Iowa State Fair Foundation
- Assets
- $22.7m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 4
- Location
- Des Moines, IA
- Founding
- 06/1992
- Data as of
- 10/2023
- EIN
- 42-1376689
Organization Overview
Iowa State Fair Foundation, operating under the name Iowa State Fair Blue Ribbon Foundation, is located in Des Moines, IA. The organization was established in 1992. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 10/2023, Iowa State Fair Blue Ribbon Foundation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa State Fair Blue Ribbon Foundation 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 10/2023, Iowa State Fair Blue Ribbon Foundation generated $5.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (10.8%) each year. All expenses for the organization totaled $6.5m during the year ending 10/2023. As we would expect to see with falling revenues, expenses have declined by (15.8%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RAISE FUNDS FOR RENOVATION AND PRESERVATION OF THE HISTORIC IOWA STATE FAIRGROUNDS BY SOLICITING AND ACCEPTING GIFTS, DONATIONS, BEQUESTS AND GRANTS TO HELP FINANCE INFRASTRUCTURE PROJECTS TO GUARANTEE THE FAIR CONTINUES TO BE A SALUTE TO THE STATE'S BEST IN AG, INDUSTRY, ENTERTAINMENT AND ACHIEVEMENT
Describe the Organization's Program Activity:
ELWELL PARK RESTROOMS: CONSTRUCTION OF RESTROOMS AT ELWELL PARK. ELWELL PARK IS USED FOR DIRT TRACK AND OTHER OUTDOOR EVENTS
THE TOP PROGRAM SERVICE PROJECT EXPENSE WAS ITEMIZED IN PART II PURSUANT TO INSTRUCTION. THE REMAINING PROGRAM SERVICE EXPENDITURES CONSISTED OF PROMOTION AND ADVERTISING EXPENSE AND SMALLER RENOVATION AND MAINTENANCE EXPENSES TO THE STATE FAIRGROUNDS. SEE PART IX FOR AN ITEMIZATION OF OTHER PROGRAM SERVICES EXPENDITURES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Cownie Executive Director | Trustee | 40 | $219,172 |
Robin Taylor Assistant Director | OfficerTrustee | 40 | $86,853 |
Jo Reynolds Director | Trustee | 0 | $0 |
Tennie Carlson Director | Trustee | 0 | $0 |
Darwin Gaudian President | OfficerTrustee | 0 | $0 |
Alan Brown Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crystal Clear Water Provide Water For Fairgoers | 10/30/22 | $147,021 |
Broekn Arrow T-shirt Printing | 10/30/22 | $108,793 |
Iowa State Fair Board Purchase Of Concert Tickets | 10/30/22 | $341,812 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $870,389 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,960,742 |
| Noncash contributions included in lines 1a–1f | $471,262 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,831,131 |
| Total Program Service Revenue | $0 |
| 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 | $870,389 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $618,082 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,319,602 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,428,624 |
| 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. | $386,096 |
| Compensation of current officers, directors, key employees. | $193,048 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,911 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,701 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $41,250 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,064,095 |
| Office expenses | $118,526 |
| Information technology | $64,500 |
| 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 | $7,596 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $112,488 |
| Total functional expenses | $6,481,287 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,847,873 |
| Savings and temporary cash investments | $4,951,147 |
| Pledges and grants receivable | $5,510,850 |
| Accounts receivable, net | $48,712 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $319,129 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,677,711 |
| Accounts payable and accrued expenses | $6,020 |
| Grants payable | $2,159,248 |
| Deferred revenue | $4,974,000 |
| 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 | $7,139,268 |
| 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 | $15,538,443 |
| Total liabilities and net assets/fund balances | $22,677,711 |