Remsen Economic Development Corp
- Assets
- $351.4k
- Revenue
- $209.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Remsen, IA
- Founding
- 10/1979
- Data as of
- 12/2022
- EIN
- 42-1121152
Organization Overview
Remsen Economic Development Corp is located in Remsen, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Remsen Economic Development Corp 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, Remsen Economic Development Corp generated $209.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (21.5%) each year. All expenses for the organization totaled $390.4k 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
PROMOTE LOCAL COMMUNITY ECONOMIC DEVELOPMENT AND PROVIDE FOR THE ESTABLISHMENT OF A LOCAL GROCERY STORE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR LOCAL GROCERY STORE HAD A FIRE IN 2018 AND THE OWNER ABANDONED THE BUILDING WHICH WE RENOVATED AND ASSISTED A NEW OWNER IN OPENING THE STORE IN WHICH WE ACCOMPLISHED IN 2022. THE BUILDING WAS TRANSFERRED TO THE NEW OWNER. WE ASSISTED IN BUYING THE A PORTION OF THE REFRIGERATION, SHELVING AND OTHER EQUIPMENT. THIS TOOK APPROXIMATELY 2 YEARS TO GET THE DEAL FULLY COMPLETED.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Nelson President | OfficerTrustee | 1 | $0 |
Dave Sonnichsen Vice-President | OfficerTrustee | 1 | $0 |
Ashley Schuttpelz Secretary | OfficerTrustee | 1 | $0 |
Jeremy Bunkers Treasurer | OfficerTrustee | 1 | $0 |
Dave Fisch Director | Trustee | 1 | $0 |
Joe Arens Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $106,457 |
| Noncash contributions included in lines 1a–1f | $257 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,957 |
| Total Program Service Revenue | $0 |
| Investment income | $1,746 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $209,703 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $385,365 |
| 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 | $0 |
| 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 | $57 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,099 |
| 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 | $900 |
| All other expenses | $0 |
| Total functional expenses | $390,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $299,839 |
| 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 | $51,585 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $351,424 |
| 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 | $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 | $351,424 |
| Total liabilities and net assets/fund balances | $351,424 |
Grants Awarded
Over the last fiscal year, Remsen Economic Development Corp has awarded $385,365 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
JEFF'S FOODS REMSEN INC PURPOSE: To provide a grocery store for the community | $295,427 |
306 S WASHINGTON LLC PURPOSE: To provide a grocery store for the community. | $89,938 |