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Nonprofiteer
← MARION ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by MARION ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$496,769
Total expenses
$496,685
Contributions and grants received
$431,339
Grants paid
$0
Program service revenue
$50,279
Investment income
$8,858
Other revenue
$6,293
Total assets, end of year
$12,644,520
Total liabilities, end of year
$2,021,534
Net assets or fund balances, end of year
$10,622,986
Program services expenses (Part IX)
$399,391
Management and general expenses
$97,294
Fundraising expenses
$0
Program service expenses (Part III)
$399,391

Program services were 80.4% 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.

  • 1b · Membership dues

    $269,205

  • 1e · Government grants (contributions)

    $140,000

  • 1f · All other contributions, gifts and grants

    $22,134

  • 2a · Program service revenue: MHC SERVICES

    total $6,000 · related or exempt $6,000

  • 2b · Program service revenue: COMMUNITY PROMISE

    total $16,229 · related or exempt $16,229

  • 2c · Program service revenue: ANNUAL MEETING INCOME

    total $28,050 · related or exempt $28,050

  • 3 · Investment income

    total $8,858 · related or exempt $8,858

  • 6a · Gross rents

    real property $7,677

  • 6c · Rental income or loss

    real property $7,677

  • 6d · Net rental income or loss

    total $7,677 · related or exempt $7,677

  • 10a · Gross sales of inventory

    -$1,384

  • 10c · Net income from sales of inventory

    total -$1,384 · related or exempt -$1,384

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $130,038 · program services $65,019 · management and general $65,019

  • 7 · Other salaries and wages

    total $155,263 · program services $155,263

  • 9 · Other employee benefits

    total $14,861 · program services $13,039 · management and general $1,822

  • 10 · Payroll taxes

    total $21,868 · program services $16,924 · management and general $4,944

  • 11b · Fees: legal

    total $29,214 · program services $29,214

  • 11c · Fees: accounting

    total $2,979 · management and general $2,979

  • 12 · Advertising and promotion

    total $23,074 · program services $23,074

  • 13 · Office expenses

    total $15,352 · management and general $15,352

  • 16 · Occupancy

    total $2,606 · management and general $2,606

  • 17 · Travel

    total $3,317 · program services $3,317

  • 19 · Conferences, conventions and meetings

    total $29,671 · program services $29,671

  • 22 · Depreciation, depletion and amortization

    total $48,776 · program services $48,776

  • 23 · Insurance

    total $4,572 · management and general $4,572

  • 24a · Other expenses: COMMUNITY SUPPORT

    total $2,500 · program services $2,500

  • 24b · Other expenses: AUTO EXPENSES

    total $1,767 · program services $1,767

  • 24c · Other expenses: MERCHANT FEES

    total $1,620 · program services $1,620

  • 24d · Other expenses: FORGIVABLE LOAN EXPENSE

    total $5,400 · program services $5,400

  • 24e · All other expenses

    total $3,807 · program services $3,807

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $667,125 · end of year $639,583

  • 7 · Other notes and loans receivable

    beginning of year $5,084,905 · end of year $4,924,923

  • 8 · Inventories for sale or use

    beginning of year $142,509 · end of year $167,762

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

    $7,001,680

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

    $94,086

  • 10c · Land, buildings and equipment, net

    beginning of year $6,918,181 · end of year $6,907,594

  • 15 · Other assets

    beginning of year $4,658 · end of year $4,658

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,738 · end of year $4,803

  • 23 · Secured mortgages and notes payable

    beginning of year $2,190,725 · end of year $2,016,720

  • 24 · Unsecured notes and loans payable

    beginning of year $11 · end of year $11

  • 27 · Net assets without donor restrictions

    beginning of year $10,622,904 · end of year $10,622,986

Mission and programs · 2023

Mission

TO STRENGTHEN AND ENHANCE ECONOMIC DEVELOPMENT IN MARION

  • ESTABLISH RELATIONSHIPS WITH POTENTIAL NEW BUSINESSES TO MOVE INTO MARION

    Expenses $196,929 · Revenue $242,343

  • FACILITATE RELATIONSHIPS BETWEEN EXISTING BUSINESSES AND THE CITY OF MARION

    Expenses $196,928 · Revenue $242,343

  • COMMUNITY AND EDUCATIONAL OUTREACH THROUGH PURCHASE, RENOVATION AND SALE OF HOMES.

    Expenses $5,534 · Revenue $1,260

  • TRANSITION BARE FARMLAND INTO SHOVEL READY COMMERCIAL PROPERTY TO FACILITATE ECONOMIC GROWTH IN MARION

    Revenue $10,807

As filed on the 2023 return.

Listed in Part VII

  • JILL ACKERMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • AMY KORTMEYER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • HOLLY CORKERY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TOM BROWN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TOM PIENTOK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • NICK ABOUASSALY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • EMILY KAISER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHAD PELLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • LOUIE ZUMBACH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • GREG SMITH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • MIKE LUKAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TYLER MCCARVILLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ISAIAH BOREL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • STEVE NEIGHBOR

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • BRIAN GIBBS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KEVIN HUPP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • PAUL ERICKSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ERIC SCHMITT

    INCOMING BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • SCOTT PANTEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • NICOLE CAVANAH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • BRIAN ROSTECK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JANELLE BROUWER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • MARY RATHJE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHERI MONAHAN

    OUTGOING BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • MARK SECKMAN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    45

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
29 July 2024
IRS schema version
2023v5.1
Source object
202442119349301004

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