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Kenmare Community Development Corporation No 2

Tax-deductible

Kenmare, ND501(c)(3)Community DevelopmentEIN 45-0433205Revenue −$146K in FY2024

On file with the IRSPo Box 353, 58746-0353 · Kenmare, NDTax-exempt since Jul 1996Publicly supported charity — 170(b)(1)(A)(vi)

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Promote Economic Development Distribute funds and provide assistance for economic development. Seek businesses to relocate to the area, help existing businesses maintain.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $82K a year · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
28 mo
of spending, in cash
Looks good: 28.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.0M
22% of total assets
Looks good: liabilities are 22% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$146K
-8605% vs prior year
Spent
$59K
To programs
100%
Net assets
$3.7M
By yearFY2020–FY2024
Revenue
−$146K
FY2024▼ -8605%
Tap a bar for its year
Revenue by fiscal year
FY2020−$42K
FY2021$54K
FY2022−$131K
FY2023−$2K
FY2024−$146K
Expenses
$59K
FY2024▲ +227%
Tap a bar for its year
Expenses by fiscal year
FY2020$9K
FY2021$19K
FY2022$38K
FY2023$18K
FY2024$59K
Net assets
$3.7M
FY2024▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2020$4.0M
FY2021$4.0M
FY2022$3.9M
FY2023$3.9M
FY2024$3.7M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1996.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $59K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation
Terry Froseth
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Troy Hedberg
Director
$0Pt VII · Sec A
Scot Ness
Director
$0Pt VII · Sec A
Rick Harris
Director
$0Pt VII · Sec A
See Kenmare Community Development Corporation No 2 executive salaries →

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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 15aNo

Programs and updates

Fund and assist businesses to grow, relocate, and thrive locally.

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Provided by the organization

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1 program · $59K · in their own filed words · FY2024
01

Distribute funds and provide assistance for economic development. Seek businesses to relocate to the area, help current businesses to expand into the area. Pursue grants for economic developments

$59Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
−$146K
Ln 12
Gifts and grantsLn 1h$83K
Investment incomeLn 3$210
Money outPt IX
$59K
Ln 25
Programscol B$59K
Owns and owesPt X
$3.7M
net assets · Ln 32
Cash and savingsLn 1–2$139K
Total assetsLn 16$4.7M
LiabilitiesLn 26$1.0M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$83K
Government grantsLn 1e$72K
Investment incomeLn 3$210
Total revenueLn 12−$146K
Assets in detailPt X, end of year
CashLn 1$114K
SavingsLn 2$25K
Cash and savings togetherLn 1–2$139K
Land, buildings, equipmentLn 10c$4.5M
Other assetsLn 15$899
Total assetsLn 16$4.7M
LiabilitiesLn 26$1.0M
Net assetsLn 32$3.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$203K$139K
Land, buildings, equipmentLn 10c$4.7M$4.5M
Total assetsLn 16$4.9M$4.7M
LiabilitiesLn 26$1.1M$1.0M
Net assetsLn 32$3.9M$3.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$20$20$0$0
Advertising and promotionLn 12$748$748$0$0
Office expensesLn 13$72$72$0$0
Conferences, conventions and meetingsLn 19$3K$3K$0$0
Other expenses (24a–d)Ln 24$55K$55K$0$0
Total functional expensesLn 25$59K$59K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing −$146K$59K−$205K$3.7M 990 PDF
FY2023 −$2K$18K−$20K$3.9M 990 PDF
FY2022 −$131K$38K−$168K$3.9M 990 PDF
FY2021 $54K$19K$35K$4.0M 990 PDF
FY2020 −$42K$9K−$51K$4.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary −$146,252 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $141,162$83,302
I-9 Program service revenue$0
I-10 Investment incomePrior year $284$210
I-11 Other revenuePrior year −$143,126−$229,764
I-12 Total revenuePrior year −$1,680−$146,252
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $17,973$58,755
I-18 Total expensesPrior year $17,973$58,755
I-19 Revenue less expensesPrior year −$19,653−$205,007
Part VI · Governance 11 of 11 board members independent, 4 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue −$146,252 across 6 lines filed
VIII-1e Government grants$71,873
VIII-1f All other contributions, gifts and grants$11,429
VIII-1h Total contributions, gifts and grants$83,302
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$210
VIII-6 Net rental income or lossRelated to mission −$229,764−$229,764
VIII-12 Total revenueRelated to mission −$229,554 · Unrelated business $0 · Excluded from tax $0−$146,252
Part IX · Statement of functional expenses $58,755 across 5 lines filed
IX-11b Legal feesPrograms $20 · Management $0 · Fundraising $0$20
IX-12 Advertising and promotionPrograms $748 · Management $0 · Fundraising $0$748
IX-13 Office expensesPrograms $72 · Management $0 · Fundraising $0$72
IX-19 Conferences, conventions and meetingsPrograms $2,915 · Management $0 · Fundraising $0$2,915
IX-24 Other expenses (24a–d)Programs $55,000 · Management $0 · Fundraising $0$55,000
IX-25 Total functional expensesPrograms $58,755 · Management $0 · Fundraising $0$58,755
Part X · Balance sheet $4,663,160 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $109,304$114,401
X-2 Savings and temporary cash investmentsStart of year $93,604$24,911
X-4 Accounts receivableStart of year $2,868$2,818
X-10c Land, buildings and equipment, netStart of year $4,704,999$4,520,131
X-15 Other assetsStart of year $974$899
X-16 Total assetsStart of year $4,911,749$4,663,160
X-17 Accounts payable and accrued expensesStart of year $26,057$27,957
X-25 Other liabilitiesStart of year $1,029,974$984,492
X-26 Total liabilitiesStart of year $1,056,031$1,012,449
X-32 Total net assets or fund balancesStart of year $3,855,718$3,650,711
X-33 Total liabilities and net assetsStart of year $4,911,749$4,663,160
Part XI · Reconciliation of net assets $3,650,711 net assets at year end
XI-1 Total revenue−$146,252
XI-2 Total expenses$58,755
XI-3 Revenue less expenses−$205,007
XI-4 Net assets at start of year$3,855,718
XI-10 Net assets at end of year$3,650,711

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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