Civic Intelligence

Grand Forks Development Foundation

990 • Fiscal year 2021 • EIN 45-6016823

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 04, 2022

Organization ProfileN/A
120 N 4th StreetGrand Forks, ND 58203

(701) 746-2720

Siviq Scores

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

Liabilities / Assets

84th percentile

0.41x

Higher debt load relative to assets than 84% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

47.98x

Higher debt load relative to revenue than 100% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Net Margin

1st percentile

-4727%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

92nd percentile

$181,529

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 3484.2% of source-year revenue.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2021

Asset Growth

24th percentile

0.6%

Faster asset growth than 24% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

46th percentile

4.5%

Faster revenue growth than 46% of similar nonprofits.

2021 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$603,693

Up $3,730 (+0.6%) from 2020

Net Assets

Down

$353,693

Down $246,270 (-41%) from 2020

Liabilities

Up

$250,000

Up $250,000 from 2020

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$5,210

Up $224 (+4.5%) from 2020

Expenses

Up

$251,480

Up $249,990 (+16778%) from 2020

Net Income

Down

-$246,270

Down $249,766 (-7144%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$800K$600K$400K$200K$0Assets 2010: $265,352Liabilities 2010: $9,170Net Assets 2010: $256,1822010Assets 2011: $258,322Liabilities 2011: $8,503Net Assets 2011: $249,8192011Assets 2012: $329,485Liabilities 2012: $20,000Net Assets 2012: $309,4852012Assets 2013: $309,994Liabilities 2013: $0Net Assets 2013: $309,9942013Assets 2014: $310,467Liabilities 2014: $0Net Assets 2014: $310,4672014Assets 2015: $311,052Liabilities 2015: $0Net Assets 2015: $311,0522015Assets 2016: $592,601Liabilities 2016: $0Net Assets 2016: $592,6012016Assets 2017: $592,827Liabilities 2017: $0Net Assets 2017: $592,8272017Assets 2018: $592,272Liabilities 2018: $0Net Assets 2018: $592,2722018Assets 2019: $596,467Liabilities 2019: $0Net Assets 2019: $596,4672019Assets 2020: $599,963Liabilities 2020: $0Net Assets 2020: $599,9632020Assets 2021: $603,693Liabilities 2021: $250,000Net Assets 2021: $353,6932021Assets 2022: $287,762Liabilities 2022: $0Net Assets 2022: $287,7622022Assets 2023: $296,179Liabilities 2023: $0Net Assets 2023: $296,1792023Assets 2024: $300,218Liabilities 2024: $0Net Assets 2024: $300,2182024

Highlighted filing

2021

Assets$603,693
Liabilities$250,000
Net Assets$353,693
Open 2021 Filing

Operations Trend

Revenue Growth46th percentile

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

$400K$200K$0-$200K-$400KRevenue 2010: $838Expenses 2010: $2,449Net Income 2010: -$1,6112010Revenue 2011: $1,431Expenses 2011: $7,794Net Income 2011: -$6,3632011Revenue 2012: $65,266Expenses 2012: $5,600Net Income 2012: $59,6662012Revenue 2013: $1,109Expenses 2013: $600Net Income 2013: $5092013Revenue 2014: $948Expenses 2014: $475Net Income 2014: $4732014Revenue 2015: $585Expenses 2015: $0Net Income 2015: $5852015Revenue 2016: $281,549Expenses 2016: $0Net Income 2016: $281,5492016Revenue 2017: $236Expenses 2017: $10Net Income 2017: $2262017Revenue 2018: $290Expenses 2018: $845Net Income 2018: -$5552018Revenue 2019: $5,054Expenses 2019: $859Net Income 2019: $4,1952019Revenue 2020: $4,986Expenses 2020: $1,490Net Income 2020: $3,4962020Revenue 2021: $5,210Expenses 2021: $251,480Net Income 2021: -$246,2702021Revenue 2022: $16Expenses 2022: $65,947Net Income 2022: -$65,9312022Revenue 2023: $9,737Expenses 2023: $1,320Net Income 2023: $8,4172023Revenue 2024: $4,759Expenses 2024: $720Net Income 2024: $4,0392024

Highlighted filing

2021

Revenue$5,210
Expenses$251,480
Net Income-$246,270
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 4, 2022
Return Version
2021v4.2
Gross Receipts
$5,210
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
Savings and Temporary Cash Investments$318,999$322,729▲ $3,730
Total Assets$599,963$603,693▲ $3,730
Other Assets Total$280,964$280,964→ $0
Liabilities
Accounts Payable and Accrued Expenses-$250,000-
Total Liabilities$0$250,000▲ $250,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$599,963$353,693▼ $246,270
Total Net Assets Fund Balance$599,963$353,693▼ $246,270
Total Liabilities and Net Assets / Fund Balance$599,963$603,693▲ $3,730

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$280,964--
Compensation and Service Providers
Top Officer Pay92nd percentile

Board Members and Trustees

NameTitle
Jonathan HolthChair
John OnckenVice Chair
Keith LundSec/treas
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$26
Other Revenue
$5,184
Change in Net Assets
$-246,270
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$250,000
Other Expenses$1,480
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$250,000
Fees for Services Other---$575
Other Expenses---$26
Total Functional Expenses$0$0$0$251,480
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Forks Foundation for EducationGrand Forks, ND501(c)(3)Career Impact Academy$250,000
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

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

“Members of the governing body are appointed annually by the board of directors of the grand forks region economic development corporation, 100% owner of the grand forks development foundation.”

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

“Decisions of the foundation are subject to approval by the board of directors of the grand forks region economic development corporation.”

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

“Form 990 is reviewed for accuracy individually by the board of directors and the operations manager and approved 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 C, Line 18

“The organization's form 990 public inspection copy is available upon request and at www.guidestar.org.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Grand Forks Development Foundation
EIN
45-6016823
Phone
7017462720
Address
120 N 4TH STREET, GRAND FORKS, ND 58203

Signing Officer

Name
Keith Lund
Title
Pres/sec/treas
Phone
7017462720
Signed
2022-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Lund
Formed
1967
Legal Domicile
Nd
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Brady Martz & Associates Pc
Address
PO BOX 14296, GRAND FORKS, ND 58208-4296
Preparer
Nicole Heldstab
Phone
7017754685
Supplemental Narrative

Financial Statement Notes

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. All filings are current.”

Raw XML Appendix338 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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. ALL FILINGS ARE CURRENT.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS OF THE GOVERNING BODY ARE APPOINTED ANNUALLY BY THE BOARD OF DIRECTORS OF THE GRAND FORKS REGION ECONOMIC DEVELOPMENT CORPORATION, 100% OWNER OF THE GRAND FORKS DEVELOPMENT FOUNDATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DECISIONS OF THE FOUNDATION ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS OF THE GRAND FORKS REGION ECONOMIC DEVELOPMENT CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS REVIEWED FOR ACCURACY INDIVIDUALLY BY THE BOARD OF DIRECTORS AND THE OPERATIONS MANAGER AND APPROVED 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 ORGANIZATION'S FORM 990 PUBLIC INSPECTION COPY IS AVAILABLE UPON REQUEST AND AT WWW.GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO DOCUMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0181529
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0COMPENSATION FROM RELATED ORG
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0GRAND FORKS REGIONAL ECONOMIC DEVELOPMENT
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0O
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0599963
IRS990/TotalAssetsEOYAmt0603693
IRS990/TotalAssetsGrp/BOYAmt0599963
IRS990/TotalAssetsGrp/EOYAmt0603693
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0251480
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt0250000
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt0250000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0599963
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0353693
IRS990/TotalOtherCompensationAmt018828
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt05210
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05210
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0599963
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0603693
IRS990/TotReportableCompRltdOrgAmt0162701
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0120 N 4TH STREET
IRS990/USAddress/CityNm0GRAND FORKS
IRS990/USAddress/StateAbbreviationCd0ND
IRS990/USAddress/ZIPCd058203
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KEITH LUND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRES/SEC/TREAS
ReturnHeader/BusinessOfficerGrp/PhoneNum07017462720
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GRAND FORKS DEVELOPMENT FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0GRAN
ReturnHeader/Filer/EIN0456016823
ReturnHeader/Filer/PhoneNum07017462720
ReturnHeader/Filer/USAddress/AddressLine1Txt0120 N 4TH STREET
ReturnHeader/Filer/USAddress/CityNm0GRAND FORKS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0ND
ReturnHeader/Filer/USAddress/ZIPCd058203
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0450310328
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BRADY MARTZ & ASSOCIATES PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 14296
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GRAND FORKS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0582084296
ReturnHeader/PreparerPersonGrp/PhoneNum07017754685
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICOLE HELDSTAB
ReturnHeader/ReturnTs02022-11-04T14:01:50-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KEITH
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0LUND
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$603,693
Liabilities
$250,000
Net assets
$353,693
Revenue
$5,210
Expenses
$251,480
Net income
-$246,270
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.00$0.00$3.00$0.05$0.01$0.04
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.96$0.00$2.96$0.10$0.01$0.08
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.88$0.00$2.88$0.00$0.66$0.66
2021Detailed filing. Detailed filing data is available for this year.$6.04$2.50$3.54$0.05$2.51$2.46
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.00$0.00$6.00$0.05$0.01$0.03
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.96$0.00$5.96$0.05$0.01$0.04
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.92$0.00$5.92$0.00$0.01$0.01
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.93$0.00$5.93$0.00$0.00$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.93$0.00$5.93$2.82$0.00$2.82
2015Detailed filing. Detailed filing data is available for this year.$3.11$0.00$3.11$0.01$0.00$0.01
2014Detailed filing. Detailed filing data is available for this year.$3.10$0.00$3.10$0.01$0.00$0.00
2013Detailed filing. Detailed filing data is available for this year.$3.10$0.00$3.10$0.01$0.01$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.29$0.20$3.09$0.65$0.06$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.58$0.09$2.50$0.01$0.08$0.06
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.65$0.09$2.56$0.01$0.02$0.02