Albia Community Betterment Corporation
- Assets
- $1.2m
- Revenue
- -$15.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Albia, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-1097946
Organization Overview
Albia Community Betterment Corporation is located in Albia, IA. According to its NTEE Classification (S32) the organization is classified as: Rural Economic 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. Albia Community Betterment Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Albia Community Betterment Corporation generated -$15.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (11.4%) each year. All expenses for the organization totaled $1.8k during the year ending 12/2022. 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
OUR PURPOSE IS TO PROMOTE RESIDENTIAL HOME DEVELOPMENT IN THE CITY OF ALBIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR PURPOSE IS TO PROMOTE RESIDENTIAL HOME DEVELOPMENT IN THE CITY OF ALBIA. WE HAVE PURCHASED LAND AND SUBDIVIDED IT INTO RESIDENTIAL LOTS FOR SALE. CURRENTLY, WE HAVE A TRACT OF GROUND IDENTIFIED AS COUNTRY VIEW SUBDIVISION. THIS HAS TWO PHASES COMPLETED WITH ROOM TO DEVELOP TWO MORE PHASES. WE CURRENTLY HAVE 16 LOTS TO SELL IN COUNTRY VIEW BETWEEN PLAT I AND II. ADDITIONALLY, WE HAVE A CONTRACTOR BUY BACK PROGRAM. IF A CONTRACTOR IS UNABLE TO SELL A SPEC HOME WITHIN 12 MONTHS IT IS PURCHASED FROM THEM. THE PRICE THAT IS PAID FOR THE HOME IS NEGOTIATED BEFORE THE CONTRACTOR BUYS THE LOT. THE PRICE IS BASED ON THE CONTRACTOR'S COSTS WITH NO PROFIT BEING PAID. NO BUY BACKS OCCURED IN 2022.
OCCASIONALLY OTHER COMMUNITY PROJECTS ARE SUPPORTED BY PROVIDING LOANS. NO LOANS WERE MADE DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Kness President | OfficerTrustee | 0.1 | $0 |
Daniel D Stocker Secretary/treasurer | OfficerTrustee | 1 | $0 |
Richard Clark Director | Trustee | 0.1 | $0 |
Steve Rockwell Director | Trustee | 0.1 | $0 |
Craig Ambrose Director | Trustee | 0.1 | $0 |
Peter Greiner Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $437 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,700 |
| Net Gain/Loss on Asset Sales | -$19,028 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$15,891 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,540 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $171 |
| Total functional expenses | $1,761 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $507,029 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $650,754 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,157,783 |
| 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 | $1,157,783 |
| 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 | $1,157,783 |