Iowa Corn Promotion Board
- Assets
- $28.6m
- Revenue
- $21.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Johnston, IA
- Founding
- 06/1979
- Data as of
- 08/2023
- EIN
- 42-1113939
Organization Overview
Iowa Corn Promotion Board is located in Johnston, IA. The organization was established in 1979. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Corn Promotion Board is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 08/2023, Iowa Corn Promotion Board generated $21.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $21.9m during the year ending 08/2023. While expenses have increased by 1.6% 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
CREATING OPPORTUNITIES FOR LONG-TERM IOWA CORN GROWER PROFITABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH: THE IOWA CORN PROMOTION BOARD INVESTS IN RESEARCH AND BUSINESS DEVELOPMENT TO DEVELOP HIGHER VALUE INDUSTRIAL USES FOR CORN TO INCREASE THE DEMAND AND THE VALUE OF CORN AS A RAW MATERIAL. THE RESEARCH PROGRAMS ALSO PUT CORN GROWER DOLLARS TO WORK BY DEVELOPING CORN TRAITS TO IMPROVE PRODUCTION EFFICIENCY OF GROWING CORN. SEVERAL PATENTS HAVE BEEN AWARDED FOR THE DEVELOPMENT OF BIOPLASTICS AND BIOCHEMICALS TO MAKE REVEWABLE PLASTIC MATERIAL. IN ADDITION, IOWA CORN HAS BEEN AWARDED A PATENT FOR A TRANSGENIC CORN PLANT THAT IMPROVES NITROGEN USE EFFICIENCY. THE BUSINESS DEVELOPMENT PROGRAMS INVEST IN COMPANIES AND LEVERAGE THE PATENTS TO CREATE OPPORTUNITIES FOR LONG TERM PROFITABILITY OF CORN GROWERS.
MARKET DEVELOPMENT: THE IOWA CORN PROMOTION BOARD (ICPB) PARTICIPATES IN ACTIVITIES AND PROGRAMS THAT EXPAND DOMESTIC AND INTERNATIONAL MARKETS TO INCREASE DEMAND FOR CORN IN ALL FORMS. ICPB PARTNERS WITH THE US MEAT EXPORT FEDERATION AND THE US GRAINS COUNCIL TO BUILD DEMAND INTERNATIONALLY FOR CORN AND CORN PRODUCTS/MEAT. ICPB INVESTMENT IN THOSE TRADE PARTNERS IS MULTIPLIED THROUGH THE INVOLVEMENT OF MANY CORN STATES AND MATCHED WITH GOVERNMENTAL SUPPORT. IN STATE, ICPB WORKS TO MAINTAIN AND GROW IOWA'S LIVESTOCK INDUSTRY THROUGH THE COALITION TO SUPPORT IOWA'S FARMERS (CSIF), A COALITION EFFORT WITH 7 OTHER COMMODITY GROUPS. ETHANOL IS A LEADING MARKET FOR IOWA CORN AND THE ICPB WORKS TO PROMOTE THE USE OF CORN ETHANOL THROUGH PUBLIC EVENTS AS WELL AS MULTI-PLATFORM ADVERTISING CAMPAIGNS THAT INCLUDE BROADCAST, PRINT, RADIO, DIRECT MAIL, DIGITAL AND SOCIAL MEDIA. ICPB IS ALSO WORKING TO INCREASE HIGHER BLENDS OF ETHANOL IN IOWA AND ACROSS THE U.S. WITH INFRASTRUCTURE PROGRAMS.
EDUCATION/PROMOTIONS: THE IOWA CORN PROMOTION BOARD (ICPB) EDUCATIONAL PROGRAMS WORK TO REACH BOTH PRODUCER AND CONSUMER AUDIENCES ABOUT THE ECONOMIC AND ENVIRONMENTAL VITALITY OF THE CORN INDUSTRY IN THE STATE OF IOWA. EDUCATION ABOUT CORN AND THE PRODUCTS MADE FROM CORN HAPPENS THROUGH ADVERTISING, EARNED MEDIA, AND VARIOUS PROMOTIONAL EVENTS. THROUGH A MULTI-PLATFORM PROMOTION AND OUTREACH CAMPAIGN CALLED THE IOWA CORN CYHAWK SERIES, THE ICPB PROMOTES IOWA CORN AND THE FARMERS THAT GROW IT. THE IOWA CORN MOBILE EDUCATION CENTER (ICMEC) TELLS THE STORY OF FARMERS AND THE OVER 4,000 PRODUCTS MADE FROM CORN. THE ICMEC TRAVELS THE STATE TO REACH CONSUMERS, FARMERS, AND STUDENTS. DISTRICT AND COUNTY ORGANIZATIONS USE CORN MATERIALS TO TALK WITH STUDENTS AND CONSUMERS ABOUT FARMERS AND FOOD, FEED AND FUEL MADE FROM CORN. EDUCATION OF CONSUMERS AND PRODUCERS HAPPENS IN STATE AND ON A NATIONAL LEVEL THROUGH WORKING WITH NATIONAL AND OTHER STATE CORN ASSOCIATIONS ON JOINT PROGRAMS, SUCH AS COMMONGROUND. IN IOWA, EDUCATION ALSO TAKES PLACE BY LEVERAGING PEOPLE AND INVESTMENTS WITH AFFILIATE ORGANIZATIONS WITHIN AGRICULTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Floss Chief Executive Officer | Officer | 40 | $464,338 |
Julie Kirby Director Of Finance & Busi | Officer | 40 | $215,316 |
Larry Buss President | OfficerTrustee | 5 | $6,300 |
Stan Nelson Vice President | OfficerTrustee | 5 | $4,700 |
Kelly Nieuwenhuis Chair | OfficerTrustee | 5 | $3,800 |
Greg Alber Director | Trustee | 5 | $5,050 |
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 | $21,245,447 |
| Investment income | $335,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,769 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,595,790 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,408,901 |
| 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. | $48,755 |
| 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 | $30,897 |
| Fees for services: Accounting | $20,594 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $135,625 |
| Advertising and promotion | $0 |
| Office expenses | $38,054 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $264,255 |
| Travel | $178,119 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,844 |
| Interest | $1,252 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139,418 |
| Insurance | $487,700 |
| All other expenses | $0 |
| Total functional expenses | $21,911,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,029,894 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,227,488 |
| 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 | $72,487 |
| Net Land, buildings, and equipment | $269,283 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $28,599,152 |
| Accounts payable and accrued expenses | $176,294 |
| 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 | $34,223 |
| Total liabilities | $210,517 |
| Net assets without donor restrictions | $28,388,635 |
| 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 | $28,599,152 |
Grants Awarded
Over the last fiscal year, Iowa Corn Promotion Board has awarded $19,399,601 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
IOWA CORN GROWERS ASSOCIATION PURPOSE: GRANT TO CARRY OUT PROGRAMS OF THE IOWA CORN PROMOTION BOARD | $18,274,601 |
ISU FOUNDATION PURPOSE: ISU FEEDMILL PROJECT | $1,000,000 |
USDA PURPOSE: CORN RELATED PROJECTS | $125,000 |