Tipton Economic Development Corp
- Assets
- $1.1m
- Revenue
- $11.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Tipton, IA
- Founding
- 04/2002
- Data as of
- 06/2022
- EIN
- 42-1278185
Organization Overview
Tipton Economic Development Corp is located in Tipton, IA. The organization was established in 2002. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, 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. Tipton Economic Development Corp 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 06/2022, Tipton Economic Development Corp generated $11.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $7.1k during the year ending 06/2022. 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
THE TIPTON ECONOMIC DEVELOPMENT CORPORATION WAS ESTABLISHED TO WORK IN COOPERATION WITH CITY OF TIPTON OFFICIALS TO MARKET THE CITY OF TIPTON TO BUSINESSES TO LOCATE OR EXPAND AND PROMOTE ECONOMIC GROWTH FOR THE COMMUNITY AS A WHOLE. OUR MISSION IS TO STRENGTHEN TIPTON'S ECONOMY THROUGH INDUSTRIAL RETENTION AND RECRUITMENT, SUPPORT OF BUSINESS EXPANSION AND OPERATIONS, SITE AND BUILDING DEVELOPMENT AND STRATEGIC PARTNERSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TIPTON ECONOMIC DEVELOPMENT CORPORATION WAS CREATED FOR MARKETING THE CITY OF TIPTON AS A GOOD PLACE FOR A COMPANY TO LOCATE OR EXPAND. THE ORGANIZATION WORKS TOGETHER WITH CITY OF TIPTON OFFICIALS TO GATHER AND COLLATE INFORMATION REGARDING INFRASTRUCTURE, SITE AVAILABILITY AND PRICING, COMPARATIVE WAGE SCALES AND SIMILAR FACTS ABOUT OUR COMMUNITY TO PRESENT TO INDUSTRIAL DEVELOPMENT PROSPECTS. THE ORGANIZATION ALSO WORKS WITH CITY OFFICIALS TO BRING AVAILABLE LAND UNDER CONTROL SO THEY CAN MARKET THE LAND TO PROSPECTS AT AN ATTRACTIVE PRICE AS OPPOSED TO DEALING WITH INFLATED PRICES THAT INDIVIDUAL LANDOWNERS MIGHT CHARGE.WE ALSO COORDINATE WITH CITY OFFICIALS TO PRESENT AVAILABLE INCENTIVES SUCH AS LAND TAX ABATEMENT AND TAX INCREMENT FINANCING. MEMBERS OF OUR ORGANIZATION ARE ALSO AVAILABLE TO GIVE COMMUNITY TOURS AND OTHER MARKETING FUNCTIONS NEEDED TO ATTRACT BUSINESSES TO OUR COMMUNITY. OUR ORGANIZATION HAS TAKEN THE STEPS REQUIRED TO BECOME A SHOVEL READY CERTIFIED SITE TO MAKE THE TRANSITION TO LOCATE IN OUR COMMUNITY MORE ATTRACTIVE TO NEW BUSINESSES WHICH MAKES OUR COMMUNITY MORE MARKETABLE. THIS YEAR WE STARTED BACK UP WITH QUARTERLY BOARD MEETINGS AND HAD SEVERAL INQUIRIES INTO GROUNBD AVAILABLE FOR PURCHASE IN OUR INDUSTRIAL PARK. WE CONTINUE TO RENT THE INDUSTRIAL PARK FARM GROUND, TO GENERATE REVENUE TO PAY THE EXPENSES OF OWNING THE LAND, BUT ARE HOPING TO SELL SOME OF THE LAND IN THE NEAR FUTURE WITH ALL OF THE INQURIES WE HAVE BEEN RECEIVING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lesley Puffer Treasurer | OfficerTrustee | 3 | $0 |
Jim Reeve President | OfficerTrustee | 5 | $0 |
Renee Crock Secretary | OfficerTrustee | 2 | $0 |
Scott Pearson Director | Trustee | 1 | $0 |
Duane Webb Director | Trustee | 1 | $0 |
Jason Wester Director | Trustee | 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 | $4,375 |
| Investment income | $52 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,482 |
| 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 | $11,909 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $400 |
| 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 | $62 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,400 |
| 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 | $809 |
| Insurance | $160 |
| All other expenses | $0 |
| Total functional expenses | $7,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,904 |
| Savings and temporary cash investments | $23,048 |
| 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 | $1,094,924 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,125,876 |
| 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 | $940,633 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $940,633 |
| 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 | $185,243 |
| Total liabilities and net assets/fund balances | $1,125,876 |
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