Oelwein Chamber And Area Development Inc
- Assets
- $741.8k
- Revenue
- $490.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Oelwein, IA
- Founding
- 08/1987
- Data as of
- 06/2021
- EIN
- 42-1295227
Organization Overview
Oelwein Chamber And Area Development Inc is located in Oelwein, IA. The organization was established in 1987. 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. As of 06/2021, Oelwein Chamber And Area Development Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oelwein Chamber And Area Development Inc 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 06/2021, Oelwein Chamber And Area Development Inc generated $490.7k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $149.8k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A COMBINED CHAMBER OF COMMERCE AND ECONOMIC DEVELOPMENT GROUP THAT PROMOTES RETAIL, MANUFACTURING, AND SERVICE BUSINESSES IN THE CITY OF OELWEIN. THE ORGANIZATION RECRUITS NEW BUSINESSES TO THE AREA AND HELPS EXISTING BUSINESSES AND INDUSTRIES TO EXPAND. WE SERVE OVER 20,000 RESIDENTS IN FAYETTE AND BUCHANAN COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROMOTES THE CITY OF OELWEIN AND THE SURROUNDING AREA IN AN ATTEMPT TO ATTRACT NEW BUSINESSES TO THE AREA AND HELP EXISTING INDUSTRY EXPAND. WE SERVE OVER 20,000 AREA RESIDENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deb Howard Executive Direc | Officer | 40 | $59,250 |
Josh Ehn Director | Trustee | 2 | $0 |
Jon King Director | Trustee | 2 | $0 |
Jeremy Lockard Treasurer | Trustee | 4 | $0 |
Kent Nelson Director | Trustee | 2 | $0 |
Sarah Scheel Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $126,446 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $33,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $620 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $160,066 |
| Total Program Service Revenue | $333,283 |
| Investment income | $799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,243 |
| 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 | $490,741 |
| 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. | $49,500 |
| Compensation of current officers, directors, key employees. | $9,900 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,360 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,976 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $386 |
| Office expenses | $3,994 |
| Information technology | $945 |
| Royalties | $0 |
| Occupancy | $11,993 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $66 |
| Interest | $6,354 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,437 |
| All other expenses | $3,062 |
| Total functional expenses | $149,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,503 |
| Savings and temporary cash investments | $84,226 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,040 |
| 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 | $535,013 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,000 |
| Intangible assets | $0 |
| Other assets | $1 |
| Total assets | $741,783 |
| Accounts payable and accrued expenses | $1,100 |
| 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 | $130,300 |
| Other liabilities | $17,757 |
| Total liabilities | $149,157 |
| Net assets without donor restrictions | $567,057 |
| Net assets with donor restrictions | $25,569 |
| 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 | $741,783 |
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