Waukon Economic Development Corporation in Waukon, Iowa (IA)

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Waukon Economic Development Corporation
Employer Identification Number (EIN)421352802
Name of OrganizationWaukon Economic Development Corporation
In Care of NameIrv Fosaaen
Address101 W Main St, Waukon, IA 52172-1639
ActivitiesAttracting new industry or retaining industry in an area
SubsectionCharitable Organization
Ruling Date02/1995
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 Period06/2014
Assets$500,000 to $999,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$524,804
Amount of Income$305,686
Form 990 Revenue Amount$181,250
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2014: $305,686 (it was $60,120 in 2013)
Waukon Economic Development Corporation: 

 $305,686
Other organizations performing similar types of work: 

 $219,690

Assets in 2014: $524,804 (it was $333,568 in 2013)
This organization: 

 $524,804
Other organizations performing similar types of work: 

 $475,649

Expenses in 2014: $110,680
This organization: 

 $110,680
Other organizations performing similar types of work: 

 $225,641

Income to expenses ratio in 2014: 2.8
This organization: 

 2.8
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2014: 52.5%
This organization: 

 52.5%
Other organizations performing similar types of work: 

 35.8%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Support schedule

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?Yes
Is the organization required to complete Schedule B, Schedule of Contributors?No
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?No
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?No
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?No
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?No
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?No
Did the organization maintain collections of works of art, historical treasures, or other similar assets?No
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?No
Did the organization report an amount for land, buildings, and equipment?Yes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?No
Did the organization report an amount for investments-program related that is 5% or more of its total assets?No
Did the organization report an amount for other assets that is 5% or more of its total assets?No
Did the organization report an amount for other liabilities?Yes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?No
Did the organization obtain separate, independent audited financial statements for the tax year?No
Was the organization included in consolidated, independent audited financial statements for the tax year?No
Is the organization a school described in section 170(b)(1)(A)(ii)?No
Did the organization maintain an office, employees, or agents outside of the United States?No
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?No
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?No
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?No
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?No
Did the organization report more than $15,000 total of fundraising event gross income and contributions?Yes
Did the organization report more than $15,000 of gross income from gaming activities?No
Did the organization operate one or more hospital facilities?No
Did the organization attach a copy of its audited financial statements?No
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?No
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?No
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?No
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?No
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?No
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?No
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?No
Did the organization engage in an excess benefit transaction with a disqualified person during the year?No
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?No
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?No
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?No
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?No
A family member of a current or former officer, director, trustee, or key employee?No
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?No
Did the organization receive more than $25,000 in non-cash contributions?No
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?No
Did the organization liquidate, terminate, or dissolve and cease operations?No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?No
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?No
Was the organization related to any tax-exempt or taxable entity?No
Did the organization have a controlled entity within the meaning of section 512(b)(13)?No
Did the organization make any transfers to an exempt non-charitable related organization?No
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?No
Statements Regarding Other IRS Filings and Tax Compliance
201220132014
The number reported in Box 3 of Form 10960
The number of Forms W-2G0
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?No
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return0
Did the organization file all required federal employment tax returns?No
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Has it filed a Form 990-T for this year?NoNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?No
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?No
Did the organization file Form 8886-T?No
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?No
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?No
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?No
Did the organization notify the donor of the value of the goods or services provided?No
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?No
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?No
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?No
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?No
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?No
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?No
Did the sponsoring organization make any taxable distributions under section 4966?No
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Is the organization filing Form 990 in lieu of Form 1041?No
The amount of tax-exempt interest received or accrued during the year$0
Is the organization licensed to issue qualified health plans in more than one state?No
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0
The amount of reserves on hand$0
Did the organization receive any payments for indoor tanning services during the tax year?No
Has it filed a Form 720 to report these payments?No
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$0
Total reportable compensation from related organizations$0
Total estimated amount of other compensation from the organization and related organizations$0
Total number of individuals who received more than $100,000 of reportable compensation from the organization0
Total number of independent contractors who received more than $100,000 of compensation from the organization0
Statement of Revenue
201220132014
Total revenue$181,250
Contributions, Gifts, Grants and Other Similar Amounts$95,229
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$203
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental loss$-5,344
Gross rents (Real / Personal)$3,128 / $0
Less: rental expenses (Real / Personal)$8,472 / $0
Rental income or (loss) (Real / Personal)$-5,344 / $0
Net gain/loss from sales of assets other than inventory$73,886
Gross amount from sales of assets other than inventory (Securities / Other)$190,976 / $0
Less: cost or other basis and sales expenses (Securities / Other)$117,090 / $0
Gain or (loss) (Securities / Other)$73,886 / $0
Net income/loss from fundraising events$16,163$-3,176$16,150
Gross income from fundraising events$16,150
Less: direct expenses$0
Net income/loss from gaming activities$0
Net income/loss from sales of inventory$1,126
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$-1,126
Miscellaneous Revenue$0
Statement of Functional Expenses
201220132014
Total functional expenses$110,680
Grants and other assistance to domestic organizations and domestic governments$0
Grants and other assistance to domestic individuals$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, trustees, and key employees$0
Compensation not included above, to disqualified persons$0
Other salaries and wages$0
Pension plan accruals and contributions$0
Other employee benefits$0
Payroll taxes$0
Fees for services (non-employees)
Management$0
Legal$3,535
Accounting$0
Lobbying$0
Professional fundraising services$0
Investment management fees$0
Other$0
Advertising and promotion$65
Office expenses$1,107
Information technology$0
Royalties$0
Occupancy$1,206
Travel$0
Payments of travel or entertainment expenses for any federal, state, or local public officials$0
Conferences, conventions, and meetings$0
Interest$1,399
Payments to affiliates$0
Depreciation, depletion, and amortization$107
Insurance$673
Other expenses$42,348
Other expenses$37,751
Other expenses$22,384
Other expenses$292
Other expenses$-187
Balance Sheet
201220132014
Total assets$327,388$333,568$524,804
Cash - non-interest-bearing$0
Savings and temporary cash investments$96,904
Pledges and grants receivable, net$0
Accounts receivable, net$0
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0
Notes and loans receivable, net$0
Inventories for sale or use$1,126
Prepaid expenses and deferred charges$0
Land, buildings, and equipment: cost or other basis$426,774
Investments - publicly traded securities$0
Investments - other securities$0
Investments - program-related$0
Intangible assets$0
Other assets$0
Total liabilities$3,635$3,635$198,934
Accounts payable and accrued expenses$0
Grants payable$0
Deferred revenue$0
Tax-exempt bond liabilities$0
Escrow or custodial account liability$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0
Secured mortgages and notes payable to unrelated third parties$195,299
Unsecured notes and loans payable to unrelated third parties$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$3,635
Total net assets or fund balances$325,870
Unrestricted net assets$0
Temporarily restricted net assets$0
Permanently restricted net assets$0
Capital stock or trust principal, or current funds$0
Paid-in or capital surplus, or land, building, or equipment fund$103,630
Retained earnings, endowment, accumulated income, or other funds$222,240
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)
2010 - 2014 Total
Public Support$249,967
Subtotal Support$249,967
Gifts, grants, contributions, and membership fees received$249,967
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
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$322,644
Public Support$249,967
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$20,707
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$51,970
Gross receipts from related activities, etc.$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1University Heights Science And Technology Park Inc65 Bergen Street, Newark, NJ 07107-3001NJ1993-09$1,678,020
2Southeast Ark Economic Development Dist IncPO BOX 6806, Pine Bluff, AR 71611-6806AR1978-01$6,823,915
3Self-Help Community Development Corp301 W Main St, Durham, NC 27701-3215NC1996-12$3,666,008
4South Central Kansas Economic Development District Inc Sckedd200 W Douglas Ave Ste 710, Wichita, KS 67202-3075KS1974-01$2,989,393
5Superior California Economic Development Inc350 Hartnell Ave Ste A, Redding, CA 96002-1875CA1995-07$2,395,022
6Tacolcy Economic Development Corporation Inc675 Nw 56th St Ste C, Miami, FL 33127-1569FL1983-01$2,292,829
7Real Estate Council Foundation5430 Lbj Freeway, Dallas, TX 75240-2601TX1994-07$2,089,137
8Staten Island Economic Development Corporation900 South Ave Ste 402, Staten Island, NY 10314-3429NY1994-03$1,657,591
9Transportation Choices Coalition, Alt-Trans219 1st Ave S Ste 420, Seattle, WA 98104-3415WA1993-11$1,318,219
10Rural Coalition1029 Vermont Ave Nw Ste 601, Washington, DC 20005-3842DC1998-08$1,122,799
11Village Alliance District Management Association Inc8 East 8th Street, New York, NY 10003-5915NY1994-11$1,065,643
12Sterling Today IncPO BOX 183, Sterling, IL 61081-0183IL1991-09$955,835
13Santa Fe Business Incubator Inc3900 Paseo Del Sol, Santa Fe, NM 87507-4072NM1996-12$816,969
14The Producers Club Of Maryland Inc107 E Read St, Baltimore, MD 21202-2403MD1993-11$724,630
15Historic Valley Junction Foundation137 5th St, Wdm, IA 50265-4717IA1990-11$395,861
16Waukon Economic Development Corporation101 W Main St, Waukon, IA 52172-1639IA1995-02$305,686
17Schleswig Community EnterprisesPO BOX 88, Schleswig, IA 51461-0088IA1956-10$88,101
18Community Development Corporation Of GreenfieldPO BOX 61, Greenfield, IA 50849-0061IA1997-12$70,669
19Ames International Partner Cities Association Inc515 Clark Avenue, Ames, IA 50010IA1993-08$0
20Northeast Iowa Development Corp521 North Main Street, Allison, IA 50602IA1996-06$0
Number of organizations performing similar types of work
Alaska2
Alabama1
Arkansas4
Arizona2
California12
Colorado2
Connecticut3
District of Columbia3
Delaware1
Florida7
Georgia2
Hawaii1
Iowa6
Illinois5
Indiana8
Kansas5
Louisiana3
Massachusetts5
Maryland6
Maine4
Michigan8
Minnesota9
Missouri9
Mississippi2
Montana1
North Carolina13
North Dakota2
Nebraska4
New Hampshire3
New Jersey5
New Mexico4
New York23
Ohio9
Oklahoma1
Oregon4
Pennsylvania12
Rhode Island1
South Carolina5
South Dakota2
Tennessee4
Texas11
Utah2
Virginia1
Vermont1
Washington3
Wisconsin8
West Virginia5
Wyoming1
Total235

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