Pottawattamie County Development Corporation
- Assets
- $7.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 6
- Location
- Council Bluffs, IA
- Founding
- 05/1997
- Data as of
- 12/2020
- 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 12/2020, 712 Initiative employed 6 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 12/2020, 712 Initiative generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.8%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (13.9%) per year over the past 6 years. 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
2020
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 ENVIRONMENT BY BUYING DISTRESSED PROPERTIES, RENOVATING, AND OPERATING MIXED USE RENTAL PROPERTIES. THESE PROVIDE NEEDED HOUSING WHILE ALSO ACTIVATING PUBLIC SPACES BY HAVING PEOPLE LIVE AND WORK IN THESE AREAS.
QUALITY OF LIFE- ENHANCING COMMUNITY LIFE AND WELL-BEING BY INCREASING SOCIAL CONNECTEDNESS OF RESIDENTS IN COUNCIL BLUFFS IOWA THROUGH ENDEAVORS THAT ACTIVATE PUBLIC SPACES, CREATE NEW FORMS OF ENTERTAINMENT, AND SUPPORT OF CURRENT ATTRACTIONS/EVENTS. THE 712 FOSTERS PARTNERSHIPS WITH THE PUBLIC AND PRIVATE SECTORS TO PROVIDE QUALITY OPTIONS FOR RECREATION AND HEALTHY LIFESTYLES. IN 2020 IT PUT ON 7 EVENTS TO BRING THE COMMUNITY TOGETHER.
DEVELOPMENT- THE 712 IMPROVES ECONOMIC VITALITY IN REDEVELOPMENT AREAS THROUGH INVESTMENTS TO IMPROVE THE VARIETY AND QUALITY HOUSING AND COMMERCIAL STOCK IN COUNCIL BLUFFS. THESE INVESTMENTS ATTRACT NEW PROFESSIONALS AND RESIDENTS TO THE COMMUNITY. 712'S EFFORTS TO ATTRACT NEW PROPERTY INVESTMENTS ARE ACCOMPLISHED THROUGH INTRODUCTION OF NEW DEVELOPERS TO THE COMMUNITY AND THROUGH 712 BUYING, REHABILITATING, AND SELLING HOMES
NEIGHBORHOOD NETWORKING- STRENGTHENING NEIGHBORHOODS CITYWIDE 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 FOR NEIGHBORHOODS TO PUT ON MOVIE NIGHTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sheryl Garst CEO | Officer | 40 | $100,964 |
Mike Alford Board Vice Chair | OfficerTrustee | 3 | $0 |
Kristen Blum Board Chair | OfficerTrustee | 3 | $0 |
Rick Guill Board Treasurer | OfficerTrustee | 1 | $0 |
Matt Johnson Board Secretary | OfficerTrustee | 1 | $0 |
Amy Mcdermott Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $106,246 |
| All other contributions, gifts, grants, and similar amounts not included above | $834,906 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $941,152 |
| Total Program Service Revenue | $509,217 |
| Investment income | $219 |
| 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 | $1,451,387 |
| 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. | $107,219 |
| Compensation of current officers, directors, key employees. | $6,433 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $231,844 |
| Pension plan accruals and contributions | $6,488 |
| Other employee benefits | $1,557 |
| Payroll taxes | $28,967 |
| Fees for services: Management | $17,214 |
| Fees for services: Legal | $35,901 |
| Fees for services: Accounting | $63,819 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,511 |
| Advertising and promotion | $8,943 |
| Office expenses | $30,186 |
| Information technology | $4,429 |
| Royalties | $0 |
| Occupancy | $224,871 |
| Travel | $1,633 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,812 |
| Interest | $49,247 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,950 |
| Insurance | $43,748 |
| All other expenses | $0 |
| Total functional expenses | $1,108,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $905,991 |
| Savings and temporary cash investments | $6,994 |
| Pledges and grants receivable | $89,878 |
| Accounts receivable, net | $386,481 |
| Loans from Officers, Directors, or Controlling Persons | $250,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,894,564 |
| Inventories for sale or use | $602,800 |
| Prepaid expenses and deferred charges | $17,405 |
| Net Land, buildings, and equipment | $3,296,676 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,450,789 |
| Accounts payable and accrued expenses | $281,328 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $13,082 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,330,557 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,624,967 |
| Net assets without donor restrictions | $5,688,982 |
| Net assets with donor restrictions | $136,840 |
| 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 | $7,450,789 |
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 |
Brooklyn, NY PURPOSE: DEVELOPMENT | $250,000 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Pottawattamie County Development Corporation has recieved totaling $405,015.
| Awarding Organization | Amount |
|---|---|
Southwest Iowa Foundation Inc Omaha, NE PURPOSE: Community Improvement | $300,000 |
American Endowment Foundation Hudson, OH PURPOSE: GENERAL OPERATING SUPPORT | $80,000 |
Pottawattamie County Housing Trust Fund Inc Council Bluffs, IA PURPOSE: DOWNPAYMENT ASSISTANCE | $10,000 |
Nebraska Community Foundation Lincoln, NE PURPOSE: GENERAL SUPPORT | $10,000 |
Union Pacific Foundation Omaha, NE PURPOSE: UNIQUE SPACES | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $15 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Watertown Development Company Watertown, SD | $26,777,594 | $1,539,881 |
Destination Medical Center Corporation Rochester, MN | $379,838 | $2,053,572 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |
Northside Economic Opportunity Network Minneapolis, MN | $8,534,205 | $5,326,140 |