Iowa Lakes Corridor Development Corporation
- Assets
- $2.7m
- Revenue
- $291.5k
- Investments
- $0.0
- Employees
- 7
- Location
- Spencer, IA
- Founding
- 09/1999
- Data as of
- 12/2021
- EIN
- 42-1484176
Organization Overview
Iowa Lakes Corridor Development Corporation is located in Spencer, IA. The organization was established in 1999. 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. As of 12/2021, Iowa Lakes Corridor Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Lakes Corridor Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Iowa Lakes Corridor Development Corporation generated $291.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $315.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.3%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER, ENCOURAGE, AID OR OTHERWISE ASSIST IN THE ECONOMIC GROWTH AND DEVELOPMENT OF THE FOUR-COUNTY REGION OF BUENA VISTA, CLAY, DICKINSON AND EMMET COUNTIES IN IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORKFORCE - ASSURING EMPLOYERS HAVE ACCESS TO AN ADEQUATE AND WELL-TRAINED WORKFORCE, WITH AN EMPHASIS ON WORKER ATTRACTION/RETENTION, WORKER TRAINING/NEW SKILLS, CAREER EDUCATION, AND ADEQUATE FUNDING.
HOUSING/INFRASTRUCTURE - PROVIDING AN INFRASTRUCTURE CONDUCIVE TO BUSINESS DEVELOPMENT, WITH AN EMPHASIS ON HOUSING, TRANSPORTATION COMMUNICATIONS, AND VOLUNTEER/LEADER DEVELOPMENT.
BUSINESS DEVELOPMENT - CREATE AN ENVIRONMENT FOR BUSINESS DEVELOPMENT AND JOB GROWTH BY EMPHASIZING EXISTING AND HIGH VALUE BUSINESS, COMMUNICATIONS, ISSUE ACTION, AND MARKETING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon Landauer President | Officer | 40 | $70,976 |
Doug Benjamin Treasurer | OfficerTrustee | 0.34 | $0 |
Brad Beck Vice Chair | OfficerTrustee | 0.34 | $0 |
Deb Satern Chair | OfficerTrustee | 0.34 | $0 |
Keith Deitering Board Member | Trustee | 0.34 | $0 |
Tim Fairchild Board Member | Trustee | 0.34 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $75,900 |
| All other contributions, gifts, grants, and similar amounts not included above | $188,651 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $264,551 |
| Total Program Service Revenue | $0 |
| Investment income | $1,805 |
| 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 | $291,496 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,740 |
| 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. | $70,976 |
| Compensation of current officers, directors, key employees. | $17,744 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $87,055 |
| Pension plan accruals and contributions | $13,803 |
| Other employee benefits | $0 |
| Payroll taxes | $12,181 |
| 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 | $908 |
| Fees for services: Other | $24,392 |
| Advertising and promotion | $16,555 |
| Office expenses | $12,368 |
| Information technology | $6,376 |
| Royalties | $0 |
| Occupancy | $16,649 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,049 |
| Interest | $135 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,328 |
| Insurance | $2,551 |
| All other expenses | $816 |
| Total functional expenses | $315,123 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $552,913 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,399,954 |
| Accounts receivable, net | $13,229 |
| 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 | $13,506 |
| Net Land, buildings, and equipment | $12,058 |
| Investments—publicly traded securities | $31,172 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $706,497 |
| Total assets | $2,729,329 |
| Accounts payable and accrued expenses | $179,829 |
| 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 | $536,075 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $253,693 |
| Total liabilities | $969,597 |
| Net assets without donor restrictions | $401,758 |
| Net assets with donor restrictions | $1,357,974 |
| 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 | $2,729,329 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Iowa Lakes Corridor Development Corporation has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
Bedell World Citizenship Fund Spirit Lake, IA PURPOSE: IOWA LAKES CORRIDOR INITIATIVE | $1,500 |
Bedell World Citizenship Fund Spirit Lake, IA PURPOSE: IOWA LAKES CORRIDOR INITIATIVE | $1,500 |
Endowment Analysis
| Beg. Balance | $30,097 |
| Earnings | $1,229 |
| Admin Expense | $154 |
| Ending Balance | $31,172 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Statewide Energy Efficiency Andrenewables Administration Inc Madison, WI | $63,794,129 | $99,926,553 |
Information Systems Audit And Control Association Inc Schaumburg, IL | $168,414,298 | $101,751,321 |
International Code Council Inc Country Club Hills, IL | $173,275,221 | $89,069,791 |
American Property Casualty Insurance Association Chicago, IL | $156,045,230 | $59,541,606 |
Healthcare Information And Management Systems Society Chicago, IL | $52,722,997 | $65,054,367 |
Inter-Industry Conference On Auto Collision Repairs Hoffman Estates, IL | $98,841,828 | $60,778,547 |
Iowa Soybean Association Ankeny, IA | $41,040,308 | $49,594,198 |
Society Of Actuaries Professional Association Schaumburg, IL | $48,907,069 | $54,354,624 |
North Central States Regional Council Of Carpenters St Paul, MN | $80,577,529 | $40,138,567 |
Association Of Equipment Manufacturers Milwaukee, WI | $65,690,987 | $35,929,615 |
Ipc International Inc Bannockburn, IL | $35,069,140 | $30,776,508 |
Apics Inc Chicago, IL | $42,029,595 | $30,789,675 |