Grand Forks Region Economic Development Corporation is located in Grand Forks, ND. The organization was established in 1991. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Grand Forks Region Economic Development Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grand Forks Region Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Grand Forks Region Economic Development Corporation generated $963.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 6.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC GROWTH IN GRAND FORKS, NORTH DAKOTA AND THE SURROUNDING COMMUNITIES THROUGH THE ATTRACTION OF NEW INDUSTRIES AND EXPANSION OF CURRENT BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC GROWTH TO THE COMMUNITY THROUGH ATTRACTION OF INDUSTRY
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Keith Lund President/ceo | OfficerTrustee | 40 | $162,701 |
John Oncken Vice Chair | OfficerTrustee | 1 | $0 |
Shawn Gaddie Secretary/treasurer | OfficerTrustee | 1 | $0 |
Jonathan Holth Chair | OfficerTrustee | 1 | $0 |
Brandon Bochenski Director | Trustee | 1 | $0 |
Karl Bollingberg Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $365,400 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $574,604 |
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 | $940,004 |
Total Program Service Revenue | $0 |
Investment income | $15,608 |
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 | $963,329 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $250,000 |
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. | $181,528 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $346,239 |
Pension plan accruals and contributions | $31,617 |
Other employee benefits | $21,032 |
Payroll taxes | $38,713 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $111,285 |
Office expenses | $7,261 |
Information technology | $21,067 |
Royalties | $0 |
Occupancy | $40,597 |
Travel | $40,369 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $402 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $17,500 |
Insurance | $4,923 |
All other expenses | $6,613 |
Total functional expenses | $1,213,197 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $522,472 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $5,693 |
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 | $11,160 |
Net Land, buildings, and equipment | $107,680 |
Investments—publicly traded securities | $0 |
Investments—other securities | $580,534 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $1,227,539 |
Accounts payable and accrued expenses | $309,159 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $10,334 |
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 | $8,207 |
Total liabilities | $327,700 |
Net assets without donor restrictions | $639,839 |
Net assets with donor restrictions | $260,000 |
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 | $1,227,539 |
Over the last fiscal year, we have identified 1 grants that Grand Forks Region Economic Development Corporation has recieved totaling $6,129.
Awarding Organization | Amount |
---|---|
Xcel Energy Foundation Minneapolis, MN PURPOSE: ECONOMIC SUSTAINABILITY GRANT | $6,129 |
Organization Name | Assets | Revenue |
---|---|---|
Benedictine Living Community Owatonna Minneapolis, MN | $16,154,920 | $11,439,984 |
Rochester Mn Convention & Visitors Bureau Rochester, MN | $3,813,150 | $6,781,864 |
Builders Association Of The Twin Cities Roseville, MN | $16,664,252 | $7,996,813 |
St Paul Area Board Of Realtors Inc Multiple Listing Service St Paul, MN | $14,704,848 | $6,091,315 |
Better Business Bureau Of Minnesota Inc Burnsville, MN | $5,220,297 | $4,952,353 |
Minnesota Association Of Realtors Minnetonka, MN | $10,479,384 | $5,202,086 |
Greater Minneapolis Chamber Of Commerce Minneapolis, MN | $1,657,296 | $4,628,639 |
Yellowstone Country Montana Inc Bozeman, MT | $39,571 | $2,349,063 |
Saint Paul Area Chamber Of Commerce St Paul, MN | $2,067,374 | $2,351,023 |
Voterunlead Duluth, MN | $1,973,100 | $2,794,139 |
St Cloud Chamber Of Commerce Inc St Cloud, MN | $2,025,264 | $2,176,466 |
American Coalition For Ethanol Sioux Falls, SD | $199,508 | $1,330,723 |