Pottawattamie County Development Corporation
- Assets
- $15.6m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 7
- Location
- Council Bluffs, IA
- Founding
- 05/1997
- Data as of
- 12/2023
- EIN
- 42-1459560
Organization Overview
Pottawattamie County Development Corporation, operating under the name The 712 Initiative, is located in Council Bluffs, IA. The organization was established in 1997. 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. As of 12/2023, 712 Initiative employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 712 Initiative 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 12/2023, 712 Initiative generated $3.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.0m during the year ending 12/2023. 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
THE 712 INITIATIVE IS AIMED AT IMPROVING THE ECONOMIC VITALITY IN REDEVELOPMENT AREAS THROUGH INVESTMENTS IN THE BUILT ENVIRONMENT, ACTIVATING PUBLIC SPACES AND DELIVERING PROGRAMS THAT INCREASE SOCIAL ENGAGEMENT AND HEALTHY LIFESTYLES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTALS- THE 712 REVITALIZES AREAS THROUGH INVESTMENTS IN THE BUILT ENVIROMENT BY BUYING DISTRESSED PROPERTIES, RENOVATING, AND OPERATING MIXED USE RENTAL PROPERTIES. THESE PROVIDE MUCH NEEDED HOUSING WHILE ALSO ACTIVATING PUBLIC SPACES BY HAVING PEOPLE LIVE AND WORK IN THESE AREAS.
DEVELOPMENT- THE 712 IMPROVES ECONOMIC VITALITY IN REDEVELOPMENT AREAS THROUGH INVESTMENTS TO IMPROVE THE VARIETY OF QUALITY HOUSING AND COMMERCIAL STOCK IN COUNCIL BLUFFS. THESE INVESTMENTS ATTRACT NEW PROFESSIONALS AND RESIDENTS TO THE COMMUNITY. 712S EFFORTS TO ATTRACT NEW PROPERTY INVESTMENTS ARE ACCOMPLISHED THROUGH INTRODUCTION OF NEW DEVELOPERS TO THE COMMUNITY AND THROUGH 712 BUYING AND REHABILITATING PROPERTIES.
NEIGHBORHOOD NETWORKING- STRENGTHENING NEIGHBORHOODS CITY-WIDE WITH PROGRAMMING WHICH PROVIDES GENERAL SUPPORT WHILE INCREASING PUBLIC ENGAGEMENT IN REDEVELOPMENT PROJECTS, PUBLIC SPACE IMPROVEMENTS, AND COMMUNITY EVENTS. AS PART OF THESE EFFORTS, THE 712 HAS A BLOCK PARTY TRAILER THAT HAS EQUIPMENT AND GAMES THAT NEIGHBORHOODS CAN BORROW TO HELP STRENGTHEN NEIGHBORHOOD RELATIONSHIPS. THE 712 ALSO HAS EQUIPMENT TO PUT ON MOVIE NIGHTS. TO FURTHER IMPROVE NEIGHBORHOODS, THE 712 HOSTED A ROCK THE BLOCK EVENT AND PROVIDED ASSISTANCE TO INDIVIDUALS TO HELP MAKE IMPROVEMENTS TO THEIR HOMES THROUGH THE AMP PROGRAM. THE 712 ALSO REHABILITATED AND SOLD FOUR HOMES DURING 2023.
QUALITY OF LIFE- ENHANCING COMMUNITY LIFE AND WELL-BEING BY INCREASING SOCIAL CONNECTEDNESS OF RESIDENTS IN COUNCIL BLUFFS, IA THROUGH ENDEAVORS THAT ACTIVATE PUBLIC SPACES, CREATE NEW FORMS OF ENTERTAINMENT, AND SUPPORT CURRENT ATTRACTIONS/EVENTS. THE 712 FOSTERS PARTNERSHIPS WITH THE PUBLIC AND PRIVATE SECTORS TO PROVIDE QUALITY OPTIONS FOR RECREATION AND HEALTHY LIFESTYLES. IN 2023,THE 712 HOSTED FIVE EVENTS AND PARTICIPATED/HOSTED THREE OTHER ACTIVITIES TO BRING THE COMMUNITY TOGETHER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sheryl Garst Chief Executive Officer | Officer | 40 | $46,874 |
Kerrie Snyder Board Member | Trustee | 1 | $0 |
Nikki Rauth Board Member | Trustee | 1 | $0 |
Pete Petersen Board Member | Trustee | 1 | $0 |
Barry Cleveland Board Member | Trustee | 1 | $0 |
Jessica Vanderpool Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bartos Construction Contractor | 12/30/23 | $112,226 |
Heartland Handyman Services Contractor | 12/30/23 | $349,047 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,884,237 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,338,514 |
| Noncash contributions included in lines 1a–1f | $13,200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,222,751 |
| Total Program Service Revenue | $843,000 |
| Investment income | $3,442 |
| 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 | -$161,037 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,930,489 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $439,942 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $47,889 |
| Compensation of current officers, directors, key employees. | $12,451 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $258,465 |
| Pension plan accruals and contributions | $7,404 |
| Other employee benefits | $12,530 |
| Payroll taxes | $26,663 |
| Fees for services: Management | $26,504 |
| Fees for services: Legal | $6,902 |
| Fees for services: Accounting | $82,711 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $70,601 |
| Advertising and promotion | $5,126 |
| Office expenses | $16,049 |
| Information technology | $17,542 |
| Royalties | $0 |
| Occupancy | $285,996 |
| Travel | $1,459 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,001 |
| Interest | $169,802 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $287,764 |
| Insurance | $23,279 |
| All other expenses | $0 |
| Total functional expenses | $1,980,109 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $249,690 |
| Savings and temporary cash investments | $1,433,940 |
| Pledges and grants receivable | $19,135 |
| Accounts receivable, net | $1,969,017 |
| Loans from Officers, Directors, or Controlling Persons | $248,060 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,644,969 |
| Inventories for sale or use | $1,189,191 |
| Prepaid expenses and deferred charges | $13,951 |
| Net Land, buildings, and equipment | $8,447,090 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $423,000 |
| Other assets | $7,630 |
| Total assets | $15,645,673 |
| Accounts payable and accrued expenses | $258,166 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $24,057 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,108,401 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $72,630 |
| Total liabilities | $4,463,254 |
| Net assets without donor restrictions | $10,172,514 |
| Net assets with donor restrictions | $1,009,905 |
| 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 | $15,645,673 |
Grants Awarded
Over the last fiscal year, Pottawattamie County Development Corporation has awarded $1,906,008 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
125 W BROADWAY LLC PURPOSE: DEVELOPMENT | $1,656,008 |
GROW AMERICA FUND PURPOSE: DEVELOPMENT | $250,000 |