Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2021 • EIN 42-1525819

Jul 01, 2020 to Jun 30, 2021 • Filed on Jul 28, 2021

Organization ProfileWWW.FORESTCITYIA.COM
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.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

20th percentile

0.02x

Higher debt load relative to revenue than 20% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

15th percentile

-4.4%

Higher net margin than 15% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

25th percentile

$0

Higher top officer pay than 25% of similar nonprofits.

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

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

17th percentile

-1.0%

Faster asset growth than 17% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

3rd percentile

-50%

Faster revenue growth than 3% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets16th percentile

Assets

Down

$1,008,211

Down $10,085 (-1.0%) from 2020

Net Assets

Down

$1,004,215

Down $9,439 (-0.9%) from 2020

Liabilities

Down

$3,996

Down $646 (-14%) from 2020

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin15th percentile

Revenue

Down

$214,896

Down $214,186 (-50%) from 2020

Expenses

Down

$224,335

Down $61,995 (-22%) from 2020

Net Income

Down

-$9,439

Down $152,191 (-107%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2021

Assets$1,008,211
Liabilities$3,996
Net Assets$1,004,215
Open 2021 Filing

Operations Trend

Revenue Growth3rd 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

2021

Revenue$214,896
Expenses$224,335
Net Income-$9,439
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jul 28, 2021
Return Version
2020v4.0
Gross Receipts
$216,770
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$332,095$373,573▲ $41,478
Investments Other Securities$313,022$295,876▼ $17,146
Cash and Non-Interest-Bearing Accounts$112,763$136,075▲ $23,312
Land, Buildings, and Equipment, Net$71,019$70,722▼ $297
Other Notes and Loans Receivable, Net$113,122$54,182▼ $58,940
Total Assets$1,018,296$1,008,211▼ $10,085
Other Assets Total$76,275$77,783▲ $1,508
Liabilities
Accounts Payable and Accrued Expenses$3,843$3,996▲ $153
Unsecured Notes Loans Payable$799--
Total Liabilities$4,642$3,996▼ $646
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$681,560$630,642▼ $50,918
Net Assets With Donor Restrictions$332,094$373,573▲ $41,479
Total Net Assets Fund Balance$1,013,654$1,004,215▼ $9,439
Total Liabilities and Net Assets / Fund Balance$1,018,296$1,008,211▼ $10,085

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$13,033-$13,033
Other Land Buildings$-10,642$21,525$10,883
Leasehold Improvements$1,000-$1,000
Other Assets Org$77,783--
Closely Held Equity Interests$295,876--
Compensation and Service Providers
Top Officer Pay25th percentile

Board Members and Trustees

NameTitle
Courtney WoogePresident
Barney RuiterBoard Member
Brian HazeltonBoard Member
Daisy HuffmanBoard Member
Darwin LehmannBoard Member
Dave ArndtBoard Member
Dave KinglandBoard Member
Dennis BustaBoard Member
Drew GappaBoard Member
Eric KinglandBoard Member
Jared SchneblyBoard Member
Kirk PaulsonBoard Member
Lynn HagensonBoard Member
Mark ThomaBoard Member
Mary Ann FarusBoard Member
Mason HarmsBoard Member
Mike McquadeBoard Member
Pat LovikBoard Member
Ray BeebeBoard Member
Rick SkjeieBoard Member
Ron LichtsinnBoard Member
Shelley RobsonBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Tony MikesBoard Member
Vicki TeglandBoard Member
Weston LohryBoard Member
Cindy CarterSecretary
Steve BakkeTreasurer
Bob AlsopVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$204,012
Program Service Revenue
$18,209
Investment Income
$322
Other Revenue
$-7,647
All Other Contributions
$165,610
Change in Net Assets
$-9,439
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$120,420
Other Expenses$103,915
Total Fundraising Expense$10,285
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$45,488$22,744$7,581$75,813
Advertising$47,908--$47,908
Other Salaries and Wages$21,434--$21,434
Fees for Services Accounting-$11,440-$11,440
Office Expenses$9,355$964$386$10,705
Pension Plan Contributions$4,800$2,400$800$8,000
Other Employee Benefits$4,739$2,369$790$7,898
Payroll Taxes$4,364$2,183$728$7,275
Insurance$6,096$677-$6,773
Occupancy$6,600--$6,600
Conferences and Meetings$1,688$422-$2,110
Other Expenses$1,796--$1,796
All Other Expenses$1,233--$1,233
Fees for Services Legal-$998-$998
Travel$600--$600
Interest$6--$6
Total Functional Expenses$169,853$44,197$10,285$224,335
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
Exec Director
Phone
6415855560
Signed
2021-07-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Courtney Wooge
Formed
2002
Legal Domicile
Ia
Voting Board Members
31
Independent Board Members
31
Employees
2

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 521 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/Form990PartVIISectionAGrp/TitleTxt27BOARD MEMBER
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IRS990/OtherAssetsTotalGrp/EOYAmt077783
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IRS990/OtherExpensesGrp/Desc0COMM. SPONSORSHIP & STUDI
IRS990/OtherExpensesGrp/Desc1AGENCY SUPPORT
IRS990/OtherExpensesGrp/Desc2GRANT EXPENSE
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTION
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,008,211
Liabilities
$3,996
Net assets
$1,004,215
Revenue
$214,896
Expenses
$224,335
Net income
-$9,439
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