Civic Intelligence

E Joe Lundsgaard Educational Trust

990 • Fiscal year 2022 • EIN 42-1356317

Jan 01, 2022 to Dec 31, 2022 • Filed on May 12, 2023

Organization ProfileN/A
Cherokee State Bank 212 W WillowCherokee, IA 51012-1000

(712) 225-3000

Siviq Scores

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

Liabilities / Assets

58th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2022

Net Margin

100th percentile

151%

Higher net margin than 100% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

79th percentile

$2,200

Higher top officer pay than 79% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

38th percentile

-4.8%

Faster asset growth than 38% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets58th percentile

Assets

Down

$470,239

Down $23,864 (-4.8%) from 2021

Net Assets

Down

$470,239

Down $23,864 (-4.8%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin100th percentile

Revenue

Down

-$15,806

Down $40,572 (-164%) from 2021

Expenses

Up

$8,058

Up $516 (+6.8%) from 2021

Net Income

Down

-$23,864

Down $41,088 (-239%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth38th percentile

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

$600K$400K$200K$0Assets 2020: $476,879Liabilities 2020: $0Net Assets 2020: $476,8792020Assets 2021: $494,103Liabilities 2021: $0Net Assets 2021: $494,1032021Assets 2022: $470,239Liabilities 2022: $0Net Assets 2022: $470,2392022Assets 2023: $470,951Liabilities 2023: $0Net Assets 2023: $470,9512023Assets 2024: $502,502Liabilities 2024: $0Net Assets 2024: $502,5022024

Highlighted filing

2022

Assets$470,239
Liabilities$0
Net Assets$470,239
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$100K$50K$0-$50KRevenue 2020: $63,483Expenses 2020: $11,314Net Income 2020: $52,1692020Revenue 2021: $24,766Expenses 2021: $7,542Net Income 2021: $17,2242021Revenue 2022: -$15,806Expenses 2022: $8,058Net Income 2022: -$23,8642022Revenue 2023: $17,882Expenses 2023: $17,170Net Income 2023: $7122023Revenue 2024: $47,049Expenses 2024: $15,498Net Income 2024: $31,5512024

Highlighted filing

2022

Revenue-$15,806
Expenses$8,058
Net Income-$23,864
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 12, 2023
Return Version
2022v5.0
Gross Receipts
$116,894
Mission and Program Overview

Mission

Tuition grants and subsidize tuition

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$261,801$235,839▼ $25,962
Cash and Non-Interest-Bearing Accounts$34,092$36,190▲ $2,098
Total Assets$494,103$470,239▼ $23,864
Other Assets Total$198,210$198,210→ $0
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$494,103$470,239▼ $23,864
Total Net Assets Fund Balance$494,103$470,239▼ $23,864
Total Liabilities and Net Assets / Fund Balance$494,103$470,239▼ $23,864

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$198,210--
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleBaseTotal
Cherokee State BankTrustee$2,200$2,200
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-15,806
Other Revenue
$0
Change in Net Assets
$-23,864
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,796
Salaries, Compensation, and Employee Benefits$2,200
Other Expenses$62
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,796--$5,796
Current Officers, Directors, Trustees, and Key Employees$2,200--$2,200
Other Expenses$62--$62
Total Functional Expenses$8,058$0$0$8,058
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
E Joe Lundsgaard Educational Trust
EIN
42-1356317
Phone
7122253000
Address
CHEROKEE STATE BANK 212 W WILLOW, CHEROKEE, IA 51012-1000

Signing Officer

Name
Cherokee State Bank
Title
Trustee
Phone
7122253000
Signed
2023-05-12

Organization Details

Principal Officer
Cherokee State Bank
Formed
2000
Legal Domicile
Ia
Voting Board Members
0
Independent Board Members
0
Employees
0

Preparer

Firm
Burkhardt & Dawson Cpas
Address
793 NORTH SECOND STREET, CHEROKEE, IA 51012
Preparer
Laura M Dawson CPA
Phone
7122255755
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Insurance policy update 0”

Raw XML Appendix346 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.

Path#Value
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt0261801
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IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ADMINISTRATIVE EXPENSES OF 1,784 FROM 2020 AND 2,072 FROM 2021 WERE NOT ORIGINALLY INCLUDED ON FORM 990 AS DISTRIBUTIONS (PART V, SECTION D) IN THOSE YEARS. THEREFORE, WE ADJUSTED THE EXCESS DISTRIBUTIONS CARRYOVER FROM 2021 BY 3,856 FOR A TOTAL ON PART V, SECTION E, LINE 3A OF 5,633. THE REMAINING UNDERDISTRIBUTION FOR 2022 WAS 1,548. THE UNDERDISTRIBUTION WAS CORRECTED WITHIN 180 DAYS OF DISCOVERING THE SHORTAGE. THE TRUST WAS PREVIOUSLY MAKING DISTRIBUTIONS BASED ON THE ADJUSTED NET INCOME. DUE TO THE SIGNIFICANT INCREASE IN MINIMUM ASSET AMOUNTS, THE TRUST HAS SIGNIFICANTLY LARGER DISTRIBUTION REQUIREMENTS. THE TRUST IS MONITORING INVESTMENT ASSETS AND IS MAKING DISTRIBUTIONS IN ACCORDANCE WITH IRS MINIMUM ASSET AMOUNT DISTRIBUTION REQUIREMENTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2INSURANCE POLICY UPDATE 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalFunctionalExpensesGrp/TotalAmt08058
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0494103
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0470239
IRS990/TotalProgramServiceExpensesAmt08058
IRS990/TotalReportableCompFromOrgAmt02200
IRS990/TotalRevenueGrp/ExclusionAmt06673
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-22479
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0-15806
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0494103
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0470239
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0212 W WILLOW
IRS990/USAddress/CityNm0CHEROKEE
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd051012
IRS990/VotingMembersGoverningBodyCnt00
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CHEROKEE STATE BANK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum07122253000
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0E JOE LUNDSGAARD EDUCATIONAL TRUST
ReturnHeader/Filer/BusinessNameControlTxt0EJOE
ReturnHeader/Filer/EIN0421356317
ReturnHeader/Filer/PhoneNum07122253000
ReturnHeader/Filer/USAddress/AddressLine1Txt0CHEROKEE STATE BANK 212 W WILLOW
ReturnHeader/Filer/USAddress/CityNm0CHEROKEE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd0510121000
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201892306
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BURKHARDT & DAWSON CPAS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0793 NORTH SECOND STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHEROKEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd051012
ReturnHeader/PreparerPersonGrp/PhoneNum07122255755
ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LAURA M DAWSON CPA
ReturnHeader/ReturnTs02023-05-15T10:08:15-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JARED
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KOCH
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$470,239
Liabilities
$0
Net assets
$470,239
Revenue
-$15,806
Expenses
$8,058
Net income
-$23,864
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.03$0.00$5.03$0.47$0.15$0.32
2023Detailed filing. Detailed filing data is available for this year.$4.71$0.00$4.71$0.18$0.17$0.01
2022Detailed filing. Detailed filing data is available for this year.$4.70$0.00$4.70$0.16$0.08$0.24
2021Detailed filing. Detailed filing data is available for this year.$4.94$0.00$4.94$0.25$0.08$0.17
2020Detailed filing. Detailed filing data is available for this year.$4.77$0.00$4.77$0.63$0.11$0.52