Civic Intelligence

Greater Fargo Moorhead Economic

EIN 45-6011769 • 501(c)3 • Fargo, ND

View Organization Page

Profile

To grow and diversify the economy in cass county, nd and clay county, mn, through the attraction, retention, and expansion of primary sector businesses

51 Broadway 500Fargo, ND 58102

www.gfmedc.com

Siviq Scores

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

Liabilities / Assets

56th percentile

0.21x

Higher debt load relative to assets than 56% of similar nonprofits.

NTEE S • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

39th percentile

0.12x

Higher debt load relative to revenue than 39% of similar nonprofits.

NTEE S • $1M-$5M nonprofits • Source year 2024

Net Margin

46th percentile

2.6%

Higher net margin than 46% of similar nonprofits.

NTEE S • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

90th percentile

$329,307

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 9.8% of source-year revenue.

NTEE S • $1M-$5M nonprofits • Source year 2024

Asset Growth

12th percentile

-15%

Faster asset growth than 12% of similar nonprofits.

NTEE S • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

83rd percentile

65%

Faster revenue growth than 83% of similar nonprofits.

NTEE S • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$1,909,036

Down $349,275 (-15%) from 2023

Liabilities

Down

$407,028

Down $305,176 (-43%) from 2023

Net Assets

Down

$1,502,008

Down $44,099 (-2.9%) from 2023

Operations
Liabilities / Revenue39th percentileNet Margin46th percentile

Revenue

Up

$3,370,498

Up $1,324,174 (+65%) from 2023

Expenses

Up

$3,283,509

Up $1,221,696 (+59%) from 2023

Net Income

Up

$86,989

Up $102,478 (+662%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth12th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $2,112,140Liabilities 2010: $11,634Net Assets 2010: $2,100,5062010Assets 2011: $2,685,779Liabilities 2011: $4,731Net Assets 2011: $2,681,0482011Assets 2012: $3,001,339Liabilities 2012: $10,181Net Assets 2012: $2,991,1582012Assets 2013: $2,861,543Liabilities 2013: $18,881Net Assets 2013: $2,842,6622013Assets 2014: $2,472,059Liabilities 2014: $30,259Net Assets 2014: $2,441,8002014Assets 2015: $1,938,158Liabilities 2015: $55,501Net Assets 2015: $1,882,6572015Assets 2016: $1,805,141Liabilities 2016: $38,496Net Assets 2016: $1,766,6452016Assets 2017: $1,641,734Liabilities 2017: $74,494Net Assets 2017: $1,567,2402017Assets 2018: $1,203,319Liabilities 2018: $65,220Net Assets 2018: $1,138,0992018Assets 2019: $1,722,162Liabilities 2019: $83,320Net Assets 2019: $1,638,8422019Assets 2020: $2,100,954Liabilities 2020: $93,257Net Assets 2020: $2,007,6972020Assets 2021: $1,995,409Liabilities 2021: $71,785Net Assets 2021: $1,923,6242021Assets 2022: $2,789,395Liabilities 2022: $811,968Net Assets 2022: $1,977,4272022Assets 2023: $2,258,311Liabilities 2023: $712,204Net Assets 2023: $1,546,1072023Assets 2024: $1,909,036Liabilities 2024: $407,028Net Assets 2024: $1,502,0082024

Highlighted filing

2024

Assets$1,909,036
Liabilities$407,028
Net Assets$1,502,008
Open 2024 Filing

Operations Trend

Revenue Growth83rd percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $915,8032010Revenue 2011: $1,574,701Expenses 2011: $994,159Net Income 2011: $580,5422011Expenses 2012: $954,7732012Revenue 2013: $1,004,148Expenses 2013: $1,152,644Net Income 2013: -$148,4962013Revenue 2014: $932,675Expenses 2014: $1,333,537Net Income 2014: -$400,8622014Revenue 2015: $987,380Expenses 2015: $1,546,523Net Income 2015: -$559,1432015Revenue 2016: $1,372,832Expenses 2016: $1,488,844Net Income 2016: -$116,0122016Revenue 2017: $1,323,101Expenses 2017: $1,522,506Net Income 2017: -$199,4052017Revenue 2018: $1,360,580Expenses 2018: $1,789,721Net Income 2018: -$429,1412018Revenue 2019: $1,696,233Expenses 2019: $1,512,139Net Income 2019: $184,0942019Revenue 2020: $1,563,513Expenses 2020: $1,477,934Net Income 2020: $85,5792020Revenue 2021: $1,379,514Expenses 2021: $1,567,411Net Income 2021: -$187,8972021Revenue 2022: $1,756,117Expenses 2022: $1,545,484Net Income 2022: $210,6332022Revenue 2023: $2,046,324Expenses 2023: $2,061,813Net Income 2023: -$15,4892023Revenue 2024: $3,370,498Expenses 2024: $3,283,509Net Income 2024: $86,9892024

Highlighted filing

2024

Revenue$3,370,498
Expenses$3,283,509
Net Income$86,989
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
$1,909,036
Liabilities
$407,028
Net assets
$1,502,008
Revenue
$3,370,498
Expenses
$3,283,509
Net income
$86,989
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.91$0.41$1.50$3.37$3.28$0.09
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.26$0.71$1.55$2.05$2.06$0.02
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.79$0.81$1.98$1.76$1.55$0.21
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.00$0.07$1.92$1.38$1.57$0.19
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.10$0.09$2.01$1.56$1.48$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.72$0.08$1.64$1.70$1.51$0.18
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.20$0.07$1.14$1.36$1.79$0.43
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.64$0.07$1.57$1.32$1.52$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$0.04$1.77$1.37$1.49$0.12
2015Detailed filing. Detailed filing data is available for this year.$1.94$0.06$1.88$0.99$1.55$0.56
2014Detailed filing. Detailed filing data is available for this year.$2.47$0.03$2.44$0.93$1.33$0.40
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.86$0.02$2.84$1.00$1.15$0.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.00$0.01$2.99$0.95
2011Summary only. Only limited summary data is available for this year.$2.69$0.00$2.68$1.57$0.99$0.58
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.11$0.01$2.10$0.92
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 13, 2025
Return Version
2024v5.1
Gross Receipts
$3,370,498
Mission and Program Overview

Mission

The greater fargo moorhead economic development corporation (gfmedc) is a catalyst for economic growth and prosperity. Using a comprehensive approach to economic development, the gfmedc accelerates job and wealth creation in cass county, nd and clay county, mn.

To grow & diversify the economies of cass county nd and clay county mn.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,692,099$1,522,983▼ $169,116
Investments Program Related$131,088--
Accounts Receivable$19,750$39,625▲ $19,875
Land, Buildings, and Equipment, Net$55,041$37,143▼ $17,898
Total Assets$2,258,311$1,909,036▼ $349,275
Other Assets Total$360,333$309,285▼ $51,048
Liabilities
Other Liabilities$642,997$317,953▼ $325,044
Accounts Payable and Accrued Expenses$69,207$89,075▲ $19,868
Total Liabilities$712,204$407,028▼ $305,176
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,441,297$1,363,939▼ $77,358
Net Assets With Donor Restrictions$104,810$138,069▲ $33,259
Total Net Assets Fund Balance$1,546,107$1,502,008▼ $44,099
Total Liabilities and Net Assets / Fund Balance$2,258,311$1,909,036▼ $349,275

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$13,705$143,164$156,869
Equipment$23,438$120,637$144,075
Leasehold Improvements$0$16,145$16,145
Other Assets Org$309,285--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph RasoPresident/CEOFT$309,776$19,531$309,776
Ryan AasheimChief Business DevelopmentFT$151,000$17,745$151,000
John MachacekChief Innovation OfficerFT$115,908$19,005$134,913

Board Members and Trustees

NameTitle
Jim BuusChair
Don CampbellChair Elect
Bernie DardisAgency Director
Dr Tim MahoneyAgency Director
Matt GilbertsonAgency Director
Tony GrindbergAgency Director
Kevin HansonAt-large Director
Rachel LeiAt-large Director
Terri ZimmermanAt-large Director
Tiffany LawrenceAt-large Director
Tim CuroeAt-large Director
Chad PetersonExecutive Committee
David EbingerExecutive Committee
Dr Carrie BrimhallExecutive Committee
Jason SegerSecretary
Mike ArntsonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Covergent Nonprofit Solutions LLCConsulting520 SHERITAN WAY, Smyrna, GA 30082$302,500
Orange 142 LLCMarketing1177 WEST LOOP S STE 200, Houston, TX 77027$234,401
Be More ColorfulVirtual ToursPO BOX 1350, Fargo, ND 58107$221,549
Off Color MediaVideographer550 OAK RIDGE WAY, West Fargo, ND 58078$190,000
H2mConsultingPO BOX 2966, Fargo, ND 58108$115,333
Revenue and Support

Revenue Composition

Contributions and Grants
$3,235,271
Program Service Revenue
$41,415
Investment Income
$83,695
Other Revenue
$10,117
All Other Contributions
$2,200,271
Change in Net Assets
$86,989

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,370,498
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-131,088
Total Revenue per Audited Statements
$3,239,410
Total Revenue per Form 990
$3,370,498
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,940,190
Salaries, Compensation, and Employee Benefits$1,343,319
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$499,485$217,360-$716,845
Fees for Services Management$1,908$391,668-$393,576
Current Officers, Directors, Trustees, and Key Employees$234,788$100,623-$335,411
Other Employee Benefits$83,107$84,412-$167,519
Occupancy$18,834$86,973-$105,807
Conferences and Meetings$80,593$6,527-$87,120
Payroll Taxes$49,958$24,594-$74,552
Pension Plan Contributions$32,830$16,162-$48,992
Information Technology-$35,450-$35,450
All Other Expenses$12,350$13,710-$26,060
Other Expenses$33,984$25,581-$25,581
Fees for Services Accounting-$19,511-$19,511
Depreciation Depletion$3,186$14,712-$17,898
Office Expenses$1,492$14,240-$15,732
Insurance$824$3,806-$4,630
Travel$1,829--$1,829
Fees for Services Legal-$1,751-$1,751
Total Functional Expenses$2,226,429$1,057,080$0$3,283,509

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,283,509
Total Expenses per Audited Statements$3,283,509
Total Expenses per Form 990$3,283,509
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease$317,953
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
No
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 1A

“The board of directors consists of 15-20 members, all with voting rights. The executive committee consists of 10 members that consists of members of the full governing board. The executive committee is an oversight committee for management and business decisions.”

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

“The form 990 will be reviewed by the executive committee at their meeting. The form 990 will be electronically submitted to the governing board before filing for their review.”

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

“Board members sign the conflict of interest statement and policy annually, of which they are expected to uphold their pledge by abiding by it. The finance/hr manager reviews the signed documents and brings up any possible conflicts to the president and ceo. Board members are expected to abstain from voting on matters with which they may have a conflict of interest issue.”

Form 990, Part VI, Section B, Line 15A

“An annual review is conducted for the president and ceo by the officers of the executive committee. Increase in salary is determined by performance, cost of living raises and analysis of similar positions in similar markets. The officer of the executive committee votes on all decisions regarding the president and ceo's performance review. Approval is given and confirmed to the accountant for any payroll changes. There are no other key employees or officers of the organization. In regards to the compensation for other officers and key employees, the executive committee does not deliberate over other employee salaries as that is the duty of the president and ceo.”

Form 990, Part VI, Section C, Line 19

“The organization has the governing documents, conflict of interest policy, and financial statements available upon request”

Filing and Contact Details

Filer

Filer Name
Greater Fargo Moorhead Economic
EIN
45-6011769
Phone
7013641900
Address
51 BROADWAY 500, FARGO, ND 58102

Signing Officer

Name
Joseph M Raso
Title
President/CEO
Phone
7013641900
Signed
2025-06-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph M Raso
Formed
1946
Legal Domicile
Nd
Voting Board Members
16
Independent Board Members
16
Employees
9
Volunteers
0

Preparer

Firm
Brady Martz & Associates Pc
Address
2537 S UNIVERSITY DRIVE, FARGO, ND 58103
Preparer
Jeremy Ulmer CPA
Phone
7012802100
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“In an effort to better financial support the programming of the edc, and to better align our work with key partners, such as the chamber of commerce, we embarked in 2024 to raise funds through a four-year initiative called innovate28. Innovate28 is focused on achieving meaningful results in workforce development, business development and public policy. The gfmedc is charged with continuing its work in business development (retention, attraction and new company creation) and workforce recruitment, and funding from the innovate28 campaign are being utilized to fund programming for this work.”

Part XII, Line 2C

“The organization's board takes responsibility over the financial statements.”

Financial Statement Notes

PART X, LINE 2:

“It is the opinion of management that the organization has no uncertain tax positions that would be subject to the change upon examination. The federal and state income tax returns of the organization are subject to examination by the irs, generally for three years after they were filed.”

Raw XML AppendixShowing 400 of 616 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt069207
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt089075
IRS990/AccountsReceivableGrp/BOYAmt019750
IRS990/AccountsReceivableGrp/EOYAmt039625
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0TO GROW & DIVERSIFY THE ECONOMIES OF CASS COUNTY ND AND CLAY COUNTY MN.
IRS990/AllOtherContributionsAmt02200271
IRS990/AllOtherExpensesGrp/ManagementAndGeneralAmt013710
IRS990/AllOtherExpensesGrp/ProgramServicesAmt012350
IRS990/AllOtherExpensesGrp/TotalAmt026060
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IRS990/AuditCommitteeInd01
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IRS990/BooksInCareOfDetail/PhoneNum07013641909
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt051 BROADWAY SUITE 500
IRS990/BooksInCareOfDetail/USAddress/CityNm0FARGO
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0ND
IRS990/BooksInCareOfDetail/USAddress/ZIPCd058102
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IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd01
IRS990/CompensationProcessOtherInd00
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt11177 WEST LOOP S STE 200
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt2PO BOX 1350
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt3550 OAK RIDGE WAY
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt4PO BOX 2966
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm1HOUSTON
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm3WEST FARGO
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm4FARGO
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IRS990/ContractorCompensationGrp/ServicesDesc1MARKETING
IRS990/ContractorCompensationGrp/ServicesDesc2VIRTUAL TOURS
IRS990/ContractorCompensationGrp/ServicesDesc3VIDEOGRAPHER
IRS990/ContractorCompensationGrp/ServicesDesc4CONSULTING
IRS990/CreditCounselingInd00
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IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt014712
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IRS990/DepreciationDepletionGrp/TotalAmt017898
IRS990/Desc0OUR OVERARCHING MISSION OF THE GFMEDC IS TO LEAD THE DEVELOPMENT OF A ROBUST ECONOMY WHERE PEOPLE AND BUSINESSES THRIVE WHICH INCLUDES EFFORTS TO:- 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 ENHANCES THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF CASS COUNTY, NORTH DAKOTA AND CLAY COUNTY, MINNESOTA, WHICH ENCOMPASSES THE FARGO-MOORHEAD MSA AS DELINEATED BY THE OFFICE OF MANAGEMENT AND BUDGET. THIS PROMOTION AND ENHANCEMENT IS DONE THROUGH DEPLOYMENT OF PROGRAMS AND ACTIVITIES DESIGNED TO FACILITATE JOB CREATION AND BY INFORMING EXISTING AND POTENTIAL BUSINESSES ABOUT THE BENEFITS OF LOCATING OR EXPANDING 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 ND DEPARTMENT OF COMMERCE AND MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT AS WELL AS DIRECTLY WITH GLOBAL SITE SELECTORS AND COMPANIES TO BRING NEW BUSINESS TO THE STATE. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - WE SUCCESSFULLY SUPPORTED 20 PROJECTS IN 2024 HELPED TO CREATE MORE THAN 221 DIRECT JOBS AND $164 MILLION IN CAPITAL INVESTMENT (EQUIPMENT AND BUILDINGS). COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 75 COMPANIES IN 2024. NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 653,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.
IRS990/DescribedInSection501c3Ind01
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IRS990/MissionDesc0THE GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION (GFMEDC) IS A CATALYST FOR ECONOMIC GROWTH AND PROSPERITY. USING A COMPREHENSIVE APPROACH TO ECONOMIC DEVELOPMENT, THE GFMEDC ACCELERATES JOB AND WEALTH CREATION IN CASS COUNTY, ND AND CLAY COUNTY, MN.
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE 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 2024, 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,LIGHTCASTI, TO ASSIST EMPLOYERS BY PROVIDING WORKFORCE DATA.
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IRS990/ProgSrvcAccomActy3Grp/Desc0ENTREPRENEURIAL 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 2024 HELPED TO CREATE MORE THAN 221 DIRECT JOBS; AND ADDITIONAL 289 INDIRECT AND INDUCED JOBS FOR A TOTAL OF 510 JOBS IN THE REGION.PAYROLL FOR THESE ON-GOING JOBS EXCEEDED $43 MILLION, WHICH EQUATES TO AN AVERAGE ANNUAL INCOME OF $ 84,000. IN ADDITION, A TOTAL OF 597 TEMPORARY JOBS WERE ADDED DUE TO CONSTRUCTION ACTIVITIES WITH A PAYROLL OF $ 38.9 MILLION. TOTAL PAYROLL FOR TEMPORARY POSITIONS EQUATES TO AN AVERAGE INCOME PER JOB OF $65,000.ANNUAL SALES - DUE TO COMPANY AND EMPLOYEE SPENDING, THE REGIONAL ECONOMY HAD AN ESTIMATED $293.3 MILLION IN ADDITIONAL SALES THAT TOOK PLACE, OF WHICH $156.9 MILLION WILL BE REOCCURRING EACH YEAR WITH THE CONTINUED OPERATION OF THE NEW BUSINESSES. COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION COMPLETED 75 COMPANY ASSISTANCE PROJECTS IN 2024. NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 650,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0ENTREPRENEURIAL 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 IN AN EFFORT TO BETTER FINANCIAL SUPPORT THE PROGRAMMING OF THE EDC, AND TO BETTER ALIGN OUR WORK WITH KEY PARTNERS, SUCH AS THE CHAMBER OF COMMERCE, WE EMBARKED IN 2024 TO RAISE FUNDS THROUGH A FOUR-YEAR INITIATIVE CALLED INNOVATE28. INNOVATE28 IS FOCUSED ON ACHIEVING MEANINGFUL RESULTS IN WORKFORCE DEVELOPMENT, BUSINESS DEVELOPMENT AND PUBLIC POLICY. THE GFMEDC IS CHARGED WITH CONTINUING ITS WORK IN BUSINESS DEVELOPMENT (RETENTION, ATTRACTION AND NEW COMPANY CREATION) AND WORKFORCE RECRUITMENT, AND FUNDING FROM THE INNOVATE28 CAMPAIGN ARE BEING UTILIZED TO FUND PROGRAMMING FOR THIS WORK.
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