Civic Intelligence

Audubon County Economic Development Corporation

990 • Fiscal year 2022 • EIN 42-1303726

Jul 01, 2021 to Jun 30, 2022 • Filed on Aug 19, 2022

800 Market StreetAudubon, IA 50025-1050

(712) 563-2742

Siviq Scores

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

Liabilities / Assets

28th percentile

0.00x

Higher debt load relative to assets than 28% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

27th percentile

0.00x

Higher debt load relative to revenue than 27% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Net Margin

96th percentile

87%

Higher net margin than 96% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

61st percentile

$0

Higher top officer pay than 61% of similar nonprofits.

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

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Asset Growth

97th percentile

208%

Faster asset growth than 97% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

97th percentile

567%

Faster revenue growth than 97% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Up

$1,644,626

Up $1,111,278 (+208%) from 2021

Net Assets

Up

$1,644,410

Up $1,111,101 (+208%) from 2021

Liabilities

Up

$216

Up $177 (+454%) from 2021

Revenue

Up

$1,294,819

Up $1,100,671 (+567%) from 2021

Expenses

Down

$170,952

Down $39,391 (-19%) from 2021

Net Income

Up

$1,123,867

Up $1,140,062 (+7040%) from 2021

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2012: $445,630Liabilities 2012: $02012Assets 2013: $440,906Liabilities 2013: $02013Assets 2014: $467,752Liabilities 2014: $02014Assets 2015: $517,449Liabilities 2015: $0Net Assets 2015: $517,4492015Assets 2016: $571,890Liabilities 2016: $38,920Net Assets 2016: $532,9702016Assets 2017: $549,120Liabilities 2017: $924Net Assets 2017: $548,1962017Assets 2018: $404,229Liabilities 2018: $3,366Net Assets 2018: $400,8632018Assets 2019: $374,631Liabilities 2019: $6,500Net Assets 2019: $368,1312019Assets 2020: $413,181Liabilities 2020: $93Net Assets 2020: $413,0882020Assets 2021: $533,348Liabilities 2021: $39Net Assets 2021: $533,3092021Assets 2022: $1,644,626Liabilities 2022: $216Net Assets 2022: $1,644,4102022Assets 2023: $1,295,252Liabilities 2023: $956Net Assets 2023: $1,294,2962023Assets 2024: $1,252,572Liabilities 2024: $956Net Assets 2024: $1,251,6162024Assets 2025: $1,570,471Liabilities 2025: $423,405Net Assets 2025: $1,147,0662025

Highlighted filing

2022

Assets$1,644,626
Liabilities$216
Net Assets$1,644,410

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2012: $120,563Expenses 2012: $89,900Net Income 2012: $30,6632012Revenue 2013: $95,360Expenses 2013: $100,084Net Income 2013: -$4,7242013Revenue 2014: $129,086Expenses 2014: $127,049Net Income 2014: $2,0372014Revenue 2015: $125,142Expenses 2015: $75,445Net Income 2015: $49,6972015Revenue 2016: $103,860Expenses 2016: $73,398Net Income 2016: $30,4622016Revenue 2017: $111,954Expenses 2017: $96,728Net Income 2017: $15,2262017Revenue 2018: $519,299Expenses 2018: $666,632Net Income 2018: -$147,3332018Revenue 2019: $159,238Expenses 2019: $191,970Net Income 2019: -$32,7322019Revenue 2020: $132,154Expenses 2020: $92,390Net Income 2020: $39,7642020Revenue 2021: $194,148Expenses 2021: $210,343Net Income 2021: -$16,1952021Revenue 2022: $1,294,819Expenses 2022: $170,952Net Income 2022: $1,123,8672022Revenue 2023: $117,027Expenses 2023: $476,632Net Income 2023: -$359,6052023Revenue 2024: $155,186Expenses 2024: $204,978Net Income 2024: -$49,7922024Revenue 2025: $488,573Expenses 2025: $507,177Net Income 2025: -$18,6042025

Highlighted filing

2022

Revenue$1,294,819
Expenses$170,952
Net Income$1,123,867
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Aug 19, 2022
Return Version
2021v4.2
Gross Receipts
$1,423,299
Mission and Program Overview

Mission

Assist existing county businesses with retention and expansion; solicit new businesses; create and acquire space for new businesses; and enchance the quality of life in audubon county, iowa.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$230,596$1,346,115▲ $1,115,519
Land, Buildings, and Equipment, Net$298,939$294,798▼ $4,141
Accounts Receivable$100--
Total Assets$533,348$1,644,626▲ $1,111,278
Other Assets Total$3,713$3,713→ $0
Liabilities
Accounts Payable and Accrued Expenses$39$216▲ $177
Total Liabilities$39$216▲ $177
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$533,309$1,644,410▲ $1,111,101
Total Net Assets Fund Balance$533,309$1,644,410▲ $1,111,101
Total Liabilities and Net Assets / Fund Balance$533,348$1,644,626▲ $1,111,278

Asset Categories

AssetBook ValueDepreciationBasis
Land$294,798--
Other Assets Org$3,713--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Troy D WesselPresidentdirector
Pat KaiserVice Presidentdirector
Brett IrlmeierDirector
Lyle Hansen JrDirector
Sam KauffmanDirector - City of Audubon
Jeff T BauerDirector - City of Exira
John MeislahnDirector - City of Gray
Steve SchmitzDirector - City of Kimballton
Doug SorensenDirector - County Supervisor
Jason HockerSecretarydirector-city of Au
Laurie GilbertTreasurerdirector
Revenue and Support

Revenue Composition

Contributions and Grants
$141,577
Program Service Revenue
$0
Investment Income
$1,150,242
Other Revenue
$3,000
All Other Contributions
$50,500
Change in Net Assets
$1,123,867
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$106,659
Salaries, Compensation, and Employee Benefits$44,944
Other Expenses$19,349
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$87,377--$87,377
Other Salaries and Wages-$33,185-$33,185
Grants to Domestic Individuals$19,282--$19,282
Current Officers, Directors, Trustees, and Key Employees-$8,386-$8,386
Office Expenses-$4,101-$4,101
Payroll Taxes-$3,373-$3,373
Occupancy-$3,000-$3,000
Other Expenses$2,882--$2,882
Fees for Services Other-$2,407-$2,407
Insurance$1,980--$1,980
Conferences and Meetings-$1,208-$1,208
Information Technology-$943-$943
Advertising-$504-$504
Fees for Services Legal-$200-$200
Total Functional Expenses$113,645$57,307$0$170,952
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
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
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

Board reviews financial statements monthly and form 990 annually, prior to submission.

Conflict of interest policy compliance Part VI line 12C

The organization does not have a formal conflict of interest policy. However, officers and directors disclose and discuss any conflicts they may have during monthly meetings and abstain from voting on the matter if appropriate.

Governing documents etc available to public Part VI line 19

The governing documents and board minutes are available upon request.

Filing and Contact Details

Filer

Filer Name
Audubon County Economic Development
EIN
42-1303726
Address
800 MARKET STREET, AUDUBON, IA 50025-1050

Signing Officer

Name
Troy D Wessel
Title
Presidentdirec
Phone
7125632742
Signed
2022-08-19
Discuss with paid preparer
Yes

Organization Details

Formed
1987
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
2

Preparer

Firm
Rasmussen Nelson & Wonio PLC
Address
112 W Washington Street, Exira, IA 50076
Preparer
Joseph T Rasmussen
Phone
7122685357
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR - CITY OF EXIRA
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR - CITY OF GRAY
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR - COUNTY SUPERVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR - CITY OF KIMBALLTON
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR - CITY OF AUDUBON
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8PRESIDENTDIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE PRESIDENTDIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10SECRETARYDIRECTOR-CITY OF AU
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt014191
IRS990/ProgSrvcAccomActy3Grp/Desc0THE ORGANIZATION CONTINUED ITS WORK ON THE SIDEWALK AND HIGHWAY MONUMENTS PROJECTS THAT WERE STARTED LAST YEAR FROM GRANTS RECEIVED WITH EXPENSES IN THE AMOUNT OF $7255.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt07255
IRS990/ProgSrvcAccomActy3Grp/GrantAmt07255
IRS990/ProgSrvcAccomActyOtherGrp/Desc0THE ORGANIZATION EXPENDED FUNDS OF $6986 FOR PROPERTY TAXES AND INSURANCE TO MAINTAIN PROPERTIES THEY OWNED AND PURCHASED FOR HOUSING PROJECTS.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt06986
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/ReconcilationRevenueExpnssAmt01123867
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt03000
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0230596
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01346115
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/LandGrp/BookValueAmt0294798
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0294798
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt03713
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0OFFICE EQIUPMENT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0294798
IRS990ScheduleD/TotalBookValueOtherAssetsAmt03713
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt019282
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0MATCH 50 COST UP TO 7500 TO CLEAN UP BLIGHTED PROPERTY
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt05
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0NO GRANTS WERE MADE TO DOMESTIC ORGANIZATIONS OR GOVERNMENTS.
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt1THE FOLLOWING AMOUNTS WERE GRANTED:WAHLERT SOIL CONSERVATION $4282STEVE ANDERSEN $2000JEFF NELSON $7500TABETHA OLSEN $500PALLE LANSMAN $5000
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Monitoring procedures (Part I, line 2)
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc1Estimate calculation (Part III, column b)
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD REVIEWS FINANCIAL STATEMENTS MONTHLY AND FORM 990 ANNUALLY, PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DOES NOT HAVE A FORMAL CONFLICT OF INTEREST POLICY. HOWEVER, OFFICERS AND DIRECTORS DISCLOSE AND DISCUSS ANY CONFLICTS THEY MAY HAVE DURING MONTHLY MEETINGS AND ABSTAIN FROM VOTING ON THE MATTER IF APPROPRIATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS AND BOARD MINUTES ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing documents etc available to public Part VI line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0533348
IRS990/TotalAssetsEOYAmt01644626
IRS990/TotalAssetsGrp/BOYAmt0533348
IRS990/TotalAssetsGrp/EOYAmt01644626
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0141577
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt057307
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0113645
IRS990/TotalFunctionalExpensesGrp/TotalAmt0170952
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt039
IRS990/TotalLiabilitiesEOYAmt0216
IRS990/TotalLiabilitiesGrp/BOYAmt039
IRS990/TotalLiabilitiesGrp/EOYAmt0216
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0533309
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01644410
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt06986
IRS990/TotalProgramServiceExpensesAmt0113645
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01153242
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01294819
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0533348
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01644626
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0WWW.AUDUBONCOUNTY.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd000
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TROY D WESSEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENTDIREC
ReturnHeader/BusinessOfficerGrp/PhoneNum07125632742
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-08-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0AUDUBON COUNTY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessNameControlTxt0AUDU
ReturnHeader/Filer/EIN0421303726
ReturnHeader/Filer/USAddress/AddressLine1Txt0800 MARKET STREET
ReturnHeader/Filer/USAddress/CityNm0AUDUBON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd0500251050
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0812683639
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Rasmussen Nelson & Wonio PLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0112 W Washington Street
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Exira
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd050076
ReturnHeader/PreparerPersonGrp/PhoneNum07122685357
ReturnHeader/PreparerPersonGrp/PreparationDt02022-10-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Joseph T Rasmussen
ReturnHeader/ReturnTs02022-10-13T15:06:49-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TROY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WESSEL
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.57$0.42$1.15$0.49$0.51$0.02
2024Detailed filing. Detailed filing data is available for this year.$1.25$0.00$1.25$0.16$0.20$0.05
2023Detailed filing. Detailed filing data is available for this year.$1.30$0.00$1.29$0.12$0.48$0.36
2022Detailed filing. Detailed filing data is available for this year.$1.64$0.00$1.64$1.29$0.17$1.12
2021Detailed filing. Detailed filing data is available for this year.$0.53$0.00$0.53$0.19$0.21$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.41$0.00$0.41$0.13$0.09$0.04
2019Detailed filing. Detailed filing data is available for this year.$0.37$0.01$0.37$0.16$0.19$0.03
2018Detailed filing. Detailed filing data is available for this year.$0.40$0.00$0.40$0.52$0.67$0.15
2017Detailed filing. Detailed filing data is available for this year.$0.55$0.00$0.55$0.11$0.10$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.57$0.04$0.53$0.10$0.07$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.52$0.00$0.52$0.13$0.08$0.05
2014Summary only. Only limited summary data is available for this year.$0.47$0.00$0.13$0.13$0.00
2013Summary only. Only limited summary data is available for this year.$0.44$0.00$0.10$0.10$0.00
2012Summary only. Only limited summary data is available for this year.$0.45$0.00$0.12$0.09$0.03