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← NORTH IOWA CORRIDOR ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by NORTH IOWA CORRIDOR ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$659,302
Total expenses
$794,803
Contributions and grants received
$600,914
Grants paid
$45,613
Program service revenue
$18,931
Investment income
$39,457
Other revenue
$0
Total assets, end of year
$2,260,473
Total liabilities, end of year
$118,155
Net assets or fund balances, end of year
$2,142,318
Program services expenses (Part IX)
$563,973
Management and general expenses
$185,981
Fundraising expenses
$44,849
Program service expenses (Part III)
not reported

Program services were 71.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1e · Government grants (contributions)

    $374,402

  • 1f · All other contributions, gifts and grants

    $226,512

  • 2a · Program service revenue: HOUSING DEVELOPMENT CORP

    total $18,931 · excluded $18,931

  • 3 · Investment income

    total $39,457 · excluded $39,457

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $45,613 · program services $45,613

  • 5 · Compensation of officers, directors and key employees

    total $174,322 · program services $130,741 · management and general $29,054 · fundraising $14,527

  • 7 · Other salaries and wages

    total $220,556 · program services $136,729 · management and general $65,447 · fundraising $18,380

  • 8 · Pension plan contributions

    total $20,624 · program services $13,970 · management and general $4,935 · fundraising $1,719

  • 9 · Other employee benefits

    total $54,494 · program services $36,911 · management and general $13,042 · fundraising $4,541

  • 10 · Payroll taxes

    total $31,802 · program services $21,541 · management and general $7,611 · fundraising $2,650

  • 11a · Fees: management

    total $59,511 · program services $59,511

  • 11b · Fees: legal

    total $356 · management and general $356

  • 11c · Fees: accounting

    total $6,227 · management and general $6,227

  • 12 · Advertising and promotion

    total $726 · management and general $726

  • 13 · Office expenses

    total $5,618 · program services $3,688 · management and general $1,506 · fundraising $424

  • 14 · Information technology

    total $1,637 · management and general $1,637

  • 16 · Occupancy

    total $26,361 · program services $17,574 · management and general $6,590 · fundraising $2,197

  • 17 · Travel

    total $11,903 · program services $8,928 · management and general $2,756 · fundraising $219

  • 19 · Conferences, conventions and meetings

    total $10,428 · program services $1,533 · management and general $8,703 · fundraising $192

  • 23 · Insurance

    total $9,255 · management and general $9,255

  • 24a · Other expenses: CHILDCARE WORKS PROGRAM

    total $50,000 · program services $50,000

  • 24b · Other expenses: MARKETING COSTS

    total $20,557 · program services $20,557

  • 24c · Other expenses: HOUSING CORPORATION

    total $16,277 · program services $16,277

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $14,292 · management and general $14,292

  • 24e · All other expenses

    total $14,244 · program services $400 · management and general $13,844

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $91,518 · end of year $56,864

  • 2 · Savings and temporary cash investments

    beginning of year $1,374,745 · end of year $1,021,916

  • 3 · Pledges and grants receivable

    beginning of year $25,525 · end of year $23,318

  • 7 · Other notes and loans receivable

    beginning of year $548,739 · end of year $821,604

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,771 · end of year $61,771

  • 15 · Other assets

    beginning of year $275,000 · end of year $275,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,041 · end of year $64,562

  • 18 · Grants payable

    beginning of year $68,438 · end of year $53,593

  • 27 · Net assets without donor restrictions

    beginning of year $973,113 · end of year $811,213

  • 28 · Net assets with donor restrictions

    beginning of year $1,304,706 · end of year $1,331,105

Mission and programs · 2024

Mission

SUPPORT BUSINESS AND INDUSTRY WITH RETENTION AND EXPANSION PROJECTS AND ATTRACT NEW BUSINESS AND INDUSTRY TO CERRO GORDO COUNTY, MASON CITY AND CLEAR LAKE.

  • THE ORGANIZATION SUPPORTS BUSINESS AND INDUSTRY EFFORTS TO RETAIN AND EXPAND IN THE NORTH IOWA AREA BY PROVIDING RESEARCH, MARKETING,PROMOTION AND OTHER ASSISTANCE FOR NEW AND EXISTING BUSINESSES.

As filed on the 2024 return.

Listed in Part VII

  • Chad Schreck

    PRESIDENT

    Total calculated
    $208,622
    From this org
    $174,000
    From related orgs
    $0
    Other
    $34,622
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,000
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $28,622
    Nontaxable benefits
    $40,622
    Filer's total
    $208,622

  • Chelsy Snyder Anderson

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Craig Backhaus

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Bunz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Curtis

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jeff Gribben

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chad Hansen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kristy King

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chris Lovell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Emily Peters

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Bill Phillips

    BOARD MEMBER

    Total calculated
    $0

  • Becky Schwab

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ellen Pritchard Sedlock

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paul Stevenson

    TREASURER

    Total calculated
    $0
    Hours/week
    1

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

  • NIACC

    $45,613

    JOB SHARE

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • 312 E STATE ST LLC

    GENERAL · IA · income $28,245 · assets $14,298

Provenance

Return type
form_990
Tax year
2024
Filed
27 October 2025
IRS schema version
2024v5.0
Source object
202533189349310013

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