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Nonprofiteer
← NORTH DAKOTA RURAL REHABILITATION CORPORATION

Form 990 for tax year 2023

Filed by NORTH DAKOTA RURAL REHABILITATION CORPORATION.

Totals

Total revenue
$12,691,515
Total expenses
$1,281,263
Contributions and grants received
$0
Grants paid
$638,404
Program service revenue
$1,876,098
Investment income
$1,403,091
Other revenue
$9,412,326
Total assets, end of year
$93,558,577
Total liabilities, end of year
$5,436
Net assets or fund balances, end of year
$93,553,141
Program services expenses (Part IX)
$886,632
Management and general expenses
$394,631
Fundraising expenses
$0
Program service expenses (Part III)
$886,632

Program services were 69.2% 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.

  • 2a · Program service revenue: LOW-INT. LOAN INCOME

    total $1,876,098 · related or exempt $1,876,098

  • 3 · Investment income

    total $1,403,091 · excluded $1,403,091

  • 5 · Royalties

    total $9,412,326 · excluded $9,412,326

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $573,668 · program services $573,668

  • 2 · Grants to domestic individuals

    total $64,736 · program services $64,736

  • 5 · Compensation of officers, directors and key employees

    total $241,157 · program services $105,910 · management and general $135,247

  • 7 · Other salaries and wages

    total $165,304 · program services $88,315 · management and general $76,989

  • 8 · Pension plan contributions

    total $30,691 · program services $9,247 · management and general $21,444

  • 9 · Other employee benefits

    total $6,419 · program services $3,429 · management and general $2,990

  • 10 · Payroll taxes

    total $26,860 · program services $14,858 · management and general $12,002

  • 11b · Fees: legal

    total $8,969 · program services $8,969

  • 11c · Fees: accounting

    total $14,965 · management and general $14,965

  • 13 · Office expenses

    total $13,937 · management and general $13,937

  • 16 · Occupancy

    total $47,000 · management and general $47,000

  • 22 · Depreciation, depletion and amortization

    total $5,024 · management and general $5,024

  • 24a · Other expenses: MISCELLANEOUS

    total $36,253 · management and general $36,253

  • 24b · Other expenses: DIRECTORS EXPENSE

    total $20,775 · management and general $20,775

  • 24c · Other expenses: APPRAISAL FEES

    total $17,500 · program services $17,500

  • 24d · Other expenses: UTILITIES

    total $4,133 · management and general $4,133

  • 24e · All other expenses

    total $3,872 · management and general $3,872

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,401,978 · end of year $3,499,080

  • 2 · Savings and temporary cash investments

    beginning of year $2,127,780 · end of year $5,745,019

  • 7 · Other notes and loans receivable

    beginning of year $47,488,820 · end of year $62,427,652

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

    $220,590

  • 10b · Land, buildings and equipment: accumulated depreciation

    $148,756

  • 10c · Land, buildings and equipment, net

    beginning of year $74,784 · end of year $71,834

  • 11 · Investments: publicly traded securities

    beginning of year $28,126,648 · end of year $21,814,009

  • 15 · Other assets

    beginning of year $983 · end of year $983

  • 17 · Accounts payable and accrued expenses

    beginning of year $78,104 · end of year $5,436

  • 27 · Net assets without donor restrictions

    beginning of year $82,142,889 · end of year $93,553,141

Mission and programs · 2023

Mission

THE NORTH DAKOTA RURAL REHABILITATION CORPORATION IS A CHARITABLE NON-PROFIT, CHARITABLE CORPORATION COMMITTED TO PROVIDING LOW INTEREST LOANS AND GRANT TO QUALIFYING NORTH DAKOTA FARMERS, RANCHERS, COOPERATIVES, NON-PROFIT AND PUBLIC ENTITIES, THE PRIMARY PURPOSE OF WHICH IS TO ASSIST IN THE DEVELOPMENT, REHABILITATION AND ENHANCEMENT OF THE ECONOMIC, EDUCATION, SOCIAL, INFRASTRUCTURE AND PUBLIC SAFETY OPPORTUNITIES IN THEIR INDIVIDUAL OPERATIONS AND THEIR RURAL NORTH DAKOTA COMMUNITIES IN A MANNER THAT ADDS TO THE QUALITY OF LIFE OF LOW INCOME FARMERS, RANCHERS AND OTHER LOW INCOME RURAL RESIDENTS AND IS CONSISTENT WITH ITS CORPORATE AUTHORITY.

Activities or mission (Part I)

PROVIDE LOW INTEREST RATE LOANS TO DISTRESSED FARM FAMILIES IN THE STATE OF NORTH DAKOTA WHO DO NOT HAVE OTHER MEANS OF OBTAINING FINANCING.

  • NDRRC PROVIDES NUMEROUS GRANTS AND SCHOLARSHIPS THROUGHOUT THE YEAR. NDRRC GIVES TUITION ASSISTANCE TO FARMERS AND RANCHERS TO PARTICIPATE IN FARM BUSINESS MANAGEMENT PROGRAMS SPONSORED BY THE NORTH DAKOTA VOCATIONAL AGRICULTURAL SCHOOLS. TUITION ASSISTANCE IS ALSO GIVEN FOR ARTIFICIAL INSEMINATION SCHOOLS THROUGHOUT THE STATE. NDRRC SUPPORTS THE AMBASSADORS PROGRAM OF THE NORTH DAKOTA 4-H FOUNDATION AS WELL AS THE NORTH DAKOTA FFA FOUNDATION. NDRRC ALSO PROVIDES INDIVIDUAL GRANTS ON A CASE-BY-CASE BASIS AS WELL AS GRANTS TO INSTITUTIONAL ENTITIES BENEFITTING INDIVIDUAL FARMERS AND RANCHERS TO REHABILITATE THEIR FARMING OPERATIONS. THE NDRRC ALSO HAS A FRESHMAN CAREER SCHOLARSHIP WHICH IS AVAILABLE TO FAMILY MEMBERS OF NDRRC'S BORROWERS WHO ARE INTENDING TO CONTINUE THEIR EDUCATION AFTER GRADUATION FROM HIGH SCHOOL. NDRRC PROVIDED GRANTS TO OVER 100 INDIVIDUALS AND ORGANIZATIONS DURING THE CURRENT YEAR.

    Expenses $680,264 · Grants $638,404

  • REAL ESTATE LOANS--ND RURAL REHABILITATION CORPORATION (NDRRC) PARTICIPATES WITH THE FARM SERVICE AGENCY (FSA) IN PROVIDING REAL ESTATE LOANS TO NORTH DAKOTA FARMERS AND RANCHERS WHO ARE UNABLE TO SECURE CONVENTIONAL CREDIT. THESE LOANS HAVE BEEN FOR BORROWERS WITH FSA LOANS WHERE FSA SUBORDINATES THEIR LIEN TO THIS CORPORATION. NDRCC ALSO PROVIDES DIRECT REAL ESTATE LOANS TO FARMERS AND RANCHERS WHO ARE UNABLE TO SECURE CONVENTIONAL CREDIT. SOME OF THESE LOAN REQUESTS ARE SUBMITTED BY CREDIT COUNSELORS ON BEHALF OF THEIR CLIENTS AND SOME FARMERS AND RANCHERS COME DIRECTLY TO THE CORPORATION THEMSELVES. THE LOANS MAY INVOLVE REFINANCE OF EXISTING FIRST MORTGAGE LOANS WHICH ARE EITHER BEING TERMINATED OR HAVE SUCH HIGH INTEREST RATES THAT THE OPERATORS NO LONGER HAVE AN ADEQUATE CASH FLOW TO SUCCEED. LOANS FOR THE PURCHASE OF LAND ARE ALSO MADE. NDRCC REQUIRES A FIRST MORTGAGE. NDRCC HAD APPROXIMATELY 138 LOANS TO FARMERS AND RANCHERS OUTSTANDING DURING THE CURRENT YEAR WITH AN OUTSTANDING BALANCE IN EXCESS OF $33,808,215.

    Expenses $206,368 · Revenue $1,396,028

  • STARTING FARMER LOANS: THESE LOANS ARE MADE TO INDIVIDUALS STARTING FARM AND RANCH OPERATIONS AND ARE SECURED BY A FIRST MORGAGE ON REAL ESTATE. NDRRC HAD LOANS TO APPROXIMATELY 77 FARMERS AND RANCHERS IN THE CURRENT YEAR.

    Revenue $480,070

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILLIAM FORTIER

    PRESIDENT

    Total calculated
    $71,975
    From this org
    $71,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • KENNETH L DALSTED

    SEC./TREAS.

    Total calculated
    $64,390
    From this org
    $64,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • DONALD C GIFFEY

    DIRECTOR

    Total calculated
    $31,578
    From this org
    $31,578
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • JASON SILLERS

    VICE PRESIDENT

    Total calculated
    $16,700
    From this org
    $16,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • H ROALD LUND

    DIRECTOR

    Total calculated
    $16,450
    From this org
    $16,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • SHANA FORSTER

    DIRECTOR

    Total calculated
    $21,450
    From this org
    $21,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • LUELLA DUNN

    DIRECTOR (TERM 3/2023)

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • TERESE BERG

    BUSINESS MANAGER

    Total calculated
    $113,331
    From this org
    $113,331
    From related orgs
    $0
    Other
    $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

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403379349300020

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