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 12/2019, Lake Agassiz Regional Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Lake Agassiz Regional Development Corporation generated $936.8k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $820.9k during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 5 years. 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
2019
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Donald Litch Financial Officer | Officer | 25 | $77,133 |
Amber Metz Executive Director | Officer | 15 | $31,809 |
Robert Wurl Secretary | OfficerTrustee | 1 | $0 |
Larry Jacobsen Vice President | OfficerTrustee | 1 | $0 |
Rick Mairs President | OfficerTrustee | 1 | $0 |
Lisa Rotvold Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $178,207 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $178,207 |
Total Program Service Revenue | $592,580 |
Investment income | $157,225 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $8,750 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $936,762 |
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. | $120,824 |
Compensation of current officers, directors, key employees. | $61,015 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $229,602 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $51,152 |
Payroll taxes | $25,828 |
Fees for services: Management | $0 |
Fees for services: Legal | $119 |
Fees for services: Accounting | $19,600 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $442 |
Office expenses | $20,091 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $126,143 |
Travel | $2,789 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $46,990 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $69,401 |
Insurance | $15,558 |
All other expenses | $14,830 |
Total functional expenses | $820,908 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,626,106 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $260,478 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $2,603,374 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $1,375,766 |
Investments—publicly traded securities | $0 |
Investments—other securities | $444,060 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $6,309,784 |
Accounts payable and accrued expenses | $203,847 |
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 | $2,799,084 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $3,002,931 |
Net assets without donor restrictions | $1,254,072 |
Net assets with donor restrictions | $2,052,781 |
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 | $6,309,784 |
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 |
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 |
Organization Name | Assets | Revenue |
---|---|---|
Great Plains Institute For Sustainable Development Minneapolis, MN | $7,022,312 | $7,900,655 |
Metropolitan Economic Development Association Minneapolis, MN | $39,495,187 | $7,589,215 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $4,315,393 | $6,283,804 |
Southern Minnesota Initiative Foundation Owatonna, MN | $60,294,730 | $2,947,582 |
South Segment Community Development Corporation Halliday, ND | $18,493,571 | $2,579,873 |
Wolf Run Village Inc Watford City, ND | $14,082,138 | $4,932,515 |
Fargo Moorhead Convention & Visitors Bureau Inc Fargo, ND | $3,339,699 | $2,286,077 |
Minnesota Business Finance Corporation St Cloud, MN | $4,318,975 | $2,943,295 |
Big Sky Economic Development Corporation Billings, MT | $2,847,135 | $2,204,108 |
Destination Medical Center Economic Development Agency Rochester, MN | $594,815 | $2,685,643 |
Greater Bemidji Inc Bemidji, MN | $7,975,794 | $3,229,199 |
Duluth Publicity Bureau Inc Duluth, MN | $513,541 | $2,341,374 |