Itasca Economic Development Corporation
- Assets
- $3.7m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 8
- Location
- Grand Rapids, MN
- Founding
- 11/1989
- Data as of
- 12/2021
- 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 12/2021, Itasca Economic Development Corporation employed 8 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 12/2021, Itasca Economic Development Corporation generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.9% each year . All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 12.1% per year over the past 7 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
2021
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
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
BUSINESS RETENTION AND EXPANSION - ORGANIZATION PROVIDES RESOURCES TO LOCAL BUSINESSES REGARDING ECONOMIC ISSUES AND DISSEMINATES ECONOMIC INFORMATION TO THE COMMUNITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tamara Lowney President | Officer | 40 | $108,816 |
Isaac Meyer Board Member | Trustee | 1 | $0 |
Karine Woodman Board Member | Trustee | 1 | $0 |
Mike Auger Vice Chair | Trustee | 1 | $0 |
Brad Dolinksi Board Member | Trustee | 1 | $0 |
Burl Ives Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $657,940 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,009,310 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,667,250 |
| Total Program Service Revenue | $32,680 |
| Investment income | $55,445 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $39,809 |
| 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 | $1,851,180 |
| 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. | $115,222 |
| Compensation of current officers, directors, key employees. | $17,283 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $292,469 |
| Pension plan accruals and contributions | $13,246 |
| Other employee benefits | $21,457 |
| Payroll taxes | $30,888 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,897 |
| Fees for services: Accounting | $8,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $37,983 |
| Office expenses | $20,849 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,104 |
| Travel | $24,472 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,591 |
| Interest | $550 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,228 |
| Insurance | $5,584 |
| All other expenses | $223,371 |
| Total functional expenses | $1,533,383 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $275,169 |
| Savings and temporary cash investments | $1,067,344 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $412,375 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,026,324 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,043 |
| Net Land, buildings, and equipment | $812,470 |
| Investments—publicly traded securities | $144,983 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,743,708 |
| Accounts payable and accrued expenses | $58,099 |
| Grants payable | $0 |
| Deferred revenue | $4,085 |
| 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 | $1,421,119 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,409 |
| Total liabilities | $1,503,712 |
| Net assets without donor restrictions | $1,726,996 |
| Net assets with donor restrictions | $513,000 |
| 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 | $3,743,708 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Itasca Economic Development Corporation has recieved totaling $1,070,000.
| Awarding Organization | Amount |
|---|---|
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR INFRASTRUCTURE AND CAPACITY BUILDING IN 2021 AND 2022 IN ITASCA COUNTY | $150,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR INFRASTRUCTURE AND CAPACITY BUILDING IN 2021 AND 2022 IN ITASCA COUNTY | $150,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR INFRASTRUCTURE AND CAPACITY BUILDING IN 2021 AND 2022 IN ITASCA COUNTY | $150,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR INFRASTRUCTURE AND CAPACITY BUILDING IN 2021 AND 2022 IN ITASCA COUNTY | $150,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR INFRASTRUCTURE AND CAPACITY BUILDING IN 2021 AND 2022 IN ITASCA COUNTY | $150,000 |
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: OPERATING SUPPORT IN 2020-21 TO PROMOTE ECONOMIC DEVELOPMENT OPPORTUNITIES IN ITASCA COUNTY | $125,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Initiative Foundation Little Falls, MN | $95,633,483 | $21,753,358 |
Southwest Initiative Foundation Hutchinson, MN | $108,678,960 | $12,722,630 |
Midwest Minnesota Community Development Corporation Detroit Lakes, MN | $81,373,559 | $8,284,111 |
The International Joint Commission On Allied Health Personnel In Opht St Paul, MN | $4,513,334 | $4,493,708 |
American Academy Of Emergency Medicine Inc Milwaukee, WI | $5,226,963 | $3,404,237 |
Better Business Bureau Of Wisconsin Inc Milwaukee, WI | $5,171,220 | $3,579,852 |
Forward Community Investments Inc Madison, WI | $29,361,508 | $3,745,420 |
Leading Edge Alliance Inc Eden Prairie, MN | $746,108 | $1,886,367 |
Better Business Bureau Of Des Moines Inc Des Moines, IA | $2,552,903 | $1,796,362 |
Itasca Economic Development Corporation Grand Rapids, MN | $3,743,708 | $1,851,180 |
Dubuque Area Convention And Visitors Bureau Dubuque, IA | $1,438,467 | $1,624,966 |
Ypo Global One Chapter Inc Minneapolis, MN | $1,165,032 | $1,027,097 |