Form 990 for tax year 2024
Filed by POTTAWATTAMIE COUNTY DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $766,149
- Total expenses
- $1,782,182
- Contributions and grants received
- $227,792
- Grants paid
- $28,191
- Program service revenue
- $864,795
- Investment income
- $65,773
- Other revenue
- -$392,211
- Total assets, end of year
- $13,506,285
- Total liabilities, end of year
- $3,339,899
- Net assets or fund balances, end of year
- $10,166,386
- Program services expenses (Part IX)
- $1,512,924
- Management and general expenses
- $253,281
- Fundraising expenses
- $15,977
- Program service expenses (Part III)
- $1,512,924
Program services were 84.9% 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.
-
1f · All other contributions, gifts and grants
$227,792
-
2a · Program service revenue: Financing Revenue
total $35,828 · related or exempt $35,828
-
2b · Program service revenue: Events and Programming
total $30,733 · related or exempt $30,733
-
2c · Program service revenue: Rental
total $725,295 · related or exempt $596,149 · unrelated business $129,146
-
2d · Program service revenue: Development Management
total $72,939 · related or exempt $72,939
-
3 · Investment income
total $65,773 · excluded $65,773
-
8c · Net income from fundraising events
total $0
-
10a · Gross sales of inventory
$465,000
-
10b · Cost of goods sold
$869,311
-
10c · Net income from sales of inventory
total -$404,311 · related or exempt -$404,311
-
11a · Other revenue: Other Revenue
total $12,100 · related or exempt $12,100
-
11e · Other revenue, total
$12,100
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $28,191 · program services $28,191
-
7 · Other salaries and wages
total $228,521 · program services $139,398 · management and general $86,838 · fundraising $2,285
-
8 · Pension plan contributions
total $7,737 · program services $4,720 · management and general $2,940 · fundraising $77
-
9 · Other employee benefits
total $14,369 · program services $8,765 · management and general $5,460 · fundraising $144
-
10 · Payroll taxes
total $16,864 · program services $10,287 · management and general $6,408 · fundraising $169
-
11a · Fees: management
total $44,214 · program services $44,214
-
11b · Fees: legal
total $11,862 · program services $10,160 · management and general $1,596 · fundraising $106
-
11c · Fees: accounting
total $81,850 · program services $10,686 · management and general $70,452 · fundraising $712
-
11e · Fees: professional fundraising services
total $9,722 · fundraising $9,722
-
11g · Fees: other
total $137,739 · program services $122,937 · management and general $13,372 · fundraising $1,430
-
12 · Advertising and promotion
total $3,954 · program services $2,861 · management and general $1,065 · fundraising $28
-
13 · Office expenses
total $10,927 · program services $8,902 · management and general $1,916 · fundraising $109
-
14 · Information technology
total $16,342 · program services $9,969 · management and general $6,266 · fundraising $107
-
16 · Occupancy
total $319,043 · program services $306,774 · management and general $11,954 · fundraising $315
-
17 · Travel
total $523 · program services $384 · management and general $135 · fundraising $4
-
19 · Conferences, conventions and meetings
total $3,873 · program services $2,362 · management and general $1,472 · fundraising $39
-
20 · Interest
total $170,023 · program services $169,832 · management and general $186 · fundraising $5
-
22 · Depreciation, depletion and amortization
total $296,305 · program services $294,427 · management and general $1,830 · fundraising $48
-
23 · Insurance
total $76,750 · program services $50,363 · management and general $25,710 · fundraising $677
-
24a · Other expenses: Rental Operating
total $124,436 · program services $124,436
-
24b · Other expenses: DevelopProgramEvent
total $62,834 · program services $62,834
-
24c · Other expenses: Bad Debts
total $71,382 · program services $71,382
-
24d · Other expenses: Provision for CECL
total $29,040 · program services $29,040
-
24e · All other expenses
total $15,681 · management and general $15,681
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $249,690 · end of year $284,676
-
2 · Savings and temporary cash investments
beginning of year $1,433,940 · end of year $1,339,365
-
3 · Pledges and grants receivable
beginning of year $19,135
-
4 · Accounts receivable
beginning of year $1,969,017 · end of year $53,604
-
5 · Loans and receivables from officers and key people
beginning of year $248,060 · end of year $212,634
-
7 · Other notes and loans receivable
beginning of year $1,644,969 · end of year $1,595,174
-
8 · Inventories for sale or use
beginning of year $1,189,191 · end of year $1,428,937
-
9 · Prepaid expenses and deferred charges
beginning of year $13,951 · end of year $9,793
-
10a · Land, buildings and equipment: cost or other basis
$8,984,558
-
10b · Land, buildings and equipment: accumulated depreciation
$831,719
-
10c · Land, buildings and equipment, net
beginning of year $8,447,090 · end of year $8,152,839
-
14 · Intangible assets
beginning of year $423,000 · end of year $423,000
-
15 · Other assets
beginning of year $7,630 · end of year $6,263
-
17 · Accounts payable and accrued expenses
beginning of year $258,166 · end of year $288,513
-
21 · Escrow or custodial account liability
beginning of year $24,057 · end of year $25,887
-
23 · Secured mortgages and notes payable
beginning of year $4,108,401 · end of year $3,019,236
-
25 · Other liabilities
beginning of year $72,630 · end of year $6,263
-
27 · Net assets without donor restrictions
beginning of year $10,172,514 · end of year $9,826,390
-
28 · Net assets with donor restrictions
beginning of year $1,009,905 · end of year $339,996
Mission and programs · 2024
Mission
The 712 Initiative is aimed at improving the economic vitality in redevelopment areas through investments in the built environment, activating public spaces and delivering programs that increase social engagement and healthy lifestyles.
-
Rentals-The 712 revitalizes areas through investments in the built environment by buying distressed properties, renovating, and operating mixed use rental properties. These provide much needed housing while also activiating public spaces by having people live and work in these areas.
Expenses $977,696 · Revenue $725,295
-
Quality of Life-Enhancing community life and well-being by increasing social connectedness of residents in Council Bluffs, IA through endeavors that activate public spaces, create new forms of entertainment and support current attractions/events. The 712 fosters partnerships with the public and private sectors to provide quality options for recreation and healthy lifestyles. In 2024 The 712 hosted events suchs as the Shamrock Shuffle, Celebrate CB, Farmers Market and others. The 712 also partnered with others for events to bring the community together.
Expenses $213,867 · Revenue $30,733
-
Neighborhood Building-Strengthening neighborhoods city wide with programming which provides general support while increasing public engagement in redevelopment projects, public space improvement and community events. As part of these efforts, The 712 has a block party trailer that has equipment and games that neighborhoods can borrow to help strengthen neighborhood relationships. The 712 also has equipment that can be used to put on movie nights. To further improve neighborhoods, The 712 hosted a rock the block event and provided assistance to individuals to help make improvements to their homes through the AMP program. During 2024 The 712 acquired 1 home for rehabilitation and sold 2 homes it had completed rehabilitation on with another 2 under rehab and construction of a unit with 3 homes.
Expenses $203,138 · Grants $28,191
-
Development- The 712 improves economic vitality in redevelopment areas through investemnts to improve the variety of quality housing and commercial stock in Council Bluffs. These investemnts attract new professionals and residents to the community. The 712s efforts to attract new property investments are accomplished through introduction of new developers to the community and through The 712 buying and rehabilitating properties.
Expenses $118,223 · Revenue $35,828
As filed on the 2024 return.
Listed in Part VII
-
Chris LaFerla
Chief Executive Officer
- Total calculated
- $229,501
- From this org
- $76,216
- From related orgs
- $131,823
- Other
- $21,462
- Hours/week
- 20
Schedule J breakdown matched by us
- Base
- $76,216 + $131,823 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $9,319 + $12,143 related
- Filer's total
- $85,535 + $143,966 related
-
Amy Carlous
Past- President
- Total calculated
- $0
- Hours/week
- 2
-
Amy McDermott
Past-Board Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Tom Hanafan
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Nikki Rauth
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Kerrie Snyder
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Shane Hoss
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Jessica Vanderpool
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Dave Wise
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Brent Hoesing
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
John Dresher
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Dave Burd
Chair-Elect
- Total calculated
- $0
- Hours/week
- 1
-
George Barton
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Dan Kinney
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Sammy Evan
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
David Zimmerman
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Hannah Smith
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Dr Vickie Murillo
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Soctt Hartman
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Wyatt Greenwood
Past Board Vice-Chair
- Total calculated
- $0
- Hours/week
- 1
-
Jennifer Fletcher
Board Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Mark Hanwright
Chair
- 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
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- Related organization compensation method (Part I, line 3)
- The CEOs salary is determined by the board for the Chamber of Commerce of Council Bluffs and is set by review of compensation and approval by the board.
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.
-
Council Bluffs Chamber of Commerce
501c6 · Business networking workforce development and advocacy · IA
-
CB Chamber of Commerce Foundation
501c3 · Support CB Chamber functions · IA
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.
-
Hughes-Irons Building LLC
Residential and Commercial Rents · IA · income $441,740 · assets $2,623,446
-
Cohen Building LLC
Residential and Commercial Rents · IA · income $295,555 · assets $5,029,760
-
12 Scott LLC
Residential and Commercial Rents · IA · assets $559,792
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202511779349301651
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