Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2020 • EIN 42-1525819

Jul 01, 2019 to Jun 30, 2020 • Filed on Aug 13, 2020

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

16th percentile

0.00x

Higher debt load relative to assets than 16% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

18th percentile

0.01x

Higher debt load relative to revenue than 18% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Net Margin

91st percentile

33%

Higher net margin than 91% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

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

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Asset Growth

76th percentile

16%

Faster asset growth than 76% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

98th percentile

108%

Faster revenue growth than 98% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets16th percentile

Assets

Up

$1,018,296

Up $140,412 (+16%) from 2019

Net Assets

Up

$1,013,654

Up $142,829 (+16%) from 2019

Liabilities

Down

$4,642

Down $2,417 (-34%) from 2019

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin91st percentile

Revenue

Up

$429,082

Up $222,802 (+108%) from 2019

Expenses

Up

$286,330

Up $81,083 (+40%) from 2019

Net Income

Up

$142,752

Up $141,719 (+13719%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth76th 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

2020

Assets$1,018,296
Liabilities$4,642
Net Assets$1,013,654
Open 2020 Filing

Operations Trend

Revenue Growth98th 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

2020

Revenue$429,082
Expenses$286,330
Net Income$142,752
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Aug 13, 2020
Return Version
2019v5.0
Gross Receipts
$430,911
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$391,231$332,095▼ $59,136
Investments Other Securities$142,554$313,022▲ $170,468
Other Notes and Loans Receivable, Net$59,740$113,122▲ $53,382
Cash and Non-Interest-Bearing Accounts$137,949$112,763▼ $25,186
Land, Buildings, and Equipment, Net$71,745$71,019▼ $726
Total Assets$877,884$1,018,296▲ $140,412
Other Assets Total$74,665$76,275▲ $1,610
Liabilities
Accounts Payable and Accrued Expenses$3,153$3,843▲ $690
Unsecured Notes Loans Payable$3,906$799▼ $3,107
Total Liabilities$7,059$4,642▼ $2,417
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$479,595$681,560▲ $201,965
Net Assets With Donor Restrictions$391,230$332,094▼ $59,136
Total Net Assets Fund Balance$870,825$1,013,654▲ $142,829
Total Liabilities and Net Assets / Fund Balance$877,884$1,018,296▲ $140,412

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$12,605-$12,605
Other Land Buildings$-9,917$20,800$10,883
Leasehold Improvements$1,000-$1,000
Other Assets Org$76,275--
Closely Held Equity Interests$313,022--
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Courtney WoogePresident
Allan BoykenBoard Member
Darwin LehmannBoard 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
Rick SkjeieBoard Member
Roland LesterBoard Member
Ron LichtsinnBoard Member
Steve BakkeBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Vicki TeglandBoard Member
Weston LohryBoard Member
Cindy CarterSecretary
Shelley RobsonTreasurer
Bob AlsopVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$269,210
Program Service Revenue
$21,798
Investment Income
$844
Other Revenue
$137,230
All Other Contributions
$196,710
Change in Net Assets
$142,752
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$145,296
Salaries, Compensation, and Employee Benefits$110,034
Grants and Similar Amounts Paid$31,000
Total Fundraising Expense$9,859
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$43,688$21,844$7,281$72,813
Grants to Domestic Orgs$31,000--$31,000
Advertising$28,733--$28,733
Other Salaries and Wages$14,424--$14,424
Fees for Services Other$13,000--$13,000
Fees for Services Accounting-$11,310-$11,310
Occupancy$11,199--$11,199
Office Expenses$9,313$745$298$10,356
Pension Plan Contributions$5,400$2,700$900$9,000
Other Employee Benefits$4,337$2,169$723$7,229
Insurance$6,270$697-$6,967
Payroll Taxes$3,941$1,970$657$6,568
Other Expenses$2,353--$2,353
Conferences and Meetings$1,870$468-$2,338
Travel$1,968--$1,968
All Other Expenses$1,896--$1,896
Fees for Services Legal-$1,777-$1,777
Interest$114--$114
Total Functional Expenses$232,791$43,680$9,859$286,330
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 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
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

“Governing documents will be provided to public upon request to executive director or any board member.”

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

Signing Officer

Name
Beth Bilyeu
Title
Exe Director
Phone
6415855560
Signed
2020-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Courtney Wooge
Formed
2002
Legal Domicile
Ia
Voting Board Members
26
Independent Board Members
26
Employees
3

Preparer

Firm
Dk Arndt Pc
Address
116 EAST I STREET, FOREST CITY, IA 50436-1760
Preparer
David K Arndt CPA
Phone
6415854631
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Promote business development in the city of forest city.”

Raw XML AppendixShowing 400 of 509 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/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
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IRS990/OtherExpensesGrp/Desc2AGENCY SUPPORT
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTION
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IRS990/OtherExpensesGrp/ProgramServicesAmt16364
IRS990/OtherExpensesGrp/ProgramServicesAmt23500
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IRS990/OtherExpensesGrp/TotalAmt23500
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IRS990/OtherRevenueMiscGrp/Desc1NORTH CENTRAL IA RAIL CORR
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IRS990/OtherRevenueMiscGrp/ExclusionAmt124
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt124
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,018,296
Liabilities
$4,642
Net assets
$1,013,654
Revenue
$429,082
Expenses
$286,330
Net income
$142,752
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