Civic Intelligence

Grand Forks Region Economic Development Corporation

990 • Fiscal year 2015 • EIN 45-0410198

Jan 01, 2015 to Dec 31, 2015 • Filed on Feb 03, 2016

120 North 4th StGrand Forks, ND 58203

(701) 746-2720

Siviq Scores

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

Liabilities / Assets

24th percentile

0.03x

Higher debt load relative to assets than 24% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

25th percentile

0.04x

Higher debt load relative to revenue than 25% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Net Margin

81st percentile

13%

Higher net margin than 81% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

70th percentile

$194,037

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 21.0% of source-year revenue.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Asset Growth

75th percentile

12%

Faster asset growth than 75% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

59th percentile

6.0%

Faster revenue growth than 59% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Assets

Up

$1,115,589

Up $120,213 (+12%) from 2014

Net Assets

Up

$1,077,290

Up $123,009 (+13%) from 2014

Liabilities

Down

$38,299

Down $2,796 (-6.8%) from 2014

Revenue

Up

$924,422

Up $52,403 (+6.0%) from 2014

Expenses

Down

$801,413

Down $29,622 (-3.6%) from 2014

Net Income

Up

$123,009

Up $82,025 (+200%) from 2014

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2010: $8,258,252Liabilities 2010: $3,962,754Net Assets 2010: $4,295,4982010Assets 2011: $837,577Liabilities 2011: $22,311Net Assets 2011: $815,2662011Assets 2012: $879,020Liabilities 2012: $28,255Net Assets 2012: $850,7652012Assets 2013: $967,055Liabilities 2013: $53,758Net Assets 2013: $913,2972013Assets 2014: $995,376Liabilities 2014: $41,095Net Assets 2014: $954,2812014Assets 2015: $1,115,589Liabilities 2015: $38,299Net Assets 2015: $1,077,2902015Assets 2016: $864,026Liabilities 2016: $40,199Net Assets 2016: $823,8272016Assets 2017: $922,684Liabilities 2017: $35,655Net Assets 2017: $887,0292017Assets 2018: $1,067,052Liabilities 2018: $26,835Net Assets 2018: $1,040,2172018Assets 2019: $1,052,131Liabilities 2019: $23,524Net Assets 2019: $1,028,6072019Assets 2020: $1,207,377Liabilities 2020: $57,670Net Assets 2020: $1,149,7072020Assets 2021: $1,227,539Liabilities 2021: $327,700Net Assets 2021: $899,8392021Assets 2022: $1,184,900Liabilities 2022: $229,534Net Assets 2022: $955,3662022Assets 2023: $1,346,753Liabilities 2023: $391,339Net Assets 2023: $955,4142023Assets 2024: $1,541,452Liabilities 2024: $403,054Net Assets 2024: $1,138,3982024

Highlighted filing

2015

Assets$1,115,589
Liabilities$38,299
Net Assets$1,077,290

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $735,7072010Expenses 2011: $735,5172011Expenses 2012: $780,1972012Revenue 2013: $835,834Expenses 2013: $749,787Net Income 2013: $86,0472013Revenue 2014: $872,019Expenses 2014: $831,035Net Income 2014: $40,9842014Revenue 2015: $924,422Expenses 2015: $801,413Net Income 2015: $123,0092015Revenue 2016: $879,125Expenses 2016: $851,624Net Income 2016: $27,5012016Revenue 2017: $914,400Expenses 2017: $851,198Net Income 2017: $63,2022017Revenue 2018: $977,626Expenses 2018: $824,438Net Income 2018: $153,1882018Revenue 2019: $908,233Expenses 2019: $919,843Net Income 2019: -$11,6102019Revenue 2020: $981,429Expenses 2020: $860,329Net Income 2020: $121,1002020Revenue 2021: $963,329Expenses 2021: $1,213,197Net Income 2021: -$249,8682021Revenue 2022: $1,009,895Expenses 2022: $954,368Net Income 2022: $55,5272022Revenue 2023: $1,073,194Expenses 2023: $1,073,146Net Income 2023: $482023Revenue 2024: $1,539,015Expenses 2024: $1,356,031Net Income 2024: $182,9842024

Highlighted filing

2015

Revenue$924,422
Expenses$801,413
Net Income$123,009
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Feb 3, 2016
Return Version
2015v2.1
Gross Receipts
$924,422
Mission and Program Overview

Mission

Promote economic growth in grand forks, north dakota and the surrounding communities through the attraction of new industries and expansion of current businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$484,402$455,061▼ $29,341
Cash and Non-Interest-Bearing Accounts$276,613$395,037▲ $118,424
Savings and Temporary Cash Investments$225,938$257,601▲ $31,663
Accounts Receivable$4,501$4,393▼ $108
Prepaid Expenses and Deferred Charges$3,922$3,497▼ $425
Total Assets$995,376$1,115,589▲ $120,213
Liabilities
Accounts Payable and Accrued Expenses$41,095$38,299▼ $2,796
Total Liabilities$41,095$38,299▼ $2,796
Net Assets / Fund Balance
Unrestricted Net Assets$769,431$845,140▲ $75,709
Temporarily Rstr Net Assets$184,850$232,150▲ $47,300
Total Net Assets Fund Balance$954,281$1,077,290▲ $123,009
Total Liabilities and Net Assets / Fund Balance$995,376$1,115,589▲ $120,213

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$89,365$81,922$171,287
Leasehold Improvements$84,732$24,107$108,839
Land$280,964--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Klaus ThiessenPresidentFT$160,800$33,237$194,037
Keith LundVice PresidentFT$103,100$29,988$133,088

Board Members and Trustees

NameTitle
Dwight ThompsonChair From 05/2015
Steve BurianChair Thru 04/2015
Karl BollingbergVice Chair From 05/2015
Dwight ThompsonVice Chair Thru 04/2015
Anne TemteDirector
Dana SandeDirector
David EngenDirector
Grant McgimpseyDirector
John EickhofDirector
John SchmisekDirector
Korrie WenzelDirector
Mike JacobsDirector
Robert MclennanDirector
Thomas DilorenzoDirector
Bill LeeSecretary/treasurer
Tammy PetersonSecretary/treasurer From 05/2015
Revenue and Support

Revenue Composition

Contributions and Grants
$920,418
Program Service Revenue
$0
Investment Income
$291
Other Revenue
$3,713
Change in Net Assets
$123,009

Audited Revenue Reconciliation

Revenue per Audited Statements
$924,422
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$924,422
Total Revenue per Form 990
$924,422
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$603,959
Other Expenses$197,454
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$327,125
Other Salaries and Wages---$216,876
Travel---$37,146
Payroll Taxes---$34,643
Depreciation Depletion---$31,862
Occupancy---$30,200
Advertising---$23,400
Office Expenses---$20,724
Other Employee Benefits---$15,151
Pension Plan Contributions---$10,164
Other Expenses---$5,512
All Other Expenses---$4,171
Total Functional Expenses$0$0$0$801,413

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$801,413
Total Expenses per Audited Statements$801,413
Total Expenses per Form 990$801,413
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
In-house lobbying only
No
Subject to proxy tax
Yes
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 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, Part VI, Section A, Line 6

Grand forks region economic development corporation is a not-for-profit corporation with members. Members of the organization have the right to participate in board of director elections.

Form 990, Part VI, Section A, Line 7A

Members of the organization have the right to participate in board of director elections.

Form 990, Part VI, Section B, Line 11

Form 990 is reviewed by the edc vice president and a complete copy is provided to the board of directors prior to filing.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is monitored annually through the use of a questionnaire distributed to any directors, officers and key employees.

Form 990, Part VI, Section B, Line 15

The process for determining compensation includes a comparison of compensation from search firms and/or other edc offices in the state. This information is presented for discussion at an executive committee meeting of the board of directors.

Form 990, Part VI, Section C, Line 19

Financial statements are available on the organization's website as part of the annual report. No other documents are available to the public.

Filing and Contact Details

Filer

Filer Name
Grand Forks Region Economic Development
EIN
45-0410198
Phone
7017462720
Address
120 NORTH 4TH ST, GRAND FORKS, ND 58203

Signing Officer

Name
Klaus Thiessen
Title
President
Phone
7017462720
Signed
2016-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Klaus Thiessen
Formed
1988
Legal Domicile
Nd
Voting Board Members
11
Independent Board Members
10
Employees
8
Volunteers
0

Preparer

Firm
Brady Martz and Associates Pc
Address
PO BOX 14296, GRAND FORKS, ND 58208-4296
Preparer
Janelle Mulroy
Phone
7017754685
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

The organization has not changed the oversight process or selection process from prior years.

Financial Statement Notes

PART IV, LINE 2B:

The organization serves as a conduit entity for other organizations and may receive restricted funds. As of december 31,2015 no amount was on hand nor was anything included with restricted assets.

PART X, LINE 2:

The corporation's policy is to evaluate the likelihood that its uncertain tax positions will prevail upon examination based on the extent to which those positions have substantial support within the internal revenue code and regulations, revenue rulings, court decisions, and other evidence. It is the opinion of management that the organization has no significant uncertain tax positions that would be subject to change upon examination. The federal income tax returns of the corporation are subject to examination by the irs, generally for three years after they are filed.

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IRS990/LandBldgEquipBasisNetGrp/BOYAmt0484402
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0455061
IRS990/LandBldgEquipCostOrOtherBssAmt0561090
IRS990/LegalDomicileStateCd0ND
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembershipDuesAmt0371299
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROMOTE ECONOMIC GROWTH IN GRAND FORKS, NORTH DAKOTA AND THE SURROUNDING COMMUNITIES THROUGH THE ATTRACTION OF NEW INDUSTRIES AND EXPANSION OF CURRENT BUSINESSES.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0954281
IRS990/NetAssetsOrFundBalancesEOYAmt01077290
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd01
IRS990/NondeductibleContriDisclInd01
IRS990/OccupancyGrp/TotalAmt030200
IRS990/OfficeExpensesGrp/TotalAmt020724
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt015151
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL FEES
IRS990/OtherExpensesGrp/Desc1COMMUNICATION
IRS990/OtherExpensesGrp/Desc2DUES & SUBSCRIPTION
IRS990/OtherExpensesGrp/Desc3CLIENT RELATIONS
IRS990/OtherExpensesGrp/TotalAmt021954
IRS990/OtherExpensesGrp/TotalAmt114421
IRS990/OtherExpensesGrp/TotalAmt28064
IRS990/OtherExpensesGrp/TotalAmt35512
IRS990/OtherRevenueMiscGrp/BusinessCd0561000
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/ExclusionAmt03713
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt03713
IRS990/OtherRevenueTotalAmt03713
IRS990/OtherSalariesAndWagesGrp/TotalAmt0216876
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt034643
IRS990/PensionPlanContributionsGrp/TotalAmt010164
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03922
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03497
IRS990/PrincipalOfficerNm0KLAUS THIESSEN
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0847520
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt02
IRS990/PYOtherExpensesAmt0210386
IRS990/PYOtherRevenueAmt024497
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt040984
IRS990/PYSalariesCompEmpBnftPaidAmt0620649
IRS990/PYTotalExpensesAmt0831035
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0872019
IRS990/ReconcilationRevenueExpnssAmt0123009
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0225938
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0257601
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/AgreeCarryoverPriorYearInd00
IRS990ScheduleC/DuesAssessmentsAmt0371299
IRS990ScheduleC/OnlyInHouseLobbyingInd00
IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt089365
IRS990ScheduleD/EquipmentGrp/DepreciationAmt081922
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0171287
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0801413
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd00
IRS990ScheduleD/LandGrp/BookValueAmt0280964
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0280964
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt084732
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt024107
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0108839
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0924422
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION SERVES AS A CONDUIT ENTITY FOR OTHER ORGANIZATIONS AND MAY RECEIVE RESTRICTED FUNDS. AS OF DECEMBER 31,2015 NO AMOUNT WAS ON HAND NOR WAS ANYTHING INCLUDED WITH RESTRICTED ASSETS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE ORGANIZATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0455061
IRS990ScheduleD/TotalExpensesPerForm990Amt0801413
IRS990ScheduleD/TotalRevenuePerForm990Amt0924422
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0924422
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0801413
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0160800
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt08404
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt024833
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KLAUS THIESSEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0194037
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0GRAND FORKS REGION ECONOMIC DEVELOPMENT CORPORATION IS A NOT-FOR-PROFIT CORPORATION WITH MEMBERS. MEMBERS OF THE ORGANIZATION HAVE THE RIGHT TO PARTICIPATE IN BOARD OF DIRECTOR ELECTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS OF THE ORGANIZATION HAVE THE RIGHT TO PARTICIPATE IN BOARD OF DIRECTOR ELECTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS REVIEWED BY THE EDC VICE PRESIDENT AND A COMPLETE COPY IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY IS MONITORED ANNUALLY THROUGH THE USE OF A QUESTIONNAIRE DISTRIBUTED TO ANY DIRECTORS, OFFICERS AND KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS FOR DETERMINING COMPENSATION INCLUDES A COMPARISON OF COMPENSATION FROM SEARCH FIRMS AND/OR OTHER EDC OFFICES IN THE STATE. THIS INFORMATION IS PRESENTED FOR DISCUSSION AT AN EXECUTIVE COMMITTEE MEETING OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS PART OF THE ANNUAL REPORT. NO OTHER DOCUMENTS ARE AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION HAS NOT CHANGED THE OVERSIGHT PROCESS OR SELECTION PROCESS FROM PRIOR YEARS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990 PART XII LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0GRAND FORKS REGION ECONOMIC DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0GRAND FORKS DEVELOPMENT FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0456016823
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(6)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0ND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PROMOTE ECONOMIC GROWTH TO GRAND FORKS, ND AND SURROUNDING COMMUNITIES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0120 NORTH 4TH ST
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0GRAND FORKS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0ND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd058203
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.54$0.40$1.14$1.54$1.36$0.18
2023Detailed filing. Detailed filing data is available for this year.$1.35$0.39$0.96$1.07$1.07$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.18$0.23$0.96$1.01$0.95$0.06
2021Detailed filing. Detailed filing data is available for this year.$1.23$0.33$0.90$0.96$1.21$0.25
2020Detailed filing. Detailed filing data is available for this year.$1.21$0.06$1.15$0.98$0.86$0.12
2019Detailed filing. Detailed filing data is available for this year.$1.05$0.02$1.03$0.91$0.92$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.07$0.03$1.04$0.98$0.82$0.15
2017Detailed filing. Detailed filing data is available for this year.$0.92$0.04$0.89$0.91$0.85$0.06
2016Detailed filing. Detailed filing data is available for this year.$0.86$0.04$0.82$0.88$0.85$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.12$0.04$1.08$0.92$0.80$0.12
2014Detailed filing. Detailed filing data is available for this year.$1.00$0.04$0.95$0.87$0.83$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.97$0.05$0.91$0.84$0.75$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.88$0.03$0.85$0.78
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.84$0.02$0.82$0.74
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.26$3.96$4.30$0.74