Guthrie Center Area Development Corporation
- Assets
- $311.6k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Guthrie Center, IA
- Founding
- 11/1986
- Data as of
- 12/2023
- EIN
- 42-1275758
Organization Overview
Guthrie Center Area Development Corporation is located in Guthrie Center, IA. The organization was established in 1986. 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. Guthrie Center Area Development 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 12/2023, Guthrie Center Area Development Corporation generated $59.9k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $59.7k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3
DONATED TO MIDWEST PARTNERSHIP (A 501(C)(3) CORPORATION) TO HELP THEM WITH THE EXPENSES. THEY PROVIDE ECONOMIC DEVELOPMENT SERVICES TO OUR COMMUNITY.THE CORPORATION OWNED TWO COMMERCIAL BUILDINGS. ONE HOUSES SCHAFER ROOFING. THEY PROVIDE ROOFING SERVICES FOR COMMERCIAL AND RESIDENTIAL NEEDS. THE SECOND BUILDING HAS AN ART GIFT SHOP WITH CONSIGNMENTS FROM AREA ARTISTS DISPLAYING AND SELLING THEIR WORK. THEY ALSO HAVE A SMALL COFFEE AND DESSERT SHOP. THE CORPORATION HAS A REVOLVING LOAN FUND THAT IS LOANED OUT TO THE BUSINESSES REQUESTING A LOAN. THE LOAN CANNOT EXCEED 50% OF THE PROJECT OR $5,000. THESE LOANS ARE NO INTEREST LOANS THAT MUST BE PAID BACK WITHIN THREE YEARS. THERE WERE 16 OUTSTANDING LOANS WITH BUSINESSES IN THE GUTHRIE CENTER COMMUNITY AT 12-31-22.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Monaghan Director | 1 | $0 | |
Dennis Flanery President | 3 | $0 | |
Lisa A Calvert Secretary/treas | 2 | $0 | |
Tom Rutledge Director | 2 | $0 | |
Jennifer Policky Director | 1 | $0 | |
Eric Reinhart Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,000 |
| Total Program Service Revenue | $39,900 |
| Membership dues | $0 |
| Investment income | $37 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $59,937 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $300 |
| Occupancy, rent, utilities, and maintenance | $3,747 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $55,665 |
| Total expenses | $59,712 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $49,700 |
| Other assets | $0 |
| Total assets | $311,641 |
| Total liabilities | $55,837 |
| Net assets or fund balances | $255,804 |