2025-11-24T08:52:56-06:00 2025-06-30 411656121 SCHLENNER WENNER & CO CPA'S PA 630 ROOSEVELT RD STE 201 ST CLOUD MN 56301 990 2024-07-01 363458720 NORTH CENTRAL ECONOMIC DEVELOPMENT ASSOCIATION INC NORT 2188943233 200 1ST STREET NE 2 STAPLES MN 56479 CHERYAL HILLS EXECUTIVE DIRECTOR 2188943233 2025-11-18 1 1 SHELLEY M GAETZ P00066049 3202510286 2025-11-17 2024 2025-03-06 01:10:19Z CHERYAL HILLS 200 1ST STREET NE 2 STAPLES MN 56479 43285 0 X WWW.NORTHCENTRALEDA.ORG X 1986 MN OUR MISSION IS TO PROVIDE ASSISTANCE TO CULTIVATE NEW SKILLS AND RESOURCES THAT UNITE COMMUNITIES AND CONTRIBUTE TO A PROSPEROUS ECONOMY. 11 11 0 11 0 0 300 0 102068 38714 2945 4571 0 0 105313 43285 0 0 0 0 2310 1150 0 0 0 81942 55181 84252 56331 21061 -13046 2133256 1932808 322422 135020 1810834 1797788 OUR MISSION IS TO PROVIDE ASSISTANCE TO CULTIVATE NEW SKILLS AND RESOURCES THAT UNITE COMMUNITIES AND CONTRIBUTE TO A PROSPEROUS ECONOMY. 0 0 30174 38714 REGION FIVE DEVELOPMENT COMMISSION RECEIVED A $1.6 MILLION EDA CARES ACT RECOVERRY ASSISTANCE GRANT TO CAPITALIZE AND ADMINISTER REVOLVING LOAN FUNDS THAT WILL PROVIDE GAP FINANCING TO SMALL BUSINESSES AND ENTREPRENEURS ADVERSELY AFFECTED BY THE CORONAVIRUS PANDEMIC IN CROW WING, CASS, MORRISON, TODD, AND WADENA COUNTIES. MN DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED) PROVIDES FUNDS TO A NETWORK OF NON-PROFIT LENDERS WHICH USE THESE FUNDS FOR LOANS TO START-UP AND EXPANDING BUISNESSES THROUGHOUT THE STATE. DEED ALSO HAS PROVIDED FUNDS FOR SMALL BUSINESS EMERGENCY LOANS (SBEL) TO HELP SMALL BUSINESSES THROUGH THE PANDEMIC. ISSUANCE OF REVOLVING LOAN FUNDS TO THE BUSINESSES TO ENCOURAGE ECONOMIC DEVELOPMENT IN CASS, CROW WING, MORRISON, TODD AND WADENA COUNTIES. THESE LOANS ARE MADE TO BUSINESSES IN COMBINATION WITH USE OF TRADITIONAL FINANCIAL SERVICES WE OFFER A LOWER INTEREST RATE. 30174 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 MN X SAMANTHA KRAUSE 2188943233 200 1ST ST NE STE 2 STAPLES MN 56479 CARRIE REIERSON CHAIR 0.50 X X 50 0 0 ALLIE VERCHOTA VICE CHAIR 0.50 X X 100 0 0 QUINN SWANSON TREASURER 0.50 X X 0 0 0 SANDRA VOIGT SECRETARY 0.50 X X 0 0 0 DIANE HEROLD DIRECTOR 0.50 X 0 0 0 DAVID ANDERSON R5DC LIAISON 0.50 X 0 1000 0 HOPE WILLIAMS BOARD MEMBER 0.50 X 0 0 0 MARINA LOVELL BOARD MEMBER 0.50 X 0 0 0 ALLISON FREDERICKSON BOARD MEMBER 0.50 X 0 0 0 MIKE PAULUS BOARD MEMBER 0.50 X 0 0 0 PAULA KAMPA DIRECTOR 0.50 X 0 0 0 CHERYAL HILLS - YES EXECUTIVE DIRECTOR 40.00 X 0 121535 0 150 122535 0 0 0 0 0 0 LOAN INTEREST REVENUE 522291 37033 37033 ORIGINATION FEES 522291 1547 1547 OTHER PROGRAM REVENUE 522291 134 134 38714 4571 4571 43285 38714 0 4571 1150 1150 29028 29028 126 126 17725 17725 700 700 32 32 2978 2978 668 668 1316 1316 MISCELLANEOUS EXPENSE 2162 2162 BANK FEES 363 363 CREDIT BUREAU FEES 83 83 56331 30174 26157 0 606724 555114 266693 269578 1256000 1106383 718 753 11100 11100 0 0 3121 980 2133256 1932808 64203 28973 220918 97494 37301 8553 322422 135020 X 1810834 1797788 1810834 1797788 2133256 1932808 -13046 0 X X 0 1 X 1 0 X 25277 15807 6425 300 0 47809 25277 15807 6425 300 47809 47809 437 1485 2781 2945 4571 12219 60028 511931 0.79640 0.96700 X 11100 11100 0 0 DUE TO RELATED ORGANIZATIONS 8553 8553 X 43285 0 43285 0 43285 56331 0 56331 0 56331 PART X, LINE 2: THE ASSOCIATION FOLLOWS FASB ASC TOPIC 740, UNCERTAINTY IN INCOME TAXES. THE ASSOCIATION IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NOT-FOR-PROFIT ORGANIZATION UNDER IRS CODE SECTION 501(C)(3). DUE TO THE NOT-FOR-PROFIT NATURE AND PROVISION OF THE ASSOCIATION, ALL INCOME AND EXPENSES ATTRIBUTABLE TO THE MISSION OF THE ASSOCIATION ARE TAX EXEMPT AND ACCORDINGLY NO PROVISION OR LIABILITY FOR INCOME TAXES HAVE BEEN MADE IN THE FINANCIAL STATEMENTS AND CONTRIBUTIONS TO THE ASSOCIATION ARE TAX DEDUCTIBLE TO DONORS AS ALLOWED BY IRS REGULATIONS. HOWEVER, THE ASSOCIATION IS REQUIRED TO PAY STATE AND FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME. IF THE ASSOCIATION WERE TO ENGAGE IN ANY ACTIVITIES THAT RESULTED IN UNRELATED BUSINESS INCOME, A TAX WOULD BE ASSESSED ON THAT ACTIVITY. THE ASSOCIATION IS OPEN AND SUBJECT TO EXAMINATION GENERALLY FOR THREE YEARS AFTER THE FILING DATE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT CPA. IT IS REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C EVERY YEAR, THE FULL CORPORATION BOARDS ARE REQUIRED TO SIGN A CODE OF CONDUCT AND ETHICS POLICY ACKNOWLEDGEMENT TO FULLY ADHERE TO THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S OWN WEBSITE. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT OVERSEES THE AUDIT. REGION FIVE DEVELOPMENT COMMISSION 200 1ST ST NE STE 2 STAPLES MN 56479 411238886 ADMIN FEE - LOAN ACTIVITY MN N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 REGION FIVE DEVELOPMENT COMMISSION L 29028 TOTAL FEES RECEIVED BY R5 REGION FIVE DEVELOPMENT COMMISSION S INCREASE IN RECEIVABLE REGION FIVE DEVELOPMENT COMMISSION R 7573 INCREASE IN PAYABLE