Civic Intelligence

Lee County Economic Development Group Inc.

990 • Fiscal year 2023 • EIN 04-3605260

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 12, 2023

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

70th percentile

0.23x

Higher debt load relative to assets than 70% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

73rd percentile

0.32x

Higher debt load relative to revenue than 73% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

88th percentile

42%

Higher net margin than 88% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

82nd percentile

$145,005

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 11.7% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

88th percentile

47%

Faster asset growth than 88% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

79th percentile

37%

Faster revenue growth than 79% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,756,635

Up $561,312 (+47%) from 2022

Net Assets

Up

$1,355,574

Up $526,416 (+63%) from 2022

Liabilities

Up

$401,061

Up $34,896 (+9.5%) from 2022

Revenue

Up

$1,240,993

Up $337,301 (+37%) from 2022

Expenses

Up

$714,577

Up $180,336 (+34%) from 2022

Net Income

Up

$526,416

Up $156,965 (+42%) from 2022

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

2023

Assets$1,756,635
Liabilities$401,061
Net Assets$1,355,574

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

2023

Revenue$1,240,993
Expenses$714,577
Net Income$526,416
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 12, 2023
Return Version
2022v5.0
Gross Receipts
$1,240,993
Mission and Program Overview

Mission

Economic development for the lee county, iowa community

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$829,158$1,355,574▲ $526,416
Cash and Non-Interest-Bearing Accounts$426,286$601,993▲ $175,707
Accounts Receivable$250,410$412,049▲ $161,639
Land, Buildings, and Equipment, Net$139,913$328,465▲ $188,552
Savings and Temporary Cash Investments$32,360$32,406▲ $46
Total Assets$1,195,323$1,756,635▲ $561,312
Other Assets Total$346,354$381,722▲ $35,368
Liabilities
Mortgage Notes Payable Secured by Investment Property$225,472$276,565▲ $51,093
Accounts Payable and Accrued Expenses$140,693$124,496▼ $16,197
Total Liabilities$366,165$401,061▲ $34,896
Net Assets / Fund Balance
Total Net Assets Fund Balance$829,158$1,355,574▲ $526,416
Total Liabilities and Net Assets / Fund Balance$1,195,323$1,756,635▲ $561,312

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$317,465$42,774$360,239
Equipment$11,000$25,865$36,865
Other Assets Org$116,667--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Dennis FraiseChief Execut$135,036$9,969$145,005

Board Members and Trustees

NameTitle
Michael MohrfeldPast Chair
Scott SmithPast Chair
Charles IrelandVice Chair
Amy ConleeDirector
Ashlee SpannagelDirector
Bob Huffman JrDirector
Bryan LangerudDirector
Corey JonasDirector
Jennie RoseDirector
Justin PieperDirector
Kerry KlepferDirector
Matt MorrisDirector
Pat MccrabbDirector
Robert HoltkampDirector
Jr DerksenEx Officio
Garry Seyb JrEx-officio
Heather HuebnerEx-officio
Kay SackvilleEx-officio
Michael NorrisEx-officio
Tom SchulzEx-officio
Jason HutchesonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,218,725
Program Service Revenue
$0
Investment Income
$1,418
Other Revenue
$20,850
All Other Contributions
$1,018,725
Change in Net Assets
$526,416
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$389,508
Other Expenses$320,785
Total Fundraising Expense$39,476
Grants and Similar Amounts Paid$4,284
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$211,586--$211,586
Current Officers, Directors, Trustees, and Key Employees$135,036--$135,036
Fees for Services Other-$37,530$39,476$77,006
Occupancy-$29,489-$29,489
Payroll Taxes$28,998--$28,998
Fees for Services Legal-$25,774-$25,774
Conferences and Meetings$23,245--$23,245
All Other Expenses$13,144$6,834-$19,978
Office Expenses$6,706$12,397-$19,103
Depreciation Depletion$18,679--$18,679
Insurance-$16,097-$16,097
Other Employee Benefits$13,888--$13,888
Other Expenses$8,385$18,180-$8,385
Advertising$7,952--$7,952
Fees for Services Accounting-$6,310-$6,310
Travel$290$5,575-$5,865
Grants to Domestic Orgs$4,284--$4,284
Information Technology$3,669--$3,669
Total Functional Expenses$516,915$158,186$39,476$714,577
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
2023-12-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dennis Fraise
Formed
2002
Legal Domicile
Ia
Voting Board Members
19
Independent Board Members
19
Employees
6

Preparer

Firm
Menke & Company
Address
406 AVENUE E PO BOX 135, WEST POINT, IA 52656-0135
Preparer
Ann M Menke
Phone
3198376042
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting 0 0 39,476 professional fees 0 37,530 0 total 0 37,530 39,476

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IRS990/InvestmentIncomeGrp/ExclusionAmt01418
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01418
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt05
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt068639
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0139913
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0328465
IRS990/LandBldgEquipCostOrOtherBssAmt0397104
IRS990/LegalDomicileStateCd0IA
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0ECONOMIC DEVELOPMENT FOR THE LEE COUNTY, IOWA COMMUNITY
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0225472
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0276565
IRS990/NetAssetsOrFundBalancesBOYAmt0829158
IRS990/NetAssetsOrFundBalancesEOYAmt01355574
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt029489
IRS990/OccupancyGrp/TotalAmt029489
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt012397
IRS990/OfficeExpensesGrp/ProgramServicesAmt06706
IRS990/OfficeExpensesGrp/TotalAmt019103
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0346354
IRS990/OtherAssetsTotalGrp/EOYAmt0381722
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt013888
IRS990/OtherEmployeeBenefitsGrp/TotalAmt013888
IRS990/OtherExpensesGrp/Desc0BRDIGES OUT OF POVERTY
IRS990/OtherExpensesGrp/Desc1REPAIRS
IRS990/OtherExpensesGrp/Desc2TRAINING
IRS990/OtherExpensesGrp/Desc3LEE COUNTY ROBOTIC TEAM
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt018180
IRS990/OtherExpensesGrp/ProgramServicesAmt026044
IRS990/OtherExpensesGrp/ProgramServicesAmt115009
IRS990/OtherExpensesGrp/ProgramServicesAmt28385
IRS990/OtherExpensesGrp/TotalAmt026044
IRS990/OtherExpensesGrp/TotalAmt118180
IRS990/OtherExpensesGrp/TotalAmt215009
IRS990/OtherExpensesGrp/TotalAmt38385
IRS990/OtherRevenueMiscGrp/Desc0LEASE INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt020850
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt020850
IRS990/OtherRevenueTotalAmt020850
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0211586
IRS990/OtherSalariesAndWagesGrp/TotalAmt0211586
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt028998
IRS990/PayrollTaxesGrp/TotalAmt028998
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0DENNIS FRAISE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0867064
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt020000
IRS990/PYInvestmentIncomeAmt011222
IRS990/PYOtherExpensesAmt0266915
IRS990/PYOtherRevenueAmt025406
IRS990/PYRevenuesLessExpensesAmt0369451
IRS990/PYSalariesCompEmpBnftPaidAmt0247326
IRS990/PYTotalExpensesAmt0534241
IRS990/PYTotalRevenueAmt0903692
IRS990/ReconcilationRevenueExpnssAmt0526416
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0829158
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01355574
IRS990/SavingsAndTempCashInvstGrp/BOYAmt032360
IRS990/SavingsAndTempCashInvstGrp/EOYAmt032406
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01218725
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0867064
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0520241
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0436991
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0380100
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt03423121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01418
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt011222
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt013765
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt020886
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt020530
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt067821
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt046256
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.49190
IRS990ScheduleA/PublicSupportPY170Pct00.56360
IRS990ScheduleA/PublicSupportTotal170Amt01717035
IRS990ScheduleA/SubstantialContributorsTotAmt01706086
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01218725
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0867064
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0520241
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0436991
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0380100
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03423121
IRS990ScheduleA/TotalSupportAmt03490942
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/BookValueAmt011000
IRS990ScheduleD/EquipmentGrp/DepreciationAmt025865
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt036865
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0265055
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1116667
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NOTES RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1INTEREST RECEIVABLE
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0317465
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt042774
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0360239
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0328465
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0381722
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/ExplanationTxt3CONSULTING 0 0 39,476 PROFESSIONAL FEES 0 37,530 0 TOTAL 0 37,530 39,476
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01195323
IRS990/TotalAssetsEOYAmt01756635
IRS990/TotalAssetsGrp/BOYAmt01195323
IRS990/TotalAssetsGrp/EOYAmt01756635
IRS990/TotalCompGreaterThan150KInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

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