Civic Intelligence

Clay County Fair Association Inc

990 • Fiscal year 2021 • EIN 42-0185302

Nov 01, 2020 to Oct 31, 2021 • Filed on Mar 08, 2022

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

92nd percentile

0.38x

Higher debt load relative to assets than 92% of similar nonprofits.

2021 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

92nd percentile

0.63x

Higher debt load relative to revenue than 92% of similar nonprofits.

2021 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2021

Net Margin

70th percentile

21%

Higher net margin than 70% of similar nonprofits.

2021 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

17th percentile

$98,357

Higher top officer pay than 17% of similar nonprofits.

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

2021 filings • 501(c)5 • $5M-$10M nonprofits • Source year 2021

Asset Growth

19th percentile

1.1%

Faster asset growth than 19% of similar nonprofits.

2021 filings • 501(c)5 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

98th percentile

175%

Faster revenue growth than 98% of similar nonprofits.

2021 filings • 501(c)5 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Assets

Up

$8,080,680

Up $84,129 (+1.1%) from 2020

Net Assets

Up

$5,023,669

Up $1,019,988 (+25%) from 2020

Liabilities

Down

$3,057,011

Down $935,859 (-23%) from 2020

Revenue

Up

$4,873,409

Up $3,104,049 (+175%) from 2020

Expenses

Up

$3,855,321

Up $1,840,755 (+91%) from 2020

Net Income

Up

$1,018,088

Up $1,263,294 (+515%) from 2020

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

2021

Assets$8,080,680
Liabilities$3,057,011
Net Assets$5,023,669

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

2021

Revenue$4,873,409
Expenses$3,855,321
Net Income$1,018,088
Jump To
Filing Snapshot
Filing Period
Nov 1, 2020 to Oct 31, 2021
Signed
Mar 8, 2022
Return Version
2020v4.0
Gross Receipts
$4,960,445
Mission and Program Overview

Mission

Management and production of the clay county fair

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,160,522$6,877,715▼ $282,807
Cash and Non-Interest-Bearing Accounts$352,184$656,438▲ $304,254
Savings and Temporary Cash Investments$406,824$442,939▲ $36,115
Prepaid Expenses and Deferred Charges$33,953$52,398▲ $18,445
Accounts Receivable$24,293$32,415▲ $8,122
Inventories for Sale or Use$18,775$18,775→ $0
Total Assets$7,996,551$8,080,680▲ $84,129
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,350,473$2,687,034▼ $663,439
Accounts Payable and Accrued Expenses$167,672$260,965▲ $93,293
Deferred Revenue$474,725$109,012▼ $365,713
Total Liabilities$3,992,870$3,057,011▼ $935,859
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,864,241$4,877,231▲ $1,012,990
Net Assets With Donor Restrictions$139,440$146,438▲ $6,998
Total Net Assets Fund Balance$4,003,681$5,023,669▲ $1,019,988
Total Liabilities and Net Assets / Fund Balance$7,996,551$8,080,680▲ $84,129

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,581,861$6,578,106$12,159,967
Equipment$433,565$1,389,946$1,823,511
Land$862,289-$862,289
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jeremy ParsonsMngr/secFT$98,357$98,357

Board Members and Trustees

NameTitle
Steve WallerChairman
Dana MetcalfVice Chairma
Chuck WhiteDirector
Cindy KressDirector
David BrugmanDirector
Doug BiedenfeldDirector
Joanne FollonDirector
Joe SimingtonDirector
Joel StaveDirector
John ZinnDirector
Karen SchwallerDirector
Kevin TlamDirector
Marcia LangnerDirector
Mark ReesDirector
Michael BryanDirector
Quinton HarmonDirector
Teresa SchoelermanDirector
Tim ElserDirector
Dan SkeltonExecutive Co
Dave PotratzExecutive Co
Dennis LarsonExecutive Co
Gayle SimonsExecutive Co
Greg LearExecutive Co
Kathy AndersonExecutive Co
Tracy SmallExecutive Co
Verdon SchmidtTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,340,915
Program Service Revenue
$2,684,615
Investment Income
$2,978
Other Revenue
$844,901
Change in Net Assets
$1,018,088
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,839,872
Salaries, Compensation, and Employee Benefits$1,015,449
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$873,380--$873,380
All Other Expenses$797,983--$797,983
Depreciation Depletion$383,742--$383,742
Occupancy$216,800--$216,800
Advertising$163,337--$163,337
Interest$125,752--$125,752
Other Expenses$123,645--$123,645
Insurance$100,649--$100,649
Payroll Taxes$85,002--$85,002
Other Employee Benefits$57,067--$57,067
Fees for Services Other$21,763--$21,763
Total Functional Expenses$3,855,321$0$0$3,855,321
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
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
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 12C

The organization informs new employees, officers, and directors of the policy when applicable.

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
Steve Waller
Title
Chairman
Phone
7125803000
Signed
2022-03-08
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
30
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

Guest services 113,056 0 0 premiums 109,128 0 0 bank/ticket charges 83,945 0 0 supplies 73,929 0 0 janitorial 67,293 0 0 equipment rental 38,362 0 0 operating supplies 36,177 0 0 judges 32,752 0 0 electrical work 31,778 0 0 administrative payroll fe 28,316 0 0 departmental expense 25,344 0 0 ground sound 25,125 0 0 merchandise costs 19,776 0 0 event services 18,280 0 0 ribbons, trophies, awards 18,180 0 0 office supplies 13,783 0 0 professional development 11,446 0 0 signs 11,183 0 0 dues & subscriptions 10,958 0 0 printing 6,822 0 0 grandstand production 5,876 0 0 ag education programs 5,628 0 0 postage 5,229 0 0 licenses & permits 3,039 0 0 vet services 1,588 0 0 property tax 990 0 0 total 797,983 0 0

Form 990, Part XI, Line 9

Membership certificates 1,900

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IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
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/TitleTxt10EXECUTIVE CO
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
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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
2021Detailed filing. Detailed filing data is available for this year.$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
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$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. 2021 filings • 501(c)5 • $5M-$10M nonprofits