Rock Rapids Development Corporation Inc
- Assets
- $1.6m
- Revenue
- $119.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Rock Rapids, IA
- Founding
- 09/2014
- Data as of
- 06/2021
- EIN
- 46-3606537
Organization Overview
Rock Rapids Development Corporation Inc is located in Rock Rapids, IA. The organization was established in 2014. According to its NTEE Classification (Y99) the organization is classified as: Mutual & Membership Benefit N.E.C., under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rock Rapids Development Corporation Inc 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 06/2021, Rock Rapids Development Corporation Inc generated $119.9k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $50.3k during the year ending 06/2021. While expenses have increased by 11.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO RETAIN AND DEVELOP INDUSTRIAL, COMMERCIAL AND RETAIL BUSINESSES IN ROCK RAPIDS, IOWA. TO PROMOTE OUR COMMUNITY AS A GREAT PLACE TO LIVE, WORK, PLAY AND CONDUCT BUSINESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
RRDC WORKS CLOSELY WITH AND MANAGES RESIDENTIAL AND COMMERCIAL REAL ESTATE DEVELOPMENTS FOR LOCAL NON-PROFIT FOUNDATION AND CHARITABLE TRUST.
THE PRINCIPAL STRATEGY IS TO COORDINATE AND FACILITATE PARTNERSHIPS IN AND BETWEEN PUBLIC AND PRIVATE SECTOR SOURCES OF CAPITAL WITH A PRIORITY TO CREATE AND RETAIN EMPLOYMENT AND INCREASE THE REAL PROPERTY TAX BASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brent Bosch Director | Trustee | 1 | $0 |
David Foltz Director | Trustee | 1 | $0 |
Katie Ranney Director | Trustee | 1 | $0 |
Tami Murray Director | Trustee | 1 | $0 |
Tom Menage Director | Trustee | 1 | $0 |
Lisa Dieren Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $10,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,509 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $35,509 |
| Total Program Service Revenue | $0 |
| Investment income | $3 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,517 |
| 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 | $65,821 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $119,850 |
| 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 | $3,523 |
| Fees for services: Accounting | $1,784 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,988 |
| Office expenses | $22 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,825 |
| Travel | $37 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,451 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,230 |
| All other expenses | $782 |
| Total functional expenses | $50,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $351,607 |
| Savings and temporary cash investments | $0 |
| 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 | $279,409 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $968,362 |
| Total assets | $1,599,378 |
| Accounts payable and accrued expenses | $17,530 |
| 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 | $532,158 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $549,688 |
| Net assets without donor restrictions | $1,049,690 |
| 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 | $1,599,378 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rock Rapids Development Corporation Inc has recieved totaling $864.
| Awarding Organization | Amount |
|---|---|
Rock Rapids Area Development Foundation Inc Rock Rapids, IA PURPOSE: RETAIN AND DEVELOP BUSINESSES IN ROCK RAPIDS, IA IN ORDER TO PROVIDE JOBS AND A BETTER QUALITY OF LIFE FOR THE CITIZENS. | $864 |
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