Greater Fargo Moorhead Economic Development Corporation
- Assets
- $2.3m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Fargo, ND
- Founding
- 05/2006
- Data as of
- 12/2023
- EIN
- 45-6011769
Organization Overview
Greater Fargo Moorhead Economic Development Corporation is located in Fargo, ND. The organization was established in 2006. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Greater Fargo Moorhead Economic Development Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Fargo Moorhead 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 12/2023, Greater Fargo Moorhead Economic Development Corporation generated $2.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 3.2% 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, Greater Fargo Moorhead Economic Development Corporation has awarded 44 individual grants totaling $893,917. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO GROW & DIVERSIFY THE ECONOMIES OF CASS COUNTY ND AND CLAY COUNTY MN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEAD THE DEVELOPMENT OF A ROBUST ECONOMY WHERE PEOPLE AND BUSINESSES THRIVE.STRATEGICALLY PURSUE JOB CREATION AND BUSINESS ATTRACTION.WORK WITH AND SUPPORT COMPANIES WITH DEMAND-DRIVEN WORKFORCE DEVELOPMENT. SUPPORT A VIBRANT ENTREPRENEURIAL ECOSYSTEM.COLLABORATE WITH PUBLIC AND PRIVATE SECTORS AND PARTNER ORGANIZATIONS TO ENHANCE PROGRAMS AND PROCESSES THAT MAKE DOING BUSINESS EASIER IN THE REGION.THE GFMEDC PROMOTES AND DEVELOPS THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF CASS COUNTY, NORTH DAKOTA AND CLAY COUNTY, MINNESOTA, WHICH IS THE FARGO-MOORHEAD MSA AS DELINEATED BY THE OFFICE OF MANAGEMENT AND BUDGET. THIS PROMOTION AND DEVELOPMENT IS DONE THROUGH PROGRAMS AND ACTIVITIES DESIGNED TO FACILITATE JOB CREATION IN PART BY INFORMING EXISTING AND POTENTIAL BUSINESSES ABOUT THE BENEFITS OF LOCATING BUSINESS IN THIS REGION. THE OVERALL AIM IS TO IMPROVE THE ECONOMIC WELL-BEING OF THE RESIDENTS OF THE AREA. THE ORGANIZATION WORKS WITH THE NORTH DAKOTA DEPARTMENT OF COMMERCE AND MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT AS WELL AS DIRECTLY WITH SITE SELECTORS AND COMPANIES TO BRING NEW BUSINESS TO THE 2 COUNTY REGION, CASS COUNTY OF NORTH DAKOTA AND CLAY COUNTY OF MINNESOTA. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY SUPPORTED 18 PROJECTS IN 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS AND $26.8 MILLION IN CAPITAL INVESTMENT (EQUIPMENT AND BUILDINGS). COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023.
THE OBJECTIVE OF THE WORKFORCE RECRUITMENT AND RETENTION PROGRAM IS TO ASSIST PRIMARY SECTOR BUSINESS LOCATED IN CASS COUNTY, ND AND CLAY COUNTY, MN WITH THE RECRUITMENT AND RETENTION OF SKILLED WORKERS. DOING SO HELPS GROW THE REGION'S POPULATION AND TAX BASE AND HELPS ATTRACT AND RETAIN PRIMARY SECTOR BUSINESSES. IN 2023, WE FOCUSED ON AND PROMOTED PROGRAMS THAT ASSISTED COMPANIES WITH THE RECRUITMENT AND RETENTION OF WORKFORCE. THROUGH THE REGIONAL WORKFORCE ATTRACTION CAMPAIGN, WE REDESIGNED LIVEINFARGO.COM INCORPORATING VIRTUAL TOURS AND COMMUNITY CHAMPIONS, SO PEOPLE INTERESTED IN RELOCATING CAN SEE THE COMMUNITY THROUGH A 360 DEGREE VIRTUAL TOUR AND CONNECT WITH SOMEONE, ALL OF WHICH CAN HELP WITH TALENT ATTRACTION AND RETENTION. WE USED OUR DATA TOOL, EMSI, TO ASSIST EMPLOYERS BY PROVIDING WORKFORCE DATA.
ENTREPRENEURIAL DEVELOPMENT -ENTREPRENEURIAL DEVELOPMENT - THE OBJECTIVE OF ENTREPRENEURIAL DEVELOPMENT PROGRAM IS TO SIMULTANEOUSLY ASSIST ENTREPRENEURS ON AN INDIVIDUAL LEVEL WHILE ALSO STRENGTHENING AND PROMOTING OUR ENTREPRENEURIAL ECOSYSTEM FOR FARGO MOORHEAD TO BE REGARDED AS A GREAT PLACE FOR ENTREPRENEURS. WE SUPPORTED INDIVIDUAL ENTREPRENEURS AND SUPPORTED ENTREPRENEURIAL PROGRAMS LIKE GRAND FARM AND GENER8TOR. ENTREPRENEURIAL DEVELOPMENT SUPPORTS AND FEEDS INTO BUSINESS DEVELOPMENT OR JOB AND WEALTH CREATION. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY ASSISTED PROJECTS IN 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS; AND ADDITIONAL 191 INDIRECT AND INDUCED JOBS FOR A TOTAL OF 377 JOBS IN THE REGION.PAYROLL FOR THESE ON-GOING JOBS EXCEEDED $30 MILLION, WHICH EQUATES TO AN AVERAGE ANNUAL INCOME OF 82,000. IN ADDITION, A TOTAL OF 142 TEMPORARY JOBS WERE ADDED DUE TO CONSTRUCTION ACTIVITIES WITH A PAYROLL OF $ 8 MILLION. TOTAL PAYROLL FOR TEMPORARY POSITIONS EQUATES TO AN AVERAGE INCOME PER JOB OF $56,000.ANNUAL SALES - DUE TO COMPANY AND EMPLOYEE SPENDING, THE REGIONAL ECONOMY HAD AN ESTIMATED $173.8 MILLION IN ADDITIONAL SALES THAT TOOK PLACE, OF WHICH $149 MILLION WILL BE REOCCURRING EACH YEAR WITH THE CONTINUED OPERATION OF THE NEW BUSINESSES.COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023.NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 164,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judd Graham Past Chair | OfficerTrustee | 0.7 | $0 |
Marshal Albright Chair | OfficerTrustee | 0.7 | $0 |
Jim Buus Chair Elect | OfficerTrustee | 0.7 | $0 |
Chad Peterson Executive Committee | Trustee | 0.7 | $0 |
David Ebinger Executive Committee | Trustee | 0.7 | $0 |
Teresa Warne Secretary | Trustee | 0.7 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $975,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $909,570 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,884,570 |
| Total Program Service Revenue | $41,838 |
| Investment income | $71,214 |
| 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 | $2,046,324 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $258,238 |
| Compensation of current officers, directors, key employees. | $77,471 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $713,559 |
| Pension plan accruals and contributions | $57,180 |
| Other employee benefits | $141,272 |
| Payroll taxes | $71,139 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,395 |
| Fees for services: Accounting | $17,330 |
| 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 | $14,656 |
| Information technology | $29,597 |
| Royalties | $0 |
| Occupancy | $109,011 |
| Travel | $1,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,959 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,928 |
| Insurance | $4,550 |
| All other expenses | $25,846 |
| Total functional expenses | $2,061,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,692,099 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,750 |
| 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 | $55,041 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $131,088 |
| Intangible assets | $0 |
| Other assets | $360,333 |
| Total assets | $2,258,311 |
| Accounts payable and accrued expenses | $69,207 |
| 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 | $642,997 |
| Total liabilities | $712,204 |
| Net assets without donor restrictions | $1,441,297 |
| Net assets with donor restrictions | $104,810 |
| 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 | $2,258,311 |
Grants Awarded
Over the last fiscal year, Greater Fargo Moorhead Economic Development Corporation has awarded $15,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF CASS-CLAY PURPOSE: NEW AMERICAN WORKFORCE DEVELOPMENT INITIATIVE (3 OF 3 YEARS) | $15,000 |