Siouxland Economic Development Corporation
- Assets
- $4.9m
- Revenue
- $861.0k
- Investments
- $0.0
- Employees
- 5
- Location
- Sioux City, IA
- Founding
- 06/1981
- Data as of
- 09/2023
- EIN
- 42-1150060
Organization Overview
Siouxland Economic Development Corporation is located in Sioux City, IA. The organization was established in 1981. 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 09/2023, Siouxland Economic Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Siouxland Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Siouxland Economic Development Corporation generated $861.0k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $748.0k during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER THE ECONOMIC DEVELOPMENT OF THE SIOUXLAND AREA THROUGH THE CREATION OF JOBS, BY ASSISTING THE GROWTH AND DEVELOPMENT OF BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAKING LOANS TO BUSINESSES TO MEET OBJECTIVES OF SEDC, WHICH INCLUDE FURTHERING ECONOMIC DEVELOPMENT IN THE AREA, PROMOTING GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS AND STIMULATING BUSINESS OPPORTUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dusty Small Chair | OfficerTrustee | 1 | $0 |
Don Klynsma Vice-Chair | OfficerTrustee | 1 | $0 |
Randall Kramer Secretary | OfficerTrustee | 1 | $0 |
Grant Haight Treasurer | OfficerTrustee | 1 | $0 |
Sarah Hamann Director | Trustee | 1 | $0 |
Ron Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $35,509 |
| 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 | $35,509 |
| Total Program Service Revenue | $681,527 |
| Investment income | $144,007 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $861,043 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,860 |
| 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. | $132,907 |
| Compensation of current officers, directors, key employees. | $33,227 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $248,753 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $50,262 |
| Payroll taxes | $27,240 |
| Fees for services: Management | $19,445 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,745 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,474 |
| Office expenses | $22,786 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,778 |
| Travel | $707 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,800 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,410 |
| Insurance | $15,797 |
| All other expenses | $1,574 |
| Total functional expenses | $747,979 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,573 |
| Savings and temporary cash investments | $1,828,067 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,628 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,709,055 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $60,500 |
| Net Land, buildings, and equipment | $262,929 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,604 |
| Total assets | $4,913,356 |
| Accounts payable and accrued expenses | $44,833 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $168,230 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $213,063 |
| Net assets without donor restrictions | $2,560,198 |
| Net assets with donor restrictions | $2,140,095 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $4,913,356 |
Grants Awarded
Over the last fiscal year, Siouxland Economic Development Corporation has awarded $18,300 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SIOUXLAND INITIATIVE PURPOSE: TO SUPPORT SIOUXLAND INITIATIVE'S REGIONAL ECONOMIC DEVELOPMENT EFFORTS. | $5,500 |
BRIAR CLIFF UNIVERSITY PURPOSE: TO SUPPORT BRIAR CLIFF UNIVERSITY'S ENTREPRENEURSHIP PROGRAM AND ECONOMIC DEVELOPMENT EFFORTS. | $5,300 |
MORNINGSIDE UNIVERSITY PURPOSE: TO SUPPORT MORNINGSIDE UNIVERSITY'S ENTREPRENEURSHIP PROGRAM AND ECONOMIC DEVELOPMENT EFFORTS AND TO SUPPORT THE KEN BEEKLEY ENTREPRENEURSHIP SCHOLARSHIP. | $7,500 |