Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2019 • EIN 42-1525819

Jul 01, 2018 to Jun 30, 2019 • Filed on Sep 05, 2019

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

32nd percentile

0.01x

Higher debt load relative to assets than 32% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

44th percentile

0.03x

Higher debt load relative to revenue than 44% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Net Margin

37th percentile

0.5%

Higher net margin than 37% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

43rd percentile

$0

Higher top officer pay than 43% of similar nonprofits.

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

2019 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2019

Asset Growth

33rd percentile

-0.2%

Faster asset growth than 33% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

32nd percentile

-1.9%

Faster revenue growth than 32% of similar nonprofits.

2019 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets32nd percentile

Assets

Down

$877,884

Down $1,496 (-0.2%) from 2018

Net Assets

Up

$870,825

Up $1,704 (+0.2%) from 2018

Liabilities

Down

$7,059

Down $3,200 (-31%) from 2018

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin37th percentile

Revenue

Down

$206,280

Down $4,014 (-1.9%) from 2018

Expenses

Up

$205,247

Up $5,260 (+2.6%) from 2018

Net Income

Down

$1,033

Down $9,274 (-90%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth33rd 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

2019

Assets$877,884
Liabilities$7,059
Net Assets$870,825
Open 2019 Filing

Operations Trend

Revenue Growth32nd 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

2019

Revenue$206,280
Expenses$205,247
Net Income$1,033
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Sep 5, 2019
Return Version
2018v3.1
Gross Receipts
$209,214
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$373,252$391,231▲ $17,979
Investments Other Securities$190,664$142,554▼ $48,110
Cash and Non-Interest-Bearing Accounts$132,323$137,949▲ $5,626
Land, Buildings, and Equipment, Net$73,343$71,745▼ $1,598
Other Notes and Loans Receivable, Net$35,614$59,740▲ $24,126
Total Assets$879,380$877,884▼ $1,496
Other Assets Total$74,184$74,665▲ $481
Liabilities
Unsecured Notes Loans Payable$6,875$3,906▼ $2,969
Accounts Payable and Accrued Expenses$3,384$3,153▼ $231
Total Liabilities$10,259$7,059▼ $3,200
Net Assets / Fund Balance
Unrestricted Net Assets$495,869$479,595▼ $16,274
Temporarily Rstr Net Assets$373,252$391,230▲ $17,978
Total Net Assets Fund Balance$869,121$870,825▲ $1,704
Total Liabilities and Net Assets / Fund Balance$879,380$877,884▼ $1,496

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$12,605-$12,605
Other Land Buildings$-9,191$20,074$10,883
Leasehold Improvements$1,000-$1,000
Other Assets Org$74,665--
Closely Held Equity Interests$142,554--
Compensation and Service Providers
Top Officer Pay43rd percentile

Board Members and Trustees

NameTitle
Courtney WoogePresident
Allan BoykenBoard Member
Barb SmithBoard Member
Bob AlsopBoard Member
Byron RuiterBoard Member
Dave ArndtBoard Member
Dave KinglandBoard Member
Dennis BustaBoard Member
Eric KinglandBoard Member
Jared SchneblyBoard Member
Lynn HagensonBoard Member
Mark ThomaBoard Member
Mary Ann FarusBoard Member
Mason HarmsBoard Member
Mike JohnsonBoard Member
Pat LovikBoard Member
Ray BeebeBoard Member
Roland LesterBoard Member
Ron LichtsinnBoard Member
Shelley RobsonBoard Member
Steve BakkeBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Vicki TeglandBoard Member
Weston LohryBoard Member
Cindy CarterSecretary
Darwin LehmannTreasurer
John RoisenVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$149,030
Program Service Revenue
$99,547
Investment Income
$1,001
Other Revenue
$-43,298
All Other Contributions
$149,030
Change in Net Assets
$1,033
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$103,351
Other Expenses$101,896
Total Fundraising Expense$9,227
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$42,188$21,094$7,031$70,313
Advertising$25,473--$25,473
Other Salaries and Wages$14,056--$14,056
Occupancy$13,497--$13,497
Fees for Services Accounting-$8,003-$8,003
Pension Plan Contributions$4,800$2,400$800$8,000
Insurance$6,304$700-$7,004
Office Expenses$5,867$744$298$6,909
Payroll Taxes$3,757$1,879$626$6,262
All Other Expenses$4,800--$4,800
Other Employee Benefits$2,832$1,416$472$4,720
Other Expenses$4,206--$4,206
Conferences and Meetings$1,925$481-$2,406
Travel$2,364--$2,364
Fees for Services Other$1,000--$1,000
Fees for Services Legal-$929-$929
Depreciation Depletion-$873-$873
Interest$252--$252
Total Functional Expenses$157,501$38,519$9,227$205,247
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
Beth Bilyeu
Title
Exe Director
Phone
6415855560
Signed
2019-09-05
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
3

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/OtherEmployeeBenefitsGrp/TotalAmt04720
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IRS990/OtherExpensesGrp/Desc2WORKFORCE RETENTION
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTION
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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$877,884
Liabilities
$7,059
Net assets
$870,825
Revenue
$206,280
Expenses
$205,247
Net income
$1,033
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