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Nonprofiteer
← RURAL DEVELOPMENT FINANCE CORPORATION

Form 990 for tax year 2024

Filed by RURAL DEVELOPMENT FINANCE CORPORATION.

Totals

Total revenue
$2,649,061
Total expenses
$373,242
Contributions and grants received
$1,974,816
Grants paid
$96,250
Program service revenue
$572,067
Investment income
$102,178
Other revenue
$0
Total assets, end of year
$11,378,141
Total liabilities, end of year
$165,649
Net assets or fund balances, end of year
$11,212,492
Program services expenses (Part IX)
$317,572
Management and general expenses
$55,670
Fundraising expenses
$0
Program service expenses (Part III)
$317,572

Program services were 85.1% 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)

    $1,974,816

  • 2a · Program service revenue: DAKOTAS AMERICA K-1 IN

    total $377,159 · related or exempt $377,159

  • 2b · Program service revenue: LOAN INTEREST INCOME

    total $141,318 · related or exempt $141,318

  • 2c · Program service revenue: ORIGINATION FEES

    total $53,590 · related or exempt $53,590

  • 3 · Investment income

    total $102,178 · excluded $102,178

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $96,250 · program services $96,250

  • 11a · Fees: management

    total $110,883 · program services $85,133 · management and general $25,750

  • 11b · Fees: legal

    total $3,080 · program services $2,118 · management and general $962

  • 11c · Fees: accounting

    total $24,380 · management and general $24,380

  • 12 · Advertising and promotion

    total $500 · program services $500

  • 13 · Office expenses

    total $2,760 · program services $1,913 · management and general $847

  • 19 · Conferences, conventions and meetings

    total $3,731 · management and general $3,731

  • 22 · Depreciation, depletion and amortization

    total $116 · program services $116

  • 23 · Insurance

    total $3,581 · program services $3,581

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $127,961 · program services $127,961

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,100 · end of year $120,936

  • 2 · Savings and temporary cash investments

    beginning of year $3,709,014 · end of year $1,622,922

  • 4 · Accounts receivable

    beginning of year $2,500

  • 7 · Other notes and loans receivable

    beginning of year $4,722,723 · end of year $9,051,430

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

    $5,090

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

    $5,090

  • 10c · Land, buildings and equipment, net

    beginning of year $116 · end of year $0

  • 12 · Investments: other securities

    beginning of year $470,705 · end of year $577,228

  • 15 · Other assets

    beginning of year $18,748 · end of year $5,625

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,233 · end of year $15,649

  • 19 · Deferred revenue

    end of year $150,000

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $8,936,673 · end of year $11,212,492

Mission and programs · 2024

Mission

RDFC ENCOURAGES ECONOMIC DIVERSIFICATION AND COMMUNITY VITALITY THROUGH THE GENERATION OF FUNDING THAT SUPPORTS SUSTAINABLE ASSET BUILDING.

Activities or mission (Part I)

TO PROVIDE FINANCING FOR NEW OR EXPANDING BUSINESSES AND COMMUNITY DEVELOPMENT PROJECTS IN ND.

  • TO ENCOURAGE ECONOMIC DIVERSIFICATION AND REVITALIZATION OF RURAL COMMUNITIES IN NORTH DAKOTA AND ADJACENT STATES, CREATE EMPLOYMENT AND INCREASE INCOME FOR DISPLACED FARMERS AND LOW-INCOME PERSONS, AND TO ENHANCE ESSENTIAL COMMUNITY SERVICES AND FACILITIES.TO ACT AS AN INTERMEDIARY LENDER AND TO DEVELOP A SUSTAINABLE REVOLVING LOAN POOL FOR RURAL DEVELOPMENT LENDING PURSUANT TO FEDERAL REGULATIONS AND STATUTES AND TO PROVIDE TECHNICAL ASSISTANCE FOR RURAL ECONOMIC DEVELOPMENT PROJECTS.TO DO ALL THINGS NECESSARY, SUITABLE, AND PROPER FOR THE ACCOMPLISHMENT OF ANY OF THE PURPOSES OR THE ATTAINMENT OF THE OBJECTIVES HEREINABOVE STATED, EITHER ALONE OR WITH OTHER CORPORATIONS, COOPERATIVES, ASSOCIATIONS, FIRMS OR INDIVIDUALS, AND TO EVERY OTHER ACT OR THING INCIDENTAL TO OR GROWING OUT OF SUCH PURPOSE.

    Expenses $221,322 · Revenue $572,067

  • THE RDFC GRANT PROGRAM HELPED RURAL COMMUNITIES IN NORTH DAKOTA ACHIEVE ECONOMIC DIVERSIFICATION AND REVITALIZATION.

    Expenses $96,250 · Grants $96,250

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Sigloh

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • Paula Anderson

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Deon Vilhauer

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Michelle Berry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg Rauschendorfer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3.5

  • Cheryl Osowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Andy Weiss

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Allan Engh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

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.

Provenance

Return type
form_990
Tax year
2024
Filed
24 October 2025
IRS schema version
2024v5.2
Source object
202543049349302409

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