GRAND FORKS REGION ECONOMIC DEVELOPMENT CORPORATION

EIN: 450410198

GRAND FORKS, ND

Total Revenue
$1,539,015
Total Expenses
$1,356,031
Total Assets
$1,541,452
Net Assets
$1,138,398
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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
1988
Legal Domicile
ND
Principal Officer
KEITH LUND
Phone
7017462720
Tax Period
2024-01-01 to 2024-12-31

GRAND FORKS REGION ECONOMIC DEVELOPMENT CORPORATION, founded in 1988, is a community nonprofit that reported $1.5M in total revenue in fiscal year 2024. Revenue surged 43% from the prior year, signaling strong growth momentum. Expenses of $1.4M left a modest 12% surplus.

Mission

PROMOTE ECONOMIC GROWTH IN GRAND FORKS, NORTH DAKOTA AND THE SURROUNDING COMMUNITIES THROUGH THE ATTRACTION OF NEW INDUSTRIES AND EXPANSION OF CURRENT BUSINESSES.

Program Service Accomplishments

Program 1

ECONOMIC GROWTH TO THE COMMUNITY THROUGH ATTRACTION OF INDUSTRY

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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 $1,450,965
Program Service Revenue $0
Investment Income $21,708
Other Revenue $66,342
TOTAL REVENUE $1,539,015

Expense Breakdown

Grants Paid $0
Salaries & Benefits $730,580
Fundraising Expenses $0
Other Expenses $625,451
TOTAL EXPENSES $1,356,031

Year-over-Year Comparison

2024 2023 Change
Revenue $1,539,015 $1,073,194 +0.4%
Expenses $1,356,031 $1,073,146 +0.3%
Net Income $182,984 $48 +3811.2%
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

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Governance

Voting Members
11
Independent Members
10
Employees
12
Volunteers
N/A

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
$215,511
Total Directors
11
$215,511
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KEITH LUND PRESIDENT/CEO 48.00
Officer Director
$185,000 $30,511 $215,511
DAVID ENGEN DIRECTOR 0.60
Director
$0 $0 $0
JONATHAN HOLTH PAST CHAIR 1.40
Officer Director
$0 $0 $0
MEGHAN COMPTON SECRETARY/TREASURER 0.60
Officer Director
$0 $0 $0
JOHN ONCKEN CHAIR 1.00
Officer Director
$0 $0 $0
SHAWN GADDIE VICE CHAIR 1.15
Officer Director
$0 $0 $0
CHRIS WOLF DIRECTOR 1.00
Director
$0 $0 $0
DANA SANDE DIRECTOR 1.00
Director
$0 $0 $0
MYLO EINARSON DIRECTOR 1.00
Director
$0 $0 $0
SALLY MISKAVIGE DIRECTOR 1.00
Director
$0 $0 $0
CORY MELLAND DIRECTOR 1.00
Director
$0 $0 $0
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
2024 $1,539,015 $1,356,031 $1,541,452 $182,984
2023 $1,073,194 $1,073,146 $1,346,753 $48
2022 $1,009,895 $954,368 $1,184,900 $55,527
2021 $963,329 $1,213,197 $1,227,539 $-249,868
2020 $981,429 $860,329 $1,207,377 $121,100
2019 $908,233 $919,843 $1,052,131 $-11,610
2018 $977,626 $824,438 $1,067,052 $153,188
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