Palo Alto County Economic Development Corp
- Assets
- $380.3k
- Revenue
- $189.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Algona, IA
- Founding
- 07/2007
- Data as of
- 06/2022
- EIN
- 37-1524573
Organization Overview
Palo Alto County Economic Development Corp is located in Algona, IA. The organization was established in 2007. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palo Alto County Economic Development Corp is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Palo Alto County Economic Development Corp generated $189.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $167.2k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PALO ALTO COUNTY ECONOMIC DEVELOPMENT CORPORATION WILL SERVE AS A FACILITATOR OF ECONOMIC DEVELOPMENT BY ENCOURAGING AND PROMOTING GROWTH IN THE AREAS OF EXISTING BUSINESSES/EXPANSION, JOB RETENTION, MARKETING, TOURISM, AND TO PROVIDE LEADERSHIP TO HELP IMPROVE THE QUALITY OF LIFE FOR ALL RESIDENTS IN PALO ALTO COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUE TO REMOVE OBSTACLES AND OFFER ASSISTANCE PROGRAMS TO BUSINESSES AND COMMUNITIES IN PALO ALTO COUNTY THAT FOSTER JOB CREATION AND LOCAL INVESTMENT.
CONTINUE TO FUND AND PROVIDE LOANS TO BUSINESSES AND INDUSTRIES THROUGH THE PALO ALTO COUNTY REVOLVING LOAN FUND. THIS FUND PROVIDES A SOURCE OF FINANCING, WHICH MAY NOT OTHERWISE BE AVAILABLE WITHIN THE COUNTY FOR LOCAL EXPANDING OR START-UP BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tony Brugman Vice Preside | OfficerTrustee | 0.18 | $0 |
Rick Brennan President | OfficerTrustee | 0.18 | $0 |
Jonathan Moe Treasurer | OfficerTrustee | 0.18 | $0 |
Kim Kibbie Secretary | OfficerTrustee | 0.18 | $0 |
Ivan Dalen Director | Trustee | 0.18 | $0 |
Kent Davidson Director | Trustee | 0.18 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $34,854 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,786 |
| All other contributions, gifts, grants, and similar amounts not included above | $146,866 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $184,506 |
| Total Program Service Revenue | $0 |
| Investment income | $4,643 |
| 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 | $189,149 |
| 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. | $54,252 |
| Compensation of current officers, directors, key employees. | $54,252 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $41,627 |
| Pension plan accruals and contributions | $8,051 |
| Other employee benefits | $14,760 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $866 |
| Fees for services: Accounting | $1,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $793 |
| Office expenses | $3,492 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,840 |
| Travel | $2,974 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,292 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $152 |
| Insurance | $3,725 |
| All other expenses | $1,027 |
| Total functional expenses | $167,235 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $127,981 |
| Savings and temporary cash investments | $68,546 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $183,714 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $51 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $380,292 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $380,292 |
| Total liabilities and net assets/fund balances | $380,292 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Spire Credit Union Falcon Heights, MN | $1,948,614,361 | $81,305,193 |
Serveminnesota Minneapolis, MN | $9,195,680 | $42,573,491 |
Arrowhead Economic Opportunity Agency Incorporated Virginia, MN | $33,957,216 | $39,136,123 |
Minnesota Valley Action Council Inc Mankato, MN | $12,018,161 | $29,353,976 |
Tri-Valley Opportunity Council Inc Crookston, MN | $15,068,505 | $26,983,244 |
United Community Action Partnership Inc Marshall, MN | $18,347,423 | $25,415,099 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |