Civic Intelligence

Norfolk Area Economic Development Council

EIN 47-0846560 • 501(c)6 • Norfolk, NE

Profile

Assist local communities and counties in economic development encouraging immigrations, new industries and investment.

309 N 5th StNorfolk, NE 68701

www.norfolkedc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

49th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)6 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

51st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)6 • <$500k nonprofits • Source year 2014

Net Margin

98th percentile

82%

Higher net margin than 98% of similar nonprofits.

501(c)6 • <$500k nonprofits • Source year 2014

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

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

501(c)6 • <$500k nonprofits • Source year 2014

Asset Growth

99th percentile

360%

Faster asset growth than 99% of similar nonprofits.

501(c)6 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

100th percentile

1802%

Faster revenue growth than 100% of similar nonprofits.

501(c)6 • <$500k nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets49th percentile

Assets

Up

$38,552

Up $30,174 (+360%) from 2013

Liabilities

Flat

$0

Flat from 2013

Net Assets

Up

$38,552

Up $30,174 (+360%) from 2013

Operations
Liabilities / Revenue51st percentileNet Margin98th percentile

Revenue

Up

$38,169

Up $36,162 (+1802%) from 2013

Expenses

Down

$6,930

Down $37,366 (-84%) from 2013

Net Income

Up

$31,239

Up $73,528 (+174%) from 2013

Trend Graphs

Balance Sheet Trend

Asset Growth99th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150K$100K$50K$0Assets 2011: $131,675Liabilities 2011: $21,205Net Assets 2011: $110,4702011Assets 2012: $54,450Liabilities 2012: $3,783Net Assets 2012: $50,6672012Assets 2013: $8,378Liabilities 2013: $0Net Assets 2013: $8,3782013Assets 2014: $38,552Liabilities 2014: $0Net Assets 2014: $38,5522014

Highlighted filing

2014

Assets$38,552
Liabilities$0
Net Assets$38,552
Open 2014 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$200K$0-$200KExpenses 2011: $366,1392011Revenue 2012: $104,878Expenses 2012: $164,680Net Income 2012: -$59,8022012Revenue 2013: $2,007Expenses 2013: $44,296Net Income 2013: -$42,2892013Revenue 2014: $38,169Expenses 2014: $6,930Net Income 2014: $31,2392014

Highlighted filing

2014

Revenue$38,169
Expenses$6,930
Net Income$31,239
Open 2014 Filing

Filings

Most recent year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,552
Liabilities
$0
Net assets
$38,552
Revenue
$38,169
Expenses
$6,930
Net income
$31,239
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$0.39$0.00$0.39$0.38$0.07$0.31
2013Summary only. Only limited summary data is available for this year.$0.08$0.00$0.08$0.02$0.44$0.42
2012Summary only. Only limited summary data is available for this year.$0.54$0.04$0.51$1.05$1.65$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.32$0.21$1.10$3.66
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2013 to Sep 30, 2014
Signed
Feb 5, 2015
Return Version
2013v4.0
Gross Receipts
$52,021
Mission and Program Overview

Mission

Assist local communities and counties in economic development encouraging immigrations, new industries and investment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,583$36,778▲ $34,195
Land, Buildings, and Equipment, Net$4,728$1,774▼ $2,954
Total Assets$7,311$38,552▲ $31,241
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$7,311$38,552▲ $31,241
Total Net Assets Fund Balance$7,311$38,552▲ $31,241
Total Liabilities and Net Assets / Fund Balance$7,311$38,552▲ $31,241

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,774$9,008$10,782
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Lee KleinChairman
Arnie RobinsonVice Chairman
Jake ClaussenDirector
Jim Bradford JrDirector
Tom SchommerDirector
Candace BossardExecutive Director
Sue FuchtmanSecretary
Russ WilcoxTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$26,000
Program Service Revenue
$841
Investment Income
$-1,259
Other Revenue
$12,587
Change in Net Assets
$31,239
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,930
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$1,657-$1,657
Conferences and Meetings$1,508--$1,508
Advertising$993--$993
Office Expenses$554--$554
Other Expenses$181$300-$181
Total Functional Expenses$4,973$1,957$0$6,930
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$25,140
Fundraising Direct Expenses$12,553
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$25,140$25,140$12,553$12,587
Total Events$25,140$25,140$12,553$12,587
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
Annual disclosure for covered persons
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The organization's accountant prepares the form 990 using information obtained from the client and inquiries of the organization's personnel. Copies of the form 990 are provided to the board prior to filing. After the organization's management reviews the 990, it is signed and filed appropriately.”

Form 990, Part VI, Section B, line 12C

“Board members must submit a form each year indicating any conflicts of interest.”

Form 990, Part VI, Section C, line 18

“The organization's form 990 is available upon request from management.”

Form 990, Part VI, Section C, line 19

“The organization's financial statements are available upon request from management.”

Filing and Contact Details

Filer

EIN
47-0846560
Phone
4028442260

Signing Officer

Name
Tom Schommer
Title
Treasurer
Phone
4028442260
Signed
2015-02-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Schommer
Formed
2001
Legal Domicile
Ne
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
10

Preparer

Preparer
Jared Faltys CPA
Phone
4023711160
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“rounding 2.”

Form 990, Part XII, Line 1:

“The organization uses the modified cash basis method of accounting, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles.”

Financial Statement Notes

Part X, Line 2:

“The Council has adopted the provisions of FASB ASC 740-10, "Accounting for Uncertain Tax Positions." The Council's Form 990 income tax returns have all been filed and are open for examinations going back three years. The Council continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authorizative rulings. Management does not expect the interpretations will have a material impact (if any) on its results from operations, financial position or tax position.”

Raw XML Appendix340 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/BooksInCareOfDetail/BusinessName/BusinessNameLine10Courtney Dentlinger
IRS990/BooksInCareOfDetail/PhoneNum04028442260
IRS990/BooksInCareOfDetail/USAddress/AddressLine10309 N 5th St
IRS990/BooksInCareOfDetail/USAddress/City0Norfolk
IRS990/BooksInCareOfDetail/USAddress/State0NE
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Executive Director
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Council has adopted the provisions of FASB ASC 740-10, "Accounting for Uncertain Tax Positions." The Council's Form 990 income tax returns have all been filed and are open for examinations going back three years. The Council continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authorizative rulings. Management does not expect the interpretations will have a material impact (if any) on its results from operations, financial position or tax position.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organization's accountant prepares the form 990 using information obtained from the client and inquiries of the organization's personnel. Copies of the form 990 are provided to the board prior to filing. After the organization's management reviews the 990, it is signed and filed appropriately.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board members must submit a form each year indicating any conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization's form 990 is available upon request from management.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization's financial statements are available upon request from management.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4rounding 2.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The organization uses the modified cash basis method of accounting, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XI, line 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 1:
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IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt07311
IRS990/UnrestrictedNetAssetsGrp/EOYAmt038552
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10309 N 5th St
IRS990/USAddress/City0Norfolk
IRS990/USAddress/State0NE
IRS990/USAddress/ZIPCode068701
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.norfolkedc.com
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Tom Schommer
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum04028442260
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-02-05
ReturnHeader/Filer/BusinessName/BusinessNameLine10Norfolk Area Economic Development Council
ReturnHeader/Filer/BusinessNameControlTxt0ELKH
ReturnHeader/Filer/EIN0470846560
ReturnHeader/Filer/PhoneNum04028442260
ReturnHeader/Filer/USAddress/AddressLine10309 N 5th St
ReturnHeader/Filer/USAddress/City0Norfolk
ReturnHeader/Filer/USAddress/State0NE
ReturnHeader/Filer/USAddress/ZIPCode068701
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201430448
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10Christensen Brozek Faltys PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine10PO Box 1264
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0Norfolk
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode068702
ReturnHeader/PreparerPersonGrp/PhoneNum04023711160
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jared Faltys CPA
ReturnHeader/ReturnTs02015-02-13T18:32:19-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-10-01
ReturnHeader/TaxPeriodEndDt02014-09-30
ReturnHeader/TaxYr02013

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