Audubon County Economic Development Corporation
- Assets
- $1.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 2
- Location
- Audubon, IA
- Founding
- 08/1989
- Data as of
- 06/2022
- EIN
- 42-1303726
Organization Overview
Audubon County Economic Development Corporation is located in Audubon, IA. The organization was established in 1989. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Audubon County Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Audubon County 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 06/2022, Audubon County Economic Development Corporation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 43.4% each year . All expenses for the organization totaled $171.0k during the year ending 06/2022. While expenses have increased by 12.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
ASSIST EXISTING COUNTY BUSINESSES WITH RETENTION AND EXPANSION; SOLICIT NEW BUSINESSES; CREATE AND ACQUIRE SPACE FOR NEW BUSINESSES; AND ENCHANCE THE QUALITY OF LIFE IN AUDUBON COUNTY, IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDED ASSISTANCE FOR HOUSING PROJECTS IN THE CITY OF AUDUBON IN THE AMOUNT OF $53,264 AND ALSO CONTRIBUTED $31,949 TO COMMERCIAL AND PRIVATE PROPERTIES AS PART OF ITS INITIATIVE TO CLEAN UP BLIGHTED PROPERTIES. THE ASSISTANCE WAS LIMITED TO 50% OF THE COST OF THE CLEAN UP. THE AUDUBON COMMUNITY BENEFITS BY THE DEVELOPMENT OF NEW HOUSING AND THE CLEANUP OF BLIGHT. THE HOUSING FUND IS SUPPORTED BY PRIVATE DONATIONS.
THE ORGANIZATION PURCHASED LAND FOR FUTURE HOUSING DEVELOPMENTS IN THE AMOUNT OF $13,357. THE ORGANIZATION MATCHED FUNDS FOR AN APARTMENT DEVELOPMENT GRANT IN THE AMOUNT OF $834. THEY MATCHED FUNDS PROVIDED BY THE CITY OF AUDUBON.
THE ORGANIZATION CONTINUED ITS WORK ON THE SIDEWALK AND HIGHWAY MONUMENTS PROJECTS THAT WERE STARTED LAST YEAR FROM GRANTS RECEIVED WITH EXPENSES IN THE AMOUNT OF $7255.
THE ORGANIZATION EXPENDED FUNDS OF $6986 FOR PROPERTY TAXES AND INSURANCE TO MAINTAIN PROPERTIES THEY OWNED AND PURCHASED FOR HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurie Gilbert Treasurerdirector | OfficerTrustee | 10 | $0 |
Troy D Wessel Presidentdirector | OfficerTrustee | 2 | $0 |
Pat Kaiser Vice Presidentdirector | OfficerTrustee | 1 | $0 |
Jason Hocker Secretarydirector-City Of Au | OfficerTrustee | 2 | $0 |
Steve Schmitz Director - City Of Kimballton | Trustee | 1 | $0 |
Sam Kauffman Director - City Of Audubon | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $29,030 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $62,047 |
| All other contributions, gifts, grants, and similar amounts not included above | $50,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $141,577 |
| Total Program Service Revenue | $0 |
| Investment income | $242 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,000 |
| Net Gain/Loss on Asset Sales | $1,150,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,294,819 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $87,377 |
| Grants and other assistance to domestic individuals. | $19,282 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $8,386 |
| Compensation of current officers, directors, key employees. | $8,386 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,185 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,373 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $200 |
| 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 | $2,407 |
| Advertising and promotion | $504 |
| Office expenses | $4,101 |
| Information technology | $943 |
| Royalties | $0 |
| Occupancy | $3,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,208 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,980 |
| All other expenses | $0 |
| Total functional expenses | $170,952 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,346,115 |
| 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 | $0 |
| Net Land, buildings, and equipment | $294,798 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,713 |
| Total assets | $1,644,626 |
| Accounts payable and accrued expenses | $216 |
| 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 | $216 |
| Net assets without donor restrictions | $1,644,410 |
| 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 | $1,644,626 |
Grants Awarded
Over the last fiscal year, Audubon County Economic Development Corporation has awarded $602,480 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Audubon, IA PURPOSE: CONSTRUCTION OF RECREATION CENTER | $500,000 |
CITY OF EXIRA PURPOSE: RENOVATION OF EXIRA RECREATIONAL CENTER | $91,500 |
CITY OF BRAYTON PURPOSE: RENOVATION OF CITY HALL | $10,980 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Spire Credit Union Falcon Heights, MN | $1,948,614,361 | $81,305,193 |
Serveminnesota Minneapolis, MN | $9,195,680 | $42,573,491 |
Arrowhead Economic Opportunity Agency Incorporated Virginia, MN | $33,957,216 | $39,136,123 |
Minnesota Valley Action Council Inc Mankato, MN | $12,018,161 | $29,353,976 |
Tri-Valley Opportunity Council Inc Crookston, MN | $15,068,505 | $26,983,244 |
United Community Action Partnership Inc Marshall, MN | $18,347,423 | $25,415,099 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |