Civic Intelligence

Buchanan County Fair Association

990 • Fiscal year 2020 • EIN 42-0158722

Oct 01, 2019 to Sep 30, 2020 • Filed on Feb 11, 2021

Organization Profilewww.independencemotorspeedway.com
PO Box 258Independence, IA 50644

(319) 334-9287

Siviq Scores

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

Liabilities / Assets

77th percentile

0.06x

Higher debt load relative to assets than 77% of similar nonprofits.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

88th percentile

0.25x

Higher debt load relative to revenue than 88% of similar nonprofits.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Source year 2020

Net Margin

23rd percentile

-0.3%

Higher net margin than 23% of similar nonprofits.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$0

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Source year 2020

Asset Growth

22nd percentile

-1.6%

Faster asset growth than 22% of similar nonprofits.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-64%

Faster revenue growth than 3% of similar nonprofits.

2020 filings • 501(c)5 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets77th percentile

Assets

Down

$705,853

Down $11,643 (-1.6%) from 2019

Net Assets

Down

$660,511

Down $14,942 (-2.2%) from 2019

Liabilities

Up

$45,342

Up $3,299 (+7.8%) from 2019

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin23rd percentile

Revenue

Down

$182,903

Down $326,273 (-64%) from 2019

Expenses

Down

$183,426

Down $301,740 (-62%) from 2019

Net Income

Down

-$523

Down $24,533 (-102%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$800K$600K$400K$200K$0Assets 2011: $460,335Liabilities 2011: $244,918Net Assets 2011: $215,4172011Assets 2012: $530,987Liabilities 2012: $249,436Net Assets 2012: $281,5512012Assets 2013: $600,932Liabilities 2013: $134,692Net Assets 2013: $466,2402013Assets 2014: $730,932Liabilities 2014: $95,816Net Assets 2014: $635,1162014Assets 2015: $717,252Liabilities 2015: $78,954Net Assets 2015: $638,2982015Assets 2016: $723,467Liabilities 2016: $37,508Net Assets 2016: $685,9592016Assets 2017: $695,897Liabilities 2017: $3,755Net Assets 2017: $692,1422017Assets 2018: $719,278Liabilities 2018: $67,835Net Assets 2018: $651,4432018Assets 2019: $717,496Liabilities 2019: $42,043Net Assets 2019: $675,4532019Assets 2020: $705,853Liabilities 2020: $45,342Net Assets 2020: $660,5112020Assets 2021: $671,195Liabilities 2021: $3,371Net Assets 2021: $667,8242021Assets 2022: $723,980Liabilities 2022: $4,910Net Assets 2022: $719,0702022Assets 2023: $718,303Liabilities 2023: $4,918Net Assets 2023: $713,3852023Assets 2024: $646,099Liabilities 2024: $106,649Net Assets 2024: $539,4502024

Highlighted filing

2020

Assets$705,853
Liabilities$45,342
Net Assets$660,511
Open 2020 Filing

Operations Trend

Revenue Growth3rd percentile

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

$1.0M$500K$0-$500KRevenue 2011: $365,627Expenses 2011: $226,759Net Income 2011: $138,8682011Expenses 2012: $275,2122012Expenses 2013: $281,6582013Revenue 2014: $511,666Expenses 2014: $342,790Net Income 2014: $168,8762014Revenue 2015: $377,410Expenses 2015: $374,228Net Income 2015: $3,1822015Revenue 2016: $441,304Expenses 2016: $393,643Net Income 2016: $47,6612016Revenue 2017: $579,852Expenses 2017: $573,669Net Income 2017: $6,1832017Revenue 2018: $457,497Expenses 2018: $498,196Net Income 2018: -$40,6992018Revenue 2019: $509,176Expenses 2019: $485,166Net Income 2019: $24,0102019Revenue 2020: $182,903Expenses 2020: $183,426Net Income 2020: -$5232020Revenue 2021: $696,447Expenses 2021: $689,134Net Income 2021: $7,3132021Revenue 2022: $559,665Expenses 2022: $508,419Net Income 2022: $51,2462022Revenue 2023: $745,690Expenses 2023: $751,375Net Income 2023: -$5,6852023Revenue 2024: $615,046Expenses 2024: $788,981Net Income 2024: -$173,9352024

Highlighted filing

2020

Revenue$182,903
Expenses$183,426
Net Income-$523
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Feb 11, 2021
Return Version
2019v5.0
Gross Receipts
$182,903
Mission and Program Overview

Mission

Provide entertainment to northeast iowa

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$675,453$660,511▼ $14,942
Land, Buildings, and Equipment, Net$670,535$649,701▼ $20,834
Cash and Non-Interest-Bearing Accounts$44,743$53,934▲ $9,191
Savings and Temporary Cash Investments$2,218$2,218→ $0
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$717,496$705,853▼ $11,643
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$36,612$33,156▼ $3,456
Accounts Payable and Accrued Expenses$5,431$12,185▲ $6,754
Other Liabilities-$1-
Total Liabilities$42,043$45,342▲ $3,299
Net Assets / Fund Balance
Total Net Assets Fund Balance$675,453$660,511▼ $14,942
Total Liabilities and Net Assets / Fund Balance$717,496$705,853▼ $11,643

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$649,701$590,805$1,240,506
Compensation and Service Providers
Top Officer Pay33rd percentile

Board Members and Trustees

NameTitle
Nick DenniePresident
Matt WalthartVice President
Brian PrusatorDirector
Darin BurcoDirector
Eric RiesDirector
Fred SmockDirector
Jeff MescherDirector
Julie AlthausDirector
Molly ZmudkaDirector
Rick AlberDirector
Rick WendlingDirector
Rob DudleyDirector
Tina SnyderDirector
Bailey DudleySecretary
Kelly PeytonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,235
Program Service Revenue
$157,649
Investment Income
$19
Other Revenue
$0
All Other Contributions
$100
Change in Net Assets
$-523
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$140,152
Salaries, Compensation, and Employee Benefits$43,274
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$39,458
Occupancy---$23,654
Depreciation Depletion---$20,836
Insurance---$13,489
All Other Expenses---$12,873
Other Expenses---$9,751
Payroll Taxes---$3,816
Conferences and Meetings---$2,924
Office Expenses---$2,229
Fees for Services Accounting---$2,110
Interest---$1,944
Advertising---$199
Fees for Services Other---$8
Total Functional Expenses$0$0$0$183,426
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
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“No review was or will be conducted.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Buchanan County Fair Association
EIN
42-0158722
Phone
3193349287
Address
PO BOX 258, INDEPENDENCE, IA 50644

Signing Officer

Name
Nick Dennie
Title
President
Signed
2021-02-11
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
15
Independent Board Members
15
Employees
3

Preparer

Firm
RFSW & Co CPAs PC
Address
14 East Charles St, Oelwein, IA 50662
Preparer
Cecily M Corkery
Phone
3192831173
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Bank account moved to own entity = -$14419”

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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt023654
IRS990/OfficeExpensesGrp/TotalAmt02229
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt0-14419
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0FAIR EXPENSES
IRS990/OtherExpensesGrp/Desc14H EXP
IRS990/OtherExpensesGrp/Desc2CONCESSIONS BEVERAGE
IRS990/OtherExpensesGrp/Desc3FUNDRAISING EXPENSE
IRS990/OtherExpensesGrp/TotalAmt025011
IRS990/OtherExpensesGrp/TotalAmt114749
IRS990/OtherExpensesGrp/TotalAmt210375
IRS990/OtherExpensesGrp/TotalAmt39751
IRS990/OtherLiabilitiesGrp/EOYAmt01
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt039458
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt03816
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc04-H BUILDING INCOME
IRS990/ProgramServiceRevenueGrp/Desc1CAMPING AND STORAGE RENT
IRS990/ProgramServiceRevenueGrp/Desc2CARNIVAL & FAIR INCOME
IRS990/ProgramServiceRevenueGrp/Desc3FUND RAISING INCOME
IRS990/ProgramServiceRevenueGrp/Desc4RACE TRACK INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt034435
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt131810
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt248484
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt313079
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt416164
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt034435
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt131810
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt248484
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt313079
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt416164
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt030304
IRS990/PYInvestmentIncomeAmt019
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0459961
IRS990/PYProgramServiceRevenueAmt0478853
IRS990/PYRevenuesLessExpensesAmt024010
IRS990/PYSalariesCompEmpBnftPaidAmt025205
IRS990/PYTotalExpensesAmt0485166
IRS990/PYTotalRevenueAmt0509176
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-523
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt010135
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0182903
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0675453
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0660511
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02218
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02218
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/OtherLandBuildingsGrp/BookValueAmt0649701
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0590805
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01240506
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Rounding
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0649701
IRS990ScheduleD/TotalLiabilityAmt01
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0No review was or will be conducted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BANK ACCOUNT MOVED TO OWN ENTITY = -$14419
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0717496
IRS990/TotalAssetsEOYAmt0705853
IRS990/TotalAssetsGrp/BOYAmt0717496
IRS990/TotalAssetsGrp/EOYAmt0705853
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt025235
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0183426
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt042043
IRS990/TotalLiabilitiesEOYAmt045342
IRS990/TotalLiabilitiesGrp/BOYAmt042043
IRS990/TotalLiabilitiesGrp/EOYAmt045342
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0675453
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0660511
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt013677
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt013677
IRS990/TotalProgramServiceExpensesAmt0197846
IRS990/TotalProgramServiceRevenueAmt0157649
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0157668
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0182903
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0717496
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0705853
IRS990/TravelGrp/TotalAmt00
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 258
IRS990/USAddress/CityNm0INDEPENDENCE
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050644
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt015
IRS990/WebsiteAddressTxt0www.independencemotorspeedway.com
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$705,853
Liabilities
$45,342
Net assets
$660,511
Revenue
$182,903
Expenses
$183,426
Net income
-$523
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.46$1.07$5.39$6.15$7.89$1.74
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.18$0.05$7.13$7.46$7.51$0.06
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.24$0.05$7.19$5.60$5.08$0.51
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.71$0.03$6.68$6.96$6.89$0.07
2020Detailed filing. Detailed filing data is available for this year.$7.06$0.45$6.61$1.83$1.83$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.17$0.42$6.75$5.09$4.85$0.24
2018Summary only. Only limited summary data is available for this year.$7.19$0.68$6.51$4.57$4.98$0.41
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.96$0.04$6.92$5.80$5.74$0.06
2016Detailed filing. Detailed filing data is available for this year.$7.23$0.38$6.86$4.41$3.94$0.48
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.17$0.79$6.38$3.77$3.74$0.03
2014Detailed filing. Detailed filing data is available for this year.$7.31$0.96$6.35$5.12$3.43$1.69
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.01$1.35$4.66$2.82
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.31$2.49$2.82$2.75
2011Summary only. Only limited summary data is available for this year.$4.60$2.45$2.15$3.66$2.27$1.39