Cherokee Area Economic Development Corporation
- Assets
- $761.1k
- Revenue
- $328.7k
- Investments
- $0.0
- Employees
- 4
- Location
- Cherokee, IA
- Founding
- 01/1991
- Data as of
- 06/2021
- EIN
- 42-1336335
Organization Overview
Cherokee Area Economic Development Corporation is located in Cherokee, IA. The organization was established in 1991. 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, Cherokee Area Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cherokee Area Economic Development Corporation 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, Cherokee Area Economic Development Corporation generated $328.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $224.9k during the year ending 06/2021. While expenses have increased by 0.5% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT OF THE CHEROKEE AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRODUCE A POSITIVE SUPPORTIVE ATTITUDE FOR ECONOMIC DEVELOPMENT. DEVELOP DATA ON AREA INFORMATION, DEVELOP INDUSTRIAL SITES, DEVELOP TRAINING & EDUCATIONAL PROGRAMS ON ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Curt Johnson Vice Preside | Trustee | $0 | |
Rick Mongan President | Trustee | $0 | |
Matt Priebe Treasurer | Trustee | $0 | |
Amy Loughlin Secretary | Trustee | $0 | |
Les Todd Board Member | Trustee | $0 | |
Brian Freed Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $321,282 |
| Investment income | $7,531 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $328,688 |
| Statement of Expenses | |
|---|---|
| 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. | $86,989 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,346 |
| Pension plan accruals and contributions | $2,677 |
| Other employee benefits | $27,580 |
| Payroll taxes | $8,596 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,472 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,823 |
| Advertising and promotion | $15,992 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,905 |
| Travel | $6,389 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,510 |
| Interest | $2,693 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,140 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $224,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $408,610 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $159,345 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $422 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $185,907 |
| Total assets | $761,110 |
| Accounts payable and accrued expenses | $6,762 |
| 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 | $0 |
| Other liabilities | $123,386 |
| Total liabilities | $130,148 |
| 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 |
| Total liabilities and net assets/fund balances | $630,962 |
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|---|---|---|
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