Iowa Development Corporation

“Dennis murdock, presidentc/o central iowa power cooperativepo box 2517cedar rapids, iowa 52406bruce tamisiea, vice presidentc/o tecton industriespo box 877spencer, iowa 51301john sorensen, treasurerc/o iowa bankers association8800 nw 62nd avejohnston, iowa 50131daniel t.robeson, executive directorc/o iowa business growth company5409 88th street, ste 100johnston, iowa 50131rand fisher, secretaryc/o iowa area development group2600 grand avenue, suite 430des moines, ia 50312john linch, directorc/o first national bank, ames405 5th streetames, ia 50010john rigler iii, directorc/o peoples bank12701 university avenueclive, ia 50325adam gregg, directorc/o iowa bankers association8800 nw 62nd avejohnston, iowa 50131”

“The form 990 is reviewed by all members of the board of directors prior to its filing.”

“IOWA DEVELOPMENT CORPORATION ADOPTED A CONFLICT OF INTEREST POLICY WHEREIN ISSUES OF POTENTIAL CONFLICT ARE ADDRESSED OPENLY AT MEETINGS OF THE BOARD OF DIRECTORS. tHE CONFLICT OF INTEREST POLICY IS CONTAINED WITHIN THE ORGANIZATION'S "CODE OF BUSINESS CONDUCT AND ETHICS" WHICH WAS ADOPTED BY THE BOARD OF DIRECTORS ON DECEMBER 19, 2014.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon written request.”

“The organization paid no compensation; therefore, compensation was not required to be reviewed or approved.”

“The organization owns 99% of iowa community development, lc (icd), which owns an interest in numerous other limited liability companies. Accordingly, the organization is reporting 99% of icd's share of the income items of the limited liability companies as follows:ordinary business income 135interest income 75,912asset management fee income 798,996 ---------total income items 875,043 =========”

“Iowa development corporation's sole reason for existence is to manage iowa community development, lc. The organization does not anticipate participating in additional joint ventures or similar arrangements in the future. As a result, a written policy has not been considered necessary.”

“Book-tax differences related to investment in icd, lc = -$135”

“The organization owns 99% of iowa community development, lc (icd), which owns an interest in numerous other limited liability companies. Accordingly, the organization is reporting 99% of icd's share of the deduction items of the limited liability companies as follows:administrative fee 5,644bank fees 223insurance 8,285management fee 798,996miscellaneous 3,008professional fees 31,947 ---------total deduction items 848,103 =========”

“Iowa development corporation's (the organization) only activity is acting as managing member of iowa community development, lc (icd, lc), a partnership in which the organization owns a 99% interest. The holder of the other 1% interest in icd, lc also provides services under a separate agreement to icd, lc. The executive director of the organization is also employed by the entity holding the 1% interest in icd, lc. Despite the relationships between these parties, each party is treated as a separate and distinct entity, both legally and for income tax reporting purposes. Accordingly, the organization has prepared this form 990 with respect to its own policies, procedures, relationships, and transactions; such items not involving the organization and relating to parties other than the organization have not been considered in the preparation of this return.”