Bedford Area Economic Development Corp in Bedford, Iowa (IA)

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Bedford Area Economic Development Corp
Employer Identification Number (EIN)421443198
Name of OrganizationBedford Area Economic Development Corp
Address601 Madison St, Bedford, IA 50833-1214
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Area development, redevelopment of renewal
SubsectionCharitable Organization
Ruling Date03/1996
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$25,000 to $99,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$87,853
Amount of Income$137,675
Form 990 Revenue Amount$137,675
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Urban, Community Economic Development


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Amount of income in 2013: $137,675 (it was $112,449 in 2012)
This organization: 

 $137,675
Other organizations performing similar types of work: 

 $141,217

Assets in 2013: $87,853 (it was $84,622 in 2012)
This organization: 

 $87,853
Other organizations performing similar types of work: 

 $121,026

Expenses in 2013: $134,679
Bedford Area Economic Development Corp: 

 $134,679
Other organizations performing similar types of work: 

 $118,087

Income to expenses ratio in 2013: 1.0
Bedford Area Economic Development Corp: 

 1.0
Other organizations performing similar types of work: 

 1.6

Grants share in income in 2013: 37.9%
Bedford Area Economic Development Corp: 

 37.9%
Other organizations performing similar types of work: 

 87.4%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$112,449$137,675
Contributions, gifts, grants, and similar amounts received$27,302$52,233
Program service revenue including government fees and contracts$78,914$82,190
Membership dues and assessments$2,829$3,093
Investment income$925$159
Gain/Loss from sale of assets other than inventory$0$0
Net income/loss from gaming and fundraising events$0$0$0
Gross profit/loss from sales of inventory$0$0
Other revenue$2,479$0
Total expenses$124,427$134,679
Total net assets$83,982$86,978
Excess/Deficit for the year$-11,978$2,996
Net assets or fund balances at beginning of year$95,960$83,982
Other changes in net assets or fund balances$0$0
Net assets or fund balances at end of year$83,982$86,978
Balance Sheets
201120122013
Total assets$96,053$84,622$87,853
Total liabilities$93$640$875
Net assets or fund balances$83,982$86,978
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0
Gross receipts for public use of club facilities$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013)
2009 - 2013 Total
Public support$685,454
Subtotal$685,454
Gifts, grants, contributions, and membership fees received$361,011
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$324,443
Gross receipts from activities that are not an unrelated trade or business under section 513$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Less$0
Amounts received from disqualified persons$0
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$699,523
Public support$685,454
Subtotal$2,417
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$2,417
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income$11,652
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Ventura County Community Development Corporation2231 Sturgis Rd Unit A, Oxnard, CA 93030-7813CA2003-05$5,683,551
2The Center Of Workforce Innovations Inc2804 Boilermaker Ct Ste E, Valparaiso, IN 46383-8418IN2000-06$8,642,806
3Black Hawk County Gaming Assoc229 E Park Ave, Waterloo, IA 50703-4621IA2004-11$4,961,683
4Ocdc Inc121 Albany Ave Ne, Orange City, IA 51041IA2008-04$2,618,002
5Cedar Rapids City Market Inc, Newbo City MarketPo Box 667, Cedar Rapids, IA 52406-0667IA2010-08$550,303
6Iowa Progress Project6750 Westown Pkwy Ste 200-158, Wdm, IA 50266-7723IA2008-09$294,000
7Lee County Economic Development Group Inc2700 Kindustry Park Rd, Keokuk, IA 52632-9705IA2003-05$217,217
8Bedford Area Economic Development Corp601 Madison St, Bedford, IA 50833-1214IA1996-03$137,675
96th Avenue CorridorPO BOX 8225, Des Moines, IA 50301-8225IA2010-06$85,458
10Friends Of Historic Downtown West BranchPO BOX 786, West Branch, IA 52358-0786IA2005-10$81,606
11Emmetsburg Community Developmentcorporation2101 10th St, Emmetsburg, IA 50536-2411IA2008-11$62,893
12Alton Economic Development Corporation905 3rd Ave, Alton, IA 51003-7738IA2011-05$50,897
13Maharishi Vedic City Development Foundation1750 Maharishi Center Ave, Vedic City, IA 52556-9123IA2014-03$13,192
14Marcus For Progress Inc111 S Oak St, Marcus, IA 51035IA1998-10$11,966
15Absolutely Indee2349 Jamestown Ave Suite 4b, Independence, IA 50644IA2014-06$0
16Community Legacy Mattersincorporated3824 Lincoln Place Dr, Des Moines, IA 50312-3016IA2012-03$0
17Keokuk Economic Development Corporation501 Main Street, Keokuk, IA 52632IA1999-04$0
18Life Microlending129 9th St, Columbus Junction, IA 52738IA2011-06$0
19Southside Investment Board1821 Grand Ave Se, Cedar Rapids, IA 52403IA2010-05$0
20Urbana Area Development CorporationPO BOX 248, Urbana, IA 52345-0248IA2001-01$0
Number of organizations performing similar types of work
Alaska2
Alabama36
Arkansas9
Arizona16
California121
Colorado26
Connecticut22
District of Columbia16
Delaware6
Florida53
Georgia54
Hawaii10
Iowa18
Idaho7
Illinois68
Indiana30
Kansas9
Kentucky18
Louisiana32
Massachusetts22
Maryland45
Maine10
Michigan54
Minnesota10
Missouri35
Mississippi17
Montana9
North Carolina65
North Dakota5
Nebraska6
New Hampshire8
New Jersey38
New Mexico14
Nevada6
New York135
Ohio94
Oklahoma18
Oregon18
Pennsylvania93
Rhode Island2
South Carolina34
South Dakota10
Tennessee36
Texas74
Utah5
Virginia30
Vermont9
Washington29
Wisconsin30
West Virginia14
Wyoming3
International7
Total1,538

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