Greater Fergus Falls Corp
- Assets
- $151.0k
- Revenue
- $264.6k
- Investments
- $0.0
- Employees
- 3
- Location
- Fergus Falls, MN
- Founding
- 10/2018
- Data as of
- 12/2021
- EIN
- 83-1284758
Organization Overview
Greater Fergus Falls Corp is located in Fergus Falls, MN. The organization was established in 2018. 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, Greater Fergus Falls Corp employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Fergus Falls Corp 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, Greater Fergus Falls Corp generated $264.6k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $259.9k during the year ending 12/2021. 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
SUPPORT THE CITY GOVERNMENT IN IMPROVING THE ECONOMY OF THE AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTIVITIES INCLUDE ADVISING AND ENCOURAGING POTENTIAL BUSINESS ENTERPRISES TO EXPAND OR LOCATE IN FERGUS FALLS, MN AND ACTING AS A GO-BETWEEN TO ASSIST THOSE BUSINESSES IN THEIR EXPANSION OR RELOCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Schoeneck Treasurer | OfficerTrustee | 1 | $0 |
Rebecca Petersen President | OfficerTrustee | 1 | $0 |
Jasmine Sonmor Secretary | OfficerTrustee | 1 | $0 |
Andrew Yaggie Vice Chair | OfficerTrustee | 1 | $0 |
Carrie Brimhall Nominating C | Trustee | 1 | $0 |
Elise Heifort Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $122,638 |
| All other contributions, gifts, grants, and similar amounts not included above | $127,990 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $250,628 |
| Total Program Service Revenue | $0 |
| Investment income | $17 |
| 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 | $264,645 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $135,600 |
| Pension plan accruals and contributions | $1,310 |
| Other employee benefits | $4,500 |
| Payroll taxes | $12,096 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $51,066 |
| Office expenses | $5,096 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,200 |
| Travel | $285 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,085 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $4,917 |
| Total functional expenses | $259,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $150,997 |
| 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 | $0 |
| 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 | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $150,997 |
| Accounts payable and accrued expenses | $7,461 |
| 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 | $7,461 |
| Net assets without donor restrictions | $143,536 |
| 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 | $150,997 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Fergus Falls Corp has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Communicating For Agriculture Scholarship And Education Foundati Fergus Falls, MN PURPOSE: GENERAL FUND DONATION | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
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 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |