NORTH CENTRAL ECONOMIC DEVELOPMENT… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1986

Legal Domicile

Principal Officer

CHERYAL HILLS

Phone

2188943233

Tax Period

2024-07-01 to 2025-06-30

NORTH CENTRAL ECONOMIC DEVELOPMENT ASSOCIATION INC, founded in 1986, is a micro nonprofit in the Community Improvement sector that reported $43K in total revenue in fiscal year 2024. Revenue fell 59% from the prior year — a significant decline worth monitoring. Expenses of $56K exceeded revenue, resulting in a 30% operating deficit.

Mission

OUR MISSION IS TO PROVIDE ASSISTANCE TO CULTIVATE NEW SKILLS AND RESOURCES THAT UNITE COMMUNITIES AND CONTRIBUTE TO A PROSPEROUS ECONOMY.

Program Service Accomplishments

Program 1

Expenses: $30,174 Revenue: $38,714

REGION FIVE DEVELOPMENT COMMISSION RECEIVED A $1.6 MILLION EDA CARES ACT RECOVERRY ASSISTANCE GRANT TO CAPITALIZE AND ADMINISTER REVOLVING LOAN FUNDS THAT WILL PROVIDE GAP FINANCING TO SMALL...

REGION FIVE DEVELOPMENT COMMISSION RECEIVED A $1.6 MILLION EDA CARES ACT RECOVERRY ASSISTANCE GRANT TO CAPITALIZE AND ADMINISTER REVOLVING LOAN FUNDS THAT WILL PROVIDE GAP FINANCING TO SMALL BUSINESSES AND ENTREPRENEURS ADVERSELY AFFECTED BY THE CORONAVIRUS PANDEMIC IN CROW WING, CASS, MORRISON, TODD, AND WADENA COUNTIES.

Program 2

MN DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED) PROVIDES FUNDS TO A NETWORK OF NON-PROFIT LENDERS WHICH USE THESE FUNDS FOR LOANS TO START-UP AND EXPANDING BUISNESSES THROUGHOUT THE STATE. DEED ALSO HAS PROVIDED FUNDS FOR SMALL BUSINESS EMERGENCY LOANS (SBEL) TO HELP SMALL BUSINESSES THROUGH THE PANDEMIC.

Program 3

ISSUANCE OF REVOLVING LOAN FUNDS TO THE BUSINESSES TO ENCOURAGE ECONOMIC DEVELOPMENT IN CASS, CROW WING, MORRISON, TODD AND WADENA COUNTIES. THESE LOANS ARE MADE TO BUSINESSES IN COMBINATION WITH USE...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $38,714

Investment Income $4,571

Other Revenue $0

TOTAL REVENUE $43,285

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,150

Fundraising Expenses $0

Program Expenses $30,174

Other Expenses $55,181

TOTAL EXPENSES $56,331

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,285	$105,313	-0.6%
Expenses	$56,331	$84,252	-0.3%
Net Income	$-13,046	$21,061	-1.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$121,685

Total Directors

$1,150

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CARRIE REIERSON	CHAIR	0.50	Officer Director	$50	$0	$50
ALLIE VERCHOTA	VICE CHAIR	0.50	Officer Director	$100	$0	$100
QUINN SWANSON	TREASURER	0.50	Officer Director	$0	$0	$0
SANDRA VOIGT	SECRETARY	0.50	Officer Director	$0	$0	$0
DIANE HEROLD	DIRECTOR	0.50	Director	$0	$0	$0
DAVID ANDERSON	R5DC LIAISON	0.50	Director	$0	$0	$1,000
HOPE WILLIAMS	BOARD MEMBER	0.50	Director	$0	$0	$0
MARINA LOVELL	BOARD MEMBER	0.50	Director	$0	$0	$0
ALLISON FREDERICKSON	BOARD MEMBER	0.50	Director	$0	$0	$0
MIKE PAULUS	BOARD MEMBER	0.50	Director	$0	$0	$0
PAULA KAMPA	DIRECTOR	0.50	Director	$0	$0	$0
CHERYAL HILLS - YES	EXECUTIVE DIRECTOR	40.00	Officer	$0	$0	$121,535

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$43,285	$56,331	$1,932,808	$-13,046
2024	$105,313	$84,252	$2,133,256	$21,061
2023	$107,271	$102,221	$2,413,855	$5,050
2022	$152,928	$112,791	$2,691,846	$40,137
2021	$163,164	$127,523	$3,319,971	$35,641
2020	$270,825	$129,790	$3,501,331	$141,035
2019	$136,872	$131,957	$1,993,709	$4,915

NORTH CENTRAL ECONOMIC DEVELOPMENT ASSOCIATION INC