Civic Intelligence

North Central Economic Development Association Inc.

990 • Fiscal year 2018 • EIN 36-3458720

Jul 01, 2017 to Jun 30, 2018 • Filed on Oct 29, 2018

Organization ProfileWWW.NORTHCENTRALEDA.ORG
200 1st Street NE No 2Staples, MN 56479

(218) 894-3233

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

66th percentile

0.22x

Higher debt load relative to assets than 66% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

91st percentile

2.13x

Higher debt load relative to revenue than 91% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

90th percentile

46%

Higher net margin than 90% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2018

Asset Growth

59th percentile

3.8%

Faster asset growth than 59% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

23rd percentile

-8.4%

Faster revenue growth than 23% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$2,014,153

Up $73,649 (+3.8%) from 2017

Net Assets

Up

$1,562,995

Up $96,756 (+6.6%) from 2017

Liabilities

Down

$451,158

Down $23,107 (-4.9%) from 2017

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin90th percentile

Revenue

Down

$211,465

Down $19,324 (-8.4%) from 2017

Expenses

Down

$114,709

Down $59,421 (-34%) from 2017

Net Income

Up

$96,756

Up $40,097 (+71%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $1,472,260Liabilities 2011: $21,379Net Assets 2011: $1,450,8812011Assets 2012: $1,525,184Liabilities 2012: $139,750Net Assets 2012: $1,385,4342012Assets 2013: $1,589,488Liabilities 2013: $121,579Net Assets 2013: $1,467,9092013Assets 2014: $1,777,328Liabilities 2014: $357,848Net Assets 2014: $1,419,4802014Assets 2015: $1,885,741Liabilities 2015: $436,734Net Assets 2015: $1,449,0072015Assets 2016: $1,841,729Liabilities 2016: $432,149Net Assets 2016: $1,409,5802016Assets 2017: $1,940,504Liabilities 2017: $474,265Net Assets 2017: $1,466,2392017Assets 2018: $2,014,153Liabilities 2018: $451,158Net Assets 2018: $1,562,9952018Assets 2019: $1,993,709Liabilities 2019: $425,799Net Assets 2019: $1,567,9102019Assets 2020: $3,501,331Liabilities 2020: $1,792,386Net Assets 2020: $1,708,9452020Assets 2021: $3,319,971Liabilities 2021: $1,575,385Net Assets 2021: $1,744,5862021Assets 2022: $2,691,846Liabilities 2022: $907,123Net Assets 2022: $1,784,7232022Assets 2023: $2,413,855Liabilities 2023: $624,082Net Assets 2023: $1,789,7732023Assets 2024: $2,133,256Liabilities 2024: $322,422Net Assets 2024: $1,810,8342024Assets 2025: $1,932,808Liabilities 2025: $135,020Net Assets 2025: $1,797,7882025

Highlighted filing

2018

Assets$2,014,153
Liabilities$451,158
Net Assets$1,562,995
Open 2018 Filing

Operations Trend

Revenue Growth23rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0-$100KExpenses 2011: $57,1462011Expenses 2012: $223,8732012Expenses 2013: $150,3412013Revenue 2014: $103,563Expenses 2014: $151,992Net Income 2014: -$48,4292014Revenue 2015: $174,843Expenses 2015: $145,316Net Income 2015: $29,5272015Revenue 2016: $214,020Expenses 2016: $253,447Net Income 2016: -$39,4272016Revenue 2017: $230,789Expenses 2017: $174,130Net Income 2017: $56,6592017Revenue 2018: $211,465Expenses 2018: $114,709Net Income 2018: $96,7562018Revenue 2019: $136,872Expenses 2019: $131,957Net Income 2019: $4,9152019Revenue 2020: $270,825Expenses 2020: $129,790Net Income 2020: $141,0352020Revenue 2021: $163,164Expenses 2021: $127,523Net Income 2021: $35,6412021Revenue 2022: $152,928Expenses 2022: $112,791Net Income 2022: $40,1372022Revenue 2023: $107,271Expenses 2023: $102,221Net Income 2023: $5,0502023Revenue 2024: $105,313Expenses 2024: $84,252Net Income 2024: $21,0612024Revenue 2025: $43,285Expenses 2025: $56,331Net Income 2025: -$13,0462025

Highlighted filing

2018

Revenue$211,465
Expenses$114,709
Net Income$96,756
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Oct 29, 2018
Return Version
2017v2.3
Gross Receipts
$211,465
Mission and Program Overview

Mission

Promote economic development through the operation of a revolving loan fund and provide loans to individuals for household water well systems in the five county area of cass, crow wing, morrison, todd and wadena counties.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,461,943$1,718,279▲ $256,336
Cash and Non-Interest-Bearing Accounts$205,882$187,798▼ $18,084
Savings and Temporary Cash Investments$214,176$84,652▼ $129,524
Pledges and Grants Receivable$25,243$17,250▼ $7,993
Accounts Receivable$4,131$3,492▼ $639
Prepaid Expenses and Deferred Charges$2,174$2,548▲ $374
Receivables From Officers Etc$26,955$134▼ $26,821
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$1,940,504$2,014,153▲ $73,649
Liabilities
Mortgage Notes Payable Secured by Investment Property$378,535$416,418▲ $37,883
Other Liabilities$90,490$34,740▼ $55,750
Accounts Payable and Accrued Expenses$5,240--
Total Liabilities$474,265$451,158▼ $23,107
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,466,239$1,562,995▲ $96,756
Total Net Assets Fund Balance$1,466,239$1,562,995▲ $96,756
Total Liabilities and Net Assets / Fund Balance$1,940,504$2,014,153▲ $73,649

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$11,100$11,100
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Bruce HeilmanChair
Maurice DurheimVice-chair
Bill PalmerBoard Member
Chuck HorsagerBoard Member
Cory PettitBoard Member
Dan FrankBoard Member
Ginny KnudsonBoard Member
Greg ZylkaBoard Member
Jason SellnowBoard Member
Scott WatlandDirector
Steven HansenDirector
Brenda ThomesAlternate
Ron BieganekAlternate
Alex WeegoR5 Liaison
Steve GertkenSecretary
Lisa Graba-meechTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$36,300
Program Service Revenue
$174,472
Investment Income
$693
Other Revenue
$0
Change in Net Assets
$96,756

Audited Revenue Reconciliation

Revenue per Audited Statements
$211,465
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$211,465
Total Revenue per Form 990
$211,465
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$112,839
Salaries, Compensation, and Employee Benefits$1,870
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$67,030--$67,030
Fees for Services Accounting-$8,875-$8,875
Interest$6,180--$6,180
Travel-$2,270-$2,270
Information Technology-$2,252-$2,252
Current Officers, Directors, Trustees, and Key Employees$1,870--$1,870
Office Expenses$1,604$223-$1,827
Insurance-$1,186-$1,186
Fees for Services Other$1,075--$1,075
Fees for Services Legal-$817-$817
Other Expenses$344--$344
Total Functional Expenses$99,086$15,623$0$114,709

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$114,709
Total Expenses per Audited Statements$114,709
Total Expenses per Form 990$114,709
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$26,955$134▼ $26,821
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Organizations$34,740
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Management is contracted with region five development commission under a written management agreement.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is preapred by an independent cpa. It is reviewed and approved by the executive director and deputy director prior to submission.”

Form 990, Part VI, Section C, Line 19

“The information can be found on the organization's website.”

Filing and Contact Details

Filer

Filer Name
North Central Economic Development
EIN
36-3458720
Phone
2188943233
Address
200 1ST STREET NE NO 2, STAPLES, MN 56479

Signing Officer

Name
Cheryal Hills
Title
Executive Director
Phone
2188943233
Signed
2018-10-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cheryal Hills
Formed
1986
Legal Domicile
Mn
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
16

Preparer

Firm
SCHLENNER WENNER & CO CPA'S PA
Address
PO BOX 1496, ST CLOUD, MN 56302-1496
Preparer
Shelley Gaetz
Phone
3202510286
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“The organization became an approved lender for the mn dept. Of employment and economic development program: mn emerging entreprenuer program. The organization received $50,000 in january 2017, another $50,000 in february of 2018 and another $100,000 in july 2018. All lending activity was targeted to minority populations with special focus on disabled women who owned start up or expanding businesses.”

Form 990, Part XII, Line 2C

“The organization has a committee that oversees the audit.”

Financial Statement Notes

PART X, LINE 2:

“U.s. Gaap requires management to evaluate tax positions taken by the organization and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. Management has analyzed the tax positions taken by the organization, and has concluded that as of june 30, 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The organization believes it is no longer subject to income tax examinations for years prior to 2014.”

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IRS990/ActivityOrMissionDesc0PROMOTE ECONOMIC DEVELOPMENT THROUGH THE OPERATION OF A REVOLVING LOAN FUND AND PROVIDE LOANS TO INDIVIDUALS FOR HOUSEHOLD WATER WELL SYSTEMS IN THE FIVE COUNTY AREA OF CASS, CROW WING, MORRISON, TODD AND WADENA COUNTIES.
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IRS990/IRPDocumentCnt021
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt011100
IRS990/LandBldgEquipBasisNetGrp/BOYAmt00
IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
IRS990/LandBldgEquipCostOrOtherBssAmt011100
IRS990/LegalDomicileStateCd0MN
IRS990/LoanOutstandingInd01
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROMOTE ECONOMIC DEVELOPMENT THROUGH THE OPERATION OF A REVOLVING LOAN FUND AND PROVIDE LOANS TO INDIVIDUALS FOR HOUSEHOLD WATER WELL SYSTEMS IN THE FIVE COUNTY AREA OF CASS, CROW WING, MORRISON, TODD AND WADENA COUNTIES.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0378535
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0416418
IRS990/NetAssetsOrFundBalancesBOYAmt01466239
IRS990/NetAssetsOrFundBalancesEOYAmt01562995
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0223
IRS990/OfficeExpensesGrp/ProgramServicesAmt01604
IRS990/OfficeExpensesGrp/TotalAmt01827
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1CREDIT BUREAU FEES
IRS990/OtherExpensesGrp/ProgramServicesAmt020983
IRS990/OtherExpensesGrp/ProgramServicesAmt1344
IRS990/OtherExpensesGrp/TotalAmt020983
IRS990/OtherExpensesGrp/TotalAmt1344
IRS990/OtherLiabilitiesGrp/BOYAmt090490
IRS990/OtherLiabilitiesGrp/EOYAmt034740
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01461943
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01718279
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt025243
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt017250
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt02174
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02548
IRS990/PrincipalOfficerNm0CHERYAL HILLS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522291
IRS990/ProgramServiceRevenueGrp/BusinessCd1522291
IRS990/ProgramServiceRevenueGrp/BusinessCd2522291
IRS990/ProgramServiceRevenueGrp/BusinessCd3522291
IRS990/ProgramServiceRevenueGrp/Desc0LOAN RECOVERY
IRS990/ProgramServiceRevenueGrp/Desc1LOAN INTEREST REVENUE
IRS990/ProgramServiceRevenueGrp/Desc2OTHER PROGRAM REVENUE
IRS990/ProgramServiceRevenueGrp/Desc3ORIGINATION FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt089868
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt177197
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt24229
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt33178
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt089868
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt177197
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt24229
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt33178
IRS990/ProgSrvcAccomActy2Grp/Desc0OPERATION OF A REVOLVING LOAN FUND - LOANS ARE MADE TO INDIVIDUALS FOR HOUSEHOLD WATER WELL SYSTEMS IN THE FIVE COUNTY AREA OF CASS, CROW WING, MORRISON, TODD AND WADENA COUNTIES.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0160
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt02188
IRS990/ProgSrvcAccomActy3Grp/Desc0OPERATION OF A MICROLENDING REVOLVING LOAN FUND - LOANS ARE MADE TO BUSINESSES TO FINANCE APPROVED RURAL ECONOMIC DEVELOPMENT PROJECTS
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt044152
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt030211
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt081
IRS990/ProgSrvcAccomActyOtherGrp/RevenueAmt0970
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0136323
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0835
IRS990/PYOtherExpensesAmt0174130
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt093631
IRS990/PYRevenuesLessExpensesAmt056659
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0174130
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0230789
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt026955
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt0134
IRS990/ReconcilationRevenueExpnssAmt096756
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0141103
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0214176
IRS990/SavingsAndTempCashInvstGrp/EOYAmt084652
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt036300
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0136323
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0134691
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt077658
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt09162
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0394134
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0693
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0835
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0502
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0483
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0599
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt03112
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0537434
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99220
IRS990ScheduleA/PublicSupportPY170Pct00.99330
IRS990ScheduleA/PublicSupportTotal170Amt0394134
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt036300
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0136323
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0134691
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt077658
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt09162
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0394134
IRS990ScheduleA/TotalSupportAmt0397246
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0114709
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011100
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt011100
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt034740
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO RELATED ORGANIZATIONS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0211465
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ORGANIZATION, AND HAS CONCLUDED THAT AS OF JUNE 30, 2018, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE ORGANIZATION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0114709
IRS990ScheduleD/TotalLiabilityAmt034740
IRS990ScheduleD/TotalRevenuePerForm990Amt0211465
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0211465
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0114709
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt0134
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0REGION FIVE DEVELOPMENT COMMISSION
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0OPERATING FUNDS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt026955
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0PARENT ORGANIZATION
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt0134
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION BECAME AN APPROVED LENDER FOR THE MN DEPT. OF EMPLOYMENT AND ECONOMIC DEVELOPMENT PROGRAM: MN EMERGING ENTREPRENUER PROGRAM. THE ORGANIZATION RECEIVED $50,000 IN JANUARY 2017, ANOTHER $50,000 IN FEBRUARY OF 2018 AND ANOTHER $100,000 IN JULY 2018. ALL LENDING ACTIVITY WAS TARGETED TO MINORITY POPULATIONS WITH SPECIAL FOCUS ON DISABLED WOMEN WHO OWNED START UP OR EXPANDING BUSINESSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT IS CONTRACTED WITH REGION FIVE DEVELOPMENT COMMISSION UNDER A WRITTEN MANAGEMENT AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS PREAPRED BY AN INDEPENDENT CPA. IT IS REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE INFORMATION CAN BE FOUND ON THE ORGANIZATION'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION HAS A COMMITTEE THAT OVERSEES THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,014,153
Liabilities
$451,158
Net assets
$1,562,995
Revenue
$211,465
Expenses
$114,709
Net income
$96,756
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.93$0.14$1.80$0.04$0.06$0.01
2024Detailed filing. Detailed filing data is available for this year.$2.13$0.32$1.81$0.11$0.08$0.02
2023Detailed filing. Detailed filing data is available for this year.$2.41$0.62$1.79$0.11$0.10$0.01
2022Detailed filing. Detailed filing data is available for this year.$2.69$0.91$1.78$0.15$0.11$0.04
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.32$1.58$1.74$0.16$0.13$0.04
2020Detailed filing. Detailed filing data is available for this year.$3.50$1.79$1.71$0.27$0.13$0.14
2019Detailed filing. Detailed filing data is available for this year.$1.99$0.43$1.57$0.14$0.13$0.00
2018Detailed filing. Detailed filing data is available for this year.$2.01$0.45$1.56$0.21$0.11$0.10
2017Detailed filing. Detailed filing data is available for this year.$1.94$0.47$1.47$0.23$0.17$0.06
2016Detailed filing. Detailed filing data is available for this year.$1.84$0.43$1.41$0.21$0.25$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.89$0.44$1.45$0.17$0.15$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.78$0.36$1.42$0.10$0.15$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$0.12$1.47$0.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.53$0.14$1.39$0.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.47$0.02$1.45$0.06