Marion Economic Development Corp

Organization Overview

Marion Economic Development Corp is located in Marion, IA. The organization was established in 1969. 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. As of 12/2021, Marion Economic Development Corp employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marion 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 12/2021, Marion Economic Development Corp generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (18.2%) each year. All expenses for the organization totaled $970.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO STRENGTHEN AND ENHANCE ECONOMIC DEVELOPMENT IN MARION

Describe the Organization's Program Activity:

Part 3 - Line 4a

TRANSITION BARE FARMLAND INTO SHOVEL READY COMMERCIAL PROPERTY TO FACILITATE ECONOMIC GROWTH IN MARION


ESTABLISH RELATIONSHIPS WITH POTENTIAL NEW BUSINESSES TO MOVE INTO MARION


FACILITATE RELATIONSHIPS BETWEEN EXISTING BUSINESSES AND THE CITY OF MARION


COMMUNITY AND EDUCATIONAL OUTREACH THROUGH PURCHASE, RENOVATION AND SALE OF HOMES.


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Board, Officers & Key Employees

Name (title)Compensation
Cheri Monahan
Treasurer
$0
Lee Eilers
Director
$0
Mary Meisterling
Board Chair
$0
Nick Glew
President
$0
Kyle Martin
Director
$0
Mary Rathje
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$252,200
Fundraising events$15,000
Related organizations$0
Government grants $150,000
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$417,200
Total Program Service Revenue$36,882
Investment income $2,556
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $2,902
Net Gain/Loss on Asset Sales $840,277
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,299,817

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Marion Economic Development Corp has recieved totaling $7,050.

Awarding OrganizationAmount
Collins Community Credit Union

Cedar Rapids, IA

PURPOSE: GENERAL SUPPORT

$7,050
View Grant Recipient Profile

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