Fairfield Economic Development Association Incorporated
- Assets
- $1.6m
- Revenue
- $243.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Fairfield, IA
- Founding
- 01/1979
- Data as of
- 06/2022
- EIN
- 42-1111039
Organization Overview
Fairfield Economic Development Association Incorporated is located in Fairfield, IA. The organization was established in 1979. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Fairfield Economic Development Association Incorporated employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairfield Economic Development Association Incorporated is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Fairfield Economic Development Association Incorporated generated $243.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $141.7k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUSTAIN AND IMPROVE THE QUALITY OF LIFE OF THE CITIZENS OF FAIRFIELD, IOWA THROUGH TARGETED ECONOMIC DEVELOPMENT INITIATIVES AND PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COST SHARING OF ENTREPRENEURIAL SERVICES FOR BUSINESS DEVELOPMENT.
HONOR A TEACHER FROM THE FAIRFIELD COMMUNITY SCHOOL DISTRICT FOR THEIR OUTSTANDING PERFORMANCE AND ACHIEVEMENTS.
TO ENCOURAGE YOUNG ADULTS TO RETURN TO FAIRFIELD TO SETTLE AND BEGIN THEIR LIVES IN THE AREA.
ORGANIZATION SUPPORTS FAIRFIELD COMMUNITY THROUGH LAND SALES AND DONATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Laraby Secretary/ed | Officer | 45 | $73,000 |
Curtis Smith President | OfficerTrustee | 1 | $0 |
Aaron Kness Treasurer | OfficerTrustee | 1 | $0 |
Ken Ross Director | Trustee | 1 | $0 |
Amy Jones Director | Trustee | 1 | $0 |
Roger Vorhies Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $77,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,075 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $95,075 |
| Total Program Service Revenue | $0 |
| Investment income | $3,356 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $39,010 |
| Net Gain/Loss on Asset Sales | $100,057 |
| Net Income from Fundraising Events | $1,836 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $243,784 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $87,429 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,386 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,332 |
| Payroll taxes | $6,355 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77 |
| Fees for services: Accounting | $7,784 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,238 |
| Office expenses | $12,398 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,822 |
| Travel | $3,757 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,276 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,716 |
| All other expenses | $0 |
| Total functional expenses | $141,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $596,518 |
| Savings and temporary cash investments | $150,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $799 |
| Net Land, buildings, and equipment | $846,583 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,704 |
| Total assets | $1,599,604 |
| Accounts payable and accrued expenses | $20,227 |
| Grants payable | $0 |
| Deferred revenue | $2,882 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $184,409 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $207,518 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,392,086 |
| Total liabilities and net assets/fund balances | $1,599,604 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fairfield Economic Development Association Incorporated has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Greater Jefferson County Foundation Fairfield, IA PURPOSE: NEW CHILDCARE FACILI | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Chicago Convention & Tourism Bureau Inc Chicago, IL | $13,640,210 | $19,015,508 |
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |