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Nonprofiteer
← GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,046,324
Total expenses
$2,061,813
Contributions and grants received
$1,884,570
Grants paid
$0
Program service revenue
$41,838
Investment income
$71,214
Other revenue
$48,702
Total assets, end of year
$2,258,311
Total liabilities, end of year
$712,204
Net assets or fund balances, end of year
$1,546,107
Program services expenses (Part IX)
$1,474,920
Management and general expenses
$586,893
Fundraising expenses
$0
Program service expenses (Part III)
$1,474,920

Program services were 71.5% 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)

    $975,000

  • 1f · All other contributions, gifts and grants

    $909,570

  • 2a · Program service revenue: JOB TRAINING PROGRAM

    total $41,838 · related or exempt $41,838

  • 3 · Investment income

    total $71,214 · excluded $71,214

  • 11a · Other revenue: MISC. PROGRAM REVENUE

    total $48,702 · related or exempt $48,702

  • 11e · Other revenue, total

    $48,702

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $258,238 · program services $180,767 · management and general $77,471

  • 7 · Other salaries and wages

    total $713,559 · program services $532,792 · management and general $180,767

  • 8 · Pension plan contributions

    total $57,180 · program services $40,169 · management and general $17,011

  • 9 · Other employee benefits

    total $141,272 · program services $68,373 · management and general $72,899

  • 10 · Payroll taxes

    total $71,139 · program services $49,975 · management and general $21,164

  • 11b · Fees: legal

    total $4,395 · management and general $4,395

  • 11c · Fees: accounting

    total $17,330 · management and general $17,330

  • 13 · Office expenses

    total $14,656 · program services $1,708 · management and general $12,948

  • 14 · Information technology

    total $29,597 · management and general $29,597

  • 16 · Occupancy

    total $109,011 · program services $20,494 · management and general $88,517

  • 17 · Travel

    total $1,440 · program services $1,440

  • 19 · Conferences, conventions and meetings

    total $42,959 · program services $34,824 · management and general $8,135

  • 22 · Depreciation, depletion and amortization

    total $16,928 · program services $3,182 · management and general $13,746

  • 23 · Insurance

    total $4,550 · program services $855 · management and general $3,695

  • 24a · Other expenses: WORKFORCE DEVELOPMENT

    total $325,307 · program services $325,307

  • 24b · Other expenses: BUSINESS DEVELOPMENT

    total $112,174 · program services $112,174

  • 24c · Other expenses: BUSINESS RETENTION AND

    total $97,645 · program services $97,645

  • 24d · Other expenses: MISCELLANEOUS

    total $18,587 · management and general $18,587

  • 24e · All other expenses

    total $25,846 · program services $5,215 · management and general $20,631

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $1,608,216 · end of year $1,692,099

  • 4 · Accounts receivable

    beginning of year $157,121 · end of year $19,750

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

    $317,089

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

    $262,048

  • 10c · Land, buildings and equipment, net

    beginning of year $55,646 · end of year $55,041

  • 13 · Investments: program-related

    beginning of year $546,919 · end of year $131,088

  • 15 · Other assets

    beginning of year $421,493 · end of year $360,333

  • 17 · Accounts payable and accrued expenses

    beginning of year $71,500 · end of year $69,207

  • 25 · Other liabilities

    beginning of year $740,468 · end of year $642,997

  • 27 · Net assets without donor restrictions

    beginning of year $1,822,427 · end of year $1,441,297

  • 28 · Net assets with donor restrictions

    beginning of year $155,000 · end of year $104,810

Mission and programs · 2023

Mission

THE GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION (GFMEDC) IS A CATALYST FOR ECONOMIC GROWTH AND PROSPERITY. USING A COMPREHENSIVE APPROACH TO ECONOMIC DEVELOPMENT, THE GFMEDC ACCELERATES JOB AND WEALTH CREATION IN CASS COUNTY, ND AND CLAY COUNTY, MN.

Activities or mission (Part I)

TO GROW & DIVERSIFY THE ECONOMIES OF CASS COUNTY ND AND CLAY COUNTY MN.

  • LEAD THE DEVELOPMENT OF A ROBUST ECONOMY WHERE PEOPLE AND BUSINESSES THRIVE.STRATEGICALLY PURSUE JOB CREATION AND BUSINESS ATTRACTION.WORK WITH AND SUPPORT COMPANIES WITH DEMAND-DRIVEN WORKFORCE DEVELOPMENT. SUPPORT A VIBRANT ENTREPRENEURIAL ECOSYSTEM.COLLABORATE WITH PUBLIC AND PRIVATE SECTORS AND PARTNER ORGANIZATIONS TO ENHANCE PROGRAMS AND PROCESSES THAT MAKE DOING BUSINESS EASIER IN THE REGION.THE GFMEDC PROMOTES AND DEVELOPS THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF CASS COUNTY, NORTH DAKOTA AND CLAY COUNTY, MINNESOTA, WHICH IS THE FARGO-MOORHEAD MSA AS DELINEATED BY THE OFFICE OF MANAGEMENT AND BUDGET. THIS PROMOTION AND DEVELOPMENT IS DONE THROUGH PROGRAMS AND ACTIVITIES DESIGNED TO FACILITATE JOB CREATION IN PART BY INFORMING EXISTING AND POTENTIAL BUSINESSES ABOUT THE BENEFITS OF LOCATING BUSINESS IN THIS REGION. THE OVERALL AIM IS TO IMPROVE THE ECONOMIC WELL-BEING OF THE RESIDENTS OF THE AREA. THE ORGANIZATION WORKS WITH THE NORTH DAKOTA DEPARTMENT OF COMMERCE AND MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT AS WELL AS DIRECTLY WITH SITE SELECTORS AND COMPANIES TO BRING NEW BUSINESS TO THE 2 COUNTY REGION, CASS COUNTY OF NORTH DAKOTA AND CLAY COUNTY OF MINNESOTA. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY SUPPORTED 18 PROJECTS IN 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS AND $26.8 MILLION IN CAPITAL INVESTMENT (EQUIPMENT AND BUILDINGS). COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023.

    Expenses $1,144,398 · Revenue $90,540

  • THE OBJECTIVE OF THE WORKFORCE RECRUITMENT AND RETENTION PROGRAM IS TO ASSIST PRIMARY SECTOR BUSINESS LOCATED IN CASS COUNTY, ND AND CLAY COUNTY, MN WITH THE RECRUITMENT AND RETENTION OF SKILLED WORKERS. DOING SO HELPS GROW THE REGION'S POPULATION AND TAX BASE AND HELPS ATTRACT AND RETAIN PRIMARY SECTOR BUSINESSES. IN 2023, WE FOCUSED ON AND PROMOTED PROGRAMS THAT ASSISTED COMPANIES WITH THE RECRUITMENT AND RETENTION OF WORKFORCE. THROUGH THE REGIONAL WORKFORCE ATTRACTION CAMPAIGN, WE REDESIGNED LIVEINFARGO.COM INCORPORATING VIRTUAL TOURS AND COMMUNITY CHAMPIONS, SO PEOPLE INTERESTED IN RELOCATING CAN SEE THE COMMUNITY THROUGH A 360 DEGREE VIRTUAL TOUR AND CONNECT WITH SOMEONE, ALL OF WHICH CAN HELP WITH TALENT ATTRACTION AND RETENTION. WE USED OUR DATA TOOL, EMSI, TO ASSIST EMPLOYERS BY PROVIDING WORKFORCE DATA.

    Expenses $325,307

  • ENTREPRENEURIAL DEVELOPMENT -ENTREPRENEURIAL DEVELOPMENT - THE OBJECTIVE OF ENTREPRENEURIAL DEVELOPMENT PROGRAM IS TO SIMULTANEOUSLY ASSIST ENTREPRENEURS ON AN INDIVIDUAL LEVEL WHILE ALSO STRENGTHENING AND PROMOTING OUR ENTREPRENEURIAL ECOSYSTEM FOR FARGO MOORHEAD TO BE REGARDED AS A GREAT PLACE FOR ENTREPRENEURS. WE SUPPORTED INDIVIDUAL ENTREPRENEURS AND SUPPORTED ENTREPRENEURIAL PROGRAMS LIKE GRAND FARM AND GENER8TOR. ENTREPRENEURIAL DEVELOPMENT SUPPORTS AND FEEDS INTO BUSINESS DEVELOPMENT OR JOB AND WEALTH CREATION. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY ASSISTED PROJECTS IN 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS; AND ADDITIONAL 191 INDIRECT AND INDUCED JOBS FOR A TOTAL OF 377 JOBS IN THE REGION.PAYROLL FOR THESE ON-GOING JOBS EXCEEDED $30 MILLION, WHICH EQUATES TO AN AVERAGE ANNUAL INCOME OF 82,000. IN ADDITION, A TOTAL OF 142 TEMPORARY JOBS WERE ADDED DUE TO CONSTRUCTION ACTIVITIES WITH A PAYROLL OF $ 8 MILLION. TOTAL PAYROLL FOR TEMPORARY POSITIONS EQUATES TO AN AVERAGE INCOME PER JOB OF $56,000.ANNUAL SALES - DUE TO COMPANY AND EMPLOYEE SPENDING, THE REGIONAL ECONOMY HAD AN ESTIMATED $173.8 MILLION IN ADDITIONAL SALES THAT TOOK PLACE, OF WHICH $149 MILLION WILL BE REOCCURRING EACH YEAR WITH THE CONTINUED OPERATION OF THE NEW BUSINESSES.COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023.NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 164,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.

    Expenses $5,215

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

Listed in Part VII

  • JUDD GRAHAM

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    0.7

  • MARSHAL ALBRIGHT

    CHAIR

    Total calculated
    $0
    Hours/week
    0.7

  • JIM BUUS

    CHAIR ELECT

    Total calculated
    $0
    Hours/week
    0.7

  • CHAD PETERSON

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    0.7

  • DAVID EBINGER

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    0.7

  • TERESA WARNE

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.7

  • DAVID BATCHELLER

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • AL HURLEY

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DAVID RUNSVOLD

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    0.7

  • JAMES SWEENEY

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • KEVIN MOUG

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • MIKE ARNTSON

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    0.7

  • TIM CUROE

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • ERIC CHRISTIANSON

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • BERNIE SINNER

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DAVE PIEPKORN

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DR TIM MAHONEY

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • BERNIE DARDIS

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • MATT GILBERTSON

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • TONY GRINDBERG

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DR RUPAK GANDHI

    HONORARY MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • BETH SLETTE

    HONORARY MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • DR CARRIE BRIMHALL

    HONORARY MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • BRANDON LUNAK

    HONORARY MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • DON CAMPBELL

    TREASURER

    Total calculated
    $0
    Hours/week
    0.7

  • DR DAVID COOK

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DR ROD FLANIGAN

    HONORARY MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • TIFFANY LAWRENCE

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.7

  • JASON SEGER

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • TIM DOWNS

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JIM KAPITAN

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • COLIN IRVINE

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • PAUL KRABBENHOFT

    AGENCY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • ANNA HANSON

    COMMUNITY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • COLLEEN FITZGERALD

    COMMUNITY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • RANDY GERHOLD

    COMMUNITY DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JOSEPH RASO

    PRESIDENT/CEO

    Total calculated
    $275,896
    From this org
    $258,238
    From related orgs
    $0
    Other
    $17,658
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,238
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,755 related
    Nontaxable benefits
    $0 + $1,903 related
    Filer's total
    $258,238 + $17,658 related

  • JOHN MACHACEK

    CHIEF INNOVATION OFFICER

    Total calculated
    $127,893
    From this org
    $108,643
    From related orgs
    $0
    Other
    $19,250
    Hours/week
    40

  • RYAN AASHEIM

    CHIEF BUSINESS DEVELOPMENT

    Total calculated
    $163,260
    From this org
    $145,000
    From related orgs
    $0
    Other
    $18,260
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,700 related
    Nontaxable benefits
    $0 + $9,560 related
    Filer's total
    $145,000 + $18,260 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
21 May 2024
IRS schema version
2023v5.0
Source object
202401559349301320

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