Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2017 • EIN 42-1525819

Jul 01, 2016 to Jun 30, 2017 • Filed on Aug 09, 2017

Organization ProfileWWW.FORESTCITYIA.COM/INDEX.PHP
145 South Clark PO Box 306Forest City, IA 50436

(641) 585-5560

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.04x

Higher debt load relative to assets than 42% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

56th percentile

0.09x

Higher debt load relative to revenue than 56% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Net Margin

93rd percentile

30%

Higher net margin than 93% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

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.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Asset Growth

9th percentile

-20%

Faster asset growth than 9% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

92nd percentile

35%

Faster revenue growth than 92% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$892,925

Down $228,279 (-20%) from 2016

Net Assets

Up

$858,814

Up $105,217 (+14%) from 2016

Liabilities

Down

$34,111

Down $333,496 (-91%) from 2016

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin93rd percentile

Revenue

Up

$370,365

Up $95,586 (+35%) from 2016

Expenses

Up

$260,148

Up $27,638 (+12%) from 2016

Net Income

Up

$110,217

Up $67,948 (+161%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $2,226,871Liabilities 2011: $1,592,052Net Assets 2011: $634,8192011Assets 2012: $2,064,106Liabilities 2012: $1,379,792Net Assets 2012: $684,3142012Assets 2013: $1,846,698Liabilities 2013: $1,178,979Net Assets 2013: $667,7192013Assets 2014: $1,465,916Liabilities 2014: $795,639Net Assets 2014: $670,2772014Assets 2015: $1,310,362Liabilities 2015: $599,034Net Assets 2015: $711,3282015Assets 2016: $1,121,204Liabilities 2016: $367,607Net Assets 2016: $753,5972016Assets 2017: $892,925Liabilities 2017: $34,111Net Assets 2017: $858,8142017Assets 2018: $879,380Liabilities 2018: $10,259Net Assets 2018: $869,1212018Assets 2019: $877,884Liabilities 2019: $7,059Net Assets 2019: $870,8252019Assets 2020: $1,018,296Liabilities 2020: $4,642Net Assets 2020: $1,013,6542020Assets 2021: $1,008,211Liabilities 2021: $3,996Net Assets 2021: $1,004,2152021Assets 2022: $1,048,830Liabilities 2022: $12,413Net Assets 2022: $1,036,4172022Assets 2023: $1,049,491Liabilities 2023: $8,435Net Assets 2023: $1,041,0562023Assets 2024: $1,051,800Liabilities 2024: $14,181Net Assets 2024: $1,037,6192024Assets 2025: $1,025,699Liabilities 2025: $14,493Net Assets 2025: $1,011,2062025

Highlighted filing

2017

Assets$892,925
Liabilities$34,111
Net Assets$858,814
Open 2017 Filing

Operations Trend

Revenue Growth92nd percentile

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

$600K$400K$200K$0-$200KExpenses 2011: $357,5632011Expenses 2012: $306,3742012Expenses 2013: $280,1292013Revenue 2014: $283,716Expenses 2014: $281,158Net Income 2014: $2,5582014Revenue 2015: $271,721Expenses 2015: $230,670Net Income 2015: $41,0512015Revenue 2016: $274,779Expenses 2016: $232,510Net Income 2016: $42,2692016Revenue 2017: $370,365Expenses 2017: $260,148Net Income 2017: $110,2172017Revenue 2018: $210,294Expenses 2018: $199,987Net Income 2018: $10,3072018Revenue 2019: $206,280Expenses 2019: $205,247Net Income 2019: $1,0332019Revenue 2020: $429,082Expenses 2020: $286,330Net Income 2020: $142,7522020Revenue 2021: $214,896Expenses 2021: $224,335Net Income 2021: -$9,4392021Revenue 2022: $304,242Expenses 2022: $272,040Net Income 2022: $32,2022022Revenue 2023: $275,696Expenses 2023: $271,057Net Income 2023: $4,6392023Revenue 2024: $233,730Expenses 2024: $237,168Net Income 2024: -$3,4382024Revenue 2025: $224,546Expenses 2025: $250,959Net Income 2025: -$26,4132025

Highlighted filing

2017

Revenue$370,365
Expenses$260,148
Net Income$110,217
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Aug 9, 2017
Return Version
2016v3.0
Gross Receipts
$477,861
Mission and Program Overview

Mission

Promote economic development and additional housing in the forest city community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$471,784$308,455▼ $163,329
Investments Other Securities$253$190,664▲ $190,411
Cash and Non-Interest-Bearing Accounts$30,066$154,315▲ $124,249
Other Notes and Loans Receivable, Net$377,609$90,212▼ $287,397
Land, Buildings, and Equipment, Net$160,104$75,174▼ $84,930
Total Assets$1,116,204$892,925▼ $223,279
Other Assets Total$76,388$74,105▼ $2,283
Liabilities
Unsecured Notes Loans Payable$362,069$30,386▼ $331,683
Accounts Payable and Accrued Expenses$5,538$3,725▼ $1,813
Total Liabilities$367,607$34,111▼ $333,496
Net Assets / Fund Balance
Unrestricted Net Assets$276,813$550,359▲ $273,546
Temporarily Rstr Net Assets$471,784$308,455▼ $163,329
Total Net Assets Fund Balance$748,597$858,814▲ $110,217
Total Liabilities and Net Assets / Fund Balance$1,116,204$892,925▼ $223,279

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$12,605-$12,605
Other Land Buildings$-5,762$16,645$10,883
Leasehold Improvements$1,000-$1,000
Other Assets Org$467--
Other Securities$190,411--
Closely Held Equity Interests$253--
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Courtney WoogePresident
Allan BoykenBoard Member
Bob AlsopBoard Member
Brent AbergBoard Member
Byron RuiterBoard Member
Chuck HollandBoard Member
Daryl KriegerBoard Member
Dave ArndtBoard Member
Dave KinglandBoard Member
Dennis BustaBoard Member
Jonathan KlaassenBoard Member
Lynn HagensonBoard Member
Mark ThomaBoard Member
Mary Ann FarusBoard Member
Mike JohnsonBoard Member
Pat LovikBoard Member
Ray BeebeBoard Member
Ron LichtsinnBoard Member
Shelley RobsonBoard Member
Steve BakkeBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Tony MikesBoard Member
Vicki TeglandBoard Member
Mason HarmsPast Preside
Cindy CarterSecretary
Darwin LehmannTreasurer
John RoisenVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$158,939
Program Service Revenue
$82,355
Investment Income
$132,361
Other Revenue
$-3,290
All Other Contributions
$158,939
Change in Net Assets
$110,217
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$166,834
Salaries, Compensation, and Employee Benefits$93,314
Total Fundraising Expense$8,745
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$38,588$19,294$6,431$64,313
Advertising$29,737--$29,737
Interest$13,512--$13,512
Occupancy$12,451--$12,451
Insurance$9,477$1,053-$10,530
Fees for Services Accounting-$10,478-$10,478
Other Salaries and Wages$9,902--$9,902
Pension Plan Contributions$4,593$2,297$766$7,656
Other Employee Benefits$4,523$2,261$754$7,538
All Other Expenses$3,696$3,496-$7,192
Office Expenses$4,829$1,008$403$6,240
Fees for Services Legal-$5,764-$5,764
Travel$4,855--$4,855
Other Expenses$4,500--$4,500
Payroll Taxes$2,342$1,172$391$3,905
Conferences and Meetings$1,548$387-$1,935
Depreciation Depletion-$1,156-$1,156
Total Functional Expenses$203,037$48,366$8,745$260,148
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
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
Yes
Other officer compensation reviewed
Yes
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

“The federal form 990 is available for review at the board meeting prior to submittion to the government.”

Form 990, Page 6, Part VI, Line 15A

“The executive director has an annual review conducted by the president of the organization along with input from the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“Employees have annual reviews conducted by the executive director with input from the board of directors.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Forest City Economic Development
EIN
42-1525819
Phone
6415855560
Address
145 SOUTH CLARK PO BOX 306, FOREST CITY, IA 50436
Doing Business As
Forest City Economic Development

Signing Officer

Name
Courtney Wooge
Title
President
Phone
6415855560
Signed
2017-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Courtney Wooge
Formed
2002
Legal Domicile
Ia
Voting Board Members
28
Independent Board Members
28
Employees
4

Preparer

Firm
Dk Arndt Pc
Address
116 EAST I STREET, FOREST CITY, IA 50436-1760
Preparer
David K Arndt CPA
Phone
6415854631
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IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt27BOARD MEMBER
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IRS990/LandBldgEquipCostOrOtherBssAmt091819
IRS990/LegalDomicileStateCd0IA
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt081886
IRS990/LessRentalExpensesGrp/RealAmt025610
IRS990/LoanOutstandingInd0false
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IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROMOTE ECONOMIC DEVELOPMENT AND ADDITIONAL HOUSING IN THE FOREST CITY COMMUNITY.
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IRS990/OccupancyGrp/TotalAmt012451
IRS990/OfficeExpensesGrp/FundraisingAmt0403
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IRS990/OfficeExpensesGrp/ProgramServicesAmt04829
IRS990/OfficeExpensesGrp/TotalAmt06240
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt076388
IRS990/OtherAssetsTotalGrp/EOYAmt074105
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0754
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt02261
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt07538
IRS990/OtherExpensesGrp/Desc0GROW FOREST CITY
IRS990/OtherExpensesGrp/Desc1PROGRAMMING
IRS990/OtherExpensesGrp/Desc2MISC. EXPENSE
IRS990/OtherExpensesGrp/Desc3AGENCY SUPPORT
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IRS990/OtherExpensesGrp/ProgramServicesAmt110928
IRS990/OtherExpensesGrp/ProgramServicesAmt29636
IRS990/OtherExpensesGrp/ProgramServicesAmt34500
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IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0391
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01172
IRS990/PayrollTaxesGrp/ProgramServicesAmt02342
IRS990/PayrollTaxesGrp/TotalAmt03905
IRS990/PensionPlanContributionsGrp/FundraisingAmt0766
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt02297
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt04593
IRS990/PensionPlanContributionsGrp/TotalAmt07656
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0COURTNEY WOOGE
IRS990/ProfessionalFundraisingInd0false
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IRS990/PYTotalRevenueAmt0269779
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IRS990/RentalIncomeOrLossGrp/RealAmt0-3290
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/RevenueAmt082355
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0308455
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
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IRS990ScheduleD/EquipmentGrp/BookValueAmt012605
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt012605

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$892,925
Liabilities
$34,111
Net assets
$858,814
Revenue
$370,365
Expenses
$260,148
Net income
$110,217
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.03$0.01$1.01$0.22$0.25$0.03
2024Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.23$0.24$0.00
2023Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.28$0.27$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.30$0.27$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.01$0.00$1.00$0.21$0.22$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.02$0.00$1.01$0.43$0.29$0.14
2019Detailed filing. Detailed filing data is available for this year.$0.88$0.01$0.87$0.21$0.21$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.88$0.01$0.87$0.21$0.20$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.89$0.03$0.86$0.37$0.26$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.12$0.37$0.75$0.27$0.23$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.31$0.60$0.71$0.27$0.23$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.47$0.80$0.67$0.28$0.28$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$1.18$0.67$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.06$1.38$0.68$0.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.23$1.59$0.63$0.36