Growth Initiative Fund
- Assets
- $8.4m
- Revenue
- $49.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Fargo, ND
- Founding
- 06/2018
- Data as of
- 12/2021
- EIN
- 45-0431077
Organization Overview
Growth Initiative Fund is located in Fargo, ND. The organization was established in 2018. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Growth Initiative Fund 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, Growth Initiative Fund generated $49.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.3%) each year. All expenses for the organization totaled $33.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.7%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT TO EXISTING AND NEW BUSINESSES IN THE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 79 PACE LOANS AND 3 FUNDING PARTNER LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Mastrud Chair | OfficerTrustee | 0.5 | $0 |
F John Williams Treasurer | OfficerTrustee | 0.5 | $0 |
Chad Sapa Vice Chair | OfficerTrustee | 0.5 | $0 |
Shelly Kegley Secretary | OfficerTrustee | 0.5 | $0 |
Bernie Sinner Director | Trustee | 0.5 | $0 |
Josh Teigen Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $5,100 |
| Investment income | $44,531 |
| 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 | $49,631 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,377 |
| Fees for services: Accounting | $10,605 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $80 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,879 |
| All other expenses | $0 |
| Total functional expenses | $33,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,842 |
| Savings and temporary cash investments | $2,527,123 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $26,140 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,588,725 |
| Intangible assets | $0 |
| Other assets | $2,676 |
| Total assets | $8,422,506 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $8,422,506 |
| Net assets with donor restrictions | $0 |
| 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 | $8,422,506 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Growth Initiative Fund has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
Greater Fargo Moorhead Economic Development Corporation Fargo, ND PURPOSE: GENERAL OPERATING AND PROGRAM SUPPORT | $60,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Native American Development Corporation Billings, MT | $7,334,421 | $5,770,439 |
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 |
Leading Edge Alliance Inc Eden Prairie, MN | $746,108 | $1,886,367 |
Itasca Economic Development Corporation Grand Rapids, MN | $3,743,708 | $1,851,180 |
Ypo Global One Chapter Inc Minneapolis, MN | $1,165,032 | $1,027,097 |
Dbl Equity Partners Fargo, ND | $983,044 | $953,194 |
The Chamber Grand Forks, ND | $1,073,749 | $736,774 |
Ypo Inc Minneapolis, MN | $820,724 | $680,435 |
National Association For Proficiency Testing Eagan, MN | $611,996 | $719,063 |
South Dakota Development Corporation Sioux Falls, SD | $70,437 | $274,179 |
Brainerd Lakes Area Development Corporation Brainerd, MN | $2,329,380 | $474,971 |