Civic Intelligence

Clay County Fair Association Inc

990 • Fiscal year 2017 • EIN 42-0185302

Nov 01, 2016 to Oct 31, 2017 • Filed on Jan 16, 2018

PO Box 527Spencer, IA 51301-0527

(712) 580-3000

Siviq Scores

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

Liabilities / Assets

91st percentile

0.43x

Higher debt load relative to assets than 91% of similar nonprofits.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

95th percentile

0.90x

Higher debt load relative to revenue than 95% of similar nonprofits.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2017

Net Margin

11th percentile

-5.2%

Higher net margin than 11% of similar nonprofits.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

12th percentile

$73,000

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2017

Asset Growth

11th percentile

-4.5%

Faster asset growth than 11% of similar nonprofits.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

28th percentile

-0.9%

Faster revenue growth than 28% of similar nonprofits.

2017 filings • 501(c)5 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Down

$7,796,399

Down $370,165 (-4.5%) from 2016

Net Assets

Down

$4,479,035

Down $186,255 (-4.0%) from 2016

Liabilities

Down

$3,317,364

Down $183,910 (-5.3%) from 2016

Revenue

Down

$3,689,846

Down $32,486 (-0.9%) from 2016

Expenses

Down

$3,880,001

Down $170,837 (-4.2%) from 2016

Net Income

Up

-$190,155

Up $138,351 (+42%) from 2016

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2011: $9,072,738Liabilities 2011: $3,197,923Net Assets 2011: $5,874,8152011Assets 2012: $8,651,689Liabilities 2012: $3,012,814Net Assets 2012: $5,638,8752012Assets 2013: $8,554,964Liabilities 2013: $2,975,774Net Assets 2013: $5,579,1902013Assets 2014: $7,790,445Liabilities 2014: $2,685,363Net Assets 2014: $5,105,0822014Assets 2015: $8,506,766Liabilities 2015: $3,517,870Net Assets 2015: $4,988,8962015Assets 2016: $8,166,564Liabilities 2016: $3,501,274Net Assets 2016: $4,665,2902016Assets 2017: $7,796,399Liabilities 2017: $3,317,364Net Assets 2017: $4,479,0352017Assets 2018: $8,180,611Liabilities 2018: $3,420,939Net Assets 2018: $4,759,6722018Assets 2019: $7,924,751Liabilities 2019: $3,678,364Net Assets 2019: $4,246,3872019Assets 2020: $7,996,551Liabilities 2020: $3,992,870Net Assets 2020: $4,003,6812020Assets 2021: $8,080,680Liabilities 2021: $3,057,011Net Assets 2021: $5,023,6692021Assets 2022: $7,935,032Liabilities 2022: $2,930,120Net Assets 2022: $5,004,9122022Assets 2023: $8,063,155Liabilities 2023: $2,606,350Net Assets 2023: $5,456,8052023Assets 2024: $7,722,415Liabilities 2024: $2,370,045Net Assets 2024: $5,352,3702024

Highlighted filing

2017

Assets$7,796,399
Liabilities$3,317,364
Net Assets$4,479,035

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $3,793,493Expenses 2011: $3,737,177Net Income 2011: $56,3162011Expenses 2012: $3,797,3202012Expenses 2013: $3,656,0582013Revenue 2014: $3,630,287Expenses 2014: $4,112,295Net Income 2014: -$482,0082014Revenue 2015: $3,941,137Expenses 2015: $4,062,523Net Income 2015: -$121,3862015Revenue 2016: $3,722,332Expenses 2016: $4,050,838Net Income 2016: -$328,5062016Revenue 2017: $3,689,846Expenses 2017: $3,880,001Net Income 2017: -$190,1552017Revenue 2018: $4,248,927Expenses 2018: $3,970,990Net Income 2018: $277,9372018Revenue 2019: $3,842,081Expenses 2019: $4,357,566Net Income 2019: -$515,4852019Revenue 2020: $1,769,360Expenses 2020: $2,014,566Net Income 2020: -$245,2062020Revenue 2021: $4,873,409Expenses 2021: $3,855,321Net Income 2021: $1,018,0882021Revenue 2022: $4,413,917Expenses 2022: $4,434,174Net Income 2022: -$20,2572022Revenue 2023: $4,783,385Expenses 2023: $4,333,992Net Income 2023: $449,3932023Revenue 2024: $234,537Expenses 2024: $361,952Net Income 2024: -$127,4152024

Highlighted filing

2017

Revenue$3,689,846
Expenses$3,880,001
Net Income-$190,155
Jump To
Filing Snapshot
Filing Period
Nov 1, 2016 to Oct 31, 2017
Signed
Jan 16, 2018
Return Version
2016v3.1
Gross Receipts
$3,883,714
Mission and Program Overview

Mission

Management and production of the clay county fair

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,255,245$7,242,519▼ $12,726
Savings and Temporary Cash Investments$755,456$366,735▼ $388,721
Accounts Receivable$62,990$82,538▲ $19,548
Prepaid Expenses and Deferred Charges$70,665$56,940▼ $13,725
Inventories for Sale or Use$17,638$26,085▲ $8,447
Cash and Non-Interest-Bearing Accounts$4,570$4,872▲ $302
Other Notes and Loans Receivable, Net-$700-
Total Assets$8,166,564$7,796,399▼ $370,165
Other Assets Total-$16,010-
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,048,352$3,013,353▼ $34,999
Accounts Payable and Accrued Expenses$162,932$197,946▲ $35,014
Other Liabilities$121,655--
Deferred Revenue$168,335$106,065▼ $62,270
Total Liabilities$3,501,274$3,317,364▼ $183,910
Net Assets / Fund Balance
Unrestricted Net Assets$4,380,051$4,241,996▼ $138,055
Temporarily Rstr Net Assets$285,239$237,039▼ $48,200
Total Net Assets Fund Balance$4,665,290$4,479,035▼ $186,255
Total Liabilities and Net Assets / Fund Balance$8,166,564$7,796,399▼ $370,165

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,879,213$5,378,540$11,257,753
Equipment$501,017$1,117,632$1,618,649
Land$862,289-$862,289
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jeremy ParsonsMngr/secFT$73,000$73,000

Board Members and Trustees

NameTitle
Dave SimingtonChairman
Charles ElserVice Chairma
Carl SimonsDirector
Chuck WhiteDirector
Dennis LarsonDirector
Doug BiedenfeldDirector
Greg LearDirector
Jerry GroenewoldDirector
Joanne FollonDirector
Joe SimingtonDirector
Karen SchwallerDirector
Kathy AndersonDirector
Marcia LangnerDirector
Mark ReesDirector
Michael BryanDirector
Paul StaveDirector
Steve WallerDirector
Tim ElserDirector
Tracy SmallDirector
Bob BendlinExecutive Co
Dana MetcalfExecutive Co
Dave BrugmanExecutive Co
Dave PotratzExecutive Co
Gayle SimonsExecutive Co
Leon RodasExecutive Co
Verdon SchmidtExecutive Co
Dan SkeltonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$497,931
Program Service Revenue
$2,526,784
Investment Income
$7,942
Other Revenue
$657,189
Change in Net Assets
$-190,155
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,794,478
Salaries, Compensation, and Employee Benefits$1,085,523
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$929,315--$929,315
All Other Expenses$929,047--$929,047
Depreciation Depletion$374,723--$374,723
Occupancy$201,091--$201,091
Advertising$189,300--$189,300
Insurance$134,297--$134,297
Payroll Taxes$134,122--$134,122
Interest$123,229--$123,229
Other Expenses$104,374--$104,374
Fees for Services Other$29,806--$29,806
Other Employee Benefits$22,086--$22,086
Conferences and Meetings$18,869--$18,869
Total Functional Expenses$3,880,001$0$0$3,880,001
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

Organized with a 10 member executive committee.

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

Members vote annually to elect 9 to the board for 3 year terms. The board votes to elect the 10 member executive committee.

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

The full membership must approve any change to the bylaws.

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

Form 990 is reviewed by the executive committee, executive director, and the manager.

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

Compensation of the executive director is annually reviewed, approved, and compared to that of similar positions by the executive committee of the board.

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

Compensation of key employees is annually reviewed and approved by the executive director and then reviewed by the executive committee.

Form 990, Page 6, Part VI, Line 19

Financial statements are published in the local newspaper annually. A copy of the financial statements and other documents required to be made public are available in the office of the organization for review as requested.

Filing and Contact Details

Filer

Filer Name
Clay County Fair Association Inc
EIN
42-0185302
Phone
7125803000
Address
PO BOX 527, SPENCER, IA 51301-0527

Signing Officer

Name
Charles Elser
Title
Vice Chairman
Phone
7125803000
Signed
2018-01-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeremy Parsons
Formed
1917
Legal Domicile
Ia
Voting Board Members
10
Independent Board Members
10
Employees
450
Volunteers
25

Preparer

Firm
Campbell Higgins & Mummert Pc
Address
515 1ST AVENUE EAST, SPENCER, IA 51301
Preparer
James a Higgins CPA
Phone
7122625476
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

Approximately 25 volunteers help in various ways during fair week.

Form 990, Part IX, Line 24E

Non-fair entertainment 103,356 0 0 open-class premiums 91,532 0 0 guest services 82,591 0 0 repairs and maintenance 76,502 0 0 truck & tractor pulls 57,168 0 0 supplies 47,193 0 0 auto races 38,347 0 0 services/operations-suppl 34,354 0 0 judges 32,580 0 0 chuck wagon races 25,923 0 0 equipment rental 25,473 0 0 restrooms clean-up 23,750 0 0 administrative fee 22,034 0 0 4-h and ffa expense 21,762 0 0 4-h premiums 21,656 0 0 electrical work 20,939 0 0 ribbons, trophies 19,642 0 0 outdoor arena events 19,494 0 0 sound grounds 17,850 0 0 office supplies 17,572 0 0 janitorial 17,220 0 0 signs 12,897 0 0 event expenses-contracted 10,140 0 0 services/operations-compu 9,306 0 0 event expenses-outside se 9,124 0 0 telephone 6,923 0 0 postage 6,352 0 0 printing 5,488 0 0 dues and subscriptions 5,001 0 0 bad debt expense 4,764 0 0 educational programs 4,568 0 0 occupancy-equipment r&m 4,442 0 0 bank charges & credit car 3,913 0 0 services/operations-contr 3,876 0 0 general & admin-board exp 3,668 0 0 occupancy-building mainte 3,085 0 0 licenses & fees 2,303 0 0 occupancy-telephone 1,906 0 0 museum - fair 1,906 0 0 occupancy-hvac r & m 1,649 0 0 services/operations-credi 1,463 0 0 general & admin-employee 1,376 0 0 occupancy-building repair 1,300 0 0 licenses & permits 1,206 0 0 general & admin-subscript 1,081 0 0 vet fees 1,000 0 0 services/operations-equip 992 0 0 farm land 964 0 0 general & admin-office su 910 0 0 event expenses-supplies 321 0 0 general & admin-postage 61 0 0 event expenses-ticket off 59 0 0 services/operations-banki 37 0 0 general & admin-printing/ 28 0 0 total 929,047 0 0

Form 990, Part XI, Line 9

Membership certificates 3,900

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IRS990/Desc0TO PROMOTE AGRICULTURE BY PROVIDING FACILITIES AND MANAGEMENT OF THE CLAY COUNTY FAIRGROUNDS. THE ASSOCIATION PRODUCES AN ANNUAL NINE-DAY EXHIBITION KNOWN AS THE CLAY COUNTY FAIR, WHICH CONSISTS OF VARIOUS EVENTS IN THE AREAS OF COMPETITION, ENTERTAINMENT, AND COMMERCIAL EXHIBITION.
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IRS990/Form990PartVIISectionAGrp/PersonNm3GAYLE SIMONS
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IRS990/Form990PartVIISectionAGrp/PersonNm26TRACY SMALL
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt4EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt5EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt6EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt7EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt8EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt9EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27MNGR/SEC
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IRS990/Form990TFiledInd0true
IRS990/FormationYr01917
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IRS990/FSAuditedInd0false
IRS990/FundraisingActivitiesInd0false
IRS990/GainOrLossGrp/OtherAmt0-624
IRS990/GamingActivitiesInd0false
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IRS990/GovernmentGrantsAmt0403279
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IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossAmountSalesAssetsGrp/OtherAmt037000
IRS990/GrossReceiptsAmt03883714
IRS990/GrossSalesOfInventoryAmt0478404
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IRS990/IncludeFIN48FootnoteInd0false
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IRS990/InfoInScheduleOPartIXInd0X
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IRS990/InventoriesForSaleOrUseGrp/BOYAmt017638
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IRS990/LocalChaptersInd0false
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt020000
IRS990/MissionDesc0MANAGEMENT AND PRODUCTION OF THE CLAY COUNTY FAIR
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IRS990/OtherExpensesGrp/Desc0GRANDSTAND CONCERTS
IRS990/OtherExpensesGrp/Desc1FREE ENTERTAINMENT
IRS990/OtherExpensesGrp/Desc2BUILDING DEMOLITION
IRS990/OtherExpensesGrp/Desc3GRANDSTAND PRODUCTIONS
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IRS990/OtherExpensesGrp/ProgramServicesAmt1182204
IRS990/OtherExpensesGrp/ProgramServicesAmt2106356
IRS990/OtherExpensesGrp/ProgramServicesAmt3104374
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IRS990/OtherExpensesGrp/TotalAmt1182204
IRS990/OtherExpensesGrp/TotalAmt2106356
IRS990/OtherExpensesGrp/TotalAmt3104374
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IRS990/OtherRevenueMiscGrp/BusinessCd1531390
IRS990/OtherRevenueMiscGrp/BusinessCd2531390
IRS990/OtherRevenueMiscGrp/Desc0EVENT CENTER - RENTAL INC
IRS990/OtherRevenueMiscGrp/Desc1OTHER EVENTS
IRS990/OtherRevenueMiscGrp/Desc2STORAGE INCOME
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt185720
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt257284
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IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt185720
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt257284
IRS990/OtherRevenueTotalAmt0335029
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IRS990/PrincipalOfficerNm0JEREMY PARSONS
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0FAIR-TIME GATE
IRS990/ProgramServiceRevenueGrp/Desc1GRANDSTAND TICKET SALES
IRS990/ProgramServiceRevenueGrp/Desc2ADVANCE GATE TICKET SALES
IRS990/ProgramServiceRevenueGrp/Desc3COMMERCIAL EXHIBITS
IRS990/ProgramServiceRevenueGrp/Desc4FOOD AND BEVERAGE
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1442748
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2392213
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3330706

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.72$2.37$5.35$0.23$0.36$0.13
2023Summary only. Only limited summary data is available for this year.$8.06$2.61$5.46$4.78$4.33$0.45
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.94$2.93$5.00$4.41$4.43$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.08$3.06$5.02$4.87$3.86$1.02
2020Summary only. Only limited summary data is available for this year.$8.00$3.99$4.00$1.77$2.01$0.25
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.92$3.68$4.25$3.84$4.36$0.52
2018Summary only. Only limited summary data is available for this year.$8.18$3.42$4.76$4.25$3.97$0.28
2017Detailed filing. Detailed filing data is available for this year.$7.80$3.32$4.48$3.69$3.88$0.19
2016Detailed filing. Detailed filing data is available for this year.$8.17$3.50$4.67$3.72$4.05$0.33
2015Detailed filing. Detailed filing data is available for this year.$8.51$3.52$4.99$3.94$4.06$0.12
2014Detailed filing. Detailed filing data is available for this year.$7.79$2.69$5.11$3.63$4.11$0.48
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.55$2.98$5.58$3.66
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.65$3.01$5.64$3.80
2011Summary only. Only limited summary data is available for this year.$9.07$3.20$5.87$3.79$3.74$0.06
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)5 • $5M-$10M nonprofits