Civic Intelligence

Boone County Economic Growth Corp

EIN 42-1359192 • 501(c)4 • Ames, IA

Profile

To organize and implement a pro-active and ongoing plan for economic development with new and existing business in boone county and its surrounding area.

304 Main StAmes, IA 50010

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

52nd percentile

0.05x

Higher debt load relative to assets than 52% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

59th percentile

0.12x

Higher debt load relative to revenue than 59% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Net Margin

85th percentile

46%

Higher net margin than 85% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

85th percentile

24%

Faster asset growth than 85% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

91st percentile

90%

Faster revenue growth than 91% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$1,013,200

Up $195,383 (+24%) from 2023

Liabilities

Up

$48,650

Up $46,650 (+2333%) from 2023

Net Assets

Up

$964,550

Up $148,733 (+18%) from 2023

Operations
Liabilities / Revenue59th percentileNet Margin85th percentile

Revenue

Up

$395,980

Up $187,568 (+90%) from 2023

Expenses

Up

$215,397

Up $61,976 (+40%) from 2023

Net Income

Up

$180,583

Up $125,592 (+228%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth85th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5M$1.0M$500K$0Assets 2011: $476,674Liabilities 2011: $75,0002011Assets 2012: $422,901Liabilities 2012: $02012Assets 2013: $451,284Net Assets 2013: $451,2842013Assets 2014: $494,830Liabilities 2014: $5,0002014Assets 2015: $565,548Liabilities 2015: $10,000Net Assets 2015: $555,5482015Assets 2016: $655,514Liabilities 2016: $33,000Net Assets 2016: $622,5142016Assets 2017: $665,769Liabilities 2017: $0Net Assets 2017: $665,7692017Assets 2018: $965,592Liabilities 2018: $0Net Assets 2018: $965,5922018Assets 2019: $880,071Liabilities 2019: $1,000Net Assets 2019: $879,0712019Assets 2020: $857,276Liabilities 2020: $2,000Net Assets 2020: $855,2762020Assets 2021: $800,898Liabilities 2021: $2,000Net Assets 2021: $798,8982021Assets 2022: $762,826Liabilities 2022: $2,000Net Assets 2022: $760,8262022Assets 2023: $817,817Liabilities 2023: $2,000Net Assets 2023: $815,8172023Assets 2024: $1,013,200Liabilities 2024: $48,650Net Assets 2024: $964,5502024

Highlighted filing

2024

Assets$1,013,200
Liabilities$48,650
Net Assets$964,550
Open 2024 Filing

Operations Trend

Revenue Growth91st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KRevenue 2011: $115,175Expenses 2011: $112,130Net Income 2011: $3,0452011Revenue 2012: $101,821Expenses 2012: $80,594Net Income 2012: $21,2272012Revenue 2013: $110,956Expenses 2013: $82,573Net Income 2013: $28,3832013Revenue 2014: $129,549Expenses 2014: $91,003Net Income 2014: $38,5462014Revenue 2015: $164,718Expenses 2015: $99,000Net Income 2015: $65,7182015Revenue 2016: $141,978Expenses 2016: $75,012Net Income 2016: $66,9662016Revenue 2017: $158,744Expenses 2017: $115,489Net Income 2017: $43,2552017Revenue 2018: $417,299Expenses 2018: $117,476Net Income 2018: $299,8232018Revenue 2019: $91,030Expenses 2019: $116,719Net Income 2019: -$25,6892019Revenue 2020: $112,588Expenses 2020: $136,383Net Income 2020: -$23,7952020Revenue 2021: $126,070Expenses 2021: $182,448Net Income 2021: -$56,3782021Revenue 2022: $119,524Expenses 2022: $157,596Net Income 2022: -$38,0722022Revenue 2023: $208,412Expenses 2023: $153,421Net Income 2023: $54,9912023Revenue 2024: $395,980Expenses 2024: $215,397Net Income 2024: $180,5832024

Highlighted filing

2024

Revenue$395,980
Expenses$215,397
Net Income$180,583
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$1,013,200
Liabilities
$48,650
Net assets
$964,550
Revenue
$395,980
Expenses
$215,397
Net income
$180,583
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.01$0.05$0.96$0.40$0.22$0.18
2023Detailed filing. Detailed filing data is available for this year.$0.82$0.00$0.82$0.21$0.15$0.05
2022Detailed filing. Detailed filing data is available for this year.$0.76$0.00$0.76$0.12$0.16$0.04
2021Detailed filing. Detailed filing data is available for this year.$0.80$0.00$0.80$0.13$0.18$0.06
2020Detailed filing. Detailed filing data is available for this year.$0.86$0.00$0.86$0.11$0.14$0.02
2019Detailed filing. Detailed filing data is available for this year.$0.88$0.00$0.88$0.09$0.12$0.03
2018Detailed filing. Detailed filing data is available for this year.$0.97$0.00$0.97$0.42$0.12$0.30
2017Detailed filing. Detailed filing data is available for this year.$0.67$0.00$0.67$0.16$0.12$0.04
2016Detailed filing. Detailed filing data is available for this year.$0.66$0.03$0.62$0.14$0.08$0.07
2015Detailed filing. Detailed filing data is available for this year.$0.57$0.01$0.56$0.16$0.10$0.07
2014Summary only. Only limited summary data is available for this year.$0.49$0.01$0.13$0.09$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.45$0.45$0.11$0.08$0.03
2012Summary only. Only limited summary data is available for this year.$0.42$0.00$0.10$0.08$0.02
2011Summary only. Only limited summary data is available for this year.$0.48$0.08$0.12$0.11$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 12, 2025
Return Version
2024v5.1
Gross Receipts
$566,162
Mission and Program Overview

Mission

To organize and implement a pro-active and ongoing plan for economic development with new and existing business in boone county and its surrounding area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$75,782$457,217▲ $381,435
Savings and Temporary Cash Investments$261,756$239,160▼ $22,596
Land, Buildings, and Equipment, Net$183,918$159,886▼ $24,032
Investments Program Related$224,908$74,747▼ $150,161
Other Notes and Loans Receivable, Net$10,000$10,000→ $0
Accounts Receivable-$2,500-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$817,817$1,013,200▲ $195,383
Other Assets Total$61,453$69,690▲ $8,237
Liabilities
Deferred Revenue$31,850$46,650▲ $14,800
Escrow Account Liability$2,000$2,000→ $0
Total Liabilities$33,850$48,650▲ $14,800
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$783,967$964,550▲ $180,583
Total Net Assets Fund Balance$783,967$964,550▲ $180,583
Total Liabilities and Net Assets / Fund Balance$817,817$1,013,200▲ $195,383

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$154,990$131,145$286,135
Equipment$3,898$57,834$61,732
Land$998-$998
Other Assets Org$1,000--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Andy HunzikerPast President
Michael TungesvikPresident
Cody BowersVice President
Ashley RedekerDirector
Bill MckimDirector
Bill SkareDirector
Bill ZinnelDirector
Brian ReimersDirector
Charlie MoffittDirector
Dan DightonDirector
Eric HammerDirector
Gabe BowersDirector
Hans BoehmDirector
Jayme UngsDirector
Jeff AndersonDirector
Jenn WoodsDirector
Jeremy PritchardDirector
Jim HeckmanDirector
Julie TrepaDirector
Kolby PritchardDirector
Lane ShaverDirector
Logan MessenbrinkDirector
Margaret ListonDirector
Mason AdamsDirector
Matt TimmDirector
Meredith NeremDirector
Mikaela KienitzDirector
Mike EspesetDirector
Mike HammondDirector
Nate NeremDirector
Satoshi WantanabeDirector
Scott ArnoldDirector
Terry GoodmanDirector
Tom BlanfordDirector
Travis StevensonDirector
Zach PhillipsDirector
Brenda DryerExecutive Director
Amy LandusTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$155,900
Program Service Revenue
$0
Investment Income
$238,956
Other Revenue
$1,124
Change in Net Assets
$180,583
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$215,397
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$80,653-$80,653
Depreciation Depletion$24,032--$24,032
Conferences and Meetings$9,473--$9,473
Occupancy-$7,469-$7,469
Fees for Services Other-$4,260-$4,260
Office Expenses$3,666--$3,666
All Other Expenses$933$83-$1,016
Other Expenses$796--$796
Advertising$110--$110
Insurance$110--$110
Total Functional Expenses$122,932$92,465$0$215,397
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Membership in the organization comprises governmental entities, businesses, and individuals who have contributed at least $25 in the past year to the organization.”

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

“A copy of the tax return is shared with the executive director for his review, approval and signature before it is filed with the irs. The return is filed before the board of director's next meeting. The board of directors will review the tax return at the next regularly scheduled meeting that occurs afters its completion.”

Form 990, Part VI, Section B, Line 12C

“WHEN A NEW MEMBER JOINS THE BOARD OF DIRECTORS, THEY ARE REQUIRED TO DISCLOSE POTENTIAL CONFLICTS OF INTERST OF THEMSELVES AND THEIR FAMILIES ON A FORM DISTRIBUTED BY THE EXECUTIVE DIRECTOR. tHE BOARD OF DIRECTORS WILL UPDATE THE FORM WHEN APPLICABLE CHANGES OCCUR. THE EXECUTIVE DIRECTOR ENSURES THAT ALL FORMS ARE COMPLETED, REVIEWS THEM FOR CONFLICTS AND SUBMITS TO THE BOARD OF DIRECTORS, FOR REVIEW, AND FORMS THAT DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT.”

Form 990, Part VI, Section C, Line 19

“Boone county economic growth corp. Makes its governing documents, tax returns and financial statements available to the public upon request verbally in person or in writing from its office at 903 story street, boone iowa.”

Filing and Contact Details

Filer

Filer Name
Boone County Economic Growth Corp
EIN
42-1359192
Phone
5155095104
Address
304 MAIN ST, AMES, IA 50010

Signing Officer

Name
Michael Tungesvik
Title
President
Signed
2025-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Tungesvik
Formed
1989
Legal Domicile
Ia
Voting Board Members
37
Independent Board Members
37
Employees
0

Preparer

Firm
Houston & Seeman PC
Address
724 Story St 601, Boone, IA 50036
Preparer
Kevin N Houston
Phone
5154321176
Supplemental Narrative

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“Earnest money was received for an option to purchase land”

Raw XML AppendixShowing 400 of 632 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/Desc0THE PURPOSE FOR WHICH THE CORPORATION IS ORGANIZED IS THE STIMULATION OF ECONOMIC AND SOCIAL DEVELOPMENT IN BOONE COUNTY, THE SURROUNDING AREA BY:1. PROVIDING THE MEANS FOR OBTAINING BENEFITS AVAILABLE UNDER VARIOUS FEDERAL AND STATE PROGRAMS FOR THE BENEFIT OF CITIZENS OF THE BOONE COUNTY AREA.2. UNDERTAKING PROGRAMS AND ACTIVITIES WHICH WOULD LEAD TO IMPROVEMENT OF ECONOMIC AND SOCIAL CONDITIONS FOR THE RESIDENTS OF THE BOONE COUNTY AREA INCLUDING, BUT NOT LIMITED TO, THE DEVELOPMENT OF INDUSTRY AND THE PROMOTION OF BUSINESS IN THE AREA.
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