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← WATERLOO DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by WATERLOO DEVELOPMENT CORPORATION.

Totals

Total revenue
$876,951
Total expenses
$482,293
Contributions and grants received
$876,722
Grants paid
$151,548
Program service revenue
$0
Investment income
$29
Other revenue
$200
Total assets, end of year
$695,702
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$695,702
Program services expenses (Part IX)
$472,453
Management and general expenses
$9,840
Fundraising expenses
$0
Program service expenses (Part III)
$472,453

Program services were 98.0% 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.

  • 1f · All other contributions, gifts and grants

    $876,722

  • 3 · Investment income

    total $29 · excluded $29

  • 6a · Gross rents

    real property $200

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $200

  • 6d · Net rental income or loss

    total $200 · related or exempt $200

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $151,548 · program services $151,548

  • 11b · Fees: legal

    total $2,004 · management and general $2,004

  • 11c · Fees: accounting

    total $4,350 · management and general $4,350

  • 11g · Fees: other

    total $120,905 · program services $120,905

  • 23 · Insurance

    total $2,356 · management and general $2,356

  • 24a · Other expenses: CONTRACT BUYOUT-COMM DE

    total $200,000 · program services $200,000

  • 24b · Other expenses: ABSTRACT FEES

    total $640 · management and general $640

  • 24c · Other expenses: PROPERTY TAXES

    total $228 · management and general $228

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $150 · management and general $150

  • 24e · All other expenses

    total $112 · management and general $112

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,567 · end of year $277,463

  • 2 · Savings and temporary cash investments

    beginning of year $292,477 · end of year $292,505

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

    $250,734

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

    $125,000

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $125,734

  • 27 · Net assets without donor restrictions

    beginning of year $281,544 · end of year $676,202

  • 28 · Net assets with donor restrictions

    beginning of year $19,500 · end of year $19,500

Mission and programs · 2022

Mission

ECONOMIC DEVELOPMENT

  • PROMOTE CIVIC, INDUSTRIAL, MERCANTILE, TRAFFIC AND TRANSPORTATION, AGRICULTURAL AND OTHER INTEREST OF WATERLOO, CEDAR FALLS AND NORTHEAST IOWA AREAS.DURING THE 2014 TAX YEAR, THE ORGANIZATION COMPLETED CONSTRUCTION OF THE CEDAR VALLEY SPORTSPLEX FACILITY, PRIMARILY FUNDED THROUGH PRIVATE FUNDING. THE SPORTSPLEX IS A MULTI-PURPOSE SPORTS FACILITY THAT INCLUDES INDOOR AND OUTDOOR PLAY AREAS, A GYMNASIUM, A FIELD HOUSE WITH BATTING CAGES AND GOLF HITTING AREA, A LEISURE POOL, LOCKER ROOMS AND SEVERAL MULTI PURPOSE ROOMS FOR CONFERENCES OR EXERCISE CLASSES. THE FACILITY IS OPERATED BY THE CITY OF WATERLOO LEISURE SERVICES DEPARTMENT. THE ORGANIZATION HAS ENTERED INTO AN AGREEMENT WITH THE CITY OF WATERLOO, IA TO LEASE THE FACILITY AT A DISCOUNTED RATE WITH AN OPTION TO PURCHASE THE FACILTY FOR $1 UPON THE EXPIRATION OF THE LEASE.

    Expenses $472,453 · Grants $151,548 · Revenue $200

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Daniel Watters

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Robert Petersen

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Jim Walsh

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Robert Greenwood

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Rebecca Guinn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Tim Hurley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Jim Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Reverend Mary Robinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Troy Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Jeremy Sorensen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

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

  • CITY OF WATERLOO

    $151,548

    BRIDGE TOWER LIGHTING PROJECT SUPPORT

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 corporations and trusts

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

  • WDC PROPERTIES I INC

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · controlled entity

    Directly controlled by WATERLOO DEVELOPMENT CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
24 October 2023
IRS schema version
2022v5.0
Source object
202343049349300339

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