Civic Intelligence

Fairfield Economic Development Association Incorporated

990 • Fiscal year 2024 • EIN 42-1111039

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 06, 2025

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

56th percentile

0.19x

Higher debt load relative to assets than 56% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

0.65x

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

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

99th percentile

76%

Higher net margin than 99% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

37th percentile

$89,994

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 13.8% of source-year revenue.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

89th percentile

30%

Faster asset growth than 89% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

420%

Faster revenue growth than 99% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets56th percentile

Assets

Up

$2,274,006

Up $521,999 (+30%) from 2023

Net Assets

Up

$1,848,259

Up $508,245 (+38%) from 2023

Liabilities

Up

$425,747

Up $13,754 (+3.3%) from 2023

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin99th percentile

Revenue

Up

$652,704

Up $527,265 (+420%) from 2023

Expenses

Down

$154,059

Down $11,452 (-6.9%) from 2023

Net Income

Up

$498,645

Up $538,717 (+1344%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth89th 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

2024

Assets$2,274,006
Liabilities$425,747
Net Assets$1,848,259
Open 2024 Filing

Operations Trend

Revenue Growth99th 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

2024

Revenue$652,704
Expenses$154,059
Net Income$498,645
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 6, 2025
Return Version
2023v6.0
Gross Receipts
$743,621
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
Rtn Earn Endowment Incm Other Fnds$1,340,014$1,848,259▲ $508,245
Land, Buildings, and Equipment, Net$1,366,644$1,345,598▼ $21,046
Savings and Temporary Cash Investments$150,000$675,000▲ $525,000
Cash and Non-Interest-Bearing Accounts$226,079$225,387▼ $692
Accounts Receivable$3,625$1,875▼ $1,750
Prepaid Expenses and Deferred Charges$720$737▲ $17
Total Assets$1,752,007$2,274,006▲ $521,999
Other Assets Total$4,939$25,409▲ $20,470
Liabilities
Mortgage Notes Payable Secured by Investment Property$377,775$368,281▼ $9,494
Deferred Revenue$16,652$39,235▲ $22,583
Accounts Payable and Accrued Expenses$17,566$18,231▲ $665
Total Liabilities$411,993$425,747▲ $13,754
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,340,014$1,848,259▲ $508,245
Total Liabilities and Net Assets / Fund Balance$1,752,007$2,274,006▲ $521,999

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$66,698$330,614$397,312
Leasehold Improvements$36,346$36,069$72,415
Land$1,242,554-$55,300
Equipment-$4,941$4,941
Other Land Buildings-$3,140$3,140
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Josh Laraby - Resigned 10523Executive DiFT$82,155$7,839$89,994

Board Members and Trustees

NameTitle
Joe SteverPresident
Amy JonesDirector
Curtis SmithDirector
Ken RossDirector
Nick GrahamDirector
Roger VorhiesDirector
Ed MalloyExecutive Di
Alissa WardSecretary
Aaron KnessTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$87,080
Program Service Revenue
$12,500
Investment Income
$495,512
Other Revenue
$57,612
Change in Net Assets
$498,645
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$88,804
Salaries, Compensation, and Employee Benefits$56,075
Grants and Similar Amounts Paid$9,180
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$40,258
Fees for Services Management---$32,981
Fees for Services Accounting---$13,841
Other Salaries and Wages---$12,106
Office Expenses---$12,040
Grants to Domestic Orgs---$9,180
Occupancy---$4,987
Advertising---$4,759
Payroll Taxes---$3,351
Insurance---$2,907
Conferences and Meetings---$2,836
Other Expenses---$2,387
Travel---$1,366
Other Employee Benefits---$360
Total Functional Expenses$0$0$0$154,059
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,700
Fundraising Direct Expenses$3,328
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
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Ed malloy provides services to the organization as executive director of fairfield economic development association. The compensation for these serivces is paid to victoria enterprises corporation as management fees. 32,981 in management fees were paid to victoria enterprises corporation during the fiscal year in connection to the services provided by ed malloy”

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 Development
EIN
42-1111039
Phone
6414723436
Address
101 NORTH COURT ST, FAIRFIELD, IA 52556

Signing Officer

Name
Aaron Kness
Title
Treasurer
Phone
6414723436
Signed
2025-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Stever
Formed
1978
Legal Domicile
Ia
Voting Board Members
8
Independent Board Members
8
Employees
1
Volunteers
12

Preparer

Firm
Tdt Cpas and Advisors Pc
Address
323 JEFFERSON STREET, BURLINGTON, IA 52601
Preparer
Keely S Keitzer CPA
Phone
3197539877
Supplemental Narrative

Additional Explanations

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

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

Raw XML Appendix375 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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IRS990/RentalIncomeOrLossGrp/RealAmt042637
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0330614
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0397312
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04941
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04941
IRS990ScheduleD/LandGrp/BookValueAmt01242554
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01187254
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt055300
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt036346
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt036069
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt072415
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03140
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03140
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01345598
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION SUPPORTS FAIRFIELD COMMUNITY THROUGH LAND SALES AND DONATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ED MALLOY PROVIDES SERVICES TO THE ORGANIZATION AS EXECUTIVE DIRECTOR OF FAIRFIELD ECONOMIC DEVELOPMENT ASSOCIATION. THE COMPENSATION FOR THESE SERIVCES IS PAID TO VICTORIA ENTERPRISES CORPORATION AS MANAGEMENT FEES. 32,981 IN MANAGEMENT FEES WERE PAID TO VICTORIA ENTERPRISES CORPORATION DURING THE FISCAL YEAR IN CONNECTION TO THE SERVICES PROVIDED BY ED MALLOY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2VARIOUS INDIVIDUALS AND BUSINESSES FROM THE COMMUNITY INTERESTED IN FURTHERING THE ECONOMIC WELL-BEING OF THE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANNUAL MEETING OF MEMBERS TO REVIEW OPERATIONS, VOTE FOR DIRECTORS ON ROTATING BASIS, AND DIRECT BUSINESS OBJECTIVES FOR THE COMING YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4MONTHLY MEETING OF BOARD OF DIRECTORS TO REVIEW ACTIONS AND PLAN FOR FUTURE ACTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOARD OF DIRECTORS REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0true
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/TotalProgramServiceRevenueAmt012500
IRS990/TotalReportableCompFromOrgAmt082155
IRS990/TotalRevenueGrp/ExclusionAmt075470
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0490154
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0652704
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02274006
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IRS990/UponRequestInd0X
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IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd052556
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.GROWFAIRFIELD.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0AARON KNESS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06414723436
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-02-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FAIRFIELD ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0ASSOCIATION INC
ReturnHeader/Filer/BusinessNameControlTxt0FAIR
ReturnHeader/Filer/EIN0421111039
ReturnHeader/Filer/PhoneNum06414723436
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ReturnHeader/Filer/USAddress/CityNm0FAIRFIELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd052556
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421029744
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TDT CPAS AND ADVISORS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0323 JEFFERSON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BURLINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd052601
ReturnHeader/PreparerPersonGrp/PhoneNum03197539877
ReturnHeader/PreparerPersonGrp/PreparationDt02025-02-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KEELY S KEITZER CPA
ReturnHeader/ReturnTs02025-02-17T11:41:37-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,274,006
Liabilities
$425,747
Net assets
$1,848,259
Revenue
$652,704
Expenses
$154,059
Net income
$498,645
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