Lake Agassiz Regional Development Corporation
- Assets
- $6.9m
- Revenue
- $1.3m
- Investments
- $429.1k
- Employees
- 10
- Location
- Fargo, ND
- Founding
- 04/1989
- Data as of
- 12/2021
- EIN
- 45-0404558
Organization Overview
Lake Agassiz Regional Development Corporation is located in Fargo, ND. The organization was established in 1989. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Lake Agassiz Regional Development Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Agassiz Regional 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, Lake Agassiz Regional Development Corporation generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $940.5k during the year ending 12/2021. While expenses have increased by 1.0% 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
PROVIDES COMMUNITY PLANNING AND ECONOMIC DEVELOPMENT ASSISTANCE TO A SIX-COUNTY REGION OF SOUTHEASTERN NORTH DAKOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES COMMUNITY PLANNING AND ECONOMIC DEVELOPMENT ASSISTANCE AND OPERATION OF REGIONAL SMALL BUSINESS CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Litch Chief Financial Officer | Officer | 25 | $75,841 |
Amber Metz Executive Director | Officer | 15 | $44,124 |
Rick Mairs President | OfficerTrustee | 1 | $0 |
Larry Jacobsen Vice President | OfficerTrustee | 1 | $0 |
Lisa Rotvold Treasurer | OfficerTrustee | 1 | $0 |
Robert Wurl Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $149,900 |
| All other contributions, gifts, grants, and similar amounts not included above | $195,865 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $345,765 |
| Total Program Service Revenue | $747,181 |
| Investment income | $170,166 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,263,112 |
| 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. | $136,825 |
| Compensation of current officers, directors, key employees. | $15,138 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $353,733 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,016 |
| Payroll taxes | $35,987 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,191 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $635 |
| Office expenses | $31,820 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $124,252 |
| Travel | $1,073 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,158 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,384 |
| Insurance | $16,618 |
| All other expenses | $20 |
| Total functional expenses | $940,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,131,449 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $360,700 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,623,599 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,374,724 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $429,060 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,919,532 |
| Accounts payable and accrued expenses | $279,337 |
| 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 | $2,849,342 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,128,679 |
| Net assets without donor restrictions | $1,511,150 |
| Net assets with donor restrictions | $2,279,703 |
| 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 | $6,919,532 |
Grants Awarded
Over the last fiscal year, Lake Agassiz Regional Development Corporation has awarded $23,400 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BOOTH LLC PURPOSE: TO AIDE IN THE GROWTH OF THE TECH-BASED BUSINESS | $9,700 |
KYCKER LLC PURPOSE: TO AIDE IN THE GROWTH OF THE TECH-BASED BUSINESS | $6,850 |
ADVANCED BUSINESS SOLUTIONS PURPOSE: TO AIDE IN THE GROWTH OF THE TECH-BASED BUSINESS | $6,850 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Agassiz Regional Development Corporation has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: TO FACILITATE SMALL BUSINESS LENDING IN NORTH DAKOTA AND CLAY COUNTY, MINNESOTA. | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |
Minnesota Business Finance Corporation St Cloud, MN | $6,710,385 | $3,673,437 |
Glacier Country Regional Tourism Commission Inc Missoula, MT | $1,843,193 | $3,815,172 |
South Segment Community Development Corporation Halliday, ND | $18,333,660 | $2,595,332 |
Fargo Moorhead Convention & Visitors Bureau Inc Fargo, ND | $3,704,311 | $2,547,498 |