2024-06-03T11:34:56-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC 2537 S UNIVERSITY DRIVE FARGO ND 58103 990 2023-01-01 456011769 GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION GREA 7013641900 51 BROADWAY 500 FARGO ND 58102 JOSEPH M RASO PRESIDENT/CEO 7013641900 2024-05-21 1 JOSEPH RASO XXX-XX-XXXX 0 JEREMY ULMER CPA P01218756 7012802100 2024-05-21 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z JOSEPH M RASO 51 BROADWAY 500 FARGO ND 58102 2046324 0 X WWW.GFMEDC.COM X 1946 ND TO GROW & DIVERSIFY THE ECONOMIES OF CASS COUNTY ND AND CLAY COUNTY MN. 33 33 9 0 0 0 1639850 1884570 46379 41838 18441 71214 51447 48702 1756117 2046324 0 0 0 0 1144312 1241388 0 0 0 401172 820425 1545484 2061813 210633 -15489 2789395 2258311 811968 712204 1977427 1546107 X 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. 1 0 1144398 90540 LEAD THE DEVELOPMENT OF A ROBUST ECONOMY WHERE PEOPLE AND BUSINESSES THRIVE.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 DEVELOPS THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF CASS COUNTY, NORTH DAKOTA AND CLAY COUNTY, MINNESOTA, WHICH IS THE FARGO-MOORHEAD MSA AS DELINEATED BY THE OFFICE OF MANAGEMENT AND BUDGET. THIS PROMOTION AND DEVELOPMENT IS DONE THROUGH PROGRAMS AND ACTIVITIES DESIGNED TO FACILITATE JOB CREATION IN PART BY INFORMING EXISTING AND POTENTIAL BUSINESSES ABOUT THE BENEFITS OF LOCATING 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 NORTH DAKOTA DEPARTMENT OF COMMERCE AND MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT AS WELL AS DIRECTLY WITH SITE SELECTORS AND COMPANIES TO BRING NEW BUSINESS TO THE 2 COUNTY REGION, CASS COUNTY OF NORTH DAKOTA AND CLAY COUNTY OF MINNESOTA. WE WORK TO RECRUIT AND RETAIN PRIMARY-SECTOR COMPANIES. JOB CREATION - OUR SUCCESSFULLY SUPPORTED 18 PROJECTS IN 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS AND $26.8 MILLION IN CAPITAL INVESTMENT (EQUIPMENT AND BUILDINGS). COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023. 325307 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 2023, 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, EMSI, TO ASSIST EMPLOYERS BY PROVIDING WORKFORCE DATA. 5215 ENTREPRENEURIAL DEVELOPMENT -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 2023 HELPED TO CREATE MORE THAN 186 DIRECT JOBS; AND ADDITIONAL 191 INDIRECT AND INDUCED JOBS FOR A TOTAL OF 377 JOBS IN THE REGION.PAYROLL FOR THESE ON-GOING JOBS EXCEEDED $30 MILLION, WHICH EQUATES TO AN AVERAGE ANNUAL INCOME OF 82,000. IN ADDITION, A TOTAL OF 142 TEMPORARY JOBS WERE ADDED DUE TO CONSTRUCTION ACTIVITIES WITH A PAYROLL OF $ 8 MILLION. TOTAL PAYROLL FOR TEMPORARY POSITIONS EQUATES TO AN AVERAGE INCOME PER JOB OF $56,000.ANNUAL SALES - DUE TO COMPANY AND EMPLOYEE SPENDING, THE REGIONAL ECONOMY HAD AN ESTIMATED $173.8 MILLION IN ADDITIONAL SALES THAT TOOK PLACE, OF WHICH $149 MILLION WILL BE REOCCURRING EACH YEAR WITH THE CONTINUED OPERATION OF THE NEW BUSINESSES.COMPANIES ASSISTED - IN ADDITION TO THE AFOREMENTIONED PROJECTS, THE ORGANIZATION PROVIDED MEANINGFUL ASSISTANCE TO 86 COMPANIES IN 2023.NEWLY UTILIZED SQ./FT. - COMPANIES UTILIZED AN ADDITIONAL 164,000 SQ./FT. TO SUPPORT THEIR GROWTH STRATEGIES. 1474920 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 19 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X LISBETH A LARSON 7013641909 51 BROADWAY SUITE 500 FARGO ND 58102 JUDD GRAHAM PAST CHAIR 0.70 X X 0 0 0 MARSHAL ALBRIGHT CHAIR 0.70 X X 0 0 0 JIM BUUS CHAIR ELECT 0.70 X X 0 0 0 CHAD PETERSON EXECUTIVE COMMITTEE 0.70 X 0 0 0 DAVID EBINGER EXECUTIVE COMMITTEE 0.70 X 0 0 0 TERESA WARNE SECRETARY 0.70 X 0 0 0 DAVID BATCHELLER AT-LARGE DIRECTOR 0.20 X 0 0 0 AL HURLEY AT-LARGE DIRECTOR 0.20 X 0 0 0 DAVID RUNSVOLD EXECUTIVE COMMITTEE 0.70 X 0 0 0 JAMES SWEENEY AT-LARGE DIRECTOR 0.20 X 0 0 0 KEVIN MOUG AT-LARGE DIRECTOR 0.20 X 0 0 0 MIKE ARNTSON EXECUTIVE COMMITTEE 0.70 X 0 0 0 TIM CUROE AT-LARGE DIRECTOR 0.20 X 0 0 0 ERIC CHRISTIANSON AT-LARGE DIRECTOR 0.20 X 0 0 0 BERNIE SINNER AGENCY DIRECTOR 0.20 X 0 0 0 DAVE PIEPKORN AGENCY DIRECTOR 0.20 X 0 0 0 DR TIM MAHONEY AGENCY DIRECTOR 0.20 X 0 0 0 BERNIE DARDIS AGENCY DIRECTOR 0.20 X 0 0 0 MATT GILBERTSON AGENCY DIRECTOR 0.20 X 0 0 0 TONY GRINDBERG AT-LARGE DIRECTOR 0.20 X 0 0 0 DR RUPAK GANDHI HONORARY MEMBER 0.20 X 0 0 0 BETH SLETTE HONORARY MEMBER 0.20 X 0 0 0 DR CARRIE BRIMHALL HONORARY MEMBER 0.20 X 0 0 0 BRANDON LUNAK HONORARY MEMBER 0.20 X 0 0 0 DON CAMPBELL TREASURER 0.70 X 0 0 0 DR DAVID COOK AGENCY DIRECTOR 0.20 X 0 0 0 DR ROD FLANIGAN HONORARY MEMBER 0.20 X 0 0 0 TIFFANY LAWRENCE AT-LARGE DIRECTOR 0.70 X 0 0 0 JASON SEGER AT-LARGE DIRECTOR 0.20 X 0 0 0 TIM DOWNS AGENCY DIRECTOR 0.20 X 0 0 0 JIM KAPITAN AGENCY DIRECTOR 0.20 X 0 0 0 COLIN IRVINE AGENCY DIRECTOR 0.20 X 0 0 0 PAUL KRABBENHOFT AGENCY DIRECTOR 0.20 X 0 0 0 ANNA HANSON COMMUNITY DIRECTOR 0.20 X 0 0 0 COLLEEN FITZGERALD COMMUNITY DIRECTOR 0.20 X 0 0 0 RANDY GERHOLD COMMUNITY DIRECTOR 0.20 X 0 0 0 JOSEPH RASO PRESIDENT/CEO 40.00 X 258238 0 17658 JOHN MACHACEK CHIEF INNOVATION OFFICER 40.00 X 108643 0 19250 RYAN AASHEIM CHIEF BUSINESS DEVELOPMENT 40.00 X 145000 0 18260 511881 0 55168 3 0 1 0 0 975000 909570 1884570 JOB TRAINING PROGRAM 561000 41838 41838 41838 71214 71214 MISC. PROGRAM REVENUE 900099 48702 48702 48702 2046324 90540 0 71214 258238 180767 77471 713559 532792 180767 57180 40169 17011 141272 68373 72899 71139 49975 21164 4395 4395 17330 17330 14656 1708 12948 29597 29597 109011 20494 88517 1440 1440 42959 34824 8135 16928 3182 13746 4550 855 3695 WORKFORCE DEVELOPMENT 325307 325307 BUSINESS DEVELOPMENT 112174 112174 BUSINESS RETENTION AND 97645 97645 MISCELLANEOUS 18587 18587 25846 5215 20631 2061813 1474920 586893 0 0 1608216 1692099 157121 19750 317089 262048 55646 55041 546919 131088 421493 360333 2789395 2258311 71500 69207 740468 642997 811968 712204 X 1822427 1441297 155000 104810 1977427 1546107 2789395 2258311 -15489 -415831 0 X X 0 1 X 1 0 X 1590088 1451550 1248857 1639850 1582170 7512515 1590088 1451550 1248857 1639850 1582170 7512515 82172 7430343 19458 18510 9568 18441 71214 137191 64176 35000 70952 97826 90540 358494 8008200 0.92780 0.93660 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 16145 16145 0 144076 114487 29589 156868 131416 25452 55041 FUELING OUR FUTURE JOINT VENTURE 131088 F 131088 OPERATING LEASE 360333 360333 OPERATING LEASE 367241 CASH OVERDRAFT 275756 642997 X 1630493 -415831 -415831 2046324 0 2046324 2061813 0 2061813 0 2061813 PART X, LINE 2: IT IS THE OPINION OF MANAGEMENT THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO THE CHANGE UPON EXAMINATION. THE FEDERAL AND STATE INCOME TAX RETURNS OF THE ORGANIZATION ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. X X 0 0 0 0 0 0 0 0 0 JOSEPH RASO PRESIDENT/CEO 258238 0 0 0 0 0 0 15755 0 1903 258238 17658 0 0 RYAN AASHEIM CHIEF BUSINESS DEVELOPMENT 145000 0 0 0 0 0 0 8700 0 9560 145000 18260 0 0 FORM 990, PART III, LINE 2 THE GFMEDC IMPLEMENTED A NEW REGIONAL WORKFORCE RECRUITMENT PROGRAM STARTING IN 2023, AND THIS PROGRAM IS EXPECTED TO CONTINUE IN FUTURE YEARS. THIS INITIATIVE INCLUDES THE REDEVELOPMENT OF THE LIVEINFARGO.COM SITE, CREATIVE MARKETING VIDEOS, SOCIAL MEDIA MARKETING PLACEMENT TO TARGETED STATES AND MSA, AND BRAND IDENTITY VIDEOS. OUR GOAL IS TO ATTRACT HUNDREDS OF NEW INDIVIDUALS TO FILL THE MORE THAN 8,000 OPEN POSITIONS IN THE REGION. THE GFMEDC ORGANIZED AND CO-HOSTED THE FIRST EVER REGIONAL BIOSCIENCE SUMMIT TO BRING TOGETHER BIOSCIENCE AND MEDICAL DEVICE DEVELOPERS TO SHARE THEIR PERSPECTIVES ON COMMERCIALIZING BIOTECHNOLOGY AND BUILDING A MIDWEST BIOSCIENCE INDUSTRY. THE INAUGURAL BIOSCIENCE SUMMIT PROVIDED BUSINESS AND COMMUNITY LEADERS AS WELL AS STUDENTS WITH THE OPPORTUNITY TO LEARN ABOUT THE INDUSTRY, UNDERSTAND BEST PRACTICES AND NETWORK WITH STATE AND NATIONAL EXPERTS. THE EVENT WELCOMED OVER 140 ATTENDEES FROM 14 DIFFERENT STATES. THE EDC PLANS TO MAKE THIS AN ANNUAL EVENT WITH THE 2ND ANNUAL SUMMIT SCHEDULED FOR SEPTEMBER 2024 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS CONSISTS OF 35-40 MEMBERS, ALL WITH VOTING RIGHTS. THE EXECUTIVE COMMITTEE CONSISTS OF 10 MEMBERS THAT CONSISTS OF MEMBERS OF THE FULL GOVERNING BOARD. THE EXECUTIVE COMMITTEE IS AN OVERSIGHT COMMITTEE FOR MANAGEMENT AND BUSINESS DECISIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE EXECUTIVE COMMITTEE AT THEIR MEETING. THE FORM 990 WILL BE ELECTRONICALLY SUBMITTED TO THE GOVERNING BOARD BEFORE FILING FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SIGN THE CONFLICT OF INTEREST STATEMENT AND POLICY ANNUALLY, OF WHICH THEY ARE EXPECTED TO UPHOLD THEIR PLEDGE BY ABIDING BY IT. THE FINANCE/HR MANAGER REVIEWS THE SIGNED DOCUMENTS AND BRINGS UP ANY POSSIBLE CONFLICTS TO THE PRESIDENT AND CEO. BOARD MEMBERS ARE EXPECTED TO ABSTAIN FROM VOTING ON MATTERS WITH WHICH THEY MAY HAVE A CONFLICT OF INTEREST ISSUE. FORM 990, PART VI, SECTION B, LINE 15A AN ANNUAL REVIEW IS CONDUCTED FOR THE PRESIDENT AND CEO BY THE OFFICERS OF THE EXECUTIVE COMMITTEE. INCREASE IN SALARY IS DETERMINED BY PERFORMANCE, COST OF LIVING RAISES AND ANALYSIS OF SIMILAR POSITIONS IN SIMILAR MARKETS. THE OFFICER OF THE EXECUTIVE COMMITTEE VOTES ON ALL DECISIONS REGARDING THE PRESIDENT AND CEO'S PERFORMANCE REVIEW. APPROVAL IS GIVEN AND CONFIRMED TO THE ACCOUNTANT FOR ANY PAYROLL CHANGES. THERE ARE NO OTHER KEY EMPLOYEES OR OFFICERS OF THE ORGANIZATION. IN REGARDS TO THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES, THE EXECUTIVE COMMITTEE DOES NOT DELIBERATE OVER OTHER EMPLOYEE SALARIES AS THAT IS THE DUTY OF THE PRESIDENT AND CEO. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION HAS THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST PART XII, LINE 2C THE ORGANIZATION'S BOARD TAKES RESPONSIBILITY OVER THE FINANCIAL STATEMENTS.