Civic Intelligence

Marion Economic Development Company

990 • Fiscal year 2013 • EIN 42-1318828

Jan 01, 2013 to Dec 31, 2013 • Filed on May 15, 2014

Organization ProfileWWW.MEDCOIOWA.ORG

View Organization Page

1225 6th Ave52302

(319) 743-4724

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$7,253,089

Flat from 2013

Net Assets

Down

$1,203,229

Down $73,402 (-5.7%) from 2013

Liabilities

Up

$6,049,860

Up $73,402 (+1.2%) from 2013

Revenue And Expenses

Revenue

Down

$702,846

Down $100,000 (-12%) from 2013

Expenses

Down

$571,372

Down $26,598 (-4.4%) from 2013

Net Income

Down

$131,474

Down $73,402 (-36%) from 2013

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $4,806,682Liabilities 2010: $4,337,905Net Assets 2010: $468,7772010Assets 2011: $6,831,694Liabilities 2011: $6,236,275Net Assets 2011: $595,4192011Assets 2012: $7,160,051Liabilities 2012: $6,087,985Net Assets 2012: $1,072,0662012Assets 2013: $7,253,089Liabilities 2013: $6,049,860Net Assets 2013: $1,203,2292013Assets 2013: $7,253,089Liabilities 2013: $5,976,458Net Assets 2013: $1,276,6312013Assets 2014: $9,351,534Liabilities 2014: $6,631,595Net Assets 2014: $2,719,9392014Assets 2015: $8,491,625Liabilities 2015: $828,685Net Assets 2015: $7,662,9402015Assets 2016: $8,446,795Liabilities 2016: $748,260Net Assets 2016: $7,698,5352016Assets 2017: $8,658,624Liabilities 2017: $949,945Net Assets 2017: $7,708,6792017Assets 2018: $8,129,312Liabilities 2018: $744,124Net Assets 2018: $7,385,1882018Assets 2019: $7,932,835Liabilities 2019: $539,418Net Assets 2019: $7,393,4172019Assets 2020: $11,252,894Liabilities 2020: $1,133,521Net Assets 2020: $10,119,3732020Assets 2021: $12,671,429Liabilities 2021: $2,221,947Net Assets 2021: $10,449,4822021Assets 2022: $12,817,378Liabilities 2022: $2,194,474Net Assets 2022: $10,622,9042022Assets 2023: $12,644,520Liabilities 2023: $2,021,534Net Assets 2023: $10,622,9862023Assets 2024: $12,384,509Liabilities 2024: $1,845,684Net Assets 2024: $10,538,8252024

Highlighted filing

2013

Assets$7,253,089
Liabilities$6,049,860
Net Assets$1,203,229
Open 2013 Filing

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $290,8102010Expenses 2011: $466,6142011Expenses 2012: $414,4492012Revenue 2013: $702,846Expenses 2013: $571,372Net Income 2013: $131,4742013Revenue 2013: $802,846Expenses 2013: $597,970Net Income 2013: $204,8762013Revenue 2014: $2,363,053Expenses 2014: $1,572,529Net Income 2014: $790,5242014Revenue 2015: $5,303,780Expenses 2015: $360,779Net Income 2015: $4,943,0012015Revenue 2016: $279,475Expenses 2016: $278,255Net Income 2016: $1,2202016Revenue 2017: $272,841Expenses 2017: $271,099Net Income 2017: $1,7422017Revenue 2018: $574,250Expenses 2018: $573,742Net Income 2018: $5082018Revenue 2019: $365,747Expenses 2019: $357,518Net Income 2019: $8,2292019Revenue 2020: $662,428Expenses 2020: $786,472Net Income 2020: -$124,0442020Revenue 2021: $1,299,817Expenses 2021: $970,532Net Income 2021: $329,2852021Revenue 2022: $882,633Expenses 2022: $708,220Net Income 2022: $174,4132022Revenue 2023: $496,769Expenses 2023: $496,685Net Income 2023: $842023Revenue 2024: $470,835Expenses 2024: $554,768Net Income 2024: -$83,9332024

Highlighted filing

2013

Revenue$702,846
Expenses$571,372
Net Income$131,474
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 15, 2014
Return Version
2013v3.1
Gross Receipts
$726,570
Mission and Program Overview

Mission

To strengthen and enhance economic development in marion

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,685,262$6,721,879▲ $36,617
Rtn Earn Endowment Incm Other Fnds$1,072,066$1,203,229▲ $131,163
Savings and Temporary Cash Investments$463,206$519,747▲ $56,541
Investments in Publicly Traded Securities$11,583$11,463▼ $120
Total Assets$7,160,051$7,253,089▲ $93,038
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,087,985$5,949,860▼ $138,125
Other Liabilities-$100,000-
Total Liabilities$6,087,985$6,049,860▼ $38,125
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,072,066$1,203,229▲ $131,163
Total Liabilities and Net Assets / Fund Balance$7,160,051$7,253,089▲ $93,038

Asset Categories

AssetBook ValueDepreciationBasis
Land$6,717,969--
Equipment$3,910$928-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
George LakePresidentFT$57,591$57,591

Board Members and Trustees

NameTitle
Dave MartinDirector Mhc Chair
Ray BrownIncoming Chair
Tom BarnesMedco Chair Mhc Director
Anne LoomisPast Chair
Alan ProwseDirector
Bill BogertDirector
Bruce LehrmanDirector
Cheri PoppDirector
Dan OlmsteadDirector
Dennis JordanDirector
Jim BouslogDirector
John HartmanDirector
Mary MeisterlingDirector
Mary RathjeDirector
Maxwell GrantDirector
Rick IronsideDirector
Sarah PinionDirector
Scott PantelDirector
Tom PadleyDirector
Steve CarrollDirector Medco and Mhc
Allen BouskaDirector Mhc
Jon DusekDirector Mhc Treasurer
Jennifer DeckerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$705,425
Program Service Revenue
$973
Investment Income
$1,522
Other Revenue
$-5,074
Change in Net Assets
$131,474
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$487,819
Salaries, Compensation, and Employee Benefits$69,428
Grants and Similar Amounts Paid$14,125
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$443,767--$443,767
Current Officers, Directors, Trustees, and Key Employees$28,796$28,795-$57,591
Advertising$15,467--$15,467
Occupancy-$14,590-$14,590
Grants to Domestic Orgs$14,125--$14,125
Other Employee Benefits$5,874--$5,874
Payroll Taxes$2,416$2,416-$4,832
Travel$3,645--$3,645
Office Expenses-$2,439-$2,439
Fees for Services Accounting-$2,175-$2,175
Conferences and Meetings$2,136--$2,136
Other Expenses$1,184--$1,184
Other Salaries and Wages$1,131--$1,131
Depreciation Depletion$669--$669
Total Functional Expenses$520,957$50,415$0$571,372
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
42-0172900-501c6Economic Dev$8,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Downpayment Rec on Land Sale$100,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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

“Governing documents are available to the public upon request at the main office of the organization.”

Governing documents etc available to public Part VI line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

EIN
42-1318828

Signing Officer

Name
George Lake
Title
President
Phone
3197434724
Signed
2014-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
George Lake
Formed
1985
Legal Domicile
Ia
Voting Board Members
22
Independent Board Members
22
Employees
1
Volunteers
22

Preparer

Preparer
Carol Sanderson
Phone
3194474429
Supplemental Narrative

Additional Explanations

Unrelated business income explanation Part V line 3B

“Unrelated business income involves the renting of real estate until it is ready to be sold. Attached 990t shows loss on rental activity. 990t filed separately.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5INCOMING CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR MEDCO AND MHC
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR MHC TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR MHC CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR MHC
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23PRESIDENT
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt05874
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IRS990/OtherExpensesGrp/Desc2MISC
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IRS990/PrincipalOfficerNm0GEORGE LAKE
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IRS990/PYContributionsGrantsAmt0876281
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IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/BookValueAmt03910
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0928
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt04838
IRS990ScheduleD/LandGrp/BookValueAmt06717969
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt06717969
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0100000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DOWNPAYMENT REC ON LAND SALE

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,253,089
Liabilities
$6,049,860
Net assets
$1,203,229
Revenue
$702,846
Expenses
$571,372
Net income
$131,474
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$12.4$1.85$10.5$0.47$0.55$0.08
2023Detailed filing. Detailed filing data is available for this year.$12.6$2.02$10.6$0.50$0.50$0.00
2022Detailed filing. Detailed filing data is available for this year.$12.8$2.19$10.6$0.88$0.71$0.17
2021Detailed filing. Detailed filing data is available for this year.$12.7$2.22$10.4$1.30$0.97$0.33
2020Detailed filing. Detailed filing data is available for this year.$11.3$1.13$10.1$0.66$0.79$0.12
2019Detailed filing. Detailed filing data is available for this year.$7.93$0.54$7.39$0.37$0.36$0.01
2018Detailed filing. Detailed filing data is available for this year.$8.13$0.74$7.39$0.57$0.57$0.00
2017Detailed filing. Detailed filing data is available for this year.$8.66$0.95$7.71$0.27$0.27$0.00
2016Detailed filing. Detailed filing data is available for this year.$8.45$0.75$7.70$0.28$0.28$0.00
2015Detailed filing. Detailed filing data is available for this year.$8.49$0.83$7.66$5.30$0.36$4.94
2014Detailed filing. Detailed filing data is available for this year.$9.35$6.63$2.72$2.36$1.57$0.79
2013Detailed filing. Detailed filing data is available for this year.$7.25$6.05$1.20$0.70$0.57$0.13
2013Detailed filing. Detailed filing data is available for this year.$7.25$5.98$1.28$0.80$0.60$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.16$6.09$1.07$0.41
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.83$6.24$0.60$0.47
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.81$4.34$0.47$0.29