Cedar Rapids Metro Economic Alliance
- Assets
- $5.8m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 29
- Location
- Cedar Rapids, IA
- Founding
- 06/1943
- Data as of
- 12/2023
- EIN
- 42-0172900
Organization Overview
Cedar Rapids Metro Economic Alliance is located in Cedar Rapids, IA. The organization was established in 1943. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Cedar Rapids Metro Economic Alliance employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cedar Rapids Metro Economic Alliance 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 12/2023, Cedar Rapids Metro Economic Alliance generated $4.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $4.4m during the year ending 12/2023. While expenses have increased by 0.7% per year over the past 9 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
TO DRIVE ECONOMIC, WORKFORCE AND POPULATION GROWTH STRATEGIES, AND TO HELP BUSINESSES SUCCEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - UNDER ECONOMIC DEVELOPMENT THE ECONOMIC ALLIANCE'S STRATEGIC GOALS ARE AS FOLLOWS: ATTRACT, GROW AND RETAIN INTERSTATE COMMERCE BUSINESS. OUR FOCUS IS TARGETED TOWARD BIO-PROCESSING/FOOD INGREDIENTS, DISTRIBUTION/LOGISTICS, ELECTRONIC EQUIPMENT/DESIGN, FOOD PROCESSING, FINANCIAL SERVICES/INSURANCE, INFORMATION TECHNOLOGY, PROCESS MANUFACTURING AND WIND ENERGY.1. DEVELOP AND MAINTAIN REPORTS OF DATA TOOLS TO ASSIST WITH PROJECT MANAGEMENT, BUSINESS AND WORKFORCE DEVELOPMENT.2. COORDINATE AND FACILITATE PROJECTS TO UTILIZE FINANCIAL TOOLS AND PROGRAMS FOR PROSPECTS AND CLIENTS.3. MAINTAIN AND ADVANCE RELATIONSHIPS WITH EXISTING COMPANIES TO IDENTIFY GROWTH AND RETENTION OPPORTUNITIES.4. DEVELOP AND IMPLEMENT STRATEGIES TO IMPROVE RECRUITMENT OF NEW COMPANIES. ALL PROGRAMS AND ECONOMIC DEVELOPMENT EFFORTS ARE DESIGNED TO MEET ONE OR MORE OF THE GOALS. WHILE MANY OF OUR ECONOMIC ALLIANCE STAFF SPEND TIME ON ECONOMIC DEVELOPMENT ORIENTED PROGRAMS, PROJECTS AND INITIATIVES, WE HAVE AN ECONOMIC DEVELOPMENT TEAM WHO SPECIFICALLY FOCUS ON MEETING OUR ECONOMIC DEVELOPMENT STRATEGIC GOALS.
REGIONAL DEVELOPMENT - OUR REGIONAL DEVELOPMENT CORE FUNCTION IS DEDICATED TO COORDINATING WITH PARTNERS TO CONTRIBUTE TO THE FOLLOWING REGIONAL INITIATIVES: BRAND/IMAGE, WORKFORCE, CIVIC ENGAGEMENT, ENTREPRENEURISM AND DIVERSITY/INCLUSION. LEADERSHIP FOR FIVE SEASONS: LEADERSHIP FOR FIVE SEASONS IS A PROGRAM DEVELOPED AND MANAGED BY THE CEDAR RAPIDS METRO ECONOMIC ALLIANCE TO PREPARE EMERGING AND EXISTING LEADERS IN THE CEDAR RAPIDS AREA TO BE COMMUNITY TRUSTEES. THE GOAL OF THE PROGRAM IS TO EMPOWER AND INSPIRE DIVERSE INDIVIDUALS TO ACTIVELY LEAD IN SHAPING AND ENHANCING OUR QUALITY OF LIFE - SUPPLYING THE COMMUNITY WITH INFORMED, SKILLED LEADERS WILLING TO SERVE AS ACTIVE VOLUNTEERS. IOWA'S CREATIVE CORRIDOR (ICR IOWA): ICR IOWA REPRESENTS A SEVEN COUNTY REGIONAL PARTNERSHIP FOR BENTON, CEDAR, IOWA, JOHNSON, JONES, LINN AND WASHINGTON COUNTIES. REPRESENTING ONE OF THE LARGEST LABORSHEDS IN THE STATE, THE ECONOMIC DEVELOPMENT REPRESENTATIVES OF OUR AREA HAVE CREATED A STRATEGIC, SEVEN-COUNTY ALLIANCE DEDICATED TO ECONOMIC PROGRESS, WORKFORCE DEVELOPMENT, AND FOSTERING A CULTURE OF INNOVATION. IOWA'S CREATIVE CORRIDOR GIVES EMPLOYERS AND WORKFORCE ACCESS TO A REGION UNIQUELY IOWAN, FOUNDED WITH A MANUFACTURING HERITAGE, BUT ACTIVELY SEEKING NEW FRONTIERS AND OPPORTUNITIES IN INFORMATION TECHNOLOGY, BIOTECHNOLOGY AND BIOPROCESSING, RENEWABLE ENERGY, AND EDUCATIONAL SERVICES. IMPACTCR: THE CONCEPT IS SIMPLE - PROVIDE OUR MEMBERS THE OPPORTUNITY TO CONNECT, HAVE A VOICE AND MAKE A DIFFERENCE IN THEIR COMMUNITY.PUBLIC POLICY - THE ECONOMIC ALLIANCE IS FOCUSED ON PUBLIC POLICY ADVOCACY THAT SUPPORTS THE ORGANIZATION'S OTHER FOUR CORE FUNCTIONS: BUSINESS SUPPORT, COMMUNITY DEVELOPMENT, ECONOMIC DEVELOPMENT AND REGIONAL DEVELOPMENT.THE ECONOMIC ALLIANCE COLLABORATES WITH THE BUSINESS COMMUNITY AND OTHER STAKEHOLDERS AND PARTNERS, INCLUDING LOCAL MUNICIPALITIES AND ENTITIES, THE U.S. CHAMBER OF COMMERCE AND IOWA CHAMBER ALLIANCE TO DEVELOP A LOCAL, STATE AND FEDERAL POLICY AGENDA. WE THEN PROVIDE A UNIFIED VOICE TO ADVOCATE FOR PRO-BUSINESS AND PRO-GROWTH ISSUES KEY TO OUR MEMBERS AND THE REGION.
COMMUNITY DEVELOPMENT - UNDER COMMUNITY DEVELOPMENT THE ECONOMIC ALLIANCE'S STRATEGIC GOALS ARE AS FOLLOWS: GROW CORE CENTRAL DISTRICTS IN CEDAR RAPIDS AND SUPPORT SURROUNDING COMMUNITIES.1. DEVELOP AND BEGIN IMPLEMENTATION OF AN UPDATED STRATEGIC PLAN FOR THE CEDAR RAPIDS DOWNTOWN DISTRICT AND MEDICAL DISTRICT.2. ASSIST THE CITY OF CEDAR RAPIDS IN ITS PLAN FOR FLOOD PROTECTION AND FINANCIAL SUPPORT.
BUSINESS SUPPORT - UNDER BUSINESS SUPPORT THE ECONOMIC ALLIANCE'S STRATEGIC GOALS ARE AS FOLLOWS:CREATE A STRONG BUSINESS ENVIRONMENT WHICH SUPPORTS ALL EMPLOYERS. ADDITIONALLY, WE WILL FOCUS ON SMALL AND LOCALLY-OWNED BUSINESSES TO ACHIEVE THE FOLLOWING:1. ENGAGE AND CONNECT BUSINESSES THROUGH NETWORKING, COMMUNITY AND PROFESSIONAL DEVELOPMENT PROGRAMS.2. PROVIDE EDUCATION AND AWARENESS ON LOCAL, REGIONAL AND STATE INITIATIVES WHICH ENHANCE REGIONAL AND STATE TRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buse Tatum Past Chair | OfficerTrustee | 1 | $0 |
Ekberg Hugh Chair | OfficerTrustee | 1 | $0 |
Parmley Anne Vice Chair | OfficerTrustee | 1 | $0 |
Glew Nick Director | Trustee | 1 | $0 |
Kepros Ted Director | Trustee | 1 | $0 |
Klein James Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $8,500 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,500 |
| Total Program Service Revenue | $3,769,850 |
| Investment income | $90,267 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $89,142 |
| Net Gain/Loss on Asset Sales | $11,362 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,993,880 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,238 |
| 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. | $207,983 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,636,092 |
| Pension plan accruals and contributions | $55,631 |
| Other employee benefits | $182,801 |
| Payroll taxes | $129,492 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,116 |
| Fees for services: Accounting | $75,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,733 |
| Fees for services: Other | $169,422 |
| Advertising and promotion | $307,484 |
| Office expenses | $70,156 |
| Information technology | $107,179 |
| Royalties | $0 |
| Occupancy | $399,885 |
| Travel | $314,413 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,960 |
| Interest | $14,552 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $163,380 |
| Insurance | $48,114 |
| All other expenses | $49,400 |
| Total functional expenses | $4,384,098 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $697,143 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $210,398 |
| Accounts receivable, net | $79,448 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $87,101 |
| Net Land, buildings, and equipment | $2,367,223 |
| Investments—publicly traded securities | $2,363,165 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,804,478 |
| Accounts payable and accrued expenses | $178,779 |
| Grants payable | $0 |
| Deferred revenue | $1,095,321 |
| 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 | $1,861,005 |
| Total liabilities | $3,135,105 |
| Net assets without donor restrictions | $2,669,373 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $5,804,478 |
Grants Awarded
Over the last fiscal year, Cedar Rapids Metro Economic Alliance has awarded $86,059 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ICR IOWA PURPOSE: JOINT VENTURE SUPPORT | $70,000 |
DOWNTOWN SSMID PURPOSE: IT'S GO TIME DT SSMID SPONSORSHIP | $16,059 |