GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION

EIN: 456011769 501(c)(3) Community Improvement

FARGO, ND

Total Revenue
$3,370,498
Total Expenses
$3,283,509
Total Assets
$1,909,036
Net Assets
$1,502,008
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1946
Legal Domicile
ND
Principal Officer
JOSEPH M RASO
Phone
7013641900
Tax Period
2024-01-01 to 2024-12-31

GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION, founded in 1946, is a community nonprofit in the Community Improvement sector that reported $3.4M in total revenue in fiscal year 2024. Revenue surged 65% from the prior year, signaling strong growth momentum.

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 Service Accomplishments

Program 1
Expenses: $1,216,157 Revenue: $51,532

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...

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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.

Program 2
Expenses: $996,014

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...

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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.

Program 3
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...

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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.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,235,271
Program Service Revenue $41,415
Investment Income $83,695
Other Revenue $10,117
TOTAL REVENUE $3,370,498

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,343,319
Fundraising Expenses $0
Program Expenses $2,226,429
Other Expenses $1,940,190
TOTAL EXPENSES $3,283,509

Year-over-Year Comparison

2024 2023 Change
Revenue $3,370,498 $2,046,324 +0.6%
Expenses $3,283,509 $2,061,813 +0.6%
Net Income $86,989 $-15,489 -6.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
16
Employees
9
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
$329,307
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATT GILBERTSON AGENCY DIRECTOR 0.20
Director
$0 $0 $0
BERNIE DARDIS AGENCY DIRECTOR 0.20
Director
$0 $0 $0
DR TIM MAHONEY AGENCY DIRECTOR 0.20
Director
$0 $0 $0
RACHEL LEI AT-LARGE DIRECTOR 0.20
Director
$0 $0 $0
KEVIN HANSON AT-LARGE DIRECTOR 0.20
Director
$0 $0 $0
TERRI ZIMMERMAN AT-LARGE DIRECTOR 0.20
Director
$0 $0 $0
TONY GRINDBERG AGENCY DIRECTOR 0.20
Director
$0 $0 $0
TIFFANY LAWRENCE AT-LARGE DIRECTOR 0.20
Director
$0 $0 $0
DON CAMPBELL CHAIR ELECT 0.70
Officer Director
$0 $0 $0
JIM BUUS CHAIR 0.70
Officer Director
$0 $0 $0
DAVID EBINGER EXECUTIVE COMMITTEE 0.70
Director
$0 $0 $0
DR CARRIE BRIMHALL EXECUTIVE COMMITTEE 0.70
Director
$0 $0 $0
CHAD PETERSON EXECUTIVE COMMITTEE 0.70
Director
$0 $0 $0
JASON SEGER SECRETARY 0.70
Officer Director
$0 $0 $0
MIKE ARNTSON TREASURER 0.70
Officer Director
$0 $0 $0
TIM CUROE AT-LARGE DIRECTOR 0.20
Director
$0 $0 $0
JOSEPH RASO PRESIDENT/CEO 40.00
Officer
$309,776 $19,531 $329,307
RYAN AASHEIM CHIEF BUSINESS DEVELOPMENT 40.00
Highest
$151,000 $17,745 $168,745
JOHN MACHACEK CHIEF INNOVATION OFFICER 40.00
Highest
$115,908 $19,005 $134,913
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 $3,370,498 $3,283,509 $1,909,036 $86,989
2023 $2,046,324 $2,061,813 $2,258,311 $-15,489
2022 $1,756,117 $1,545,484 $2,789,395 $210,633
2021 $1,379,514 $1,567,411 $1,995,409 $-187,897
2020 $1,563,513 $1,477,934 $2,100,954 $85,579
2019 $1,696,233 $1,512,139 $1,722,162 $184,094
2018 $1,360,580 $1,789,721 $1,203,319 $-429,141
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