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 12/2023, 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 12/2023, Marion Economic Development Corp generated $496.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (23.1%) each year. All expenses for the organization totaled $496.7k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

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

ESTABLISH RELATIONSHIPS WITH POTENTIAL NEW BUSINESSES TO MOVE INTO MARION


TRANSITION BARE FARMLAND INTO SHOVEL READY COMMERCIAL PROPERTY TO FACILITATE ECONOMIC GROWTH IN 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
Jill Ackerman
Director
$0
Amy Kortmeyer
Director
$0
Holly Corkery
Director
$0
Tom Brown
Director
$0
Tom Pientok
Director
$0
Nick Abouassaly
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$269,205
Fundraising events$0
Related organizations$0
Government grants $140,000
All other contributions, gifts, grants, and similar amounts not included above$22,134
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$431,339
Total Program Service Revenue$50,279
Investment income $8,858
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $7,677
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 -$1,384
Miscellaneous Revenue$0
Total Revenue $496,769

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