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← VALLEY CITY-BARNES COUNTY DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by VALLEY CITY-BARNES COUNTY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,591,108
Total expenses
$1,574,756
Contributions and grants received
$1,510,019
Grants paid
$592,500
Program service revenue
$57,711
Investment income
$29,861
Other revenue
-$6,483
Total assets, end of year
$6,149,594
Total liabilities, end of year
$1,060,103
Net assets or fund balances, end of year
$5,089,491
Program services expenses (Part IX)
$1,301,838
Management and general expenses
$272,918
Fundraising expenses
$0
Program service expenses (Part III)
$1,301,838

Program services were 82.7% 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

    $50,965

  • 1e · Government grants (contributions)

    $1,385,412

  • 1f · All other contributions, gifts and grants

    $73,642

  • 1g · Noncash contributions included above

    $59,842

  • 2a · Program service revenue: Administrative Fees

    total $37,646 · related or exempt $37,646

  • 2b · Program service revenue: Event Income

    total $20,065 · related or exempt $20,065

  • 3 · Investment income

    total $29,861 · related or exempt $29,861

  • 6a · Gross rents

    real property $309,283

  • 6b · Less rental expenses

    real property $344,285

  • 6c · Rental income or loss

    real property -$35,002

  • 6d · Net rental income or loss

    total -$35,002 · related or exempt -$35,002

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: Miscellaneous Income

    total $6,071 · related or exempt $6,071

  • 11b · Other revenue: Insurance Proceeds

    total $22,448 · related or exempt $22,448

  • 11e · Other revenue, total

    $28,519

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $472,500 · program services $472,500

  • 2 · Grants to domestic individuals

    total $120,000 · program services $120,000

  • 11b · Fees: legal

    total $35 · management and general $35

  • 11c · Fees: accounting

    total $10,000 · management and general $10,000

  • 12 · Advertising and promotion

    total $65,805 · program services $65,805

  • 13 · Office expenses

    total $11,865 · management and general $11,865

  • 14 · Information technology

    total $5,245 · management and general $5,245

  • 16 · Occupancy

    total $80,190 · management and general $80,190

  • 17 · Travel

    total $725 · management and general $725

  • 19 · Conferences, conventions and meetings

    total $1,418 · management and general $1,418

  • 20 · Interest

    total $637 · management and general $637

  • 23 · Insurance

    total $5,385 · management and general $5,385

  • 24a · Other expenses: Project Expenses

    total $621,493 · program services $621,493

  • 24b · Other expenses: Membership Dues

    total $22,040 · program services $22,040

  • 24c · Other expenses: Administrative Service

    total $156,266 · management and general $156,266

  • 24d · Other expenses: Miscellaneous

    total $1,152 · management and general $1,152

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $283,178 · end of year $277,015

  • 2 · Savings and temporary cash investments

    beginning of year $228,932 · end of year $256,556

  • 4 · Accounts receivable

    beginning of year $370 · end of year $19,686

  • 7 · Other notes and loans receivable

    beginning of year $1,379,435 · end of year $1,297,880

  • 9 · Prepaid expenses and deferred charges

    beginning of year $20,744 · end of year $20,976

  • 10a · Land, buildings and equipment: cost or other basis

    $1,859,359

  • 10c · Land, buildings and equipment, net

    beginning of year $1,859,359 · end of year $1,859,359

  • 13 · Investments: program-related

    beginning of year $2,496,095 · end of year $2,390,270

  • 15 · Other assets

    beginning of year $15,156 · end of year $27,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $79,756 · end of year $79,665

  • 23 · Secured mortgages and notes payable

    beginning of year $1,130,374 · end of year $980,438

  • 27 · Net assets without donor restrictions

    beginning of year $1,233,259 · end of year $1,360,447

  • 28 · Net assets with donor restrictions

    beginning of year $3,839,880 · end of year $3,729,044

Mission and programs · 2024

Mission

To promote economic development in the City of Valley City and surrounding Barnes County area.

  • Provided $337,500 to assist with the purchase of a fully automated fiber laser system including a tower feeder. The fiber laser system was purchased to increase manufacturing plant capacity and sales to OEMs (Original Equipment Manufacturers).

    Expenses $337,500 · Grants $337,500

  • Provided $228,202 ($182,561.60 City Funds and $45,640.40 Barnes County Funds) to extend a six-inch natural gas mainline to the south side of Interstate 94 at the underpass of 8th Avenue SE. The natural gas mainline is providing services to new and existing residential housing development south of 8th Avenue SE. The availability of natural gas on the south side of Interstate 94 will encourage additional future residential, commercial and light industrial development.

    Expenses $228,202

  • The purpose of the program is to increase housing inventory and positively impact community growth. Dedicated economic development funds of $120,000 and $180,000 were provided from Barnes County and the City of Valley City, respectively. Funds supported four new homes in rural Barnes County and six new homes within the limits of the City of Valley City. New home construction would impact the availability of existing homes at a different price point.

    Expenses $120,000 · Grants $120,000

  • Support of various programs for the economic benefit of the City of Valley City and the surrounding area of Barnes County in North Dakota.

    Expenses $616,136 · Grants $135,000 · Revenue $57,711

As filed on the 2024 return.

Listed in Part VII

  • Jennifer Feist

    Director of Development

    Total calculated
    $117,869
    From this org
    $117,869
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Matthew Pedersen

    President

    Total calculated
    $0
    Hours/week
    10

  • David Beierle

    Vice President

    Total calculated
    $0
    Hours/week
    5

  • Josh Kasowski

    Past President

    Total calculated
    $0
    Hours/week
    2

  • Nate Zerface

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mary Lee Nielson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Scott Dieterle

    Director

    Total calculated
    $0
    Hours/week
    2

  • Wade Bruns

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dean Kinney

    Director

    Total calculated
    $0
    Hours/week
    2

  • Paul Diegel

    Director

    Total calculated
    $0
    Hours/week
    2

  • Todd Ingstad

    Director

    Total calculated
    $0
    Hours/week
    2

  • Katie Beyer

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dick Gulmon

    Director

    Total calculated
    $0
    Hours/week
    2

  • Mike Bishop

    Director

    Total calculated
    $0
    Hours/week
    2

  • Pete Paulson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Shaun Olauson

    Director

    Total calculated
    $0
    Hours/week
    2

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

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.

  • na

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • na

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Valley City Development Corporation

    C Corp · Real Estate Development · ND · 72.2% owned · share of income $72 · share of assets $72

    Directly controlled by Valley City Barnes County Development Co

Provenance

Return type
form_990
Tax year
2024
Filed
3 February 2026
IRS schema version
2024v5.2
Source object
202630359349301618

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