Form 990 for tax year 2022
Filed by NORTH CENTRAL ECONOMIC DEVELOPMENT ASSOCIATION INC.
Totals
- Total revenue
- $107,271
- Total expenses
- $102,221
- Contributions and grants received
- $6,425
- Grants paid
- $0
- Program service revenue
- $98,065
- Investment income
- $2,781
- Other revenue
- $0
- Total assets, end of year
- $2,413,855
- Total liabilities, end of year
- $624,082
- Net assets or fund balances, end of year
- $1,789,773
- Program services expenses (Part IX)
- $75,655
- Management and general expenses
- $26,566
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $75,655
Program services were 74.0% 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.
-
1e · Government grants (contributions)
$6,425
-
2a · Program service revenue: LOAN INTEREST REVENUE
total $64,781 · related or exempt $64,781
-
2b · Program service revenue: ADMINISTRATIVE REVENUE
total $24,075 · related or exempt $24,075
-
2c · Program service revenue: ORIGINATION FEES
total $7,885 · related or exempt $7,885
-
2d · Program service revenue: OTHER PROGRAM REVENUE
total $1,324 · related or exempt $1,324
-
3 · Investment income
total $2,781 · excluded $2,781
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $2,675 · management and general $2,675
-
11a · Fees: management
total $71,780 · program services $71,780
-
11b · Fees: legal
total $61 · management and general $61
-
11c · Fees: accounting
total $12,050 · management and general $12,050
-
11g · Fees: other
total $908 · program services $908
-
12 · Advertising and promotion
total $104 · management and general $104
-
14 · Information technology
total $3,469 · management and general $3,469
-
17 · Travel
total $693 · management and general $693
-
20 · Interest
total $2,154 · program services $2,154
-
23 · Insurance
total $1,249 · management and general $1,249
-
24a · Other expenses: MISCELLANEOUS EXPENSE
total $3,215 · management and general $3,215
-
24b · Other expenses: CONSULTING
total $3,050 · management and general $3,050
-
24c · Other expenses: BANK FEES
total $565 · program services $565
-
24d · Other expenses: CREDIT BUREAU FEES
total $248 · program services $248
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $725,680 · end of year $574,090
-
2 · Savings and temporary cash investments
beginning of year $156,080 · end of year $15,961
-
3 · Pledges and grants receivable
beginning of year $3,600
-
4 · Accounts receivable
end of year $713
-
7 · Other notes and loans receivable
beginning of year $1,794,053 · end of year $1,817,945
-
9 · Prepaid expenses and deferred charges
beginning of year $1,127 · end of year $1,194
-
10a · Land, buildings and equipment: cost or other basis
$11,100
-
10b · Land, buildings and equipment: accumulated depreciation
$11,100
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $11,306 · end of year $3,952
-
17 · Accounts payable and accrued expenses
beginning of year $160 · end of year $29,337
-
19 · Deferred revenue
beginning of year $49,973 · end of year $25,898
-
23 · Secured mortgages and notes payable
beginning of year $805,939 · end of year $532,405
-
25 · Other liabilities
beginning of year $51,051 · end of year $36,442
-
27 · Net assets without donor restrictions
beginning of year $1,784,723 · end of year $1,789,773
Mission and programs · 2022
Mission
OUR MISSION IS TO PROVIDE ASSISTANCE TO CULTIVATE NEW SKILLS AND RESOURCES THAT UNITE COMMUNITIES AND CONTRIBUTE TO A PROSPEROUS ECONOMY.
-
REGION FIVE DEVELOPMENT COMMISSION RECEIVED A $1.6 MILLION EDA CARES ACT RECOVERY ASSISTANCE GRANT TO CAPITALIZE AND ADMINISTER REVOLVING LOAN FUNDS THAT WILL PROVIDE GAP FINANCING TO SMALL BUSINESSES AND ENTREPRENEURS ADVERSELY AFFECTED BY THE CORONAVIRUS PANDEMIC IN CROW WING, CASS, MORRISON, TODD, AND WADENA COUNTIES.
Expenses $75,655 · Revenue $98,065
-
MN DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED) PROVIDES FUNDS TO A NETWORK OF NON-PROFIT LENDERS WHICH USE THESE FUNDS FOR LOANS TO START-UP AND EXPANDING BUSINESSES THROUGHOUT THE STATE. DEED ALSO HAS PROVIDED FUNDS FOR SMALL BUSINESS EMERGENCY LOANS (SBEL) TO HELP SMALL BUSINESSES THROUGH THE PANDEMIC.
-
USDA BACKED FUNDING WITH BUSINESS ASSISTANCE FOR START-UP/EXPANSION IN TEN COUNTIES IN CENTRAL MINNESOTA - CASS, CROW WING, CHISAGO, ISANTI, KANABEC, MILLE LACS, MORRISON, PINE, TODD AND WADENA. FUNDING OFFERED IN PARTNERSHIP WITH EAST CENTRAL REGIONAL DEVELOPMENT COMMISSION. FUNDING IN SMALLER AMOUNTS, NO BANK PARTICIPATION REQUIRED.
As filed on the 2022 return.
Listed in Part VII
-
Greg ZylkaGREG ZYLKA
CHAIR
- Total calculated
- $500
- From this org
- $500
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Steven HansenSTEVEN HANSEN
VICE CHAIR
- Total calculated
- $400
- From this org
- $400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Lisa Graba-MeechLISA GRABA-MEECH
TREASURER
- Total calculated
- $35
- From this org
- $35
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Steve GertkenSTEVE GERTKEN
SECRETARY
- Total calculated
- $270
- From this org
- $270
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Maurice DurheimMAURICE DURHEIM
DIRECTOR
- Total calculated
- $385
- From this org
- $385
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Dan FrankDAN FRANK
ALTERNATE
- Total calculated
- $350
- From this org
- $350
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
David AndersonDAVID ANDERSON
R5DC LIAISON
- Total calculated
- $450
- From this org
- $0
- From related orgs
- $450
- Other
- $0
- Hours/week
- 0.5
-
Jason SellnowJASON SELLNOW
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Bill PalmerBILL PALMER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Mike WordenMIKE WORDEN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Allie VerchotaALLIE VERCHOTA
BOARD MEMBER
- Total calculated
- $35
- From this org
- $35
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Sandra VoigtSANDRA VOIGT
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Carrie ReiersonCARRIE REIERSON
BOARD MEMBER
- Total calculated
- $250
- From this org
- $250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.5
-
Katie HeppnerKATIE HEPPNER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Cory PettitCORY PETTIT
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Rick UtechRICK UTECH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Cheryal HillsCHERYAL HILLS
EXECUTIVE DIRECTOR
- Total calculated
- $0
- Hours/week
- 40
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.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
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REGION FIVE DEVELOPMENT COMMISSION
ADMIN FEE - LOAN ACTIVITY · MN
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 31 January 2024
- IRS schema version
- 2022v5.0
- Source object
- 202430339349300318
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