2025-06-23T09:55:02-05:00 2024-12-31 450310328 BRADY MARTZ & ASSOCIATES PC 2537 S UNIVERSITY DRIVE FARGO ND 58103 990 2024-01-01 456011769 GREATER FARGO MOORHEAD ECONOMIC DEVELOPMENT CORPORATION GREA 7013641900 51 BROADWAY 500 FARGO ND 58102 JOSEPH M RASO PRESIDENT/CEO 7013641900 2025-06-13 1 1 JEREMY ULMER CPA P01218756 7012802100 2025-06-13 2024 2025-03-06 01:10:19Z JOSEPH M RASO 51 BROADWAY 500 FARGO ND 58102 3370498 0 X WWW.GFMEDC.COM X 1946 ND TO GROW & DIVERSIFY THE ECONOMIES OF CASS COUNTY ND AND CLAY COUNTY MN. 16 16 9 0 0 0 1884570 3235271 41838 41415 71214 83695 48702 10117 2046324 3370498 0 0 0 0 1241388 1343319 0 0 0 820425 1940190 2061813 3283509 -15489 86989 2258311 1909036 712204 407028 1546107 1502008 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 1216157 51532 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. 996014 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. 12350 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. 1908 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 IN AN EFFORT TO BETTER FINANCIAL SUPPORT THE PROGRAMMING OF THE EDC, AND TO BETTER ALIGN OUR WORK WITH KEY PARTNERS, SUCH AS THE CHAMBER OF COMMERCE, WE EMBARKED IN 2024 TO RAISE FUNDS THROUGH A FOUR-YEAR INITIATIVE CALLED INNOVATE28. INNOVATE28 IS FOCUSED ON ACHIEVING MEANINGFUL RESULTS IN WORKFORCE DEVELOPMENT, BUSINESS DEVELOPMENT AND PUBLIC POLICY. THE GFMEDC IS CHARGED WITH CONTINUING ITS WORK IN BUSINESS DEVELOPMENT (RETENTION, ATTRACTION AND NEW COMPANY CREATION) AND WORKFORCE RECRUITMENT, AND FUNDING FROM THE INNOVATE28 CAMPAIGN ARE BEING UTILIZED TO FUND PROGRAMMING FOR THIS WORK. 1908 2226429 1 1 0 0 0 0 0 0 0 0 1 0 0 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 24 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 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 MATT GILBERTSON AGENCY DIRECTOR 0.20 X 0 0 0 BERNIE DARDIS AGENCY DIRECTOR 0.20 X 0 0 0 DR TIM MAHONEY AGENCY DIRECTOR 0.20 X 0 0 0 RACHEL LEI AT-LARGE DIRECTOR 0.20 X 0 0 0 KEVIN HANSON AT-LARGE DIRECTOR 0.20 X 0 0 0 TERRI ZIMMERMAN AT-LARGE DIRECTOR 0.20 X 0 0 0 TONY GRINDBERG AGENCY DIRECTOR 0.20 X 0 0 0 TIFFANY LAWRENCE AT-LARGE DIRECTOR 0.20 X 0 0 0 DON CAMPBELL CHAIR ELECT 0.70 X X 0 0 0 JIM BUUS CHAIR 0.70 X X 0 0 0 DAVID EBINGER EXECUTIVE COMMITTEE 0.70 X 0 0 0 DR CARRIE BRIMHALL EXECUTIVE COMMITTEE 0.70 X 0 0 0 CHAD PETERSON EXECUTIVE COMMITTEE 0.70 X 0 0 0 JASON SEGER SECRETARY 0.70 X X 0 0 0 MIKE ARNTSON TREASURER 0.70 X X 0 0 0 TIM CUROE AT-LARGE DIRECTOR 0.20 X 0 0 0 JOSEPH RASO PRESIDENT/CEO 40.00 X 309776 0 19531 RYAN AASHEIM CHIEF BUSINESS DEVELOPMENT 40.00 X 151000 0 17745 JOHN MACHACEK CHIEF INNOVATION OFFICER 40.00 X 115908 0 19005 576684 0 56281 3 0 1 0 COVERGENT NONPROFIT SOLUTIONS LLC 520 SHERITAN WAY SMYRNA GA 30082 CONSULTING 302500 ORANGE 142 LLC 1177 WEST LOOP S STE 200 HOUSTON TX 77027 MARKETING 234401 BE MORE COLORFUL PO BOX 1350 FARGO ND 58107 VIRTUAL TOURS 221549 OFF COLOR MEDIA 550 OAK RIDGE WAY WEST FARGO ND 58078 VIDEOGRAPHER 190000 H2M PO BOX 2966 FARGO ND 58108 CONSULTING 115333 5 1035000 2200271 20237 3235271 JOB TRAINING PROGRAM 561000 41415 41415 41415 83695 83695 MISC. PROGRAM REVENUE 900099 10117 10117 10117 3370498 51532 0 83695 335411 234788 100623 716845 499485 217360 48992 32830 16162 167519 83107 84412 74552 49958 24594 393576 1908 391668 1751 1751 19511 19511 15732 1492 14240 35450 35450 105807 18834 86973 1829 1829 87120 80593 6527 17898 3186 14712 4630 824 3806 WORKFORCE DEVELOPMENT 996014 996014 BUSINESS RETENTION AND 175247 175247 BUSINESS DEVELOPMENT 33984 33984 MISCELLANEOUS 25581 25581 26060 12350 13710 3283509 2226429 1057080 0 1692099 1522983 19750 39625 317089 279946 55041 37143 131088 360333 309285 2258311 1909036 69207 89075 642997 317953 712204 407028 X 1441297 1363939 104810 138069 1546107 1502008 2258311 1909036 86989 -131088 0 X X 0 1 X 1 0 X 1451550 1248857 1639850 1884570 3156495 9381322 1451550 1248857 1639850 1884570 3156495 9381322 7012 9374310 18510 9568 18441 71214 83695 201428 35000 70952 97826 90540 10117 304435 9887185 0.94810 0.92780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 16145 16145 0 144075 120637 23438 156869 143164 13705 37143 OPERATING LEASE 309285 309285 OPERATING LEASE 317953 317953 X 3239410 -131088 -131088 3370498 0 3370498 3283509 0 3283509 0 3283509 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 309776 0 0 0 0 0 0 18873 0 658 309776 19531 0 0 RYAN AASHEIM CHIEF BUSINESS DEVELOPMENT 151000 0 0 0 0 0 0 9060 0 8685 151000 17745 0 0 FORM 990, PART III, LINE 2 IN AN EFFORT TO BETTER FINANCIAL SUPPORT THE PROGRAMMING OF THE EDC, AND TO BETTER ALIGN OUR WORK WITH KEY PARTNERS, SUCH AS THE CHAMBER OF COMMERCE, WE EMBARKED IN 2024 TO RAISE FUNDS THROUGH A FOUR-YEAR INITIATIVE CALLED INNOVATE28. INNOVATE28 IS FOCUSED ON ACHIEVING MEANINGFUL RESULTS IN WORKFORCE DEVELOPMENT, BUSINESS DEVELOPMENT AND PUBLIC POLICY. THE GFMEDC IS CHARGED WITH CONTINUING ITS WORK IN BUSINESS DEVELOPMENT (RETENTION, ATTRACTION AND NEW COMPANY CREATION) AND WORKFORCE RECRUITMENT, AND FUNDING FROM THE INNOVATE28 CAMPAIGN ARE BEING UTILIZED TO FUND PROGRAMMING FOR THIS WORK. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS CONSISTS OF 15-20 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.