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Dbl Equity Partners FY2024 filing

Tax-deductible

Fargo, ND501(c)(3)Since 2018Community Development EIN 83-1825710Revenue $305K in FY2024

On file with the IRSdakotabusinesslending.com5630 36th Ave S, 58104-5273 · Fargo, NDTax-exempt since Apr 2022Supporting org, Type I — 509(a)(3)

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To serve and provide products, services, loans and/or investment capital for qualified low income persons or low income communities and to further the affordable housing, neighborhood and community revitilazation and economic development efforts.

501(c)(3) charity; gifts are tax-deductible.
85¢ 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average surplus $10K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 8.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$225K
100% of total assets
Concern: liabilities are 100% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$305K
-85% vs prior year
Spent
$305K
To programs
85%
Net assets
−$38
By yearFY2021–FY2025
Revenue
$305K
FY2024▼ -85%
Tap a bar for its year
Revenue by fiscal year
FY2021$953K
FY2022$1.0M
FY2023$2.1M
FY2024$305K
FY2025$1.6M
Expenses
$305K
FY2024▼ -85%
Tap a bar for its year
Expenses by fiscal year
FY2021$905K
FY2022$1.0M
FY2023$2.1M
FY2024$305K
FY2025$1.6M
Net assets
−$38
FY2024▼ -81%
Tap a bar for its year
Net assets by fiscal year
FY2021$0
FY2022−$6
FY2023−$21
FY2024−$38
FY2025−$58

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 2022.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $260K Management & general 15% · $45K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
Cole Keney
Board Chair
$0Pt VII · Sec A
Craig Hanson
Board Member
$0Pt VII · Sec A
John Phillips
Board Member
$0Pt VII · Sec A
Steve Britsch
Board Member
$0Pt VII · Sec A
Steve Dusek
President, CEO, and Secret
$0Pt VII · Sec A
See Dbl Equity Partners 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 15aYes

Programs and updates

Provides loans, investments, and services to boost affordable housing and economic development in low-income communities.

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Provided by the organization

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1 program · $260K · in their own filed words · FY2024
01

New markets tax credits (NMTC) works to encourage and jumpstart investment in low-income census tracts to create jobs and bring new opportunities to qualifying areas in north dakota. The goal of the NMTC award is to fill a financing gap for transformative projects which bring opportunities to low-income or distressed areas.

$260Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$305K
Ln 12
Fees for servicesLn 2g$180K
Other incomeLn 4–11$105K
Investment incomeLn 3$20K
Money outPt IX
$305K
Ln 25
Programscol B$260K
Managementcol C$45K
Owns and owesPt X
−$38
net assets · Ln 32
Cash and savingsLn 1–2$219K
Total assetsLn 16$225K
LiabilitiesLn 26$225K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$180K
Investment incomeLn 3$20K
Other incomeLn 4–11$105K
Total revenueLn 12$305K
Assets in detailPt X, end of year
CashLn 1$219K
Cash and savings togetherLn 1–2$219K
InvestmentsLn 11–13$6K
Total assetsLn 16$225K
LiabilitiesLn 26$225K
Net assetsLn 32−$38
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.4M$219K
InvestmentsLn 11–13$6K$6K
Total assetsLn 16$1.4M$225K
LiabilitiesLn 26$1.4M$225K
Net assetsLn 32−$21−$38
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$196K$196K
Accounting feesLn 11c$43K$43K
Other fees for servicesLn 11g$60K$60K
Office expensesLn 13$6K$4K$2K
Other expenses (24a–d)Ln 24$44$44
Total functional expensesLn 25$305K$260K$45K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.6M$1.6M−$20−$58 990 PDF
FY2024 Viewing $305K$305K−$17−$38 990 PDF
FY2023 $2.1M$2.1M−$15−$21 990 PDF
FY2022 $1.0M$1.0M−$6−$6 990 PDF
FY2021 $953K$905K$48K$0 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $304,896 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,934,326$180,000
I-10 Investment incomePrior year $21,496$19,884
I-11 Other revenuePrior year $105,013$105,012
I-12 Total revenuePrior year $2,060,835$304,896
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,060,850$304,913
I-18 Total expensesPrior year $2,060,850$304,913
I-19 Revenue less expensesPrior year −$15−$17
Part VI · Governance 5 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $304,896 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $180,000$180,000
VIII-3 Investment incomeRelated to mission $19,884$19,884
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $105,012$105,012
VIII-12 Total revenueRelated to mission $304,896 · Unrelated business $0 · Excluded from tax $0$304,896
Part IX · Statement of functional expenses $304,913 across 5 lines filed
IX-11a Management feesPrograms $195,622$195,622
IX-11c Accounting feesManagement $43,262$43,262
IX-11g Other fees for servicesPrograms $60,000$60,000
IX-13 Office expensesPrograms $3,970 · Management $2,015$5,985
IX-24 Other expenses (24a–d)Programs $44$44
IX-25 Total functional expensesPrograms $259,636 · Management $45,277 · Fundraising $0$304,913
Part X · Balance sheet $225,099 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $1,374,625$219,000
X-4 Accounts receivableStart of year $264$0
X-9 Prepaid expenses and deferred chargesStart of year $0$138
X-12 Other securitiesStart of year $5,979$5,961
X-16 Total assetsStart of year $1,380,868$225,099
X-17 Accounts payable and accrued expensesStart of year $264$0
X-19 Deferred revenueStart of year $17,500$27,500
X-25 Other liabilitiesStart of year $1,363,125$197,637
X-26 Total liabilitiesStart of year $1,380,889$225,137
X-27 Net assets without donor restrictionsStart of year −$21−$38
X-32 Total net assets or fund balancesStart of year −$21−$38
X-33 Total liabilities and net assetsStart of year $1,380,868$225,099
Part XI · Reconciliation of net assets −$38 net assets at year end
XI-1 Total revenue$304,896
XI-2 Total expenses$304,913
XI-3 Revenue less expenses−$17
XI-4 Net assets at start of year−$21
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$38

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

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