Rural Development Finance Corporation
- Assets
- $8.0m
- Revenue
- $472.7k
- Investments
- $400.9k
- Employees
- 0
- Location
- Mandan, ND
- Founding
- 05/1997
- Data as of
- 12/2021
- EIN
- 45-0437973
Organization Overview
Rural Development Finance Corporation is located in Mandan, ND. The organization was established in 1997. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, 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. Rural Development Finance Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Rural Development Finance Corporation generated $472.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $156.0k 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
TO PROVIDE FINANCING FOR NEW OR EXPANDING BUSINESSES AND COMMUNITY DEVELOPMENT PROJECTS IN ND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RDFC GRANT PROGRAM HELPED RURAL COMMUNITIES IN NORTH DAKOTA ACHIEVE ECONOMIC DIVERSIFICATION AND REVITALIZATION.IN 2021, CARRINGTON PARK DISTRICT - $665; ELLENDALE AMERICAN LEGION BASEBALL CLUB - $665; WARD COUNTY HISTORICAL SOCIETY - $2,000; LIDGERWOOD CHILDCARE - $665; NEW TOWN CITY LIBRARY - $2,000; MOTT FIRE PROTECTION DISTRICT - $1,000; LANGDON AREA BASEBALL INC - $2,000; NEWBURG AREA DEVELOPMENT CORPORATION - $500; ARTHUR RURAL FIRE PROTECTION DISTRICT - $500; WIMBLEDON FIRE PROTECTION DISTRICT - $500; VALLEY CITY BARNES COUNTY RESCUE SQUAD - $500; HUNTER VOLUNTEER FIRE DEPARTMENT - $500; HETTINGER GOLF ASSOCIATION - $1,000; MAAH DAAH HEY TRAIL ASSOCIATION - $1,000; WOODWORTH QUICK RESPONSE UNIT - $1,000; STANLEY PARK DISTRICT - $2,000; SONS OF AMERICAN LEGION 88 - $500; FAIRDALE PARK - $500; FAIRMOUNT COMMUNITY CENTER - $500; RICHLAND-WILKIN FOOD PANTRY - $500; WOODWORTH CAFE - $1,000; MANTADOR VFW POST #9317 - $1,000; GARRISON FFA ALUMNI - $2,000; LISBON PARK DISTRICT - $1,000; FLASHER PUBLIC SCHOOL DISTRICT - $2,000; COLUMBUS FIRE DEPARTMENT - $1,000; LAMOURE VOLUNTEER FIRE DEPARTMENT - $500; POWERS LAKE SCHOOL - $1,000; CROSBY MOOSE LODGE #1209 - $2,000; RENVILLE TOWNSHIP - $500; NORTH DAKOTA FAMERS UNION FOUNDATION - $2,000; CITY OF GILBY - $2,000; PLAZA FIRE DEPARTMENT - $2,000; FORBES RURAL FIRE DEPARTMENT - $500; JUD RURAL FIRE DEPARTMENT - $500; CITY OF BERLIN - $1,000; MOUSE RIVER PARK ALL FAITH CHAPEL - $500; HETTINGER AREA CHAMBER OF COMMERCE - $500; BOWMAN COUNTY DEVELOPMENT CENTER - $1,000; HAZEN SOFTBALL BOOSTERS - $2,000; GLENBURN FIRE DISTRICT - $2,000; ND RURAL ELECTRIC COOPERATIVE FOUNDATION - $2,000; AMERICAN LEGION PARK #312 - $500; ANTLER OUTLAWS - $2,000; LANGDON PARK BOARD - $2,000; SLOPE FARMERS FAIR ASSOCIATION - $500; HAZEN SOFTBALL BOOSTERS - $2,000; NAPOLEON WILDLIFE CLUB - $700; RHAME FIRE DEPARTMENT - $500; VISIONWEST NORTH DAKOTA - $1,500; KIDDER COUNTY SWIMMING POOL - $700; GOLDEN MANOR, INC. - $600; VALLEY CITY EAGLES CLUB #2192 - $2,000; NEW ENGLAND SCHOOL - $500; POWERS LAKE PARKS - $1,000 ; TOTAL GRANTS - $60,995
TO ENCOURAGE ECONOMIC DIVERSIFICATION AND REVITALIZATION OF RURAL COMMUNITIES IN NORTH DAKOTA AND ADJACENT STATES, CREATE EMPLOYMENT AND INCREASE INCOME FOR DISPLACED FARMERS AND LOW-INCOME PERSONS, AND TO ENHANCE ESSENTIAL COMMUNITY SERVICES AND FACILITIES. TO ACT AS AN INTERMEDIARY LENDER AND TO DEVELOP A SUSTAINABLE REVOLVING LOAN POOL FOR RURAL DEVELOPMENT LENDING PURSUANT TO FEDERAL REGULATIONS AND STATUTES AND TO PROVIDE TECHNICAL ASSISTANCE FOR RURAL ECONOMIC DEVELOPMENT PROJECTS. TO DO ALL THINGS NECESSARY, SUITABLE, AND PROPER FOR THE ACCOMPLISHMENT OF ANY OF THE PURPOSES OR THE ATTAINMENT OF THE OBJECTIVES HEREINABOVE STATED, EITHER ALONE OR WITH OTHER CORPORATIONS, COOPERATIVES, ASSOCIATIONS, FIRMS OR INDIVIDUALS, AND TO EVERY OTHER ACT OR THING INCIDENTAL TO OR GROWING OUT OF SUCH PURPOSE. IN 2021, THE FOLLOWING LOANS WERE MADE: CITY OF BERTHOLD - $224,079 FOR 10 YEARS AT 2% (COMMUNITY CAPITAL LOAN FOR ROADWAY AND DRAINAGE IMPROVEMENTS); LIDGERWOOD PROGRESSIVE DEVELOPMENT CORPORATION - $375,000 FOR 10 YEARS AT 2% (COMMUNITY CAPITAL LOAN TO PURCHASE REAL ESTATE, EQUIPMENT AND INVENTORY AND NECESSARY CONSTRUCTION OF NEW RETAIL GROCERY STORE); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $5,617 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE AND RENOVATE A BUILDING FOR ALLEY BEANS); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $5,572.27 FOR 7 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE EQUIPMENT FOR D&B PORTABLES); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $6,203.70 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE BUILDING FOR ERIC TRIEBOLD PROPERTIES); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $5,533.95 FOR 8 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE INVENTORY FOR HANDY HOME AND HARDWARE); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $6,792.47 FOR 5 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN FOR RENOVATIONS TO BUILDING FOR HANDY HOME AND HARDWARE); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $4,447.62 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE MULTI-FAMILY HOUSING FOR ZACHARY PETERSON); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $7,903.09 FOR 5 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE EQUIPMENT FOR TRA LEASING, INC.); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $5,059.20 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN FOR EXTENSIVE BUILDING UPGRADES FOR ROCKING DD PROPERTIES, LLC); CITY OF GLEN ULLIN - $44,000 FOR 5 YEARS AT 2% (COMMUNITY CAPITAL LOAN FOR MAKING ROADWAY IMPROVEMENTS); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $16,667.67 FOR 4 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE A RETAIL/COMMERCIAL COMPLEX FOR K&H INVESTMENTS); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $5,305.87 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN FOR THE PURCHASE AND RENOVATION OF BUILDINGS FOR VALLEY BRIDGES PROPERTIES III, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $8,721.12 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE COMMERCIAL REAL ESTATE FOR SILVER SIX, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $16,666.66 FOR 3.5 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO REHAB MULTI-FAMILY HOUSING FOR VALLEY BRIDGES PROPERTIES IV, LLC); ND DEVELOPMENT FUND - $8,446.26 (ADDITIONAL ADVANCE FOR HEIDI SMITH LOAN ORIGINATED IN 2019) 2021 LOAN TOTAL $746,015.88.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Anderson Vice President | OfficerTrustee | 1 | $0 |
Jon A Mcmillan Secretary/treasurer | OfficerTrustee | 1 | $0 |
David Sigloh President | OfficerTrustee | 2 | $0 |
Deon Vilhauer Director | Trustee | 1.5 | $0 |
Andrew Weiss Director | Trustee | 0.5 | $0 |
Michelle Berry Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $465,122 |
| Investment income | $7,583 |
| 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 | $472,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,995 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $86,004 |
| Fees for services: Legal | $580 |
| Fees for services: Accounting | $2,275 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,175 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $707 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,581 |
| Insurance | $2,120 |
| All other expenses | $513 |
| Total functional expenses | $155,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,107,404 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,429 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,350,339 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,967 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $400,899 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $134,038 |
| Total assets | $8,006,076 |
| Accounts payable and accrued expenses | $315 |
| 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 | $0 |
| Total liabilities | $315 |
| Net assets without donor restrictions | $0 |
| 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 | $8,005,761 |
| Total liabilities and net assets/fund balances | $8,006,076 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rural America Initiatives Rapid City, SD | $11,020,564 | $7,975,941 |
Western Organization Of Resource Billings, MT | $7,655,474 | $9,479,621 |
Community And Economic Development Associates Chatfield, MN | $1,658,001 | $2,830,781 |
Sharing Our Roots Northfield, MN | $1,750,092 | $967,957 |
Rural Electric Economic Development Inc Madison, SD | $44,957,084 | $2,458,763 |
South Eastern Development Foundation Sioux Falls, SD | $22,464,210 | $4,520,935 |
North Central Planning Council Devils Lake, ND | $2,034,561 | $1,088,900 |
Center For Rural Policy And Development Mankato, MN | $628,188 | $663,588 |
Big Ideas Inc New Ulm, MN | $77,922 | $540,880 |
Montana Cooperative Development Center Inc Great Falls, MT | $357,457 | $497,645 |
North Dakota Farmers Union Foundation Jamestown, ND | $258,278 | $297,826 |
Griggs-Steele Empowerment Zone Inc Finley, ND | $5,018,876 | $162,623 |