Regional Economic Development Investments Inc
- Assets
- $2.3m
- Revenue
- $51.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Ottumwa, IA
- Founding
- 02/1993
- Data as of
- 06/2023
- EIN
- 42-1359539
Organization Overview
Regional Economic Development Investments Inc is located in Ottumwa, IA. The organization was established in 1993. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, 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. Regional Economic Development Investments Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Regional Economic Development Investments Inc generated $51.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $16.8k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADMINISTRATION OF A REVOLVING LOAN FUND. OUR MISSION IS TO PROVIDE LOANS TO BUSINESSES IN THE AREA BY ISSUING GAP FINANCING IN ORDER TO LEVERAGE LOANS FROM BANKS AND GRANTS FROM THE STATE. OUR OBJECTIVE IS TO USE THESE LOANS TO INCREASE THE EMPLOYMENT BASE IN THE AREA. IN ADDITION, WE ALSO PROVIDED FORGIVABLE LOANS TO BUSINESSES IN WAPELLO COUNTY, THESE FORGIVABLE LOANS ARE MADE IN ORDER TO INCREASE BUSINESS AND EMPLOYMENT IN THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN REGARDS TO THE GRANT FROM THE ECONOMIC DEVELOPMENT ADMINISTRATION, WE ARE ABLE TO SERVICE OUTSTANDING LOANS. MANY CONTACTS WERE MADE WITH POTENTIAL NEW INDUSTRIES. WE PROVIDE GAP FINANCING TO ASSIST COMPANIES IN OBTAINING LOANS FROM BANKS AND GRANTS FROM THE STATE. WITH THE REPAYABLE LOANS, WE REQUIRE A CERTIAN NUMBER OF JOBS TO BE CREATED, DEPENDING ON THE SIZE OF THE LOAN, AND A SURCHARGE IS ASSESSED IF THE EMPLOYMENT GOALS ARE NOT MET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale House Vice-Chairman | OfficerTrustee | 1 | $0 |
Donnie Garrett Member | Trustee | 1 | $0 |
Matt Greiner Member | Trustee | 1 | $0 |
Mark Groenendyk Member | Trustee | 1 | $0 |
Mike Hadley Chairman | OfficerTrustee | 1 | $0 |
John Helgerson Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $51,147 |
| Investment income | $0 |
| 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 | $51,147 |
| 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 | $0 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $16,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $619,301 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,706,060 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,325,361 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $2,325,361 |
| Total liabilities and net assets/fund balances | $2,325,361 |
Grants Awarded
Over the last fiscal year, Regional Economic Development Investments Inc has awarded $212,334 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
C & C MANUFACTURING | | | $49,000 |
TLC DEVELOPERS | | | $163,334 |