Itasca Economic Development Corporation
- Assets
- $4.5m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 11
- Location
- Grand Rapids, MN
- Founding
- 11/1989
- Data as of
- 12/2023
- EIN
- 41-1413301
Organization Overview
Itasca Economic Development Corporation is located in Grand Rapids, MN. The organization was established in 1989. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Itasca Economic Development Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Itasca Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Itasca Economic Development Corporation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 7.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO GROW THE ITASCA COUNTY ECONOMY THROUGH EDUCATION, RESEARCH AND OUTREACH THAT CREATES BUSINESS OPPORTUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS DEVELOPMENT - ORGANIZATION ASSISTS SMALL BUSINESSES WITH START-UP AND DEVELOPMENT ACTIVITIES THROUGH VARIOUS EDUCATIONAL PROGRAMS INCLUDING INDIVIDUAL COUNSELING AND WORKSHOPS
BUSINESS RETENTION AND EXPANSION - ORGANIZATION PROVIDES RESOURCES TO LOCAL BUSINESSES REGARDING ECONOMIC ISSUES AND DISSEMINATES ECONOMIC INFORMATION TO THE COMMUNITY
MARKETING & RECRUITMENT - THROUGH EDUCATION AND RESEARCH EFFORTS, THE ORGANIZATION MARKETS TO VARIOUS COMPANIES THAT MAY BE INTERESTED IN EXPANDING OR RELOCATING IN THE ITASCA COUNTY AREA IN NORTHERN MINNESOTA
ASSISTANCE WITH FINANCING - ORGANIZATION EDUCATES AND ASSISTS SMALL BUSINESS CLIENTS IN OBTAINING FINANCING AND COMPLETING LOAN PACKAGES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Dolinksi Chair | Trustee | 1 | $0 |
Jodi Piekarski Vice-Chair | Trustee | 1 | $0 |
Kirk Adams Treasurer | Trustee | 1 | $0 |
Jean Macdonell Secretary | Trustee | 1 | $0 |
Bart Johnson Board Member | Trustee | 1 | $0 |
Katie Glorvigen Tierney Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,956,342 |
| All other contributions, gifts, grants, and similar amounts not included above | $306,710 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,263,052 |
| Total Program Service Revenue | $63,507 |
| Investment income | $18,964 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $27,705 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,376,295 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $127,097 |
| Compensation of current officers, directors, key employees. | $19,064 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $323,611 |
| Pension plan accruals and contributions | $21,028 |
| Other employee benefits | $21,492 |
| Payroll taxes | $37,777 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,398 |
| Fees for services: Accounting | $9,901 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,894 |
| Office expenses | $34,723 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,954 |
| Travel | $21,076 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,593 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $102,047 |
| Insurance | $6,036 |
| All other expenses | $19,167 |
| Total functional expenses | $1,267,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $352,135 |
| Savings and temporary cash investments | $609,133 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,182 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $686,818 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,728 |
| Net Land, buildings, and equipment | $2,704,322 |
| Investments—publicly traded securities | $139,595 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,533,913 |
| Accounts payable and accrued expenses | $23,121 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,180,660 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,656 |
| Total liabilities | $1,213,437 |
| Net assets without donor restrictions | $3,292,976 |
| Net assets with donor restrictions | $27,500 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,533,913 |