Iowa Center For Economic Success
- Assets
- $1.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 13
- Location
- Des Moines, IA
- Founding
- 12/2009
- Data as of
- 06/2023
- EIN
- 20-1037604
Organization Overview
Iowa Center For Economic Success is located in Des Moines, IA. The organization was established in 2009. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Iowa Center For Economic Success employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Center For Economic Success is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Iowa Center For Economic Success generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 5.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWER IOWANS WITH THE POTENTIAL TO SUCCEED AS THEY PURSUE FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT + LENDING. THE IOWA CENTER SUPPORTS ENTREPRENEURS WITH BUSINESS COACHING AND TECHNICAL ASSISTANCE FOR BORROWERS PURSUING TRADITIONAL LENDING OPTIONS, AS WELL AS ACCESS TO ALTERNATIVE FLEXIBLE LENDING OPTIONS. CERTIFIED BY THE SBA AS A MICROLENDER, AND HOME TO THE IOWA CENTER LOAN FUND (ICLF) COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), THE IOWA CENTER PROVIDES LOANS UP TO $50,000 WITH FLEXIBLE UNDERWRITING GUIDELINES AND TECHNICAL ASSISTANCE AT EVERY STEP OF THE LOAN PROCESS. IN FY2023, ICLF ORIGINATED 8 UNIQUE LOANS TO CLIENTS TOTALING $258,686.12. AND THE SBA MICROLOAN PROGRAM ORIGINATED 9 UNIQUE LOANS TOTALING $296,919.00.
THE ORGANIZATION PROVIDES OTHER SMALL BUSINESS EDUCATION AND COACHING OPPORTUNITIES THAT ARE DEPENDENT ON CURRENT EVENTS AND FUNDING OPPORTUNITIES.
BUSINESS COACHING. THE IOWA CENTER PROVIDES SKILL-BASED COACHING RESOURCES IN BOTH THE CLASSROOM AND THE 1:1 SETTINGS TO BUILD KNOWLEDGE, SKILLS AND CONFIDENCE IN SMALL BUSINESS FUNDAMENTALS. THE IOWA CENTER IS ALSO HOME TO THE IOWA CENTER WOMEN'S BUSINESS CENTER (WBC) WHICH IS PART OF THE US SMALL BUSINESS ADMINISTRATION'S NATIONAL NETWORK OF ENTREPRENEURSHIP CENTERS THROUGHOUT THE UNITED STATES. IN FY2023, THE IOWA CENTER SUPPORTED 468 CLIENTS IN 60 CLASSES AND 413 ONE-ON-ONE COACHING SESSIONS. OUR CLIENTS LAUNCHED 22 NEW SMALL BUSINESSES AND CREATED 31 NEW JOBS. THE BUSINESS COACHING TEAM IS INCREASING ITS CAPACITY WITH IN-PERSON AND ONLINE CLASSROOM PROGRAMS AND 1:1 COACHING. WE ARE CONTINUOUSLY UPDATING OUR CURRICULUM TO ENSURE THAT OUR CLASSES AND COACHING ARE MEETING OUR CLIENTS NEEDS IN THE MARKETPLACE.
TAX SERVICES. AS THE LEADER OF THE STATEWIDE VOLUNTEER INCOME TAX ASSISTANCE (VITA) COALITION, THE IOWA CENTER PROVIDES THOUSANDS OF LOW-TO-MODERATE-INCOME (LMI) IOWANS WITH ACCESS TO INCOME TAX RETURN PREPARATION SERVICES. THE VITA GRANT AND MATCHING FUNDS ARE AWARDED TO COALITION PARTNERS AS SUB-GRANTS TO MAKE VITA AVAILABLE IN COMMUNITIES STATEWIDE. IN TY22, THE IOWA CENTER HAS 24 PARTNERS WHO OPERATED 74 SITES AND FILED 12,629 TAX RETURNS. SITES WERE CENTRALLY LOCATED WITHIN COMMUNITIES AND SURROUNDED BY OTHER HUMAN SERVICE ORGANIZATIONS. LOW-INCOME TAXPAYERS WERE OUR PRIMARY FOCUS FOR TY22. OVER 85% OF THE RETURNS FILED WERE FOR CLIENTS IN THE TARGET POPULATION. INCREASING SERVICES TO THE ELDERLY WAS OUR SECONDARY FOCUS. WE EXCEEDED THE IRS GOAL OF 3,500 RETURNS FOR ELDERLY CLIENTS BY PREPARING RETURNS FOR 5,850 ELDERLY TAXPAYERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Megan Milligan President | Officer | 40 | $118,255 |
Alex Polzin Director Of Finance Thru Jan 23 | Officer | 40 | $79,532 |
Donnell Wiskus Director Of Finance Eff Jan 23 | Officer | 40 | $0 |
Mark Phillips Chair | OfficerTrustee | 3 | $0 |
Franklin Codel Vice Chair | OfficerTrustee | 3 | $0 |
Bill Wright Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $30,000 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $808,881 |
| All other contributions, gifts, grants, and similar amounts not included above | $173,023 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,011,904 |
| Total Program Service Revenue | $134,248 |
| Investment income | $8,134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,154,286 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $237,856 |
| Compensation of current officers, directors, key employees. | $95,148 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $561,243 |
| Pension plan accruals and contributions | $15,095 |
| Other employee benefits | $34,097 |
| Payroll taxes | $72,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,055 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $220,355 |
| Advertising and promotion | $8,579 |
| Office expenses | $53,078 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,077 |
| Travel | $6,410 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,671 |
| Insurance | $0 |
| All other expenses | $1,899 |
| Total functional expenses | $1,340,376 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $376,872 |
| Savings and temporary cash investments | $111,549 |
| Pledges and grants receivable | $196,203 |
| Accounts receivable, net | $87,463 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $220,106 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,138 |
| Net Land, buildings, and equipment | $25,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $9,825 |
| Other assets | $279,867 |
| Total assets | $1,323,583 |
| Accounts payable and accrued expenses | $75,596 |
| Grants payable | $0 |
| Deferred revenue | $38,750 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $243,175 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $252,504 |
| Total liabilities | $610,025 |
| Net assets without donor restrictions | $618,590 |
| Net assets with donor restrictions | $94,968 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,323,583 |