Civic Intelligence

Perry Economic Development Inc.

990 • Fiscal year 2024 • EIN 42-1234767

Jul 01, 2023 to Jun 30, 2024 • Filed on May 13, 2025

Organization ProfileN/A
PO Box 158Perry, IA 50220

(515) 465-3545

Siviq Scores

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

Liabilities / Assets

86th percentile

0.55x

Higher debt load relative to assets than 86% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

3.57x

Higher debt load relative to revenue than 96% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

1st percentile

-381%

Higher net margin than 1% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

3rd percentile

-44%

Faster asset growth than 3% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

94th percentile

153%

Faster revenue growth than 94% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$2,593,652

Down $2,008,197 (-44%) from 2023

Net Assets

Down

$1,163,529

Down $1,641,190 (-59%) from 2023

Liabilities

Down

$1,430,123

Down $367,007 (-20%) from 2023

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin1st percentile

Revenue

Up

$400,372

Up $242,019 (+153%) from 2023

Expenses

Up

$1,924,851

Up $1,431,900 (+290%) from 2023

Net Income

Down

-$1,524,479

Down $1,189,881 (-356%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$6.0M$4.0M$2.0M$0Assets 2012: $1,126,793Liabilities 2012: $570,000Net Assets 2012: $556,7932012Assets 2013: $1,126,640Liabilities 2013: $512,754Net Assets 2013: $613,8862013Assets 2014: $1,117,358Liabilities 2014: $441,138Net Assets 2014: $676,2202014Assets 2015: $1,070,935Liabilities 2015: $366,509Net Assets 2015: $704,4262015Assets 2016: $1,057,967Liabilities 2016: $287,578Net Assets 2016: $770,3892016Assets 2017: $1,080,422Liabilities 2017: $205,143Net Assets 2017: $875,2792017Assets 2018: $1,292,058Liabilities 2018: $307,885Net Assets 2018: $984,1732018Assets 2019: $1,502,759Liabilities 2019: $362,976Net Assets 2019: $1,139,7832019Assets 2020: $1,419,233Liabilities 2020: $363,036Net Assets 2020: $1,056,1972020Assets 2021: $3,425,907Liabilities 2021: $365,114Net Assets 2021: $3,060,7932021Assets 2022: $5,122,246Liabilities 2022: $1,982,929Net Assets 2022: $3,139,3172022Assets 2023: $4,601,849Liabilities 2023: $1,797,130Net Assets 2023: $2,804,7192023Assets 2024: $2,593,652Liabilities 2024: $1,430,123Net Assets 2024: $1,163,5292024

Highlighted filing

2024

Assets$2,593,652
Liabilities$1,430,123
Net Assets$1,163,529
Open 2024 Filing

Operations Trend

Revenue Growth94th percentile

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2012: $30,031Expenses 2012: $122,706Net Income 2012: -$92,6752012Expenses 2013: $34,9912013Revenue 2014: $172,470Expenses 2014: $110,136Net Income 2014: $62,3342014Revenue 2015: $110,515Expenses 2015: $82,309Net Income 2015: $28,2062015Revenue 2016: $111,109Expenses 2016: $45,146Net Income 2016: $65,9632016Revenue 2017: $123,960Expenses 2017: $19,070Net Income 2017: $104,8902017Revenue 2018: $234,611Expenses 2018: $125,717Net Income 2018: $108,8942018Revenue 2019: $168,739Expenses 2019: $13,129Net Income 2019: $155,6102019Revenue 2020: $3,471Expenses 2020: $87,057Net Income 2020: -$83,5862020Revenue 2021: $2,435,116Expenses 2021: $430,520Net Income 2021: $2,004,5962021Revenue 2022: $1,890,621Expenses 2022: $1,812,097Net Income 2022: $78,5242022Revenue 2023: $158,353Expenses 2023: $492,951Net Income 2023: -$334,5982023Revenue 2024: $400,372Expenses 2024: $1,924,851Net Income 2024: -$1,524,4792024

Highlighted filing

2024

Revenue$400,372
Expenses$1,924,851
Net Income-$1,524,479
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$436,615
Mission and Program Overview

Mission

Economic development for perry, iowa

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,301,393$2,366,396▼ $934,997
Rtn Earn Endowment Incm Other Fnds$2,804,719$1,163,529▼ $1,641,190
Savings and Temporary Cash Investments-$214,357-
Cash and Non-Interest-Bearing Accounts$90,680$12,899▼ $77,781
Prepaid Expenses and Deferred Charges$6,643$0▼ $6,643
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$4,601,849$2,593,652▼ $2,008,197
Other Assets Total$1,203,133$0▼ $1,203,133
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,525,000$1,425,000▼ $100,000
Other Liabilities$272,130$5,123▼ $267,007
Total Liabilities$1,797,130$1,430,123▼ $367,007
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,804,719$1,163,529▼ $1,641,190
Total Liabilities and Net Assets / Fund Balance$4,601,849$2,593,652▼ $2,008,197

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$986,531--
Land$1,379,865--
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Matt McdevittPast President
Jeff HuittPresident
Jason LevanVice President
Amy RathjeDirector
Angela MortozaDirector
Dan SpellmanDirector
David FinnesethDirector
Deb LuchtDirector
Jackson VankirkDirector
Jon PetersDirector
Joni CampidilliDirector
Mike Van HouwelingDirector
Scott FinnesethDirector
Terry NielsenDirector
Thomas BurkgrenDirector
Darren LindstromSecretary
Eddie DiazTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$230,303
Program Service Revenue
$0
Investment Income
$147,879
Other Revenue
$22,190
All Other Contributions
$120,030
Change in Net Assets
$-1,524,479

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$32,073Basis
Real Estate Commercial1$19,030Appraised Value
Total Noncash Contributions2$51,103-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,846,479
Other Expenses$78,372
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,846,479--$1,846,479
Occupancy$26,273--$26,273
Fees for Services Legal-$24,556-$24,556
Interest$13,704--$13,704
Insurance$4,962$800-$5,762
Fees for Services Other-$3,284-$3,284
Advertising$2,536--$2,536
Travel-$1,842-$1,842
Office Expenses$104--$104
Other Expenses$40$50-$40
Total Functional Expenses$1,894,236$30,615$0$1,924,851
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Friends of Hotel PatteePerry, IA-Promotion of Economic Development$57,415
City of PerryPerry, IA501(c)(3)Promotion of Economic Development$0
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Property Taxes$5,123
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Tax return is presented at monthly board meeting and approved prior to electronic filing of return”

Form 990, Part VI, Section C, Line 19

“Documents available to public upon request”

Part VI Section B

“Tax return is presented at monthly board meeting and approved prior to electronic filing of return”

Filing and Contact Details

Filer

Filer Name
Perry Economic Development Inc
EIN
42-1234767
Phone
5154653545
Address
PO BOX 158, PERRY, IA 50220

Signing Officer

Name
Jeff Huitt
Title
President
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeff Huitt
Formed
1980
Legal Domicile
Ia
Voting Board Members
20
Independent Board Members
20
Employees
0
Volunteers
7

Preparer

Firm
Meriwether Wilson & Co PLLC
Address
1307 Second St, Perry, IA 50220
Preparer
Jim Gardner CPA
Phone
5154653591
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4PAST PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,593,652
Liabilities
$1,430,123
Net assets
$1,163,529
Revenue
$400,372
Expenses
$1,924,851
Net income
-$1,524,479
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.59$1.43$1.16$0.40$1.92$1.52
2023Detailed filing. Detailed filing data is available for this year.$4.60$1.80$2.80$0.16$0.49$0.33
2022Detailed filing. Detailed filing data is available for this year.$5.12$1.98$3.14$1.89$1.81$0.08
2021Detailed filing. Detailed filing data is available for this year.$3.43$0.37$3.06$2.44$0.43$2.00
2020Detailed filing. Detailed filing data is available for this year.$1.42$0.36$1.06$0.00$0.09$0.08
2019Detailed filing. Detailed filing data is available for this year.$1.50$0.36$1.14$0.17$0.01$0.16
2018Detailed filing. Detailed filing data is available for this year.$1.29$0.31$0.98$0.23$0.13$0.11
2017Detailed filing. Detailed filing data is available for this year.$1.08$0.21$0.88$0.12$0.02$0.10
2016Detailed filing. Detailed filing data is available for this year.$1.06$0.29$0.77$0.11$0.05$0.07
2015Detailed filing. Detailed filing data is available for this year.$1.07$0.37$0.70$0.11$0.08$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.12$0.44$0.68$0.17$0.11$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.13$0.51$0.61$0.03
2012Summary only. Only limited summary data is available for this year.$1.13$0.57$0.56$0.03$0.12$0.09