Civic Intelligence

Cedar Valley Tech Works Inc.

990 • Fiscal year 2023 • EIN 20-4965137

Jul 01, 2022 to Jun 30, 2023 • Filed on Sep 20, 2023

Organization ProfileWWW.CEDARVALLEYTECHWORKS.COM
360 Westfield Avenue Suite 300-bWaterloo, IA 50701

(319) 232-1156

Siviq Scores

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

Liabilities / Assets

11th percentile

0.00x

Higher debt load relative to assets than 11% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2023

Net Margin

100th percentile

114%

Higher net margin than 100% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

75th percentile

$198,585

Higher top officer pay than 75% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

1st percentile

-49%

Faster asset growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets11th percentile

Assets

Down

$7,074,138

Down $6,713,420 (-49%) from 2022

Net Assets

Down

$7,069,422

Down $5,289,538 (-43%) from 2022

Liabilities

Down

$4,716

Down $1,423,882 (-100%) from 2022

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin100th percentile

Revenue

Down

-$4,637,448

Down $4,906,471 (-1824%) from 2022

Expenses

Up

$651,954

Up $18,386 (+2.9%) from 2022

Net Income

Down

-$5,289,402

Down $4,924,857 (-1351%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$30M$20M$10M$0Assets 2011: $20,357,309Liabilities 2011: $1,465,391Net Assets 2011: $18,891,9182011Assets 2012: $19,876,795Liabilities 2012: $1,457,088Net Assets 2012: $18,419,7072012Assets 2013: $17,699,507Liabilities 2013: $1,471,939Net Assets 2013: $16,227,5682013Assets 2014: $17,121,466Liabilities 2014: $1,580,382Net Assets 2014: $15,541,0842014Assets 2015: $18,835,317Liabilities 2015: $1,944,098Net Assets 2015: $16,891,2192015Assets 2016: $15,778,462Liabilities 2016: $1,440,491Net Assets 2016: $14,337,9712016Assets 2017: $15,017,859Liabilities 2017: $1,483,758Net Assets 2017: $13,534,1012017Assets 2018: $14,401,936Liabilities 2018: $1,479,648Net Assets 2018: $12,922,2882018Assets 2019: $14,242,033Liabilities 2019: $1,483,620Net Assets 2019: $12,758,4132019Assets 2020: $14,579,934Liabilities 2020: $1,506,038Net Assets 2020: $13,073,8962020Assets 2021: $14,196,233Liabilities 2021: $1,472,723Net Assets 2021: $12,723,5102021Assets 2022: $13,787,558Liabilities 2022: $1,428,598Net Assets 2022: $12,358,9602022Assets 2023: $7,074,138Liabilities 2023: $4,716Net Assets 2023: $7,069,4222023Assets 2024: $6,929,043Liabilities 2024: $9,742Net Assets 2024: $6,919,3012024Assets 2025: $6,730,596Liabilities 2025: $20,300Net Assets 2025: $6,710,2962025

Highlighted filing

2023

Assets$7,074,138
Liabilities$4,716
Net Assets$7,069,422
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0M-$6.0MExpenses 2011: $865,1032011Expenses 2012: $689,9942012Expenses 2013: $687,5152013Revenue 2014: $1,442,886Expenses 2014: $2,129,370Net Income 2014: -$686,4842014Revenue 2015: $2,257,028Expenses 2015: $906,893Net Income 2015: $1,350,1352015Revenue 2016: -$1,565,427Expenses 2016: $987,821Net Income 2016: -$2,553,2482016Revenue 2017: $88,531Expenses 2017: $892,401Net Income 2017: -$803,8702017Revenue 2018: $133,302Expenses 2018: $745,115Net Income 2018: -$611,8132018Revenue 2019: $526,785Expenses 2019: $690,660Net Income 2019: -$163,8752019Revenue 2020: $1,029,334Expenses 2020: $713,851Net Income 2020: $315,4832020Revenue 2021: $309,003Expenses 2021: $689,968Net Income 2021: -$380,9652021Revenue 2022: $269,023Expenses 2022: $633,568Net Income 2022: -$364,5452022Revenue 2023: -$4,637,448Expenses 2023: $651,954Net Income 2023: -$5,289,4022023Revenue 2024: $464,966Expenses 2024: $615,087Net Income 2024: -$150,1212024Revenue 2025: $388,729Expenses 2025: $597,734Net Income 2025: -$209,0052025

Highlighted filing

2023

Revenue-$4,637,448
Expenses$651,954
Net Income-$5,289,402
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Sep 20, 2023
Return Version
2022v5.0
Gross Receipts
$1,711,851
Mission and Program Overview

Mission

Cedar valley techworks brings together leaders in the field of biotechnology, serving as a center of activity for researchers, farmers, investors and business owners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,541,562$6,848,748▼ $6,692,814
Accounts Receivable$33,855$113,761▲ $79,906
Cash and Non-Interest-Bearing Accounts$212,141$111,629▼ $100,512
Total Assets$13,787,558$7,074,138▼ $6,713,420
Liabilities
Grants Payable$1,425,000--
Other Liabilities$3,598$4,716▲ $1,118
Total Liabilities$1,428,598$4,716▼ $1,423,882
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,358,960$7,069,422▼ $5,289,538
Total Net Assets Fund Balance$12,358,960$7,069,422▼ $5,289,538
Total Liabilities and Net Assets / Fund Balance$13,787,558$7,074,138▼ $6,713,420

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,345,432$3,562,236$9,907,668
Land$500,000-$500,000
Equipment$3,316$2,212$5,528
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Dave DeaverChair
Aaron SauerbreiDirector
Bob PetersenDirector
Brad LeeperDirector
David DavisDirector
John FritchDirector
Mark KittrellDirector
Noel AndersonDirector
Randy PilkingtonDirector
Carolyn DarrahCEO
Andrea DevoreSecretary
Don TemeyerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$15
Program Service Revenue
$286,470
Investment Income
$-4,923,933
Other Revenue
$0
All Other Contributions
$15
Change in Net Assets
$-5,289,402
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$651,954
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$343,513-$343,513
Occupancy$237,453--$237,453
Insurance$19,330--$19,330
Fees for Services Legal-$2,999-$2,999
Fees for Services Accounting-$1,500-$1,500
Conferences and Meetings$400--$400
Other Expenses$50--$50
Total Functional Expenses$303,942$348,012$0$651,954
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Bob PetersenBoard MemberAlso a Board MemberNo-
Mayor Quentin HartNon-votingCity of WaterlooNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
(r) Due to Affiliate - Gcva$3,353
Security Deposits$1,363
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Cedar valley tech works, inc. Does not have any employees. Employees are provided by grow cedar valley under a management agreement.”

Form 990, Page 6, Part VI, Line 6

“Grow cedar valley is the sole member of the organization.”

Form 990, Page 6, Part VI, Line 7A

“The sole member shall be entitled to vote for the election of the board of directors at the annual meeting of the members and shall be entitled to vote on any other matter submitted to the vote of the membership by the board of directors.”

Form 990, Page 6, Part VI, Line 7B

“Grow cedar valley has the right to approve budgets, strategic plans, annual business plan or plan of work for cedar valley techworks, amendments to the articles of incorporation and bylaws of cedar valley techworks and other management matters.”

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

“The form 990 is provided to cedar valley tech works, inc. Board for approval prior to being filed to the irs.”

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

“Board members read the conflict of interest policy annually and report any new or existing relationships that would cause them be in violation of the policy.”

Form 990, Page 6, Part VI, Line 15A

“The ceo and president of cedar valley techworks, inc and related organization compensation are reviewed annually by tech works' board of directors. Then approved by grow cedar valley's board of directors.”

Form 990, Page 6, Part VI, Line 19

“Governing documents and other policies are available at grow cedar valley's office, a related party to tech works, and are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Cedar Valley Tech Works Inc
EIN
20-4965137
Phone
3192321156
Address
360 WESTFIELD AVENUE SUITE 300-B, WATERLOO, IA 50701

Signing Officer

Name
Carolyn Darrah
Title
CEO
Phone
3192321156
Signed
2023-09-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carolyn Darrah
Formed
2006
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
Hogan - Hansen Pc
Address
3128 BROCKWAY ROAD, WATERLOO, IA 50701-5103
Preparer
Steven K Duggan CPA
Phone
3192335225
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IRS990/ProgramServiceRevenueGrp/Desc1CAM REIMBURSEMENTS
IRS990/ProgramServiceRevenueGrp/Desc2UTILITIES REIMBURSEMENT REVEN
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IRS990/ReconcilationRevenueExpnssAmt0-5289402
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IRS990ScheduleD/EquipmentGrp/BookValueAmt03316
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02212
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt05528
IRS990ScheduleD/LandGrp/BookValueAmt0500000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0500000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt03353
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0(R) DUE TO AFFILIATE - GCVA
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06848748
IRS990ScheduleD/TotalLiabilityAmt04716
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt03180
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt01584
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CAROLYN DARRAH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0198585
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0BOB PETERSEN
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1MAYOR QUENTIN HART
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD MEMBER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1NON-VOTING
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0ALSO A BOARD MEMBER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1CITY OF WATERLOO
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0(A) NAME OF INTERESTED PERSON: BOB PETERSEN (D) DESCRIPTION OF TRANSACTION: ALSO A BOARD MEMBER OF GROW CEDAR VALLEY. (A) NAME OF INTERESTED PERSON: MAYOR QUENTIN HART (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: NON-VOTING BOARD MEMBER (A) NAME OF INTERESTED PERSON: CITY OF WATERLOO (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: QUENTIN HART IS A NON-VOTING BOARD MEMBER AND THE MAYOR OF THE CITY OF WATERLOO (D) DESCRIPTION OF TRANSACTION: THE ORGANIZATION HAD A GRANT PAYABLE TO THE CITY OF WATERLOO AS OF 06/30/2022, WHICH WAS PAID DURING THE CURRENT YEAR.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CEDAR VALLEY TECH WORKS, INC. DOES NOT HAVE ANY EMPLOYEES. EMPLOYEES ARE PROVIDED BY GROW CEDAR VALLEY UNDER A MANAGEMENT AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GROW CEDAR VALLEY IS THE SOLE MEMBER OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE SOLE MEMBER SHALL BE ENTITLED TO VOTE FOR THE ELECTION OF THE BOARD OF DIRECTORS AT THE ANNUAL MEETING OF THE MEMBERS AND SHALL BE ENTITLED TO VOTE ON ANY OTHER MATTER SUBMITTED TO THE VOTE OF THE MEMBERSHIP BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GROW CEDAR VALLEY HAS THE RIGHT TO APPROVE BUDGETS, STRATEGIC PLANS, ANNUAL BUSINESS PLAN OR PLAN OF WORK FOR CEDAR VALLEY TECHWORKS, AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS OF CEDAR VALLEY TECHWORKS AND OTHER MANAGEMENT MATTERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS PROVIDED TO CEDAR VALLEY TECH WORKS, INC. BOARD FOR APPROVAL PRIOR TO BEING FILED TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOARD MEMBERS READ THE CONFLICT OF INTEREST POLICY ANNUALLY AND REPORT ANY NEW OR EXISTING RELATIONSHIPS THAT WOULD CAUSE THEM BE IN VIOLATION OF THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CEO AND PRESIDENT OF CEDAR VALLEY TECHWORKS, INC AND RELATED ORGANIZATION COMPENSATION ARE REVIEWED ANNUALLY BY TECH WORKS' BOARD OF DIRECTORS. THEN APPROVED BY GROW CEDAR VALLEY'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7GOVERNING DOCUMENTS AND OTHER POLICIES ARE AVAILABLE AT GROW CEDAR VALLEY'S OFFICE, A RELATED PARTY TO TECH WORKS, AND ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0GROW CEDAR VALLEY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0421241941
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C6
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PART VII
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0360 WESTFIELD AVENUE SUITE 200
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0WATERLOO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd050701
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
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IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0PART II, LINE (1)(B) GROW CEDAR VALLEY WORKS TO INCREASE THE ECONOMIC VITALITY AND WEALTH IN WATERLOO/CEDAR FALLS AND THE SURROUNDING AREA.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE R
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0GROW CEDAR VALLEY
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,074,138
Liabilities
$4,716
Net assets
$7,069,422
Revenue
-$4,637,448
Expenses
$651,954
Net income
-$5,289,402
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$6.73$0.02$6.71$0.39$0.60$0.21
2024Detailed filing. Detailed filing data is available for this year.$6.93$0.01$6.92$0.46$0.62$0.15
2023Detailed filing. Detailed filing data is available for this year.$7.07$0.00$7.07$4.64$0.65$5.29
2022Detailed filing. Detailed filing data is available for this year.$13.8$1.43$12.4$0.27$0.63$0.36
2021Detailed filing. Detailed filing data is available for this year.$14.2$1.47$12.7$0.31$0.69$0.38
2020Detailed filing. Detailed filing data is available for this year.$14.6$1.51$13.1$1.03$0.71$0.32
2019Detailed filing. Detailed filing data is available for this year.$14.2$1.48$12.8$0.53$0.69$0.16
2018Detailed filing. Detailed filing data is available for this year.$14.4$1.48$12.9$0.13$0.75$0.61
2017Detailed filing. Detailed filing data is available for this year.$15.0$1.48$13.5$0.09$0.89$0.80
2016Detailed filing. Detailed filing data is available for this year.$15.8$1.44$14.3$1.57$0.99$2.55
2015Detailed filing. Detailed filing data is available for this year.$18.8$1.94$16.9$2.26$0.91$1.35
2014Detailed filing. Detailed filing data is available for this year.$17.1$1.58$15.5$1.44$2.13$0.69
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.7$1.47$16.2$0.69
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.9$1.46$18.4$0.69
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.4$1.47$18.9$0.87