Skip to main content
IRS-authorized e-file provider · not the IRS

Nonprofit · EIN 41-1413301

ITASCA ECONOMIC DEVELOPMENT CORPORATION

Tax-exempt · GRAND RAPIDS, MN 55744

Financials

$2.4M$1.3M2023$1.5M$1.5M2024
Revenue Expenses · by fiscal year end
Financials of ITASCA ECONOMIC DEVELOPMENT CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$1,481,763$1,516,314-$34,551$4,437,697$1,151,772$3,285,925
December 31, 2023990$2,376,295$1,267,232$1,109,063$4,533,913$1,213,437$3,320,476
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$1,173,180
of which government grants
$329,501
Program service revenue
$137,396
Investment income
$167,481
Net gain from sales of assets
$154,779
Other revenue
$3,706

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$138,001
Other salaries and wages
$345,212
Salaries, compensation and benefits (total)
$556,918
Professional fundraising fees
$0
Legal fees
$3,456
Accounting fees
$9,835
Occupancy
$16,407
Travel
$20,589
Depreciation
$161,747
Program services (functional)
$1,288,324
Management and general (functional)
$227,990

Balance sheet and other

Total assets, start of year
$4,533,913
Total assets, end of year
$4,437,697
Total liabilities, end of year
$1,151,772
Net assets, end of year
$3,285,925
Land, buildings and equipment
$2,492,307
Publicly traded securities
$145,631
Net assets without donor restrictions
$3,258,425
Net assets with donor restrictions
$27,500
Gross receipts
$1,691,984
Employees
10
Volunteers
20
Year formed
1981

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
TAMARA LOWNEYPRESIDENT
Officer
40$129,463$8,538
BRAD DOLINKSICHAIR
Trustee or director
1$0$0
JODI PIEKARSKIVICE-CHAIR
Trustee or director
1$0$0
KIRK ADAMSTREASURER
Trustee or director
1$0$0
JEAN MACDONELLSECRETARY
Trustee or director
1$0$0
BART JOHNSONBOARD MEMBER
Trustee or director
1$0$0
KATIE GLORVIGEN TIERNEYBOARD MEMBER
Trustee or director
1$0$0
TERRY SNYDERBOARD MEMBER
Trustee or director
1$0$0
MEGAN KELLINBOARD MEMBER
Trustee or director
1$0$0
ISAAC MEYERBOARD MEMBER
Trustee or director
1$0$0
BEN BENOITBOARD MEMBER
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensationOther / benefits
TAMARA LOWNEYPRESIDENT
Officer
40$127,097$7,595
BRAD DOLINKSICHAIR
Trustee or director
1$0$0
JODI PIEKARSKIVICE-CHAIR
Trustee or director
1$0$0
KIRK ADAMSTREASURER
Trustee or director
1$0$0
JEAN MACDONELLSECRETARY
Trustee or director
1$0$0
BART JOHNSONBOARD MEMBER
Trustee or director
1$0$0
KATIE GLORVIGEN TIERNEYBOARD MEMBER
Trustee or director
1$0$0
BURL IVESBOARD MEMBER
Trustee or director
1$0$0
MEGAN KELLINBOARD MEMBER
Trustee or director
1$0$0
ISAAC MEYERBOARD MEMBER
Trustee or director
1$0$0
BEN BENOITBOARD MEMBER
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
1201 SE 7TH AVE STE H, GRAND RAPIDS, MN 55744-4343
Principal officer (990 for 2024)
KIRK ADAMS
Signed the 990
KIRK ADAMS, TREASURER
Phone
(218) 326-9411
Return prepared by
BLAKE & LIND CPAS PLLC

Mission

TO GROW THE ITASCA COUNTY ECONOMY THROUGH EDUCATION, RESEARCH AND OUTREACH THAT CREATES BUSINESS OPPORTUNITIES

990 for the year ended December 31, 2024

Program accomplishments

  • SMALL BUSINESS DEVELOPMENT - ORGANIZATION ASSISTS SMALL BUSINESSES WITH START-UP AND DEVELOPMENT ACTIVITIES THROUGH VARIOUS EDUCATIONAL PROGRAMS INCLUDING INDIVIDUAL COUNSELING AND WORKSHOPS
    Expenses $255,606 · revenue $67,739
  • 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
    Expenses $383,409
  • ASSISTANCE WITH FINANCING - ORGANIZATION EDUCATES AND ASSISTS SMALL BUSINESS CLIENTS IN OBTAINING FINANCING AND COMPLETING LOAN PACKAGES
    Expenses $191,704
  • BUSINESS RETENTION AND EXPANSION - ORGANIZATION PROVIDES RESOURCES TO LOCAL BUSINESSES REGARDING ECONOMIC ISSUES AND DISSEMINATES ECONOMIC INFORMATION TO THE COMMUNITY
    Expenses $457,605 · revenue $69,657

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
41-1413301
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1989
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$4,437,697
Income (IRS master file)
$1,691,984

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$1,481,763$1,516,314$4,437,697XML
990December 2023$2,376,295$1,267,232$4,533,913XML
990December 2022$1,261,748$1,290,331$3,630,643IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1413301).

Questions about ITASCA ECONOMIC DEVELOPMENT CORPORATION

What is the EIN of ITASCA ECONOMIC DEVELOPMENT CORPORATION?
The employer identification number (EIN) of ITASCA ECONOMIC DEVELOPMENT CORPORATION is 41-1413301.
Is ITASCA ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1989.
Are donations to ITASCA ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does ITASCA ECONOMIC DEVELOPMENT CORPORATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of ITASCA ECONOMIC DEVELOPMENT CORPORATION due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did ITASCA ECONOMIC DEVELOPMENT CORPORATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of ITASCA ECONOMIC DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 names KIRK ADAMS.
Who are the officers and directors of ITASCA ECONOMIC DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 lists 11 people; 1 received compensation from the organization, the highest $129,463 (TAMARA LOWNEY, PRESIDENT).
How much revenue does ITASCA ECONOMIC DEVELOPMENT CORPORATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $1,481,763, expenses of $1,516,314 and total assets of $4,437,697 at year end.

Other nonprofits in GRAND RAPIDS

All nonprofits in GRAND RAPIDS · Minnesota · Community improvement and capacity building