Nonprofit · EIN 45-6011769
GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION
Tax-exempt · FARGO, ND 58102
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $3,370,498 | $3,283,509 | $86,989 | $1,909,036 | $407,028 | $1,502,008 |
| December 31, 2023 | 990 | $2,046,324 | $2,061,813 | -$15,489 | $2,258,311 | $712,204 | $1,546,107 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $3,235,271
- of which government grants
- $1,035,000
- Program service revenue
- $41,415
- Investment income
- $83,695
- Other revenue
- $10,117
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $335,411
- Other salaries and wages
- $716,845
- Salaries, compensation and benefits (total)
- $1,343,319
- Professional fundraising fees
- $0
- Legal fees
- $1,751
- Accounting fees
- $19,511
- Occupancy
- $105,807
- Travel
- $1,829
- Depreciation
- $17,898
- Program services (functional)
- $2,226,429
- Management and general (functional)
- $1,057,080
Balance sheet and other
- Total assets, start of year
- $2,258,311
- Total assets, end of year
- $1,909,036
- Total liabilities, end of year
- $407,028
- Net assets, end of year
- $1,502,008
- Land, buildings and equipment
- $37,143
- Net assets without donor restrictions
- $1,363,939
- Net assets with donor restrictions
- $138,069
- Gross receipts
- $3,370,498
- Employees
- 9
- Volunteers
- 0
- Year formed
- 1946
- State of legal domicile
- ND
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOSEPH RASO | PRESIDENT/CEO Officer | 40 | $309,776 | $19,531 |
| RYAN AASHEIM | CHIEF BUSINESS DEVELOPMENT Highest-paid employee | 40 | $151,000 | $17,745 |
| JOHN MACHACEK | CHIEF INNOVATION OFFICER Highest-paid employee | 40 | $115,908 | $19,005 |
| MATT GILBERTSON | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| BERNIE DARDIS | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DR TIM MAHONEY | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| RACHEL LEI | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| KEVIN HANSON | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| TERRI ZIMMERMAN | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| TONY GRINDBERG | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| TIFFANY LAWRENCE | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DON CAMPBELL | CHAIR ELECT Trustee or director, Officer | 0.7 | $0 | $0 |
| JIM BUUS | CHAIR Trustee or director, Officer | 0.7 | $0 | $0 |
| DAVID EBINGER | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
| DR CARRIE BRIMHALL | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CHAD PETERSON | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 |
| JASON SEGER | SECRETARY Trustee or director, Officer | 0.7 | $0 |
| MIKE ARNTSON | TREASURER Trustee or director, Officer | 0.7 | $0 |
| TIM CUROE | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 |
990 for the year ended December 31, 2023: 39 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOSEPH RASO | PRESIDENT/CEO Officer | 40 | $258,238 | $17,658 |
| RYAN AASHEIM | CHIEF BUSINESS DEVELOPMENT Highest-paid employee | 40 | $145,000 | $18,260 |
| JOHN MACHACEK | CHIEF INNOVATION OFFICER Highest-paid employee | 40 | $108,643 | $19,250 |
| JUDD GRAHAM | PAST CHAIR Trustee or director, Officer | 0.7 | $0 | $0 |
| MARSHAL ALBRIGHT | CHAIR Trustee or director, Officer | 0.7 | $0 | $0 |
| JIM BUUS | CHAIR ELECT Trustee or director, Officer | 0.7 | $0 | $0 |
| CHAD PETERSON | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
| DAVID EBINGER | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
| TERESA WARNE | SECRETARY Trustee or director | 0.7 | $0 | $0 |
| DAVID BATCHELLER | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| AL HURLEY | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DAVID RUNSVOLD | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
| JAMES SWEENEY | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| KEVIN MOUG | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| MIKE ARNTSON | EXECUTIVE COMMITTEE Trustee or director | 0.7 | $0 | $0 |
| TIM CUROE | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| ERIC CHRISTIANSON | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| BERNIE SINNER | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DAVE PIEPKORN | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DR TIM MAHONEY | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| BERNIE DARDIS | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| MATT GILBERTSON | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| TONY GRINDBERG | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DR RUPAK GANDHI | HONORARY MEMBER Trustee or director | 0.2 | $0 | $0 |
| BETH SLETTE | HONORARY MEMBER Trustee or director | 0.2 | $0 | $0 |
| DR CARRIE BRIMHALL | HONORARY MEMBER Trustee or director | 0.2 | $0 | $0 |
| BRANDON LUNAK | HONORARY MEMBER Trustee or director | 0.2 | $0 | $0 |
| DON CAMPBELL | TREASURER Trustee or director | 0.7 | $0 | $0 |
| DR DAVID COOK | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| DR ROD FLANIGAN | HONORARY MEMBER Trustee or director | 0.2 | $0 | $0 |
| TIFFANY LAWRENCE | AT-LARGE DIRECTOR Trustee or director | 0.7 | $0 | $0 |
| JASON SEGER | AT-LARGE DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| TIM DOWNS | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| JIM KAPITAN | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| COLIN IRVINE | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| PAUL KRABBENHOFT | AGENCY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| ANNA HANSON | COMMUNITY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| COLLEEN FITZGERALD | COMMUNITY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
| RANDY GERHOLD | COMMUNITY DIRECTOR Trustee or director | 0.2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 51 BROADWAY N STE 500, FARGO, ND 58102-4970
- In care of
- % BRIAN WALTERS
- Principal officer (990 for 2024)
- JOSEPH M RASO, 51 BROADWAY 500, FARGO, ND 58102
- Signed the 990
- JOSEPH M RASO, PRESIDENT/CEO
- Phone
- (701) 364-1900
- Website
- WWW.GFMEDC.COM
- Return prepared by
- BRADY MARTZ & ASSOCIATES PC
Mission
THE GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION (GFMEDC) IS A CATALYST FOR ECONOMIC GROWTH AND PROSPERITY. USING A COMPREHENSIVE APPROACH TO ECONOMIC DEVELOPMENT, THE GFMEDC ACCELERATES JOB AND WEALTH CREATION IN CASS COUNTY, ND AND CLAY COUNTY, MN.
Program accomplishments
- OUR OVERARCHING MISSION OF THE GFMEDC IS TO LEAD THE DEVELOPMENT OF A ROBUST ECONOMY WHERE PEOPLE AND BUSINESSES THRIVE WHICH INCLUDES EFFORTS TO:- STRATEGICALLY PURSUE JOB CREATION AND BUSINESS ATTRACTION.- WORK WITH AND SUPPORT COMPANIES WITH DEMAND-DRIVEN WORKFORCE DEVELOPMENT. - SUPPORT A VIBRANT ENTREPRENEURIAL ECOSYSTEM.- COLLABORATE WITH PUBLIC AND PRIVATE SECTORS AND PARTNER ORGANIZATIONS TO ENHANCE PROGRAMS AND PROCESSES THAT MAKE DOING BUSINESS EASIER IN THE REGION.THE GFMEDC PROMOTES AND ENHANCES THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF CASS COUNTY, NORTH DAKOTA AND CLAY COUNTY, MINNESOTA, WHICH ENCOMPASSES THE FARGO-MOORHEAD MSA AS DELINEATED BY THE OFFICE OF MANAGEMENT AND BUDGET. THIS PROMOTION AND ENHANCEMENT IS DONE THROUGH DEPLOYMENT OF PROGRAMS AND ACTIVITIES DESIGNED TO FACILITATE JOB CREATION AND BY INFORMING EXISTING AND POTENTIAL BUSINESSES ABOUT THE BENEFITS OF LOCATING OR EXPANDING BUSINESS IN THIS REGION. THE OVERALL AIM IS TO IMPROVE THE ECONOMIC WELL-BEING OF THE RESIDENTS OF THE AREA. THE ORGANIZATION WORKS WITH THE ND DEPARTMENT OF COMMERCE AND MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT AS WELL AS DIRECTLY WITH GLOBAL SITE SELECTORS AND COMPANIES TO BRING NEW BUSINESS TO THE STATE. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - WE SUCCESSFULLY SUPPORTED 20 PROJECTS IN 2024 HELPED TO CREATE MORE THAN 221 DIRECT JOBS AND $164 MILLION IN CAPITAL INVESTMENT (EQUIPMENT AND BUILDINGS). COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 75 COMPANIES IN 2024. NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 653,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.Expenses $1,216,157 · revenue $51,532
- THE OBJECTIVE OF THE WORKFORCE RECRUITMENT AND RETENTION PROGRAM IS TO ASSIST PRIMARY SECTOR BUSINESS LOCATED IN CASS COUNTY, ND AND CLAY COUNTY, MN WITH THE RECRUITMENT AND RETENTION OF SKILLED WORKERS. DOING SO HELPS GROW THE REGION'S POPULATION AND TAX BASE AND HELPS ATTRACT AND RETAIN PRIMARY SECTOR BUSINESSES. IN 2024, WE FOCUSED ON AND PROMOTED PROGRAMS THAT ASSISTED COMPANIES WITH THE RECRUITMENT AND RETENTION OF WORKFORCE. THROUGH THE REGIONAL WORKFORCE ATTRACTION CAMPAIGN, WE REDESIGNED LIVEINFARGO.COM INCORPORATING VIRTUAL TOURS AND COMMUNITY CHAMPIONS, SO PEOPLE INTERESTED IN RELOCATING CAN SEE THE COMMUNITY THROUGH A 360 DEGREE VIRTUAL TOUR AND CONNECT WITH SOMEONE, ALL OF WHICH CAN HELP WITH TALENT ATTRACTION AND RETENTION. WE USED OUR DATA TOOL,LIGHTCASTI, TO ASSIST EMPLOYERS BY PROVIDING WORKFORCE DATA.Expenses $996,014
- ENTREPRENEURIAL DEVELOPMENT - THE OBJECTIVE OF ENTREPRENEURIAL DEVELOPMENT PROGRAM IS TO SIMULTANEOUSLY ASSIST ENTREPRENEURS ON AN INDIVIDUAL LEVEL WHILE ALSO STRENGTHENING AND PROMOTING OUR ENTREPRENEURIAL ECOSYSTEM FOR FARGO MOORHEAD TO BE REGARDED AS A GREAT PLACE FOR ENTREPRENEURS. WE SUPPORTED INDIVIDUAL ENTREPRENEURS AND SUPPORTED ENTREPRENEURIAL PROGRAMS LIKE GRAND FARM AND GENER8TOR. ENTREPRENEURIAL DEVELOPMENT SUPPORTS AND FEEDS INTO BUSINESS DEVELOPMENT OR JOB AND WEALTH CREATION. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY ASSISTED PROJECTS IN 2024 HELPED TO CREATE MORE THAN 221 DIRECT JOBS; AND ADDITIONAL 289 INDIRECT AND INDUCED JOBS FOR A TOTAL OF 510 JOBS IN THE REGION.PAYROLL FOR THESE ON-GOING JOBS EXCEEDED $43 MILLION, WHICH EQUATES TO AN AVERAGE ANNUAL INCOME OF $ 84,000. IN ADDITION, A TOTAL OF 597 TEMPORARY JOBS WERE ADDED DUE TO CONSTRUCTION ACTIVITIES WITH A PAYROLL OF $ 38.9 MILLION. TOTAL PAYROLL FOR TEMPORARY POSITIONS EQUATES TO AN AVERAGE INCOME PER JOB OF $65,000.ANNUAL SALES - DUE TO COMPANY AND EMPLOYEE SPENDING, THE REGIONAL ECONOMY HAD AN ESTIMATED $293.3 MILLION IN ADDITIONAL SALES THAT TOOK PLACE, OF WHICH $156.9 MILLION WILL BE REOCCURRING EACH YEAR WITH THE CONTINUED OPERATION OF THE NEW BUSINESSES. COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION COMPLETED 75 COMPANY ASSISTANCE PROJECTS IN 2024. NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 650,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES.Expenses $12,350
- ENTREPRENEURIAL DEVELOPMENT - THE OBJECTIVE OF ENTREPRENEURIAL DEVELOPMENT PROGRAM IS TO SIMULTANEOUSLY ASSIST ENTREPRENEURS ON AN INDIVIDUAL LEVEL WHILE ALSO STRENGTHENING AND PROMOTING OUR ENTREPRENEURIAL ECOSYSTEM FOR IN AN EFFORT TO BETTER FINANCIAL SUPPORT THE PROGRAMMING OF THE EDC, AND TO BETTER ALIGN OUR WORK WITH KEY PARTNERS, SUCH AS THE CHAMBER OF COMMERCE, WE EMBARKED IN 2024 TO RAISE FUNDS THROUGH A FOUR-YEAR INITIATIVE CALLED INNOVATE28. INNOVATE28 IS FOCUSED ON ACHIEVING MEANINGFUL RESULTS IN WORKFORCE DEVELOPMENT, BUSINESS DEVELOPMENT AND PUBLIC POLICY. THE GFMEDC IS CHARGED WITH CONTINUING ITS WORK IN BUSINESS DEVELOPMENT (RETENTION, ATTRACTION AND NEW COMPANY CREATION) AND WORKFORCE RECRUITMENT, AND FUNDING FROM THE INNOVATE28 CAMPAIGN ARE BEING UTILIZED TO FUND PROGRAMMING FOR THIS WORK.Expenses $1,908
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 45-6011769
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2006
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S31)
- Assets (IRS master file)
- $1,909,036
- Income (IRS master file)
- $3,370,498
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $3,370,498 | $3,283,509 | $1,909,036 | XML |
| 990 | December 2023 | $2,046,324 | $2,061,813 | $2,258,311 | XML |
| 990 | December 2022 | $1,756,117 | $1,545,484 | $2,789,395 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 45-6011769).
Questions about GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION
- What is the EIN of GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION is 45-6011769.
- Is GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2006.
- Are donations to GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names JOSEPH M RASO.
- Who are the officers and directors of GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 19 people; 3 received compensation from the organization, the highest $309,776 (JOSEPH RASO, PRESIDENT/CEO).
- How much revenue does GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $3,370,498, expenses of $3,283,509 and total assets of $1,909,036 at year end.
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