Civic Intelligence

Itasca Economic Development Corporation

EIN 41-1413301 • 501(c)3 • Grand Rapids, MN

Pub. 78 Eligible

Profile

Undertake education and research efforts that support and advance the creation and maintenance of quality jobs for those residing in and around itasca county

1201 SE 7th Ave Suite HGrand Rapids, MN 55744

www.itascadv.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

71st percentile

0.26x

Higher debt load relative to assets than 71% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

86th percentile

0.78x

Higher debt load relative to revenue than 86% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

33rd percentile

-2.3%

Higher net margin than 33% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

31st percentile

-2.1%

Faster asset growth than 31% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

8th percentile

-38%

Faster revenue growth than 8% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets71st percentile

Assets

Down

$4,437,697

Down $96,216 (-2.1%) from 2023

Liabilities

Down

$1,151,772

Down $61,665 (-5.1%) from 2023

Net Assets

Down

$3,285,925

Down $34,551 (-1.0%) from 2023

Operations
Liabilities / Revenue86th percentileNet Margin33rd percentile

Revenue

Down

$1,481,763

Down $894,532 (-38%) from 2023

Expenses

Up

$1,516,314

Up $249,082 (+20%) from 2023

Net Income

Down

-$34,551

Down $1,143,614 (-103%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth31st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2010: $2,802,773Liabilities 2010: $2,138,412Net Assets 2010: $664,3612010Assets 2011: $2,604,534Liabilities 2011: $2,136,086Net Assets 2011: $468,4482011Assets 2012: $2,757,561Liabilities 2012: $2,237,453Net Assets 2012: $520,1082012Assets 2013: $2,909,507Liabilities 2013: $2,227,403Net Assets 2013: $682,1042013Assets 2014: $3,449,134Liabilities 2014: $2,165,455Net Assets 2014: $1,283,6792014Assets 2015: $2,837,526Liabilities 2015: $1,582,275Net Assets 2015: $1,255,2512015Assets 2016: $2,271,356Liabilities 2016: $989,789Net Assets 2016: $1,281,5672016Assets 2017: $2,300,760Liabilities 2017: $984,015Net Assets 2017: $1,316,7452017Assets 2018: $2,352,917Liabilities 2018: $970,802Net Assets 2018: $1,382,1152018Assets 2019: $2,483,494Liabilities 2019: $831,976Net Assets 2019: $1,651,5182019Assets 2020: $3,315,967Liabilities 2020: $1,393,768Net Assets 2020: $1,922,1992020Assets 2021: $3,743,708Liabilities 2021: $1,503,712Net Assets 2021: $2,239,9962021Assets 2022: $3,630,643Liabilities 2022: $1,419,230Net Assets 2022: $2,211,4132022Assets 2023: $4,533,913Liabilities 2023: $1,213,437Net Assets 2023: $3,320,4762023Assets 2024: $4,437,697Liabilities 2024: $1,151,772Net Assets 2024: $3,285,9252024

Highlighted filing

2024

Assets$4,437,697
Liabilities$1,151,772
Net Assets$3,285,925
Open 2024 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $748,9332010Expenses 2011: $802,2002011Expenses 2012: $1,595,0632012Revenue 2013: $892,186Expenses 2013: $730,190Net Income 2013: $161,9962013Revenue 2014: $1,493,092Expenses 2014: $891,517Net Income 2014: $601,5752014Revenue 2015: $660,617Expenses 2015: $689,045Net Income 2015: -$28,4282015Revenue 2016: $680,936Expenses 2016: $654,620Net Income 2016: $26,3162016Revenue 2017: $657,258Expenses 2017: $622,080Net Income 2017: $35,1782017Revenue 2018: $606,161Expenses 2018: $540,791Net Income 2018: $65,3702018Revenue 2019: $891,583Expenses 2019: $622,180Net Income 2019: $269,4032019Revenue 2020: $1,346,358Expenses 2020: $1,075,677Net Income 2020: $270,6812020Revenue 2021: $1,851,180Expenses 2021: $1,533,383Net Income 2021: $317,7972021Revenue 2022: $1,261,748Expenses 2022: $1,290,331Net Income 2022: -$28,5832022Revenue 2023: $2,376,295Expenses 2023: $1,267,232Net Income 2023: $1,109,0632023Revenue 2024: $1,481,763Expenses 2024: $1,516,314Net Income 2024: -$34,5512024

Highlighted filing

2024

Revenue$1,481,763
Expenses$1,516,314
Net Income-$34,551
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$4,437,697
Liabilities
$1,151,772
Net assets
$3,285,925
Revenue
$1,481,763
Expenses
$1,516,314
Net income
-$34,551
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.44$1.15$3.29$1.48$1.52$0.03
2023Detailed filing. Detailed filing data is available for this year.$4.53$1.21$3.32$2.38$1.27$1.11
2022Detailed filing. Detailed filing data is available for this year.$3.63$1.42$2.21$1.26$1.29$0.03
2021Detailed filing. Detailed filing data is available for this year.$3.74$1.50$2.24$1.85$1.53$0.32
2020Detailed filing. Detailed filing data is available for this year.$3.32$1.39$1.92$1.35$1.08$0.27
2019Detailed filing. Detailed filing data is available for this year.$2.48$0.83$1.65$0.89$0.62$0.27
2018Detailed filing. Detailed filing data is available for this year.$2.35$0.97$1.38$0.61$0.54$0.07
2017Detailed filing. Detailed filing data is available for this year.$2.30$0.98$1.32$0.66$0.62$0.04
2016Detailed filing. Detailed filing data is available for this year.$2.27$0.99$1.28$0.68$0.65$0.03
2015Detailed filing. Detailed filing data is available for this year.$2.84$1.58$1.26$0.66$0.69$0.03
2014Detailed filing. Detailed filing data is available for this year.$3.45$2.17$1.28$1.49$0.89$0.60
2013Detailed filing. Detailed filing data is available for this year.$2.91$2.23$0.68$0.89$0.73$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.76$2.24$0.52$1.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.60$2.14$0.47$0.80
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.80$2.14$0.66$0.75
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 10, 2025
Return Version
2024v5.0
Gross Receipts
$1,691,984
Mission and Program Overview

Mission

Undertake education and research efforts that support and advance the creation and maintenance of quality jobs for those residing in and around itasca county

To grow the itasca county economy through education, research and outreach that creates business opportunities

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,704,322$2,492,307▼ $212,015
Savings and Temporary Cash Investments$609,133$1,071,919▲ $462,786
Other Notes and Loans Receivable, Net$686,818$524,740▼ $162,078
Investments in Publicly Traded Securities$139,595$145,631▲ $6,036
Accounts Receivable$37,182$124,884▲ $87,702
Cash and Non-Interest-Bearing Accounts$352,135$74,198▼ $277,937
Prepaid Expenses and Deferred Charges$4,728$4,018▼ $710
Total Assets$4,533,913$4,437,697▼ $96,216
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,180,660$1,121,435▼ $59,225
Accounts Payable and Accrued Expenses$23,121$21,875▼ $1,246
Other Liabilities$9,656$8,462▼ $1,194
Total Liabilities$1,213,437$1,151,772▼ $61,665
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,292,976$3,258,425▼ $34,551
Net Assets With Donor Restrictions$27,500$27,500→ $0
Total Net Assets Fund Balance$3,320,476$3,285,925▼ $34,551
Total Liabilities and Net Assets / Fund Balance$4,533,913$4,437,697▼ $96,216

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,036,438$367,720$2,404,158
Equipment$199,925$185,422$385,347
Land$255,944-$255,944
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tamara LowneyPresidentFT$129,463$8,538$138,001

Board Members and Trustees

NameTitle
Brad DolinksiChair
Jodi PiekarskiVice-chair
Bart JohnsonBoard Member
Ben BenoitBoard Member
Isaac MeyerBoard Member
Katie Glorvigen TierneyBoard Member
Megan KellinBoard Member
Terry SnyderBoard Member
Jean MacdonellSecretary
Kirk AdamsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,173,180
Program Service Revenue
$137,396
Investment Income
$167,481
Other Revenue
$3,706
All Other Contributions
$843,679
Change in Net Assets
$-34,551

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,481,763
Total Revenue per Audited Statements
$1,481,763
Total Revenue per Form 990
$1,481,763
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$959,396
Salaries, Compensation, and Employee Benefits$556,918
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$272,444$72,768-$345,212
Depreciation Depletion$145,572$16,175-$161,747
Current Officers, Directors, Trustees, and Key Employees$117,301$20,700-$138,001
Other Expenses$66,708$68,055-$66,708
Conferences and Meetings$45,183$5,020-$50,203
All Other Expenses$40,360$4,038-$44,398
Payroll Taxes$33,911$8,478-$42,389
Office Expenses$23,864$2,652-$26,516
Advertising$23,248$2,583-$25,831
Travel$18,530$2,059-$20,589
Pension Plan Contributions$14,147$3,537-$17,684
Occupancy$14,725$1,682-$16,407
Other Employee Benefits$7,734$5,898-$13,632
Fees for Services Accounting-$9,835-$9,835
Insurance$4,216$1,054-$5,270
Fees for Services Legal-$3,456-$3,456
Total Functional Expenses$1,288,324$227,990$0$1,516,314

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,516,314
Total Expenses per Audited Statements$1,516,314
Total Expenses per Form 990$1,516,314
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Vacation$8,462
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Electronic copy made available for review”

Form 990, Page 6, Part VI, Line 15A

“Reviewed and approved by board of directors”

Form 990, Page 6, Part VI, Line 15B

“Reviewed and approved by board of directors”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Itasca Economic Development Corpor
EIN
41-1413301
Phone
2183269411
Address
1201 SE 7TH AVE SUITE H, GRAND RAPIDS, MN 55744

Signing Officer

Name
Kirk Adams
Title
Treasurer
Phone
2183269411
Signed
2025-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kirk Adams
Formed
1981
Voting Board Members
11
Independent Board Members
11
Employees
10
Volunteers
20

Preparer

Firm
Blake & Lind Cpas Pllc
Address
504 NW 1ST AVE STE 200, GRAND RAPIDS, MN 55744
Preparer
Sholom R Blake CPA
Phone
2183262879
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Business retention and expansion - organization provides resources to local businesses regarding economic issues and disseminates economic information to the community”

Raw XML AppendixShowing 400 of 464 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0PPP LOAN FORGIVENESS 104,742 MISCELLANEOUS 11,851
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BUSINESS RETENTION AND EXPANSION - ORGANIZATION PROVIDES RESOURCES TO LOCAL BUSINESSES REGARDING ECONOMIC ISSUES AND DISSEMINATES ECONOMIC INFORMATION TO THE COMMUNITY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ELECTRONIC COPY MADE AVAILABLE FOR REVIEW
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEWED AND APPROVED BY BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED AND APPROVED BY BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
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