Boone County Economic Growth Corp
- Assets
- $800.9k
- Revenue
- $126.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Boone, IA
- Founding
- 03/1991
- Data as of
- 12/2021
- EIN
- 42-1359192
Organization Overview
Boone County Economic Growth Corp is located in Boone, IA. The organization was established in 1991. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Boone County Economic Growth Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Boone County Economic Growth Corp generated $126.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $182.4k during the year ending 12/2021. 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
TO ORGANIZE AND IMPLEMENT A PRO-ACTIVE AND ONGOING PLAN FOR ECONOMIC DEVELOPMENT WITH NEW AND EXISTING BUSINESS IN BOONE COUNTY AND ITS SURROUNDING AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE FOR WHICH THE CORPORATION IS ORGANIZED IS THE STIMULATION OF ECONOMIC AND SOCIAL DEVELOPMENT IN BOONE COUNTY, THE SURROUNDING AREA BY:1. PROVIDING THE MEANS FOR OBTAINING BENEFITS AVAILABLE UNDER VARIOUS FEDERAL AND STATE PROGRAMS FOR THE BENEFIT OF CITIZENS OF THE BOONE COUNTY AREA.2. UNDERTAKING PROGRAMS AND ACTIVITIES WHICH WOULD LEAD TO IMPROVEMENT OF ECONOMIC AND SOCIAL CONDITIONS FOR THE RESIDENTS OF THE BOONE COUNTY AREA INCLUDING, BUT NOT LIMITED TO, THE DEVELOPMENT OF INDUSTRY AND THE PROMOTION OF BUSINESS IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabe Bowers President | OfficerTrustee | 2 | $0 |
Andy Hunziker Treasurer | OfficerTrustee | 2 | $0 |
Nate Nerem Vice President | OfficerTrustee | 2 | $0 |
Mike Hammond Secretary | OfficerTrustee | 2 | $0 |
Sara Behn Director | Trustee | 1 | $0 |
Chad Houston Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $95,953 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,002 |
| 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 | $108,955 |
| Total Program Service Revenue | $0 |
| Investment income | $158 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,360 |
| 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 | $126,070 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $69,836 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,485 |
| Office expenses | $355 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,123 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,055 |
| Insurance | $2,134 |
| All other expenses | $3,392 |
| Total functional expenses | $182,448 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $176,361 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,963 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $230,312 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $224,908 |
| Intangible assets | $0 |
| Other assets | $157,354 |
| Total assets | $800,898 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,000 |
| 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 | $0 |
| Total liabilities | $2,000 |
| Net assets without donor restrictions | $798,898 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $800,898 |
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