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Nonprofiteer
← IFBF PROPERTY MANAGEMENT INC

Form 990 for tax year 2022

Filed by IFBF PROPERTY MANAGEMENT INC.

Totals

Total revenue
$20,623,159
Total expenses
$9,598,013
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,629,654
Investment income
$5,870,008
Other revenue
$123,497
Total assets, end of year
$80,828,803
Total liabilities, end of year
$14,065,095
Net assets or fund balances, end of year
$66,763,708
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: TITLE HOLDING CO. RENTAL INC

    total $14,629,654 · excluded $14,629,654

  • 3 · Investment income

    total $287,747 · excluded $287,747

  • 7a · Gross sales of assets other than inventory

    securities $8,930,320

  • 7b · Less cost or other basis and sales expenses

    securities $3,348,059

  • 7c · Gain or loss

    securities $5,582,261

  • 7d · Net gain or loss

    total $5,582,261 · excluded $5,582,261

  • 11a · Other revenue: PENSION PLAN RELATED CHANGES OTHE

    total $107,829 · related or exempt $107,829

  • 11d · All other revenue

    total $15,668 · related or exempt $15,668

  • 11e · Other revenue, total

    $123,497

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,766,959

  • 8 · Pension plan contributions

    total $172,524

  • 9 · Other employee benefits

    total $507,684

  • 10 · Payroll taxes

    total $135,697

  • 11a · Fees: management

    total $42,974

  • 11b · Fees: legal

    total $26,247

  • 11c · Fees: accounting

    total $220,392

  • 11f · Fees: investment management

    total $172,996

  • 11g · Fees: other

    total $140,234

  • 13 · Office expenses

    total $484,199

  • 14 · Information technology

    total $85,219

  • 16 · Occupancy

    total $4,112,387

  • 17 · Travel

    total $51,510

  • 22 · Depreciation, depletion and amortization

    total $1,561,231

  • 23 · Insurance

    total $85,789

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $29,095

  • 24b · Other expenses: BANK CHARGES

    total $2,876

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $366,580 · end of year $59,126

  • 4 · Accounts receivable

    beginning of year $1,122,102 · end of year $879,220

  • 9 · Prepaid expenses and deferred charges

    beginning of year $67,092 · end of year $63,785

  • 10a · Land, buildings and equipment: cost or other basis

    $83,170,839

  • 10b · Land, buildings and equipment: accumulated depreciation

    $28,558,572

  • 10c · Land, buildings and equipment, net

    beginning of year $43,409,727 · end of year $54,612,267

  • 11 · Investments: publicly traded securities

    beginning of year $27,084,771 · end of year $24,138,231

  • 15 · Other assets

    beginning of year $806,279 · end of year $1,076,174

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,641,752 · end of year $6,170,896

  • 25 · Other liabilities

    beginning of year $33,351 · end of year $7,894,199

  • 29 · Capital stock, trust principal or current funds

    beginning of year $61,181,448 · end of year $66,763,708

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

A TITLE HOLDING CORPORATION.

  • BUILDING SERVICES - COLLECTED APPROPRIATE LEASE REVENUE, PAID ORDINARY AND NECESSARY EXPENSES OF OPERATING THE PROPERTY, ALLOWED FOR DEPRECIATION AND TURNED OVER THE EXCESS REVENUE OVER EXPENSES TO ITS EXEMPT PARENT.

As filed on the 2022 return.

Listed in Part VII

  • Brent Johnson

    PRESIDENT

    Total calculated
    $281,647
    From this org
    $0
    From related orgs
    $234,502
    Other
    $47,145
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $186,092 related
    Bonus
    $0 + $4,486 related
    Other
    $0 + $43,924 related
    Deferred
    $0 + $22,953 related
    Nontaxable benefits
    $0 + $24,192 related
    Filer's total
    $0 + $281,647 related

  • James Gardner

    VICE PRESIDENT OF FINANCE

    Total calculated
    $120,858
    From this org
    $0
    From related orgs
    $447,787
    Other
    -$326,929
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $315,252 related
    Bonus
    $0 + $85,555 related
    Other
    $0 + $46,980 related
    Deferred
    $0 + -$354,362 related
    Nontaxable benefits
    $0 + $27,433 related
    Filer's total
    $0 + $120,858 related

  • Marty Schwager

    VICE PRESIDENT & SECRETARY

    Total calculated
    $789,729
    From this org
    $0
    From related orgs
    $594,854
    Other
    $194,875
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $447,587 related
    Bonus
    $0 + $93,603 related
    Other
    $0 + $53,664 related
    Deferred
    $0 + $169,340 related
    Nontaxable benefits
    $0 + $25,535 related
    Filer's total
    $0 + $789,729 related

  • Mark Wickham

    GENERAL COUNSEL

    Total calculated
    $371,981
    From this org
    $0
    From related orgs
    $371,950
    Other
    $31
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $314,062 related
    Bonus
    $0 + $29,713 related
    Other
    $0 + $28,175 related
    Deferred
    $0 + -$21,277 related
    Nontaxable benefits
    $0 + $21,308 related
    Filer's total
    $0 + $371,981 related

  • Duane Johnson

    FORMER VICE PRESIDENT & SE

    Total calculated
    $89,359
    From this org
    $0
    From related orgs
    $77,184
    Other
    $12,175
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0 + $77,184 related
    Other
    $0
    Deferred
    $0 + $12,175 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $89,359 related

  • Craig Hill

    FORMER PRESIDENT

    Total calculated
    $198,756
    From this org
    $0
    From related orgs
    $198,693
    Other
    $63
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $107,114 related
    Bonus
    $0 + $90,614 related
    Other
    $0 + $965 related
    Deferred
    $0 + $63 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $198,756 related

  • Edward Parker

    FORMER GENERAL COUNSEL

    Total calculated
    $2,515,622
    From this org
    $0
    From related orgs
    $2,225,073
    Other
    $290,549
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $1,799,164 related
    Bonus
    $0 + $171,355 related
    Other
    $0 + $254,554 related
    Deferred
    $0 + $272,288 related
    Nontaxable benefits
    $0 + $18,261 related
    Filer's total
    $0 + $2,515,622 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE COMPANY ALLOWS OFFICERS' SPOUSES TO ATTEND THE AFBF ANNUAL MEETING, COUNTY PRESIDENTS' INCENTIVE TRIP, AND THE NATIONAL AFFAIRS TRIP. THE EXPENSES OF THE SPOUSE ARE TAXED TO THE OFFICER AND INCLUDED IN THEIR FORM W-2, BOX 5.
PART I, LINE 3
THE ORGANIZATION DOES NOT PROVIDE ANY COMPENSATION TO THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR. THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR DOES RECEIVE COMPENSATION FROM A RELATED ORGANIZATION. THE RELATED ORGANIZATION USES THE FOLLOWING ITEMS/METHODS TO ESTABLISH COMPENSATION: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE.
PART I, LINE 4B
PART I, LINE 4B - THE COMPANY, THROUGH A WHOLLY-OWNED SUBSIDIARY OF ITS EXEMPT PARENT, PROVIDES A NONQUALIFIED, DEFINED CONTRIBUTION PLAN TO THE ORGANIZATION'S PRESIDENT. DUE TO HISTORICALLY SHORTER TENURE PERIODS FOR THIS POSITION, THE PRESIDENT TYPICALLY DOES NOT BENEFIT FROM THE DEFINED BENEFIT PLAN AVAILABLE TO ALL EMPLOYEES. ADDITIONALLY, THE COMPANY'S FORMER GENERAL COUNSEL WAS OFFERED A NONQUALIFIED, DEFINED CONTRIBUTION PLAN DUE TO LOSS OF RETIREMENT BENEFITS FROM A PREVIOUS EMPLOYER, ALSO AN AFFILIATE. INCOME INCLUDED IN PART II, COLUMN B(III) AMOUNTED TO $29,153 FOR BRENT JOHNSON AND $90,000 FOR ED PARKER.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • IOWA FARM BUREAU FEDERATION

    501(C)(5) · FARM MEMBERSHIP ORGANIZATION · IA · controlled entity

  • IOWA FARM BUREAU FOUNDATION

    501(C)(3) · PUBLIC CHARITY · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • IOWA WETLAND MITIGATION BANK INC

    501(C)(3) · ENVIRONMENTAL QUALITY PROTECTION, BEAUTIFICATION · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • IOWANS FOR AGRICULTURE

    527 · POLITICAL ORGANIZATION · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • IOWA FARM BUREAU POLITICAL ACTION COMITEE

    527 · POLITICAL ACTION COMMITTEE · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • RURAL VITALITY FUND LP

    INVESTMENT IRC 512 · INVESTMENT FUND · IA

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • RURAL VITALITY FUND LP

    INVESTMENT IRC 512 · INVESTMENT FUND · IA

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • RURAL VITALITY FUND II LP

    INVESTMENT IRC 512 · INVESTMENT FUND · IA

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • RURAL VITALITY FUND II LP

    INVESTMENT IRC 512 · INVESTMENT FUND · IA

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • FB PROPERTY HOLDINGS LLC

    INVESTMENT IRC 512 · INVESTMENT FUND · IA

    Directly controlled by IOWA FARM BUREAU FEDERATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FARM BUREAU MANAGEMENT CORPORATION

    C · MANAGEMENT SERVICES COMPANY · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • FBL FINANCIAL GROUP INC

    C · INSURANCE SERVICES HOLDING COMPANY · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • CFB SERVICE COMPANY

    C · ACCOUNTING SERVICES · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

  • FARM BUREAU HEALTH BENEFIT PLAN LLC

    C · HEALTH BENEFIT PLAN · IA · controlled entity

    Directly controlled by IOWA FARM BUREAU FEDERATION

Provenance

Return type
form_990
Tax year
2022
Filed
9 September 2024
IRS schema version
2022v5.0
Source object
202402579349301210

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