMENT OPPORTUNITIES, AND INCREASING CAPITAL INVESTMENT IN CASS COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CASS COUNTY ECONOMIC DEVELOPMENT CORPORATION PROVIDED 798 HOURS OF ASSISTANCE TO ABOUT 80 BUSINESSES IN THE 2021 FISCAL YEAR. EACH BUSINESS RECEIVED ASSISTANCE TO START, IMPROVE OR EXPAND THEIR BUSINESS. MOST OFTEN THE EDC HELPED THE OWNERS WRITE A BUSINESS PLAN, SELECT A SITE, OR ACCESS FINANCING. AS A SATELLITE SMALL BUSINESS DEVELOPMENT CENTER, WE HELP THESE BUSINESSES RECOGNIZE THE BENEFITS AND RISKS OF THEIR BUSINESS IDEA. THE CASS COUNTY EDC ADMINISTERS A SMALL REVOLVING LOAN FUND TO HELP ENCOURAGE NEW AND EXPANDING MANUFACTURING BUSINESSES. ALL ACTIVITIES UNDERTAKEN BY THE EDC ARE INTENDED TO CREATE NEW JOBS, RETAIN EXISTING EMPLOYMENT, AND INCREASE CAPITAL INVESTMENT IN CASS COUNTY TO STRENGTHEN THE BUSINESS ENVIRONMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Paulus Executive Dir. | OfficerTrustee | 40 | $97,945 |
Charles Black Lance President | OfficerTrustee | 1 | $0 |
Jim Tertin Vice President | OfficerTrustee | 1 | $0 |
Randall Morrison Treasurer | OfficerTrustee | 1 | $0 |
Kirsten Eggena Secretary | OfficerTrustee | 1 | $0 |
Laura Hansen Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $250,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $280,000 |
| Total Program Service Revenue | $132,378 |
| Investment income | $982 |
| 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 | $413,360 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $635 |
| 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. | $107,852 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,968 |
| Pension plan accruals and contributions | $4,588 |
| Other employee benefits | $0 |
| Payroll taxes | $12,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56 |
| Fees for services: Accounting | $3,792 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,951 |
| Advertising and promotion | $2,690 |
| Office expenses | $3,521 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,725 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,571 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,859 |
| All other expenses | $383 |
| Total functional expenses | $214,932 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,308 |
| Savings and temporary cash investments | $309,791 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $785,003 |
| Total assets | $1,105,102 |
| Accounts payable and accrued expenses | $3,689 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $219,293 |
| Total liabilities | $222,982 |
| Net assets without donor restrictions | $6,619 |
| Net assets with donor restrictions | $875,501 |
| 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 | $1,105,102 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cass County Economic Development Corporation has recieved totaling $31,000.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: GENERAL OPERATIONS SUPPORT | $30,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: DONATION IN SUPPORT OF ECONOMIC DEVELOPMENT SUPPORT IN RURAL MINNESOTA | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Spire Credit Union Falcon Heights, MN | $1,948,614,361 | $81,305,193 |
Serveminnesota Minneapolis, MN | $9,195,680 | $42,573,491 |
Arrowhead Economic Opportunity Agency Incorporated Virginia, MN | $33,957,216 | $39,136,123 |
Minnesota Valley Action Council Inc Mankato, MN | $12,018,161 | $29,353,976 |
Tri-Valley Opportunity Council Inc Crookston, MN | $15,068,505 | $26,983,244 |
United Community Action Partnership Inc Marshall, MN | $18,347,423 | $25,415,099 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Mahube-Otwa Community Action Partnership Inc Detroit Lakes, MN | $6,691,451 | $20,228,935 |
Upper Des Moines Opportunity Inc Graettinger, IA | $5,376,639 | $17,208,548 |
Community Action Agency Of Siouxland Sioux City, IA | $5,735,581 | $15,017,682 |
Mid-Iowa Community Action -Mica- Incorporated Marshalltown, IA | $3,849,705 | $14,587,976 |