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Nonprofiteer
← GROWTH INITIATIVE FUND

Form 990 for tax year 2023

Filed by GROWTH INITIATIVE FUND.

Totals

Total revenue
$73,346
Total expenses
$59,412
Contributions and grants received
$0
Grants paid
$2,500
Program service revenue
$9,368
Investment income
$63,978
Other revenue
$0
Total assets, end of year
$8,405,427
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$8,405,427
Program services expenses (Part IX)
$27,036
Management and general expenses
$32,376
Fundraising expenses
$0
Program service expenses (Part III)
$27,036

Program services were 45.5% 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.

  • 2a · Program service revenue: PROGRAM REVENUE

    total $9,368 · related or exempt $9,368

  • 3 · Investment income

    total $63,978 · related or exempt $11,119 · excluded $52,859

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,500 · program services $2,500

  • 11a · Fees: management

    total $19,184 · management and general $19,184

  • 11b · Fees: legal

    total $4,056 · program services $4,056

  • 11c · Fees: accounting

    total $11,275 · management and general $11,275

  • 23 · Insurance

    total $1,917 · management and general $1,917

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $19,500 · program services $19,500

  • 24b · Other expenses: FILING FEES

    total $680 · program services $680

  • 24c · Other expenses: BACKGROUND CHECK FEES

    total $300 · program services $300

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,106 · end of year $216,640

  • 2 · Savings and temporary cash investments

    beginning of year $1,921,400 · end of year $1,241,053

  • 13 · Investments: program-related

    beginning of year $6,452,035 · end of year $6,947,286

  • 15 · Other assets

    beginning of year $2,952 · end of year $448

  • 27 · Net assets without donor restrictions

    beginning of year $8,391,493 · end of year $8,405,427

Mission and programs · 2023

Mission

TO PROMOTE ECONOMIC DEVELOPMENT IN CASS COUNTY, NORTH DAKOTA. THE CORPORATION SHALL EXIST TO CREATE AND MANAGE FINANCIAL PROGRAMS TO ENCOURAGE PRIMARY SECTOR JOB CREATION IN CASS COUNTY.

  • THE PURPOSE OF GROWTH INITIATIVE FUND, INC. (FUND) SHALL BE TO PROMOTE ECONOMIC DEVELOPMENT IN CASS COUNTY, NORTH DAKOTA. THE ORGANIZATION PROVIDES INCENTIVE LOANS TO EXISTING AND OUT-OF-STATE CLENTS LOOKING TO EXPAND OPERATIONS IN CASS COUNTY, ND AREA TO CREATE EMPLOYMENT WITHIN THE COUNTY. THE FUND IS SET UP FOR LOCAL GOVERNMENTS IN ORDER TO BRING PROFESSIONAL ASSISTANCE AND SUPPORT FROM THE PRIVATE SECTOR AND LESSEN THE BURDENS OF GOVERNMENT. THE FUND IS CURRENTLY SERVICING 88 PACE LOANS AND 1 FUNDING PARTNER LOAN AND 6 MICROLOANS.

    Expenses $27,036 · Grants $2,500 · Revenue $20,487

As filed on the 2023 return.

Listed in Part VII

  • Tom Seymour

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Shelly Kegley

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Josh Teigen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Hari Panjini

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Michelle Schumacher

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Duesk

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Lisa Yoney

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

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
2023
Filed
17 May 2024
IRS schema version
2023v5.0
Source object
202401459349301005

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