Rock Rapids Area Development Foundation Inc
- Assets
- $2.1m
- Revenue
- $280.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Rock Rapids, IA
- Founding
- 01/1988
- Data as of
- 12/2022
- EIN
- 42-1293260
Organization Overview
Rock Rapids Area Development Foundation Inc is located in Rock Rapids, IA. The organization was established in 1988. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Rock Rapids Area Development Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Rock Rapids Area Development Foundation Inc generated $280.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $39.0k during the year ending 12/2022. While expenses have increased by 7.9% 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION IS WORKING IN CORRELATION WITH THE ROCK RAPIDS DEVELOPMENT CORPORATION TO STIMULATE COMMERCIAL GROWTH AND JOB OPPORTUNITIES FOR CITIZENS OF THE CITY OF ROCK RAPIDS. THE FOUNDATION HAS BEEN ACQUIRING DESIRED PROPERTY AND CONTRUCTING COMMERCIAL SPEC BUILDINGS. UPON COMPLETION, THE FOUNDATION IS SELLING THE BUILDINGS AT A REASONABLE PRICE TO AN EXISTING BUSINESS FOR RELOCATION OR EXPANSION OR A NEW BUSINESS TO THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Eben Director | 0.5 | $0 | |
Craig Hohn Director | 0.5 | $0 | |
Katie Ranney Director | 0.5 | $0 | |
James Montag Director | 1 | $0 | |
Brent Bosch President | 0.5 | $0 | |
Troy Metzger Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $159,570 |
| Interest on Savings | $3,132 |
| Dividends & Interest | $0 |
| Net Rental Income | $12,083 |
| Net Gain on Sale of Assets | $87,098 |
| Capital Gain Net Income | $87,098 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $17,545 |
| Total Revenue | $280,345 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $20,176 |
| Taxes | $3,352 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $12,243 |
| Total operating and administrative expenses | $39,021 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $39,021 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $887,381 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $1,044,671 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $203,472 |
| Total assets | $2,135,524 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $314,884 |
| Other liabilities | $0 |
| Total liabilities | $314,884 |
Grants Awarded
Over the last fiscal year, Rock Rapids Area Development Foundation Inc has awarded $58,000 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
BRENDA JEPSEN PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |
GLENNA KLAASSEN PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |
CORRAL LANES PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |
MELISSA METZGER PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |
CHRISTIL ROSE ENGLERT BREWER PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |
FIESTA BRAVA PURPOSE: A GRANT WAS GIVEN TO BUSINESSES TO ASSIST IN THE ONGOING BUSINESS DIFFICULTIES RELATED TO THE COVID-19 PANDEMIC. | $1,000 |