Iowas West Coast Initiative Iowas West Coast Initiative

“Grants were made to the following: Briar Cliff University (Entrepalooza) - $1,000; Rural Route Ramble - $300; The BIG Challenge - $8,500; and Siouxland Growth Organization (Innovation Market) - $1,000.”

“Fees to Independent Contractor (SIMPCO) for provision of Entrepreneurial Community Navigator (ECN) staffing including payroll and benefits ($48,988), and indirect costs associated with administration and support of the ECN ($5,541). SIMPCO files IRS Forms 941 and W-2 for the ECN as its employee.”

“Other expenses total $7,432 and include: marketing and brand awareness ($2,500); dues and memberships ($2,111); professional fees ($1,000); mileage reimbursement ($601); purchases services ($450); office supplies ($356); and assorted smaller amounts ($414).”

“An accounting error must have been made during this period as our year-end cash exceeds the amount calculated by adjusting the beginning cash balance by revenue and actual expenses. IWCI has changed accounting providers to improve accuracy going forward.”

“The Officers/Directors serve without compensation. The ECN is provided by IWCI's independent contractor (SIMPCO) which remains responsible for employment tax reporting. IWCI did, however, reimburse payroll/benefits totaling $48,988.36.”