Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1989.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
88 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
11 people listed on the 990; $127K paid to officers and key staff.
Tamara Lowney’s $129K as President is at the 35th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 1 named individual · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Tamara Lowney | $129,463 | $127,097 | $121,267 | $108,816 | $104,806 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Itasca Economic Development Corporation executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Fosters economic growth through business education, research, and outreach.
Questions for Itasca Economic Development Corporation
Your first name shows with your question. Itasca Economic Development Corporation answers here, for everyone.
Marketing & Recruitment
Through education and research efforts, the organization markets to various companies that may be interested in expanding or relocating in the itasca county area in northern minnesota
Small Business Development
Organization assists small businesses with start-up and development activities through various educational programs including individual counseling and workshops
Assistance with Financing
Organization educates and assists small business clients in obtaining financing and completing loan packages
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2023 990, line by line.
Download 990
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.5M | $961K |
| InvestmentsLn 11–13 | $127K | $140K |
| Land, buildings, equipmentLn 10c | $892K | $2.7M |
| Total assetsLn 16 | $3.6M | $4.5M |
| LiabilitiesLn 26 | $1.4M | $1.2M |
| Net assetsLn 32 | $2.2M | $3.3M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $127K | $108K | $19K | |
| Other salaries and wagesLn 7 | $324K | $259K | $65K | |
| Pension plan contributionsLn 8 | $21K | $17K | $4K | |
| Other employee benefitsLn 9 | $21K | $11K | $11K | |
| Payroll taxesLn 10 | $38K | $30K | $8K | |
| Legal feesLn 11b | $3K | $3K | ||
| Accounting feesLn 11c | $10K | $10K | ||
| Advertising and promotionLn 12 | $25K | $22K | $2K | |
| Office expensesLn 13 | $35K | $31K | $3K | |
| OccupancyLn 16 | $33K | $30K | $3K | |
| TravelLn 17 | $21K | $19K | $2K | |
| Conferences, conventions and meetingsLn 19 | $22K | $19K | $2K | |
| Depreciation, depletion and amortizationLn 22 | $102K | $92K | $10K | |
| InsuranceLn 23 | $6K | $5K | $1K | |
| Other expenses (24a–d)Ln 24 | $460K | $460K | ||
| All other expensesLn 24e | $19K | $17K | $2K | |
| Total functional expensesLn 25 | $1.3M | $1.1M | $146K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 LatestFiled with the IRS Nov 16, 2025 | $1.5M | $1.5M | −$35K | $3.3M | 990 PDF |
| FY2023 ViewingFiled with the IRS Oct 1, 2024 | $2.4M | $1.3M | $1.1M | $3.3M | 990 PDF |
| FY2022Filed with the IRS Oct 16, 2023 | $1.3M | $1.3M | −$29K | $2.2M | 990 PDF |
| FY2021Filed with the IRS Aug 25, 2022 | $1.9M | $1.5M | $318K | $2.2M | 990 PDF |
| FY2020Filed with the IRS Aug 9, 2021 | $1.3M | $1.1M | $271K | $1.9M | 990 PDF |
Schedules filed Part IV
See the full FY2023 990 (6 parts)
Part I · Summary $2,376,295 revenue, 12 lines filed
Part VI · Governance 11 of 11 board members independent, 2 to look at
Part VIII · Statement of revenue $2,376,295 across 8 lines filed
Part IX · Statement of functional expenses $1,267,232 across 16 lines filed
Part X · Balance sheet $4,533,913 assets, 14 lines filed
Part XI · Reconciliation of net assets $3,320,476 net assets at year end
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
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