Form 990 for tax year 2022

Totals

Total revenue

$526,227

Total expenses

$156,701

Contributions and grants received

$0

Grants paid

$56,500

Program service revenue

$480,575

Investment income

$45,652

Other revenue

$0

Total assets, end of year

$8,375,287

Total liabilities, end of year

$0

Net assets or fund balances, end of year

$8,375,287

Program services expenses (Part IX)

$65,621

Management and general expenses

$91,080

Fundraising expenses

$0

Program service expenses (Part III)

$65,621

Program services were 41.9% 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.

Mission and programs · 2022

• The RDFC grant program helped rural communities in North Dakota achieve economic diversification and revitalization.In 2022, Cathay Fire Protection District - $1,000; Edinburg Fire Department - $750; Cavalier Fire Department - $750; Carrington Youth Center - $1,000; St. Thomas Park Board - $2,000; Hettinger Park Board - $500; Sidney Volunteer Fire Department - $2,000; Sheyenne River Valley Chapter - $1,000; Richland-Wilkin Food Pantry - $1,000; Grassy Butte Community Park - $2,000; Richland Elementary - $500; Lidgerwood Hankinson Rural Health Clinic - $500; Leeds Park District - $667; De Sour Valley EDC - $500; Towner County Historical Society - $666, Robinson Fire Department - $667; Barnes County Park Board - $1,000; Langdon Park Board - $2,000; Father's Farm - $2,000; Mandan Horse & Saddle Club - $2,000; Ashley Senior Center - $1,000; Ashley American Legion Post #53 - $1,000; Mott Visionary Committee - $500; International Fitness Center - $1,000; Bowbells Volunteer Fire Department - $1,000; New Lepzig Rural Fire Protection District - $2,000; Amidon Fire Protection District - $1,000; Oakes Fire & Rescue District - $500; Sherwood/Antler Community Foundation - $500; Richland County Communications 911 - $500; Kulm Volunteer Fire Department - $500; Ellendale Fire Protection District - $500; Lemmon EMT Association - $1,000; Ashley Ambulance Service - $500; Pembina County Historical Society- $1,000; Little Loboes Bright Beginnings Childcare - $500; Grafton Parks & Recreation- $1,000; Hazen Parks & Recreation - $2,000; Makoti Park Board - $2,000; Mohall Country Club- $500; Rutland Cayuga Fire and Rescue - $500; Marion Park District - $500; St. Luke's Hospital - $500; Divide County Public Library - $500; Lil Ranchers Childcare - $1,000; Society of St. Stephens Food Pantry - $500; Turtle Mountain Mikinaak Ode Shelter - $2,000; Steele Volunteer Fire District - $2,000; Ray Public School - $1,500; Shepherds Hill Retreat, Inc. - $2,000; Velva Volunteer Ambulance Service - $2,000; Stanley Wrestling Club. - $2,000; Bantry Union Cemetery - $500; Total grants - $56,500

  Expenses $56,500 · Grants $56,500

• 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. In 2022, the following loans were made: BOG Holdings - $150,000 for 15 years at 2% (Participation loan with Choice Financial Group to construct a new facility for Bobcat of Gwinner); Valley City Barnes County Development Corporation - $10,093.45 for 10 years at 2% (Flex PACE interest buydown to purchase a building for Lawn Now, LLC); Valley City Barnes County Development Corporation - $16,666.50 for 10 years at 2% (Flex PACE interest buydown to purchase a restaurant and bar for Peltier Properties, LLC); Valley City Barnes County Development Corporation - $16,666.50 for 10 years at 2% (Flex PACE interest buydown to purchase a building for Stearns Enterprises, LLC); Valley City Barnes County Development Corporation - $6,500 for 81 months at 2% (Flex PACE interest buydown to purchase building for Matt and Courtney Jorissen); Oech Foods - $125,000 for 20 years at 2% (Participation loan with Choice Financial Group to purchase building, equipment and inventory for grocery store); Butcher's Edge, LLC - $125,000 for 10 years at 2% (Participation loan with Edgeley Job Development Authority to purchase equipment and provide operating costs for new meat processing facility); Valley City Barnes County Development Corporation - $6,492.27 for 10 years at 2% (Flex PACE interest buydown to update strip mall for Valley West Mall, LLC); Valley City Barnes County Development Corporation - $10,021.98 for 5 years at 2% (Flex PACE interest buydown for expansion of building and purchase inventory for Smith Lumber Company); Valley City Barnes County Development Corporation - $6,513.74 for 7 years at 2% (Flex PACE interest buydown to purchase trucks and business accounts for Beckman Septic, LLC); Joshua Loegering - $42,500 for 15 years at 2% (Participation loan with BankNorth to purchase business and working capital); Giant Snack's - $335,000 for 10 years at 2% (Participation loan with Dakota Valley Electric Cooperative to purchase equipment for expansion of facility); North Dakota Association of Rural Electric Cooperatives - $325,000 for 10 years at 2% (Community Capital loan to purchase furniture for renovated building); Kramer Grocery - $12,500 for 5 years at 2% (Participation loan with Strasburg Economic Development Corporation to purchase equipment, inventory and supplies to open grocery store) 2022 Loan Total $1,187,954.44.

  Expenses $9,121 · Revenue $480,575

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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.

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.

Provenance

Return type

form_990

Tax year

2022

Filed

5 September 2023

IRS schema version

2022v5.0

Source object

202312489349302106

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