Civic Intelligence

Lee County Economic Development Group Inc.

990 • Fiscal year 2021 • EIN 04-3605260

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 12, 2021

PO Box 309Montrose, IA 52639

(319) 524-2535

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

86th percentile

0.49x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

89th percentile

0.83x

Higher debt load relative to revenue than 89% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

59th percentile

18%

Higher net margin than 59% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

93rd percentile

$135,300

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 25.3% of source-year revenue.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

17th percentile

-4.7%

Faster asset growth than 17% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

53rd percentile

17%

Faster revenue growth than 53% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Assets

Down

$900,697

Down $44,181 (-4.7%) from 2020

Net Assets

Up

$459,707

Up $97,059 (+27%) from 2020

Liabilities

Down

$440,990

Down $141,240 (-24%) from 2020

Revenue

Up

$534,006

Up $76,129 (+17%) from 2020

Expenses

Up

$436,947

Up $89,157 (+26%) from 2020

Net Income

Down

$97,059

Down $13,028 (-12%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2011: $410,179Liabilities 2011: $352,500Net Assets 2011: $57,6792011Assets 2012: $498,448Liabilities 2012: $351,476Net Assets 2012: $146,9722012Assets 2013: $505,256Liabilities 2013: $353,213Net Assets 2013: $152,0432013Assets 2014: $474,363Liabilities 2014: $359,280Net Assets 2014: $115,0832014Assets 2015: $541,097Liabilities 2015: $353,891Net Assets 2015: $187,2062015Assets 2016: $589,728Liabilities 2016: $273,611Net Assets 2016: $316,1172016Assets 2017: $812,193Liabilities 2017: $486,476Net Assets 2017: $325,7172017Assets 2018: $801,967Liabilities 2018: $497,969Net Assets 2018: $303,9982018Assets 2019: $775,828Liabilities 2019: $523,267Net Assets 2019: $252,5612019Assets 2020: $944,878Liabilities 2020: $582,230Net Assets 2020: $362,6482020Assets 2021: $900,697Liabilities 2021: $440,990Net Assets 2021: $459,7072021Assets 2022: $1,195,323Liabilities 2022: $366,165Net Assets 2022: $829,1582022Assets 2023: $1,756,635Liabilities 2023: $401,061Net Assets 2023: $1,355,5742023Assets 2024: $1,031,030Liabilities 2024: $76,231Net Assets 2024: $954,7992024

Highlighted filing

2021

Assets$900,697
Liabilities$440,990
Net Assets$459,707

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $209,895Expenses 2011: $205,076Net Income 2011: $4,8192011Expenses 2012: $149,1812012Revenue 2013: $217,217Expenses 2013: $241,502Net Income 2013: -$24,2852013Revenue 2014: $471,995Expenses 2014: $508,955Net Income 2014: -$36,9602014Revenue 2015: $230,443Expenses 2015: $158,320Net Income 2015: $72,1232015Revenue 2016: $639,841Expenses 2016: $510,930Net Income 2016: $128,9112016Revenue 2017: $461,591Expenses 2017: $451,991Net Income 2017: $9,6002017Revenue 2018: $430,644Expenses 2018: $452,363Net Income 2018: -$21,7192018Revenue 2019: $400,630Expenses 2019: $452,067Net Income 2019: -$51,4372019Revenue 2020: $457,877Expenses 2020: $347,790Net Income 2020: $110,0872020Revenue 2021: $534,006Expenses 2021: $436,947Net Income 2021: $97,0592021Revenue 2022: $903,692Expenses 2022: $534,241Net Income 2022: $369,4512022Revenue 2023: $1,240,993Expenses 2023: $714,577Net Income 2023: $526,4162023Revenue 2024: $530,081Expenses 2024: $930,856Net Income 2024: -$400,7752024

Highlighted filing

2021

Revenue$534,006
Expenses$436,947
Net Income$97,059
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 12, 2021
Return Version
2020v4.0
Gross Receipts
$534,006
Mission and Program Overview

Mission

Economic development for the lee county, iowa community

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$362,648$459,707▲ $97,059
Cash and Non-Interest-Bearing Accounts$343,398$416,581▲ $73,183
Accounts Receivable$57,750$61,750▲ $4,000
Savings and Temporary Cash Investments$32,326$32,323▼ $3
Land, Buildings, and Equipment, Net$14,738$3,793▼ $10,945
Total Assets$944,878$900,697▼ $44,181
Other Assets Total$496,666$386,250▼ $110,416
Liabilities
Mortgage Notes Payable Secured by Investment Property$400,000$275,265▼ $124,735
Accounts Payable and Accrued Expenses$145,530$129,025▼ $16,505
Unsecured Notes Loans Payable$36,700$36,700→ $0
Total Liabilities$582,230$440,990▼ $141,240
Net Assets / Fund Balance
Total Net Assets Fund Balance$362,648$459,707▲ $97,059
Total Liabilities and Net Assets / Fund Balance$944,878$900,697▼ $44,181

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$3,456$27,644$31,100
Equipment$337$10,338$10,675
Other Assets Org$106,667--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dennis FraiseChief ExecutFT$125,700$9,600$135,300

Board Members and Trustees

NameTitle
Scott SmithChair
David SchwarzPast Chair
Jamie BaierPast Chairma
Jenny SteffensmeierVice Chair
Ashlee SpannagelDirector
Bob Huffman JrDirector
Bryan LangerudDirector
Darrell AllmanDirector
Garry Seyb JrDirector
Mickey MchaleDirector
Mike NorrisDirector
Rick LarkinDirector
Scott PieperDirector
Shelby DickensDirector
Susan DunekDirector
Phil HechtSecretary
Michael MohrfeldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$520,241
Program Service Revenue
$0
Investment Income
$13,765
Other Revenue
$0
All Other Contributions
$283,541
Change in Net Assets
$97,059
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$196,000
Other Expenses$126,787
Grants and Similar Amounts Paid$114,160
Total Fundraising Expense$14,821
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$125,700--$125,700
Grants to Domestic Orgs$74,160--$74,160
Comp Disqual Persons$48,652--$48,652
Grants to Domestic Individuals$40,000--$40,000
Travel$26,669$696-$27,365
Information Technology-$21,153-$21,153
Payroll Taxes$17,531--$17,531
Fees for Services Other--$14,821$14,821
Interest-$12,500-$12,500
Depreciation Depletion$10,366$579-$10,945
Occupancy-$8,269-$8,269
Fees for Services Accounting-$7,765-$7,765
Office Expenses$3,207$1,892-$5,099
Other Employee Benefits$4,117--$4,117
Advertising$3,898--$3,898
Insurance-$2,897-$2,897
Conferences and Meetings$980--$980
Fees for Services Legal-$906-$906
Other Expenses$797$2,990-$797
All Other Expenses$602--$602
Total Functional Expenses$362,479$59,647$14,821$436,947
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Fort Madison CsdFort Madison, IA--$37,080
Keokuk CsdKeokuk, IA--$37,080
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Board approves 990 before it is filed

Form 990, Page 6, Part VI, Line 12C

Address issues as they arise

Form 990, Page 6, Part VI, Line 19

Available upon written request

Filing and Contact Details

Filer

Filer Name
Lee County Economic Development
EIN
04-3605260
Phone
3195242535
Address
PO BOX 309, MONTROSE, IA 52639

Signing Officer

Name
Dennis Fraise
Title
Chief Executive Offi
Phone
3194639030
Signed
2021-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dennis Fraise
Formed
2002
Legal Domicile
Ia
Voting Board Members
13
Independent Board Members
13
Employees
2
Volunteers
6

Preparer

Firm
Menke & Company
Address
3915 MAIN ST, KEOKUK, IA 52632-2010
Preparer
Ann M Menke
Phone
3195241040
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IRS990/OccupancyGrp/TotalAmt08269
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01892
IRS990/OfficeExpensesGrp/ProgramServicesAmt03207
IRS990/OfficeExpensesGrp/TotalAmt05099
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0496666
IRS990/OtherAssetsTotalGrp/EOYAmt0386250
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt04117
IRS990/OtherEmployeeBenefitsGrp/TotalAmt04117
IRS990/OtherExpensesGrp/Desc0TRAINING
IRS990/OtherExpensesGrp/Desc1DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2GROW LEE
IRS990/OtherExpensesGrp/Desc3LEE CTY CAPITAL CAMP EVEN
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02990
IRS990/OtherExpensesGrp/ProgramServicesAmt04608
IRS990/OtherExpensesGrp/ProgramServicesAmt11192
IRS990/OtherExpensesGrp/ProgramServicesAmt2797
IRS990/OtherExpensesGrp/TotalAmt04608
IRS990/OtherExpensesGrp/TotalAmt12990
IRS990/OtherExpensesGrp/TotalAmt21192
IRS990/OtherExpensesGrp/TotalAmt3797
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt017531
IRS990/PayrollTaxesGrp/TotalAmt017531
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0DENNIS FRAISE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0436991
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt020886
IRS990/PYOtherExpensesAmt0126617
IRS990/PYRevenuesLessExpensesAmt0110087
IRS990/PYSalariesCompEmpBnftPaidAmt0221173
IRS990/PYTotalExpensesAmt0347790
IRS990/PYTotalRevenueAmt0457877
IRS990/ReconcilationRevenueExpnssAmt097059
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0362648
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0459707
IRS990/SavingsAndTempCashInvstGrp/BOYAmt032326
IRS990/SavingsAndTempCashInvstGrp/EOYAmt032323
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt03,980
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0520241
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0436991
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0380100
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0413050
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0439500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02189882
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt013765
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt020886
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt020530
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt017594
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt018111
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt090886
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt03980
IRS990ScheduleA/OtherIncome170Grp/TotalAmt03980
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.65550
IRS990ScheduleA/PublicSupportPY170Pct00.73850
IRS990ScheduleA/PublicSupportTotal170Amt01497662
IRS990ScheduleA/SubstantialContributorsTotAmt0692220
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0520241
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0436991
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0380100
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0413050
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0439500
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02189882
IRS990ScheduleA/TotalSupportAmt02284748
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt0337
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010338
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010675
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0279583
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1106667
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NOTES RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1INTEREST RECEIVABLE
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03456
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt027644
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt031100
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03793
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0386250
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt040000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0PAYCHECK
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt02
IRS990ScheduleI/RecipientTable/CashGrantAmt037080
IRS990ScheduleI/RecipientTable/CashGrantAmt137080
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0FORT MADISON CSD
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1KEOKUK CSD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO BOX
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1500 N 20TH STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0FORT MADISON
IRS990ScheduleI/RecipientTable/USAddress/CityNm1KEOKUK
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0IA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1IA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd052627
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd152632
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD APPROVES 990 BEFORE IT IS FILED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ADDRESS ISSUES AS THEY ARISE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABLE UPON WRITTEN REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0944878
IRS990/TotalAssetsEOYAmt0900697
IRS990/TotalAssetsGrp/BOYAmt0944878
IRS990/TotalAssetsGrp/EOYAmt0900697
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0520241
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt014821
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt059647
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0362479
IRS990/TotalFunctionalExpensesGrp/TotalAmt0436947
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0582230

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.03$0.08$0.95$0.53$0.93$0.40
2023Detailed filing. Detailed filing data is available for this year.$1.76$0.40$1.36$1.24$0.71$0.53
2022Detailed filing. Detailed filing data is available for this year.$1.20$0.37$0.83$0.90$0.53$0.37
2021Detailed filing. Detailed filing data is available for this year.$0.90$0.44$0.46$0.53$0.44$0.10
2020Detailed filing. Detailed filing data is available for this year.$0.94$0.58$0.36$0.46$0.35$0.11
2019Detailed filing. Detailed filing data is available for this year.$0.78$0.52$0.25$0.40$0.45$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.80$0.50$0.30$0.43$0.45$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.81$0.49$0.33$0.46$0.45$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.59$0.27$0.32$0.64$0.51$0.13
2015Summary only. Only limited summary data is available for this year.$0.54$0.35$0.19$0.23$0.16$0.07
2014Detailed filing. Detailed filing data is available for this year.$0.47$0.36$0.12$0.47$0.51$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.51$0.35$0.15$0.22$0.24$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.35$0.15$0.15
2011Summary only. Only limited summary data is available for this year.$0.41$0.35$0.06$0.21$0.21$0.00