Rural Development Finance Corporation
- Assets
- $8.4m
- Revenue
- $526.2k
- Investments
- $403.5k
- Employees
- 0
- Location
- Mandan, ND
- Founding
- 05/1997
- Data as of
- 12/2022
- 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 12/2022, Rural Development Finance Corporation generated $526.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $156.7k during the year ending 12/2022. 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 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 2022, CATHAY FIRE PROTECTION DISTRICT - $1,000; EDINBURG FIRE DEPARTMENT - $750; CAVALIER FIRE DEPARTMENT - $750; CARRINGTON YOUTH CENTER - $1,000; ST. THOMAS PARK BOARD - $2,000; HETTINGER PARK BOARD - $500; SIDNEY VOLUNTEER FIRE DEPARTMENT - $2,000; SHEYENNE RIVER VALLEY CHAPTER - $1,000; RICHLAND-WILKIN FOOD PANTRY - $1,000; GRASSY BUTTE COMMUNITY PARK - $2,000; RICHLAND ELEMENTARY - $500; LIDGERWOOD HANKINSON RURAL HEALTH CLINIC - $500; LEEDS PARK DISTRICT - $667; DE SOUR VALLEY EDC - $500; TOWNER COUNTY HISTORICAL SOCIETY - $666, ROBINSON FIRE DEPARTMENT - $667; BARNES COUNTY PARK BOARD - $1,000; LANGDON PARK BOARD - $2,000; FATHER'S FARM - $2,000; MANDAN HORSE & SADDLE CLUB - $2,000; ASHLEY SENIOR CENTER - $1,000; ASHLEY AMERICAN LEGION POST #53 - $1,000; MOTT VISIONARY COMMITTEE - $500; INTERNATIONAL FITNESS CENTER - $1,000; BOWBELLS VOLUNTEER FIRE DEPARTMENT - $1,000; NEW LEPZIG RURAL FIRE PROTECTION DISTRICT - $2,000; AMIDON FIRE PROTECTION DISTRICT - $1,000; OAKES FIRE & RESCUE DISTRICT - $500; SHERWOOD/ANTLER COMMUNITY FOUNDATION - $500; RICHLAND COUNTY COMMUNICATIONS 911 - $500; KULM VOLUNTEER FIRE DEPARTMENT - $500; ELLENDALE FIRE PROTECTION DISTRICT - $500; LEMMON EMT ASSOCIATION - $1,000; ASHLEY AMBULANCE SERVICE - $500; PEMBINA COUNTY HISTORICAL SOCIETY- $1,000; LITTLE LOBOES BRIGHT BEGINNINGS CHILDCARE - $500; GRAFTON PARKS & RECREATION- $1,000; HAZEN PARKS & RECREATION - $2,000; MAKOTI PARK BOARD - $2,000; MOHALL COUNTRY CLUB- $500; RUTLAND CAYUGA FIRE AND RESCUE - $500; MARION PARK DISTRICT - $500; ST. LUKE'S HOSPITAL - $500; DIVIDE COUNTY PUBLIC LIBRARY - $500; LIL RANCHERS CHILDCARE - $1,000; SOCIETY OF ST. STEPHENS FOOD PANTRY - $500; TURTLE MOUNTAIN MIKINAAK ODE SHELTER - $2,000; STEELE VOLUNTEER FIRE DISTRICT - $2,000; RAY PUBLIC SCHOOL - $1,500; SHEPHERDS HILL RETREAT, INC. - $2,000; VELVA VOLUNTEER AMBULANCE SERVICE - $2,000; STANLEY WRESTLING CLUB. - $2,000; BANTRY UNION CEMETERY - $500; TOTAL GRANTS - $56,500
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 2022, THE FOLLOWING LOANS WERE MADE: BOG HOLDINGS - $150,000 FOR 15 YEARS AT 2% (PARTICIPATION LOAN WITH CHOICE FINANCIAL GROUP TO CONSTRUCT A NEW FACILITY FOR BOBCAT OF GWINNER); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $10,093.45 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE A BUILDING FOR LAWN NOW, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $16,666.50 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE A RESTAURANT AND BAR FOR PELTIER PROPERTIES, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $16,666.50 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE A BUILDING FOR STEARNS ENTERPRISES, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $6,500 FOR 81 MONTHS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE BUILDING FOR MATT AND COURTNEY JORISSEN); OECH FOODS - $125,000 FOR 20 YEARS AT 2% (PARTICIPATION LOAN WITH CHOICE FINANCIAL GROUP TO PURCHASE BUILDING, EQUIPMENT AND INVENTORY FOR GROCERY STORE); BUTCHER'S EDGE, LLC - $125,000 FOR 10 YEARS AT 2% (PARTICIPATION LOAN WITH EDGELEY JOB DEVELOPMENT AUTHORITY TO PURCHASE EQUIPMENT AND PROVIDE OPERATING COSTS FOR NEW MEAT PROCESSING FACILITY); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $6,492.27 FOR 10 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO UPDATE STRIP MALL FOR VALLEY WEST MALL, LLC); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $10,021.98 FOR 5 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN FOR EXPANSION OF BUILDING AND PURCHASE INVENTORY FOR SMITH LUMBER COMPANY); VALLEY CITY BARNES COUNTY DEVELOPMENT CORPORATION - $6,513.74 FOR 7 YEARS AT 2% (FLEX PACE INTEREST BUYDOWN TO PURCHASE TRUCKS AND BUSINESS ACCOUNTS FOR BECKMAN SEPTIC, LLC); JOSHUA LOEGERING - $42,500 FOR 15 YEARS AT 2% (PARTICIPATION LOAN WITH BANKNORTH TO PURCHASE BUSINESS AND WORKING CAPITAL); GIANT SNACK'S - $335,000 FOR 10 YEARS AT 2% (PARTICIPATION LOAN WITH DAKOTA VALLEY ELECTRIC COOPERATIVE TO PURCHASE EQUIPMENT FOR EXPANSION OF FACILITY); NORTH DAKOTA ASSOCIATION OF RURAL ELECTRIC COOPERATIVES - $325,000 FOR 10 YEARS AT 2% (COMMUNITY CAPITAL LOAN TO PURCHASE FURNITURE FOR RENOVATED BUILDING); KRAMER GROCERY - $12,500 FOR 5 YEARS AT 2% (PARTICIPATION LOAN WITH STRASBURG ECONOMIC DEVELOPMENT CORPORATION TO PURCHASE EQUIPMENT, INVENTORY AND SUPPLIES TO OPEN GROCERY STORE) 2022 LOAN TOTAL $1,187,954.44.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Sigloh President | OfficerTrustee | 2 | $0 |
Paula Anderson Vice President | OfficerTrustee | 1 | $0 |
Deon Vilhauer Secretary/treasurer | OfficerTrustee | 3 | $0 |
Cheryl Osowski Director | Trustee | 1.5 | $0 |
Andrew Weiss Director | Trustee | 1 | $0 |
Allan Engh 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 | $480,575 |
| Investment income | $45,652 |
| 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 | $526,227 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $56,500 |
| 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 | $88,580 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,000 |
| Office expenses | $3,063 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $138 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $844 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,388 |
| Insurance | $1,688 |
| All other expenses | $0 |
| Total functional expenses | $156,701 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,318,877 |
| 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 | $4,638,541 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $579 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $403,499 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,791 |
| Total assets | $8,375,287 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| 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 | $8,375,287 |
| Total liabilities and net assets/fund balances | $8,375,287 |