Civic Intelligence

Fairfield Economic Development Association Incorporated

990 • Fiscal year 2023 • EIN 42-1111039

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 08, 2023

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

62nd percentile

0.24x

Higher debt load relative to assets than 62% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

3.28x

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

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

4th percentile

-32%

Higher net margin than 4% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

36th percentile

$92,100

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 73.4% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

60th percentile

9.5%

Faster asset growth than 60% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

2nd percentile

-49%

Faster revenue growth than 2% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Up

$1,752,007

Up $152,403 (+9.5%) from 2022

Net Assets

Down

$1,340,014

Down $52,072 (-3.7%) from 2022

Liabilities

Up

$411,993

Up $204,475 (+99%) from 2022

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin4th percentile

Revenue

Down

$125,439

Down $118,345 (-49%) from 2022

Expenses

Up

$165,511

Up $23,797 (+17%) from 2022

Net Income

Down

-$40,072

Down $142,142 (-139%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth60th 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

2023

Assets$1,752,007
Liabilities$411,993
Net Assets$1,340,014
Open 2023 Filing

Operations Trend

Revenue Growth2nd 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

2023

Revenue$125,439
Expenses$165,511
Net Income-$40,072
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 8, 2023
Return Version
2022v5.0
Gross Receipts
$201,994
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$846,583$1,366,644▲ $520,061
Rtn Earn Endowment Incm Other Fnds$1,392,086$1,340,014▼ $52,072
Cash and Non-Interest-Bearing Accounts$596,518$226,079▼ $370,439
Savings and Temporary Cash Investments$150,000$150,000→ $0
Accounts Receivable-$3,625-
Prepaid Expenses and Deferred Charges$799$720▼ $79
Total Assets$1,599,604$1,752,007▲ $152,403
Other Assets Total$5,704$4,939▼ $765
Liabilities
Mortgage Notes Payable Secured by Investment Property$184,409$377,775▲ $193,366
Accounts Payable and Accrued Expenses$20,227$17,566▼ $2,661
Deferred Revenue$2,882$16,652▲ $13,770
Total Liabilities$207,518$411,993▲ $204,475
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,392,086$1,340,014▼ $52,072
Total Liabilities and Net Assets / Fund Balance$1,599,604$1,752,007▲ $152,403

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$76,885$320,427$397,312
Leasehold Improvements$40,977$31,438$72,415
Land$1,248,782-$55,300
Equipment-$4,941$4,941
Other Land Buildings-$3,140$3,140
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joshua Laraby - Resigned 10523Secretary/edFT$82,750$9,350$92,100

Board Members and Trustees

NameTitle
Curtis SmithPresident
Alissa Doyle-wardDirector
Amy JonesDirector
Joe SteverDirector
Ken RossDirector
Nick Graham - Started 5123Director
Roger VorhiesDirector
Aaron KnessTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$80,700
Program Service Revenue
$0
Investment Income
$4,705
Other Revenue
$40,034
Change in Net Assets
$-40,072
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$114,549
Other Expenses$50,662
Grants and Similar Amounts Paid$300
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$104,380
Office Expenses---$16,746
Travel---$8,005
Payroll Taxes---$7,387
Advertising---$6,586
Fees for Services Accounting---$5,551
Conferences and Meetings---$3,677
Occupancy---$1,750
Other Salaries and Wages---$1,512
Insurance---$1,424
Other Employee Benefits---$1,270
Other Expenses---$417
Grants to Domestic Orgs---$300
Total Functional Expenses$0$0$0$165,511
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,262
Fundraising Direct Expenses$8,142
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
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
2023-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Curtis Smith
Formed
1978
Legal Domicile
Ia
Voting Board Members
8
Independent Board Members
8
Employees
2
Volunteers
11

Preparer

Firm
Tdt Cpas and Advisors Pc
Address
1700 42ND ST NE, CEDAR RAPIDS, IA 52402
Preparer
Amanda L Lane CPA
Phone
3193932374
Supplemental Narrative

Additional Explanations

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

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

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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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IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0320427
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0397312
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04941
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04941
IRS990ScheduleD/LandGrp/BookValueAmt01248782
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01193482
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt055300
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt040977
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt031438
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt072415
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03140
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03140
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01366644
IRS990/ScheduleJRequiredInd0false
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0true
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01599604
IRS990/TotalAssetsEOYAmt01752007
IRS990/TotalAssetsGrp/BOYAmt01599604
IRS990/TotalAssetsGrp/EOYAmt01752007
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt080700
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0165511
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0207518
IRS990/TotalLiabilitiesEOYAmt0411993
IRS990/TotalLiabilitiesGrp/BOYAmt0207518
IRS990/TotalLiabilitiesGrp/EOYAmt0411993
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01392086
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01340014
IRS990/TotalOtherCompensationAmt09350
IRS990/TotalReportableCompFromOrgAmt082750
IRS990/TotalRevenueGrp/ExclusionAmt044059
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0680
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0125439
IRS990/TotalVolunteersCnt011
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01599604
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01752007
IRS990/TravelGrp/TotalAmt08005
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0FAIRFIELD
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd052556
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.GROWFAIRFIELD.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0AARON KNESS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06414723436
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FAIRFIELD ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT ASSOC
ReturnHeader/Filer/BusinessNameControlTxt0FAIR
ReturnHeader/Filer/EIN0421111039
ReturnHeader/Filer/PhoneNum06414723436
ReturnHeader/Filer/USAddress/AddressLine1Txt0101 NORTH COURT ST
ReturnHeader/Filer/USAddress/CityNm0FAIRFIELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd052556
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421029744
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TDT CPAS AND ADVISORS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01700 42ND ST NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CEDAR RAPIDS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd052402
ReturnHeader/PreparerPersonGrp/PhoneNum03193932374
ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0AMANDA L LANE CPA
ReturnHeader/ReturnTs02023-11-09T11:48:57-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0AARON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KNESS
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,752,007
Liabilities
$411,993
Net assets
$1,340,014
Revenue
$125,439
Expenses
$165,511
Net income
-$40,072
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