Fort Madison Economic Development Corporation
- Assets
- $953.9k
- Revenue
- $695.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Madison, IA
- Founding
- 01/1988
- Data as of
- 12/2021
- EIN
- 42-1300666
Organization Overview
Fort Madison Economic Development Corporation is located in Fort Madison, IA. The organization was established in 1988. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Madison Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Fort Madison Economic Development Corporation generated $695.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.2%) each year. All expenses for the organization totaled $263.3k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTION OF AREA ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF FORT MADISON TO EXISTING INDUSTRIES AND BUSINESS AS WELL AS TO PROSPECTIVE BUSINESSES. ACTIVE SEARCH FOR NEW INDUSTRY AND ASSISTANCE TO BUSINESSES AND INDUSTRY LOOKING TO EXPAND OR BEGIN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Culbertson Treasurer | OfficerTrustee | $0 | |
Tim Gobble Secretary | OfficerTrustee | $0 | |
Bob Huffman Chairman | OfficerTrustee | $0 | |
Matt Morris Vice-Chairma | OfficerTrustee | $0 | |
Corey Fraise Director | Trustee | $0 | |
Jeremy Alexander Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $689,915 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $689,915 |
| Total Program Service Revenue | $0 |
| Investment income | $6,413 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$992 |
| 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 | $695,336 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $84 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,502 |
| All other expenses | $0 |
| Total functional expenses | $263,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $492,305 |
| Savings and temporary cash investments | $454,863 |
| 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 | $1,745 |
| Net Land, buildings, and equipment | $4,964 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $953,877 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $953,877 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $953,877 |
Grants Awarded
Over the last fiscal year, Fort Madison Economic Development Corporation has awarded $27,691 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Fort Madison, IA PURPOSE: GENERAL SUPPORT | $15,191 |
PORT - CITY OF FORT MADISON PURPOSE: GENERAL SUPPORT | $12,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fort Madison Economic Development Corporation has recieved totaling $450,000.
| Awarding Organization | Amount |
|---|---|
Fort Madison Sirrc Corporation Fort Madison, IA PURPOSE: MARINA CONSTRUCTION | $450,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Reinvestment Fund Inc Minneapolis, MN | $272,393,749 | $53,118,127 |
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Watertown Development Company Watertown, SD | $26,777,594 | $1,539,881 |
Destination Medical Center Corporation Rochester, MN | $379,838 | $2,053,572 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |