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Nonprofiteer
← MARION ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by MARION ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$882,633
Total expenses
$708,220
Contributions and grants received
$569,519
Grants paid
$4,000
Program service revenue
$40,635
Investment income
$263,444
Other revenue
$9,035
Total assets, end of year
$12,817,378
Total liabilities, end of year
$2,194,474
Net assets or fund balances, end of year
$10,622,904
Program services expenses (Part IX)
$580,544
Management and general expenses
$127,676
Fundraising expenses
$0
Program service expenses (Part III)
$580,544

Program services were 82.0% 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.

  • 1b · Membership dues

    $261,700

  • 1e · Government grants (contributions)

    $244,482

  • 1f · All other contributions, gifts and grants

    $63,337

  • 2a · Program service revenue: MHC SERVICES

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

  • 2b · Program service revenue: COMMUNITY PROMISE

    total $15,095 · related or exempt $15,095

  • 2c · Program service revenue: ANNUAL MEETING INCOME

    total $19,540 · related or exempt $19,540

  • 3 · Investment income

    total $2,936 · related or exempt $2,936

  • 6a · Gross rents

    real property $9,035

  • 6c · Rental income or loss

    real property $9,035

  • 6d · Net rental income or loss

    total $9,035 · related or exempt $9,035

  • 7a · Gross sales of assets other than inventory

    other assets $262,000

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

    other assets $1,492

  • 7c · Gain or loss

    other assets $260,508

  • 7d · Net gain or loss

    total $260,508 · related or exempt $260,508

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,000 · program services $4,000

  • 5 · Compensation of officers, directors and key employees

    total $137,540 · program services $68,770 · management and general $68,770

  • 7 · Other salaries and wages

    total $149,328 · program services $149,328

  • 9 · Other employee benefits

    total $12,151 · program services $9,400 · management and general $2,751

  • 10 · Payroll taxes

    total $22,113 · program services $16,831 · management and general $5,282

  • 11b · Fees: legal

    total $12,949 · program services $12,949

  • 11c · Fees: accounting

    total $3,022 · management and general $3,022

  • 12 · Advertising and promotion

    total $23,674 · program services $23,674

  • 13 · Office expenses

    total $10,848 · management and general $10,848

  • 16 · Occupancy

    total $34,692 · management and general $34,692

  • 17 · Travel

    total $3,310 · program services $3,310

  • 19 · Conferences, conventions and meetings

    total $30,568 · program services $30,568

  • 22 · Depreciation, depletion and amortization

    total $12,431 · program services $12,431

  • 23 · Insurance

    total $2,311 · management and general $2,311

  • 24a · Other expenses: COMMUNITY SUPPORT

    total $8,000 · program services $8,000

  • 24b · Other expenses: COMMUNITY PROMISE

    total $5,238 · program services $5,238

  • 24c · Other expenses: ASSOCIATION DUES

    total $1,179 · program services $1,179

  • 24d · Other expenses: COST BASIS LAND

    total $219,887 · program services $219,887

  • 24e · All other expenses

    total $14,979 · program services $14,979

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $945,984 · end of year $667,125

  • 7 · Other notes and loans receivable

    beginning of year $4,503,347 · end of year $5,084,905

  • 8 · Inventories for sale or use

    beginning of year $107,187 · end of year $142,509

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

    $6,963,491

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

    $45,310

  • 10c · Land, buildings and equipment, net

    beginning of year $7,114,911 · end of year $6,918,181

  • 15 · Other assets

    end of year $4,658

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,816 · end of year $3,738

  • 23 · Secured mortgages and notes payable

    beginning of year $2,218,121 · end of year $2,190,725

  • 24 · Unsecured notes and loans payable

    beginning of year $10 · end of year $11

  • 27 · Net assets without donor restrictions

    beginning of year $10,449,482 · end of year $10,622,904

Mission and programs · 2022

Mission

TO STRENGTHEN AND ENHANCE ECONOMIC DEVELOPMENT IN MARION

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

    Expenses $219,887

  • ESTABLISH RELATIONSHIPS WITH POTENTIAL NEW BUSINESSES TO MOVE INTO MARION

    Expenses $179,731

  • FACILITATE RELATIONSHIPS BETWEEN EXISTING BUSINESSES AND THE CITY OF MARION

    Expenses $179,730

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

    Expenses $1,196

As filed on the 2022 return.

Listed in Part VII

  • NICOLE CAVANAH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KATE WALTERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KEVIN KING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SHANNON BISGARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SCOTT PANTEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ISAIAH BOREL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • EMILY UPAH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • RYAN WALLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TOM PIENTOK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TOM BROWN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • BRYAN FISCUS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • BRIAN ROSTECK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KEVIN HUPP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CORBIN MOLLMAN

    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

  • STEVE NEIGHBOR

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • MARY RATHJE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KYLE MARTIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • BRIAN GIBBS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JANELLE BROUWER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHERI MONAHAN

    OUTGOING BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3

  • NICK GLEW

    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
2022
Filed
28 June 2023
IRS schema version
2022v5.0
Source object
202301799349300345

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