2024-11-15T11:18:22-06:00 2023-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2023-01-01 450435966 Region V Community Development Corporation REGI 7012322452 3233 South University Drive Fargo ND 58104 Brandon Kjelden Executive Director 7012322452 2024-11-15 1 1 Lisa Chaffee CPA P00193453 7012551091 2024-11-15 2023 2024-10-15 13:58:12Z Brandon Kjelden 3233 South University Drive Fargo ND 58104 663614 0 X www.rvcdc.org X 1994 ND Planning, developing, owning, and managing affordable housing projects in southeastern ND. 5 5 0 6 0 0 0 0 573178 582487 0 81127 0 0 573178 663614 0 0 0 0 13097 18307 0 0 0 424699 493073 437796 511380 135382 152234 7180362 8432447 4060650 4900451 3119712 3531996 X The Region V Community Development Corporation has a principal purpose of planning, developing, owning, and managing affordable housing projects in southeastern North Dakota. These projects benefit lower income households, which are households with an annual income that does not exceed 80 percent of the county median income level. 0 0 476507 582487 The Region V Community Development Corporation (RVCDC "the Corporation") has a principal purpose of planning, developing, owning, and managing affordable housing projects in southeastern North Dakota. The Corporation develops and manages housing for low income, aged and/or handicapped individuals and their families across the state of North Dakota.The RVCDC has the capacity and experience to develop affordable housing projects. As a developer, the RVCDC performs market analysis, environmental reviews, site selection, feasibility analysis, financial Continued on Schedule O...statements, project design, rehabilitation, new construction, marketing, and other functions. Projects developed by the Corporation include the rehabilitation of existing buildings, new construction, and single family developments. RVCDC has developed over 100 units of affordable housing in the communities of Lisbon, Gwinner, Hankinson, Hatton, Milnor, Northwood, Casselton, West Fargo, and Fargo. The type of projects developed include: multifamily rental housing, single family homeownership, and special need housing. After housing projects are developed, the RVCDC becomes involved with the operational phase that includes sales and marketing, leasing, and property management. As a property manager, the RVCDC's goal is to provide all services necessary and customary to ensure the proper management, maintenance, and operation of the housing project. As a housing developer and manager, RVCDC is responsible for making decisions to enhance the performance of a project, extend the economic life of the buildings, and maximize return on asset.The Corporation also owns and operates the following:- Sunset Village - a two-building complex consisting of twelve townhome apartment units in Lisbon, North Dakota.- Valley View First Addition - an investment consisting of residential lots in Lisbon, North Dakota, which are being held for sale.- Early Head Start building - a building owned by the Corporation that is leased by SENDCAA for use as a child development center.- Head Start South building - a building owned by the Corporation that is leased by SENDCAA for use as a child development center.- Fieldstone Manor - an 8 unit residential rental property in Fairmount, North Dakota.- Prairie Pointe- a 17 unit residential rental property in Gwinner, North Dakota.- Grace Village - a two-building complex consisting of twelve townhome apartment units in Hankinson, North Dakota. - Heritage Village Limited Partnership - a 6 unit residential housing project in Milnor, North Dakota. - Homestead Commons Limited Partnership - a 6 unit housing project in Gwinner, North Dakota. - Hearthstone Village Limited Partnership - a 8 unit housing project in Hatton, North Dakota. - Dakotah Pioneer Limited Partnership a 31-unit residential housing project, in Fargo, North Dakota that includes approximately 9,450 square feet of commercial space. 476507 1 0 0 0 0 0 0 0 1 0 1 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 0 1 1 1 0 0 1 12 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 1 0 X Brandon Kjelden 7012322452 3233 University Drive South Fargo ND 58104 Raymon Nelson President 0.30 0.10 X X 0 0 0 Cheri Jahner Vice President 0.10 0.10 X X 0 0 0 Vicki Groven Secretary/Treasurer 0.10 0.10 X X 0 0 0 Sheryl Dagman Director 0.10 0.10 X 0 0 0 Wade Anderson Director (Until Aug 23) 0.10 0.10 X 0 0 0 Brandon Kjelden Executive Director 4.00 36.00 X 0 106834 38560 0 106834 38560 0 0 0 0 0 PS Rent 531110 379483 379483 Low Interest Loans 531390 162087 162087 Management Fees 531310 74554 74554 Related Party Investme 531390 -62852 -62852 29215 29215 582487 81127 0 81127 81127 81127 663614 582487 0 81127 18307 18307 3708 3708 16470 16470 8732 8732 777 777 2032 2032 91260 91260 75343 75343 156275 156275 58980 58980 Repairs & Maintenance 59733 59733 Bad Debt Expense 15832 15832 3931 3931 511380 476507 34873 0 1011194 1620950 16771 23395 1109894 1109894 10391 17059 6744319 2569188 2841981 4175131 365685 303833 1824446 1182185 7180362 8432447 45634 96621 17499 24820 3727708 4456631 199062 182040 70747 140339 4060650 4900451 X 3119712 3531996 3119712 3531996 7180362 8432447 X 152234 260050 X 1 X 0 0 0 X 115249 115249 115249 115249 115249 2697 2430 5127 120376 2758424 0.95740 0.93870 X 0 1 X 375260 375260 5987483 2317945 3669538 228301 192924 35377 153275 58319 94956 4175131 Tenant Security Deposits 24800 Other Assets 78306 Deferred Interest Receivable 352764 Interest Receivable 520021 Due from Related Party 206294 1182185 Special Assessments Payable 88045 Due To Related Parties 52294 140339 X Part IV, Line 2b: The Corporation holds tenant security deposits. The amount of the liability was $17,499 and $24,820 for 2022 and 2023, respectively. Part X, Line 2: The Corporation believes that the entity has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. We would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Form 990, Part VI, Section A, line 6 The Corporation shall have one Member, the Southeastern North Dakota Community Action Agency (SENDCAA). Form 990, Part VI, Section A, line 7a The Corporation's member shall have the right to designate directors. Form 990, Part VI, Section A, line 7b The Corporation's member shall have the right to vote on matters such as mergers or consolidations and on any election to dissolve the corporation. The member may also vote on the adoption, amendment, or repeal of the Corporation's Articles of Incorporation. Form 990, Part VI, Section A, line 8b There are no committees with the authority to act on behalf of the board. Form 990, Part VI, Section B, line 11b A draft of the Form 990 will be provided to the Board of Directors prior to IRS filing. Form 990, Part VI, Section B, line 12c The board members and employees are required to comply with a conflict of interest policy. Any potential conflicts are reviewed by the nonconflicting board or committee members. If it is determined that a conflict exists the conflicting board member is recused from voting on that issue. Form 990, Part VI, Section B, line 15 The compensation is based on the Southeastern North Dakota Community Action Agency's compensation plan, a related entity. The market salary is determined yearly by budget and comparison of salaries in similar markets. The salary is then set and Consumer Price Index adjustments are made annually if funds are available. Review, approval, and documentation by independent persons is completed. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are available to the public upon request. Form 990, Part XI, line 9: Transition of Sheyenne Commons LP Interest 250,050. Transition of Sunset Village LP Interest 10,000. RVCDC Properties LLC 3233 South University Drive Fargo ND 58104 Ownership of GP/LP Interest ND -34165 1744457 Region V Community Development Corporation Sunset Village LP (Start Dec 1) 3233 South University Drive Fargo ND 58104 450457750 Ownership of GP/LP Interest ND -1617 221408 RVCDC & RVCDC Properties LLC Sheyenne Commons LP (Start Sept 1) 3233 South University Drive Fargo ND 58104 260854710 Ownership of GP/LP Interest ND -34152 1742417 RVCDC & RVCDC Properties LLC Southeastern North Dakota Community Action Agency 3233 South University Drive Fargo ND 58104 456014870 Community Action ND 501(c)(3) Line 7 N/A 0 Dakotah Pioneer LP 3233 S University Drive Fargo ND 58104 450453239 Low income housing ND Region V Community Development Corp Related -7 492526 0 1 0.00010 Homestead Village LP 3233 S University Drive Fargo ND 58104 450447875 Low income housing ND Region V Community Development Corp Related -2 43962 0 1 0.00010 Homestead Commons LP 3233 S University Drive Fargo ND 58104 830363850 Low income housing ND Region V Community Development Corp Related -1 90502 0 1 1.00000 Heritage Village LP 3233 S University Drive Fargo ND 58104 470877419 Low income housing ND Region V Community Development Corp Related -12737 67473 0 1 1.00000 Hearthstone Village LP 3233 S University Drive Fargo ND 58104 911861046 Low income housing ND Region V Community Development Corp Related -338 57922 0 1 0.01000 Northwood Village LP 3233 S University Drive Fargo ND 58104 261429661 Low income housing ND Region V Community Development Corp Related -7 857082 0 1 0.00010 Sunset Village LP (Until Nov 30) 3233 S University Drive Fargo ND 58104 450457750 Low income housing ND Region V Community Development Corp Related 1 0 1 0.00010 Sheyenne Commons LP (Until Aug 31) 3233 S University Drive Fargo ND 58104 260854710 Low income housing ND N/A 0 1 Sundance Commons LP 3233 S University Drive Fargo ND 58104 452090447 Low income housing ND N/A 0 1 Region V Community Development Corporation No 1 3233 S University Drive Fargo ND 58104 260750020 Low income housing ND Region V Community Development Corporation C 66090 -93974 1.00000 1 Region V Community Development Corporation No 2 3233 S University Drive Fargo ND 58104 455379507 Low income housing ND Region V Community Development Corporation C 15681 -131578 1.00000 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 Homestead Commons LP A 5099 Accrual Heritage Village LP A 6953 Accrual Sheyenne Commons LP A 56020 Accrual Sundance Commons LP A 91948 Accrual Sundance Commons LP D 579894 Accrual Northwood Village LP A 6232 Accrual