Totals
- Total revenue
- $2,353,418
- Total expenses
- $1,661,006
- Contributions and grants received
- $1,789,319
- Grants paid
- $0
- Program service revenue
- $173,694
- Investment income
- $48,896
- Other revenue
- $341,509
- Total assets, end of year
- $7,873,180
- Total liabilities, end of year
- $953,905
- Net assets or fund balances, end of year
- $6,919,275
- Program services expenses (Part IX)
- $1,462,335
- Management and general expenses
- $124,916
- Fundraising expenses
- $73,755
- Program service expenses (Part III)
- $1,462,335
Program services were 88.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1b · Membership dues
$29,974
-
1e · Government grants (contributions)
$954,531
-
1f · All other contributions, gifts and grants
$804,814
-
2a · Program service revenue: CONTRACT WORK
total $162,105 · related or exempt $162,105
-
2b · Program service revenue: LOAN INTEREST
total $8,187 · related or exempt $8,187
-
2c · Program service revenue: LAUNCHPAD
total $3,402 · related or exempt $3,402
-
3 · Investment income
total $48,896 · related or exempt $48,896
-
6a · Gross rents
real property $291,046
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $291,046
-
6d · Net rental income or loss
total $291,046 · related or exempt $291,046
-
11a · Other revenue: MISCELLANEOUS
total $27,155 · related or exempt $27,155
-
11b · Other revenue: CAM REIMBURSEMENT
total $23,308 · related or exempt $23,308
-
11e · Other revenue, total
$50,463
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $178,499 · program services $124,949 · management and general $26,775 · fundraising $26,775
-
7 · Other salaries and wages
total $60,198 · program services $30,204 · management and general $25,738 · fundraising $4,256
-
9 · Other employee benefits
total $17,736 · program services $11,528 · management and general $3,902 · fundraising $2,306
-
10 · Payroll taxes
total $31,672 · program services $20,587 · management and general $6,968 · fundraising $4,117
-
11b · Fees: legal
total $100 · management and general $100
-
11c · Fees: accounting
total $26,700 · program services $17,320 · management and general $5,896 · fundraising $3,484
-
11g · Fees: other
total $1,424 · program services $1,101 · management and general $203 · fundraising $120
-
12 · Advertising and promotion
total $9,807 · program services $9,807
-
13 · Office expenses
total $4,560 · program services $2,975 · management and general $996 · fundraising $589
-
16 · Occupancy
total $49,939 · program services $32,460 · management and general $10,987 · fundraising $6,492
-
17 · Travel
total $15,601 · program services $10,141 · management and general $3,432 · fundraising $2,028
-
19 · Conferences, conventions and meetings
total $6,962 · program services $4,525 · management and general $1,532 · fundraising $905
-
20 · Interest
total $6,287 · program services $6,287
-
22 · Depreciation, depletion and amortization
total $94,207 · program services $61,235 · management and general $20,726 · fundraising $12,246
-
23 · Insurance
total $12,900 · program services $8,385 · management and general $2,838 · fundraising $1,677
-
24a · Other expenses: CONTRACT WORK
total $584,521 · program services $584,521
-
24b · Other expenses: PROGRAM COSTS
total $490,515 · program services $490,515
-
24c · Other expenses: REPAIRS & MAINTENANCE
total $55,991 · program services $36,394 · management and general $12,318 · fundraising $7,279
-
24d · Other expenses: TELEPHONE
total $11,313 · program services $7,353 · management and general $2,489 · fundraising $1,471
-
24e · All other expenses
total $2,074 · program services $2,048 · management and general $16 · fundraising $10
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $768,758 · end of year $426,976
-
2 · Savings and temporary cash investments
beginning of year $1,602,292 · end of year $2,213,350
-
3 · Pledges and grants receivable
beginning of year $1,280,222 · end of year $1,418,751
-
4 · Accounts receivable
beginning of year $80,552 · end of year $329,129
-
7 · Other notes and loans receivable
beginning of year $833,736 · end of year $613,513
-
9 · Prepaid expenses and deferred charges
beginning of year $10,238 · end of year $15,313
-
10a · Land, buildings and equipment: cost or other basis
$3,773,194
-
10b · Land, buildings and equipment: accumulated depreciation
$937,046
-
10c · Land, buildings and equipment, net
beginning of year $2,930,355 · end of year $2,836,148
-
12 · Investments: other securities
beginning of year $20,000 · end of year $20,000
-
17 · Accounts payable and accrued expenses
beginning of year $113,935 · end of year $300,902
-
19 · Deferred revenue
beginning of year $423,683 · end of year $209,483
-
23 · Secured mortgages and notes payable
beginning of year $761,672 · end of year $443,520
-
27 · Net assets without donor restrictions
beginning of year $4,832,930 · end of year $5,588,091
-
28 · Net assets with donor restrictions
beginning of year $1,393,933 · end of year $1,331,184
Mission and programs · 2023
Mission
TO IMPROVE THE QUALITY OF LIFE FOR THE GREATER BEMIDJI REGION BY IDENTIFYING, ENCOURAGING, AND PROVIDING COORDINATED SUPPORT TO BUSINESSES THAT CREATE QUALITY JOBS AND IMPROVE THE ECONOMIC BASE OF THE COMMUNITY.
-
TO PROVIDE GAP FINANCING AND OTHER ASSISTANCE FOR AREA BUSINESSES, RECRUIT BUSINESSES INTO THE REGION, AND ASSIST WITH EMPLOYEE TRAINING AND TALENT RETENTION.
Expenses $1,462,335 · Revenue $1,128,225
As filed on the 2023 return.
Listed in Part VII
-
Jorge PrinceJORGE PRINCE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Pete AubePETE AUBE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Mary EatonMARY EATON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Bob FitzgeraldBOB FITZGERALD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Jess FrenzelJESS FRENZEL
PRESIDENT
- Total calculated
- $0
- Hours/week
- 0.5
-
Tim KnudsonTIM KNUDSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
John CarlsonJOHN CARLSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Steve HillSTEVE HILL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Erik HokufERIK HOKUF
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Gary JohnsonGARY JOHNSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Barb SmithBARB SMITH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Jared EchternachJARED ECHTERNACH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Micah RickeMICAH RICKE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Karen WellerKAREN WELLER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Phil VerchotaPHIL VERCHOTA
TREASURER
- Total calculated
- $0
- Hours/week
- 0.5
-
Hugh WelleHUGH WELLE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
John HoffmanJOHN HOFFMAN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Jason BrodinaJASON BRODINA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Shelly GeerdesSHELLY GEERDES
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 0.5
-
Mitch RautioMITCH RAUTIO
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Jake EllefsonJAKE ELLEFSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Jeremy OlsonJEREMY OLSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Karla EischensKARLA EISCHENS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Gretchen KnutsonGRETCHEN KNUTSON
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.5
-
Ryan BaerRYAN BAER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Kevin ErpeldingKEVIN ERPELDING
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
David HengelDAVID HENGEL
EXECUTIVE DIRECTOR
- Total calculated
- $195,205
- From this org
- $195,205
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,500
- Bonus
- $21,705
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $195,205
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 23 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202402369349300440
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