Fairfield Economic Development Association Incorporated
- Assets
- $1.8m
- Revenue
- $125.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Fairfield, IA
- Founding
- 01/1979
- Data as of
- 06/2023
- EIN
- 42-1111039
Organization Overview
Fairfield Economic Development Association Incorporated is located in Fairfield, IA. The organization was established in 1979. 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, Fairfield Economic Development Association Incorporated employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairfield Economic Development Association Incorporated 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 06/2023, Fairfield Economic Development Association Incorporated generated $125.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $165.5k during the year ending 06/2023. 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 SUSTAIN AND IMPROVE THE QUALITY OF LIFE OF THE CITIZENS OF FAIRFIELD, IOWA THROUGH TARGETED ECONOMIC DEVELOPMENT INITIATIVES AND PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COST SHARING OF ENTREPRENEURIAL SERVICES FOR BUSINESS DEVELOPMENT.
ORGANIZATION SUPPORTS FAIRFIELD COMMUNITY THROUGH LAND SALES AND DONATIONS.
HONOR A TEACHER FROM THE FAIRFIELD COMMUNITY SCHOOL DISTRICT FOR THEIR OUTSTANDING PERFORMANCE AND ACHIEVEMENTS.
TO ENCOURAGE YOUNG ADULTS TO RETURN TO FAIRFIELD TO SETTLE AND BEGIN THEIR LIVES IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Curtis Smith President | OfficerTrustee | 1 | $0 |
Aaron Kness Treasurer | OfficerTrustee | 1 | $0 |
Joe Stever Director | Trustee | 1 | $0 |
Roger Vorhies Director | Trustee | 1 | $0 |
Alissa Doyle-Ward Director | Trustee | 1 | $0 |
Ken Ross Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $80,700 |
| 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 | $80,700 |
| Total Program Service Revenue | $0 |
| Investment income | $4,705 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $36,234 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $3,120 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $125,439 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $300 |
| 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. | $104,380 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,512 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,270 |
| Payroll taxes | $7,387 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,551 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,586 |
| Office expenses | $16,746 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,750 |
| Travel | $8,005 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,677 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,424 |
| All other expenses | $0 |
| Total functional expenses | $165,511 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,079 |
| Savings and temporary cash investments | $150,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,625 |
| 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 | $720 |
| Net Land, buildings, and equipment | $1,366,644 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,939 |
| Total assets | $1,752,007 |
| Accounts payable and accrued expenses | $17,566 |
| Grants payable | $0 |
| Deferred revenue | $16,652 |
| 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 | $377,775 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $411,993 |
| 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 | $1,340,014 |
| Total liabilities and net assets/fund balances | $1,752,007 |