North Dakota Rural Rehabilitation Corporation
- Assets
- $93.6m
- Revenue
- $12.7m
- Investments
- $0.0
- Employees
- 4
- Location
- Bismarck, ND
- Founding
- 05/1936
- Data as of
- 06/2024
- EIN
- 45-6002345
Organization Overview
North Dakota Rural Rehabilitation Corporation is located in Bismarck, ND. The organization was established in 1936. According to its NTEE Classification (E50) the organization is classified as: Rehabilitative Care, under the broad grouping of Health Care and related organizations. As of 06/2024, North Dakota Rural Rehabilitation Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Dakota Rural Rehabilitation 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 06/2024, North Dakota Rural Rehabilitation Corporation generated $12.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $1.3m during the year ending 06/2024. While expenses have increased by 1.2% per year over the past 9 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.
Since 2015, North Dakota Rural Rehabilitation Corporation has awarded 62 individual grants totaling $4,802,558. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LOW INTEREST RATE LOANS TO DISTRESSED FARM FAMILIES IN THE STATE OF NORTH DAKOTA WHO DO NOT HAVE OTHER MEANS OF OBTAINING FINANCING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NDRRC PROVIDES NUMEROUS GRANTS AND SCHOLARSHIPS THROUGHOUT THE YEAR. NDRRC GIVES TUITION ASSISTANCE TO FARMERS AND RANCHERS TO PARTICIPATE IN FARM BUSINESS MANAGEMENT PROGRAMS SPONSORED BY THE NORTH DAKOTA VOCATIONAL AGRICULTURAL SCHOOLS. TUITION ASSISTANCE IS ALSO GIVEN FOR ARTIFICIAL INSEMINATION SCHOOLS THROUGHOUT THE STATE. NDRRC SUPPORTS THE AMBASSADORS PROGRAM OF THE NORTH DAKOTA 4-H FOUNDATION AS WELL AS THE NORTH DAKOTA FFA FOUNDATION. NDRRC ALSO PROVIDES INDIVIDUAL GRANTS ON A CASE-BY-CASE BASIS AS WELL AS GRANTS TO INSTITUTIONAL ENTITIES BENEFITTING INDIVIDUAL FARMERS AND RANCHERS TO REHABILITATE THEIR FARMING OPERATIONS. THE NDRRC ALSO HAS A FRESHMAN CAREER SCHOLARSHIP WHICH IS AVAILABLE TO FAMILY MEMBERS OF NDRRC'S BORROWERS WHO ARE INTENDING TO CONTINUE THEIR EDUCATION AFTER GRADUATION FROM HIGH SCHOOL. NDRRC PROVIDED GRANTS TO OVER 100 INDIVIDUALS AND ORGANIZATIONS DURING THE CURRENT YEAR.
REAL ESTATE LOANS--ND RURAL REHABILITATION CORPORATION (NDRRC) PARTICIPATES WITH THE FARM SERVICE AGENCY (FSA) IN PROVIDING REAL ESTATE LOANS TO NORTH DAKOTA FARMERS AND RANCHERS WHO ARE UNABLE TO SECURE CONVENTIONAL CREDIT. THESE LOANS HAVE BEEN FOR BORROWERS WITH FSA LOANS WHERE FSA SUBORDINATES THEIR LIEN TO THIS CORPORATION. NDRCC ALSO PROVIDES DIRECT REAL ESTATE LOANS TO FARMERS AND RANCHERS WHO ARE UNABLE TO SECURE CONVENTIONAL CREDIT. SOME OF THESE LOAN REQUESTS ARE SUBMITTED BY CREDIT COUNSELORS ON BEHALF OF THEIR CLIENTS AND SOME FARMERS AND RANCHERS COME DIRECTLY TO THE CORPORATION THEMSELVES. THE LOANS MAY INVOLVE REFINANCE OF EXISTING FIRST MORTGAGE LOANS WHICH ARE EITHER BEING TERMINATED OR HAVE SUCH HIGH INTEREST RATES THAT THE OPERATORS NO LONGER HAVE AN ADEQUATE CASH FLOW TO SUCCEED. LOANS FOR THE PURCHASE OF LAND ARE ALSO MADE. NDRCC REQUIRES A FIRST MORTGAGE. NDRCC HAD APPROXIMATELY 138 LOANS TO FARMERS AND RANCHERS OUTSTANDING DURING THE CURRENT YEAR WITH AN OUTSTANDING BALANCE IN EXCESS OF $33,808,215.
STARTING FARMER LOANS: THESE LOANS ARE MADE TO INDIVIDUALS STARTING FARM AND RANCH OPERATIONS AND ARE SECURED BY A FIRST MORGAGE ON REAL ESTATE. NDRRC HAD LOANS TO APPROXIMATELY 77 FARMERS AND RANCHERS IN THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Fortier President | OfficerTrustee | 20 | $71,975 |
Kenneth L Dalsted Sec./treas. | OfficerTrustee | 10 | $64,390 |
Donald C Giffey Director | Trustee | 10 | $31,578 |
Jason Sillers Vice President | OfficerTrustee | 10 | $16,700 |
H Roald Lund Director | Trustee | 10 | $16,450 |
Shana Forster Director | Trustee | 10 | $21,450 |
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 | $1,876,098 |
| Investment income | $1,403,091 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $9,412,326 |
| 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 | $12,691,515 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $573,668 |
| Grants and other assistance to domestic individuals. | $64,736 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $241,157 |
| Compensation of current officers, directors, key employees. | $135,247 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $165,304 |
| Pension plan accruals and contributions | $30,691 |
| Other employee benefits | $6,419 |
| Payroll taxes | $26,860 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,969 |
| Fees for services: Accounting | $14,965 |
| 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 | $13,937 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,024 |
| Insurance | $0 |
| All other expenses | $3,872 |
| Total functional expenses | $1,281,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,499,080 |
| Savings and temporary cash investments | $5,745,019 |
| 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 | $62,427,652 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $71,834 |
| Investments—publicly traded securities | $21,814,009 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $983 |
| Total assets | $93,558,577 |
| Accounts payable and accrued expenses | $5,436 |
| 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 | $5,436 |
| Net assets without donor restrictions | $93,553,141 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $93,558,577 |
Grants Awarded
Over the last fiscal year, North Dakota Rural Rehabilitation Corporation has awarded $569,168 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
ND ASSOCIATION OF RURAL ELECTRIC COOP PURPOSE: BEARCAT DEN DAYCARE, DAKOTA ESTATES RETIREMENT CTR, HAZELTON GROCERY, RAMSEY COUNTY EVENT CENTER | $458,788 |
FARM RESCUE PURPOSE: OPERATING | $25,000 |
NORTH DAKOTA LAMB AND WOOL PRODUCERS ASSOCIATION PURPOSE: PERPETUAL FLOCK GRANT | $12,960 |
NORTH DAKOTA 4-H FOUNDATION INC PURPOSE: 4-H CAMP SCHOLARSHIPS, AMBASSADOR PROGRAMS | $30,000 |
ND FARMERS MARKET AND GROWERS ASSOCIATION PURPOSE: ASSIST IN SMALL AG RELATED BUSINESS, RURAL COMMUNITIES AND FARMERS' MARKETS | $42,420 |