NORTH CENTRAL ECONOMIC DEVELOPMENT ASSOCIATION INC

EIN: 363458720 501(c)(3) Community Improvement

STAPLES, MN

Total Revenue
$43,285
Total Expenses
$56,331
Total Assets
$1,932,808
Net Assets
$1,797,788
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1986
Legal Domicile
MN
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.

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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%)

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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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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
11

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
5
$121,685
Total Directors
11
$1,150
Key Employees
0
$0
Highest Compensated
0
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
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