Civic Intelligence

Fairfield Economic Development Association Incorporated

990 • Fiscal year 2021 • EIN 42-1111039

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 25, 2022

Organization ProfileWWW.GROWFAIRFIELD.COM
101 North Court StFairfield, IA 52556

(641) 472-3436

Siviq Scores

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

Liabilities / Assets

81st percentile

0.41x

Higher debt load relative to assets than 81% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

99th percentile

5.21x

Higher debt load relative to revenue than 99% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

80th percentile

26%

Higher net margin than 80% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

31st percentile

$73,484

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 43.1% of source-year revenue.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

23rd percentile

2.0%

Faster asset growth than 23% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

84th percentile

45%

Faster revenue growth than 84% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$2,182,962

Up $42,089 (+2.0%) from 2020

Net Assets

Up

$1,294,116

Up $38,851 (+3.1%) from 2020

Liabilities

Up

$888,846

Up $3,238 (+0.4%) from 2020

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin80th percentile

Revenue

Up

$170,518

Up $53,114 (+45%) from 2020

Expenses

Down

$126,567

Down $4,073 (-3.1%) from 2020

Net Income

Up

$43,951

Up $57,187 (+432%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,579,637Liabilities 2011: $49,271Net Assets 2011: $1,530,3662011Assets 2012: $1,555,641Liabilities 2012: $39,202Net Assets 2012: $1,516,4392012Assets 2013: $2,435,281Liabilities 2013: $1,039,990Net Assets 2013: $1,395,2912013Assets 2014: $2,426,158Liabilities 2014: $1,044,658Net Assets 2014: $1,381,5002014Assets 2015: $2,310,182Liabilities 2015: $1,051,216Net Assets 2015: $1,258,9662015Assets 2016: $1,931,019Liabilities 2016: $661,219Net Assets 2016: $1,269,8002016Assets 2017: $2,005,506Liabilities 2017: $715,906Net Assets 2017: $1,289,6002017Assets 2018: $1,563,091Liabilities 2018: $255,547Net Assets 2018: $1,307,5442018Assets 2019: $2,122,297Liabilities 2019: $853,796Net Assets 2019: $1,268,5012019Assets 2020: $2,140,873Liabilities 2020: $885,608Net Assets 2020: $1,255,2652020Assets 2021: $2,182,962Liabilities 2021: $888,846Net Assets 2021: $1,294,1162021Assets 2022: $1,599,604Liabilities 2022: $207,518Net Assets 2022: $1,392,0862022Assets 2023: $1,752,007Liabilities 2023: $411,993Net Assets 2023: $1,340,0142023Assets 2024: $2,274,006Liabilities 2024: $425,747Net Assets 2024: $1,848,2592024

Highlighted filing

2021

Assets$2,182,962
Liabilities$888,846
Net Assets$1,294,116
Open 2021 Filing

Operations Trend

Revenue Growth84th percentile

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

$800K$600K$400K$200K$0-$200KExpenses 2011: $105,4312011Expenses 2012: $57,3072012Revenue 2013: $162,362Expenses 2013: $273,754Net Income 2013: -$111,3922013Revenue 2014: $129,421Expenses 2014: $146,312Net Income 2014: -$16,8912014Revenue 2015: $213,293Expenses 2015: $150,900Net Income 2015: $62,3932015Revenue 2016: $205,963Expenses 2016: $159,642Net Income 2016: $46,3212016Revenue 2017: $177,843Expenses 2017: $142,054Net Income 2017: $35,7892017Revenue 2018: $151,927Expenses 2018: $135,583Net Income 2018: $16,3442018Revenue 2019: $108,643Expenses 2019: $134,186Net Income 2019: -$25,5432019Revenue 2020: $117,404Expenses 2020: $130,640Net Income 2020: -$13,2362020Revenue 2021: $170,518Expenses 2021: $126,567Net Income 2021: $43,9512021Revenue 2022: $243,784Expenses 2022: $141,714Net Income 2022: $102,0702022Revenue 2023: $125,439Expenses 2023: $165,511Net Income 2023: -$40,0722023Revenue 2024: $652,704Expenses 2024: $154,059Net Income 2024: $498,6452024

Highlighted filing

2021

Revenue$170,518
Expenses$126,567
Net Income$43,951
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 25, 2022
Return Version
2020v4.0
Gross Receipts
$347,068
Mission and Program Overview

Mission

To sustain and improve the quality of life of the citizens of fairfield, iowa through targeted economic development initiatives and programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,770,167$1,644,026▼ $126,141
Rtn Earn Endowment Incm Other Fnds$1,255,265$1,294,116▲ $38,851
Savings and Temporary Cash Investments$150,000$301,758▲ $151,758
Cash and Non-Interest-Bearing Accounts$199,207$213,708▲ $14,501
Prepaid Expenses and Deferred Charges$2,991$1,789▼ $1,202
Accounts Receivable-$315-
Total Assets$2,140,873$2,182,962▲ $42,089
Other Assets Total$18,508$21,366▲ $2,858
Liabilities
Mortgage Notes Payable Secured by Investment Property$856,721$848,711▼ $8,010
Accounts Payable and Accrued Expenses$26,101$22,628▼ $3,473
Other Liabilities-$18,075-
Deferred Revenue$2,786$-568▼ $3,354
Total Liabilities$885,608$888,846▲ $3,238
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,255,265$1,294,116▲ $38,851
Total Liabilities and Net Assets / Fund Balance$2,140,873$2,182,962▲ $42,089

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$97,259$300,053$397,312
Leasehold Improvements$34,717$22,801$57,518
Land$1,512,050-$55,300
Equipment-$4,941$4,941
Other Land Buildings-$3,140$3,140
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joshua LarabySecretary/edFT$66,000$7,484$73,484

Board Members and Trustees

NameTitle
Amy JonesPresident
Alissa Doyle-wardDirector
Curtis SmithDirector
Joe SteverDirector
Ken RossDirector
Roger VorhiesDirector
Aaron KnessTreasurer
Greg Lowenberg - Left 1252021Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$74,500
Program Service Revenue
$0
Investment Income
$56,855
Other Revenue
$39,163
Change in Net Assets
$43,951
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$91,685
Other Expenses$34,882
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$76,936
Office Expenses---$8,927
Other Salaries and Wages---$7,643
Advertising---$6,824
Payroll Taxes---$5,958
Fees for Services Accounting---$4,797
Insurance---$3,126
Travel---$1,988
Occupancy---$1,647
Other Employee Benefits---$1,148
Conferences and Meetings---$1,093
Other Expenses---$300
Fees for Services Legal---$28
Total Functional Expenses$0$0$0$126,567
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$3,150
Fundraising Direct Expenses$2,978
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ppp Loan$18,075
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
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

“Various individuals and businesses from the community interested in furthering the economic well-being of the community.”

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

“Annual meeting of members to review operations, vote for directors on rotating basis, and direct business objectives for the coming year.”

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

“Monthly meeting of board of directors to review actions and plan for future actions.”

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

“Board of directors review prior to filing.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Fairfield Economic
EIN
42-1111039
Phone
6414723436
Address
101 NORTH COURT ST, FAIRFIELD, IA 52556

Signing Officer

Name
Aaron Kness
Title
Treasurer
Phone
6414723436
Signed
2022-01-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amy Jones
Formed
1978
Legal Domicile
Ia
Voting Board Members
7
Independent Board Members
7
Employees
2
Volunteers
10

Preparer

Firm
Tdt Cpas and Advisors Pc
Address
2109 WEST JEFFERSON AVENUE, FAIRFIELD, IA 52556
Preparer
Jodi R Kerr CPA
Phone
6414726171
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Organization supports fairfield community through land sales and donations.”

Raw XML Appendix369 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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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03140
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt018075
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION SUPPORTS FAIRFIELD COMMUNITY THROUGH LAND SALES AND DONATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VARIOUS INDIVIDUALS AND BUSINESSES FROM THE COMMUNITY INTERESTED IN FURTHERING THE ECONOMIC WELL-BEING OF THE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANNUAL MEETING OF MEMBERS TO REVIEW OPERATIONS, VOTE FOR DIRECTORS ON ROTATING BASIS, AND DIRECT BUSINESS OBJECTIVES FOR THE COMING YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MONTHLY MEETING OF BOARD OF DIRECTORS TO REVIEW ACTIONS AND PLAN FOR FUTURE ACTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOARD OF DIRECTORS REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0AARON KNESS
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TDT CPAS AND ADVISORS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02109 WEST JEFFERSON AVENUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FAIRFIELD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd052556
ReturnHeader/PreparerPersonGrp/PhoneNum06414726171
ReturnHeader/PreparerPersonGrp/PreparationDt02022-01-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JODI R KERR CPA
ReturnHeader/ReturnTs02022-01-26T08:53:13-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0AARON
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ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,182,962
Liabilities
$888,846
Net assets
$1,294,116
Revenue
$170,518
Expenses
$126,567
Net income
$43,951
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.27$0.43$1.85$0.65$0.15$0.50
2023Detailed filing. Detailed filing data is available for this year.$1.75$0.41$1.34$0.13$0.17$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.60$0.21$1.39$0.24$0.14$0.10
2021Detailed filing. Detailed filing data is available for this year.$2.18$0.89$1.29$0.17$0.13$0.04
2020Detailed filing. Detailed filing data is available for this year.$2.14$0.89$1.26$0.12$0.13$0.01
2019Detailed filing. Detailed filing data is available for this year.$2.12$0.85$1.27$0.11$0.13$0.03
2018Detailed filing. Detailed filing data is available for this year.$1.56$0.26$1.31$0.15$0.14$0.02
2017Detailed filing. Detailed filing data is available for this year.$2.01$0.72$1.29$0.18$0.14$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.93$0.66$1.27$0.21$0.16$0.05
2015Detailed filing. Detailed filing data is available for this year.$2.31$1.05$1.26$0.21$0.15$0.06
2014Detailed filing. Detailed filing data is available for this year.$2.43$1.04$1.38$0.13$0.15$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.44$1.04$1.40$0.16$0.27$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$0.04$1.52$0.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.58$0.05$1.53$0.11