Clay County Fair Association
- Assets
- $8.1m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 355
- Location
- Spencer, IA
- Founding
- 11/1940
- Data as of
- 10/2023
- EIN
- 42-0185302
Organization Overview
Clay County Fair Association is located in Spencer, IA. The organization was established in 1940. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 10/2023, Clay County Fair Association employed 355 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clay County Fair Association is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 10/2023, Clay County Fair Association generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $4.3m during the year ending 10/2023. While expenses have increased by 0.8% 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
MANAGEMENT AND PRODUCTION OF THE CLAY COUNTY FAIR
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE AGRICULTURE BY PROVIDING FACILITIES AND MANAGEMENT OF THE CLAY COUNTY FAIRGROUNDS. THE ASSOCIATION PRODUCES AN ANNUAL NINE-DAY EXHIBITION KNOWN AS THE CLAY COUNTY FAIR, WHICH CONSISTS OF VARIOUS EVENTS IN THE AREAS OF COMPETITION, ENTERTAINMENT, AND COMMERCIAL EXHIBITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerome Hertel Ceo/mngr/sec | Officer | 40 | $0 |
Steve Waller Chairman | OfficerTrustee | 1 | $0 |
Dana Metcalf Vice Chairma | OfficerTrustee | 1 | $0 |
Dennis Larson Treasurer | OfficerTrustee | 1 | $0 |
Kathy Anderson Executive Co | OfficerTrustee | 1 | $0 |
Verdon Schmidt Executive Co | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Juan Fiesta Corp Concert | 10/30/19 | $150,000 |
Counter Productions Inc Concert | 10/30/19 | $105,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $520,887 |
| Government grants | $497,835 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $29,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,018,722 |
| Total Program Service Revenue | $3,125,269 |
| Investment income | $8,942 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,938 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $245,622 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,783,385 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $994,880 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $65,230 |
| Payroll taxes | $85,112 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,246 |
| Advertising and promotion | $234,668 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $308,819 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $98,996 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $350,259 |
| Insurance | $172,936 |
| All other expenses | $961,383 |
| Total functional expenses | $4,333,992 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $796,559 |
| Savings and temporary cash investments | $375,846 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,491 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $21,254 |
| Prepaid expenses and deferred charges | $47,672 |
| Net Land, buildings, and equipment | $6,765,333 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,063,155 |
| Accounts payable and accrued expenses | $327,169 |
| Grants payable | $0 |
| Deferred revenue | $104,019 |
| 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 | $2,175,162 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,606,350 |
| Net assets without donor restrictions | $5,271,320 |
| Net assets with donor restrictions | $185,485 |
| 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 | $8,063,155 |