Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2024 • EIN 42-1525819

Jul 01, 2023 to Jun 30, 2024 • Filed on Sep 13, 2024

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

23rd percentile

0.01x

Higher debt load relative to assets than 23% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

32nd percentile

0.06x

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

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

28th percentile

-1.5%

Higher net margin than 28% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

29th percentile

$0

Higher top officer pay than 29% of similar nonprofits.

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

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

32nd percentile

0.2%

Faster asset growth than 32% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

9th percentile

-15%

Faster revenue growth than 9% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$1,051,800

Up $2,309 (+0.2%) from 2023

Net Assets

Down

$1,037,619

Down $3,437 (-0.3%) from 2023

Liabilities

Up

$14,181

Up $5,746 (+68%) from 2023

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin28th percentile

Revenue

Down

$233,730

Down $41,966 (-15%) from 2023

Expenses

Down

$237,168

Down $33,889 (-13%) from 2023

Net Income

Down

-$3,438

Down $8,077 (-174%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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

2024

Assets$1,051,800
Liabilities$14,181
Net Assets$1,037,619
Open 2024 Filing

Operations Trend

Revenue Growth9th 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

2024

Revenue$233,730
Expenses$237,168
Net Income-$3,438
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Sep 13, 2024
Return Version
2023v5.0
Gross Receipts
$236,317
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$347,006$340,051▼ $6,955
Savings and Temporary Cash Investments$318,023$275,860▼ $42,163
Other Notes and Loans Receivable, Net$136,330$172,408▲ $36,078
Cash and Non-Interest-Bearing Accounts$128,362$123,719▼ $4,643
Land, Buildings, and Equipment, Net$68,842$68,117▼ $725
Prepaid Expenses and Deferred Charges-$7,866-
Total Assets$1,049,491$1,051,800▲ $2,309
Other Assets Total$50,928$63,779▲ $12,851
Liabilities
Accounts Payable and Accrued Expenses$8,435$14,181▲ $5,746
Total Liabilities$8,435$14,181▲ $5,746
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$723,033$761,759▲ $38,726
Net Assets With Donor Restrictions$318,023$275,860▼ $42,163
Total Net Assets Fund Balance$1,041,056$1,037,619▼ $3,437
Total Liabilities and Net Assets / Fund Balance$1,049,491$1,051,800▲ $2,309

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$12,605-$12,605
Other Land Buildings$-12,819$23,702$10,883
Leasehold Improvements$1,000-$1,000
Other Assets Org$63,779--
Closely Held Equity Interests$340,051--
Compensation and Service Providers
Top Officer Pay29th percentile

Board Members and Trustees

NameTitle
Tony MikesPresident
Chad LunningBoard Member
Courtney WoogeBoard Member
Daisy HuffmanBoard Member
Darwin LehmannBoard Member
Dave ArndtBoard Member
Dave KinglandBoard Member
Dennis BustaBoard Member
Drew GappaBoard Member
Eric KinglandBoard Member
Gary MccarthyBoard Member
Holly BrinkBoard Member
Isaac TuttleBoard Member
Jared SchneblyBoard Member
Laila WrightBoard Member
Luann ScholbrockBoard Member
Lynn HagensonBoard Member
Mark ThomaBoard Member
Pat LovikBoard Member
Ray BeebeBoard Member
Rick SkjeieBoard Member
Ron HollandBoard Member
Ron LichtsinnBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Weston LohryBoard Member
Cindy CarterSecretary
Steve BakkeTreasurer
Bob AlsopVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$187,694
Program Service Revenue
$40,626
Investment Income
$1,358
Other Revenue
$4,052
All Other Contributions
$187,694
Change in Net Assets
$-3,438
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$132,613
Other Expenses$104,555
Total Fundraising Expense$13,663
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$62,495$31,247$10,416$104,158
Advertising$50,994--$50,994
Fees for Services Accounting-$12,390-$12,390
Pension Plan Contributions$6,360$3,180$1,060$10,600
Other Employee Benefits$6,167$3,084$1,028$10,279
Office Expenses$8,862$1,003$401$10,266
Payroll Taxes$4,545$2,273$758$7,576
Insurance$6,755$751-$7,506
Occupancy$6,800--$6,800
Conferences and Meetings$1,962$491-$2,453
Fees for Services Legal$1,985--$1,985
Travel$600--$600
Other Expenses$271--$271
All Other Expenses$256--$256
Total Functional Expenses$169,086$54,419$13,663$237,168
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
2024-09-13
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.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 1”

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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,051,800
Liabilities
$14,181
Net assets
$1,037,619
Revenue
$233,730
Expenses
$237,168
Net income
-$3,438
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