Civic Intelligence

Freeport Area Economic Development Foundation Inc

990 • Fiscal year 2019 • EIN 36-3280411

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 23, 2020

Organization ProfileGREATERFREEPORT.COM
27 W Stephenson StFreeport, IL 61032

(815) 233-1350

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.18x

Higher debt load relative to assets than 63% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

53rd percentile

0.10x

Higher debt load relative to revenue than 53% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

50th percentile

3.2%

Higher net margin than 50% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

74th percentile

$113,512

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 13.4% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

66th percentile

9.8%

Faster asset growth than 66% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2019

Revenue Growth

81st percentile

29%

Faster revenue growth than 81% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2019

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$473,622

Up $80,668 (+21%) from 2017

Net Assets

Up

$389,336

Up $96,536 (+33%) from 2017

Liabilities

Down

$84,286

Down $15,868 (-16%) from 2017

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin50th percentile

Revenue

Up

$844,596

Up $340,015 (+67%) from 2017

Expenses

Up

$817,917

Up $244,994 (+43%) from 2017

Net Income

Up

$26,679

Up $95,021 (+139%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$1.0M$500K$0Assets 2011: $373,104Liabilities 2011: $186,702Net Assets 2011: $186,4022011Assets 2012: $409,010Liabilities 2012: $224,185Net Assets 2012: $184,8252012Assets 2013: $373,706Liabilities 2013: $169,942Net Assets 2013: $203,7642013Assets 2014: $362,280Liabilities 2014: $165,175Net Assets 2014: $197,1052014Assets 2015: $365,436Liabilities 2015: $127,586Net Assets 2015: $237,8502015Assets 2016: $450,444Liabilities 2016: $89,302Net Assets 2016: $361,1422016Assets 2017: $392,954Liabilities 2017: $100,154Net Assets 2017: $292,8002017Assets 2019: $473,622Liabilities 2019: $84,286Net Assets 2019: $389,3362019Assets 2020: $623,370Liabilities 2020: $103,140Net Assets 2020: $520,2302020Assets 2021: $551,807Liabilities 2021: $112,053Net Assets 2021: $439,7542021Assets 2022: $935,815Liabilities 2022: $596,198Net Assets 2022: $339,6172022Assets 2023: $934,991Liabilities 2023: $500,623Net Assets 2023: $434,3682023Assets 2024: $901,070Liabilities 2024: $400,882Net Assets 2024: $500,1882024

Highlighted filing

2019

Assets$473,622
Liabilities$84,286
Net Assets$389,336
Open 2019 Filing

Operations Trend

Revenue Growth81st percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $247,4712011Expenses 2012: $336,4732012Revenue 2013: $271,784Expenses 2013: $307,603Net Income 2013: -$35,8192013Revenue 2014: $261,698Expenses 2014: $268,357Net Income 2014: -$6,6592014Revenue 2015: $294,081Expenses 2015: $253,336Net Income 2015: $40,7452015Revenue 2016: $517,834Expenses 2016: $394,542Net Income 2016: $123,2922016Revenue 2017: $504,581Expenses 2017: $572,923Net Income 2017: -$68,3422017Revenue 2019: $844,596Expenses 2019: $817,917Net Income 2019: $26,6792019Revenue 2020: $971,815Expenses 2020: $840,921Net Income 2020: $130,8942020Revenue 2021: $873,402Expenses 2021: $953,878Net Income 2021: -$80,4762021Revenue 2022: $901,924Expenses 2022: $1,002,061Net Income 2022: -$100,1372022Revenue 2023: $1,055,011Expenses 2023: $960,260Net Income 2023: $94,7512023Revenue 2024: $979,152Expenses 2024: $913,332Net Income 2024: $65,8202024

Highlighted filing

2019

Revenue$844,596
Expenses$817,917
Net Income$26,679
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 23, 2020
Return Version
2019v5.0
Gross Receipts
$1,033,780
Mission and Program Overview

Mission

To promote economic development in northwest illinois.

To promote economic and community development and enhancement in northwest illinois.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$163,518$164,544▲ $1,026
Accounts Receivable$151,917$134,054▼ $17,863
Cash and Non-Interest-Bearing Accounts$34,019$77,836▲ $43,817
Land, Buildings, and Equipment, Net$114,497$50,788▼ $63,709
Other Notes and Loans Receivable, Net$35,000$35,000→ $0
Prepaid Expenses and Deferred Charges$5,552$9,755▲ $4,203
Total Assets$504,503$473,622▼ $30,881
Other Assets Total-$1,645-
Liabilities
Unsecured Notes Loans Payable$57,500--
Accounts Payable and Accrued Expenses$75,321$43,582▼ $31,739
Deferred Revenue$9,025$26,570▲ $17,545
Other Liabilities-$14,134-
Total Liabilities$141,846$84,286▼ $57,560
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$300,064$319,758▲ $19,694
Net Assets With Donor Restrictions$62,593$69,578▲ $6,985
Total Net Assets Fund Balance$362,657$389,336▲ $26,679
Total Liabilities and Net Assets / Fund Balance$504,503$473,622▼ $30,881

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$37,465$67,102$104,567
Equipment$13,323$45,808$59,131
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rebecca MotleyExecutive DiFT$105,668$7,844$113,512
Frances DahmInterim ExecFT$59,426$2,657$62,083

Board Members and Trustees

NameTitle
Gary QuinnChair
Scott WinterVice Chair
Anna AlvaradoDirector
Brooke WagnerDirector
Jack CareyDirector
Josh ElliottDirector
Lowell CrowDirector
Mark GridleyDirector
Mark WrightDirector
Mike MartenDirector
Mike MeadeDirector
Scott HelmsDirector
Terri MusserDirector
Tim HoodDirector
Ross VehmeierSecretary
Chris SchneidermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$787,512
Program Service Revenue
$66,291
Investment Income
$-40,689
Other Revenue
$31,482
All Other Contributions
$14,008
Change in Net Assets
$26,679

Audited Revenue Reconciliation

Revenue per Audited Statements
$844,596
Total Revenue per Audited Statements
$844,596
Total Revenue per Form 990
$844,596
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$540,986
Other Expenses$276,931
Total Fundraising Expense$42,489
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$262,713$24,320$21,515$308,548
Current Officers, Directors, Trustees, and Key Employees$97,738$51,506$15,850$165,094
Occupancy$82,831$7,172$2,200$92,203
Payroll Taxes$28,203$5,933$2,924$37,060
Other Employee Benefits$20,590$9,694-$30,284
Fees for Services Accounting-$29,718-$29,718
Advertising$27,667--$27,667
Conferences and Meetings$20,198$3,066-$23,264
Office Expenses$13,360$3,339-$16,699
Depreciation Depletion$6,600$1,588-$8,188
Travel$6,436$503-$6,939
Fees for Services Other$5,000--$5,000
Insurance$2,543$1,886-$4,429
Information Technology-$3,115-$3,115
Other Expenses$2,925$2,310-$2,925
All Other Expenses$1,823$374-$2,197
Fees for Services Legal-$1,974-$1,974
Interest-$620-$620
Total Functional Expenses$615,976$159,452$42,489$817,917

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$817,917
Total Expenses per Audited Statements$817,917
Total Expenses per Form 990$817,917
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$123,311
Fundraising Gross Income$102,724
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Music on Chicag$38,168$34,118$18,244$15,874
Brewfest$30,902$22,212$13,958$8,254
Total Events$136,116$102,724$123,311$-20,587
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$9,034
Gift Certificates Outstanding$5,100
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
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

“The form 990 is reviewed by the board of directors.”

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

“Monitoring of compliance with the conflict of interest policy is done at the time the form 990 is reviewed by the board of directors.”

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

“Compensation is based on data that is gathered from comparable organizations and reviewed by the executive committee acting as the compensation committee and then approved by the board of directors.”

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

“Compensation is based on data that is gathered from comparable organizations and reviewed by the executive committee acting as the compensation committee and then approved by the board of directors.”

Form 990, Page 6, Part VI, Line 19

“The financial statements are available on the internet, as is the form 990. The corporation's bylaws and conflict of interest policy are available upon request.”

Filing and Contact Details

Filer

Filer Name
Greater Freeport Partnership
EIN
36-3280411
Phone
8152331350
Address
27 W STEPHENSON ST, FREEPORT, IL 61032

Signing Officer

Name
Chris Schneiderman
Title
Treasurer
Phone
8152331359
Signed
2020-07-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Quinn
Formed
1984
Legal Domicile
Il
Voting Board Members
16
Independent Board Members
16
Employees
12
Volunteers
75

Preparer

Firm
Lucas Group Cpas Advisors LLC
Address
524 W STEPHENSON ST STE 200, FREEPORT, IL 61032
Preparer
Lucas a Beggin
Phone
8152359610
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Management has determined that the organization does not have any uncertain tax positions and associated unrecognized benefits that would materially impact the financial statements or related disclosures.”

Raw XML AppendixShowing 400 of 560 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1INTERIM EXEC
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$473,622
Liabilities
$84,286
Net assets
$389,336
Revenue
$844,596
Expenses
$817,917
Net income
$26,679
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.90$0.40$0.50$0.98$0.91$0.07
2023Detailed filing. Detailed filing data is available for this year.$0.93$0.50$0.43$1.06$0.96$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.94$0.60$0.34$0.90$1.00$0.10
2021Detailed filing. Detailed filing data is available for this year.$0.55$0.11$0.44$0.87$0.95$0.08
2020Detailed filing. Detailed filing data is available for this year.$0.62$0.10$0.52$0.97$0.84$0.13
2019Detailed filing. Detailed filing data is available for this year.$0.47$0.08$0.39$0.84$0.82$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.39$0.10$0.29$0.50$0.57$0.07
2016Detailed filing. Detailed filing data is available for this year.$0.45$0.09$0.36$0.52$0.39$0.12
2015Detailed filing. Detailed filing data is available for this year.$0.37$0.13$0.24$0.29$0.25$0.04
2014Detailed filing. Detailed filing data is available for this year.$0.36$0.17$0.20$0.26$0.27$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.37$0.17$0.20$0.27$0.31$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.22$0.18$0.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.19$0.19$0.25