Iowa Lakes Corridor Development Corporation
- Assets
- $1.6m
- Revenue
- $508.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Spencer, IA
- Founding
- 09/1999
- Data as of
- 12/2022
- 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 12/2022, Iowa Lakes Corridor Development Corporation employed 4 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 12/2022, Iowa Lakes Corridor Development Corporation generated $508.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $723.7k during the year ending 12/2022. While expenses have increased by 0.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon Landauer President | Officer | 40 | $87,500 |
Brad Beck Chair-2023 | OfficerTrustee | 0.34 | $0 |
Doug Benjamin Chair-2022 | OfficerTrustee | 0.34 | $0 |
Scott Berglund Board Member | Trustee | 0.34 | $0 |
Walter Debock Board Member | Trustee | 0.34 | $0 |
Keith Deitering 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 | $136,096 |
| All other contributions, gifts, grants, and similar amounts not included above | $366,045 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $502,141 |
| Total Program Service Revenue | $0 |
| Investment income | -$2,577 |
| 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 | $508,613 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,500 |
| 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. | $87,500 |
| Compensation of current officers, directors, key employees. | $21,875 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $226,871 |
| Pension plan accruals and contributions | $32,572 |
| Other employee benefits | $0 |
| Payroll taxes | $23,919 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,296 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,882 |
| Advertising and promotion | $53,187 |
| Office expenses | $8,659 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,805 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,436 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,141 |
| Insurance | $11,743 |
| All other expenses | $18,765 |
| Total functional expenses | $723,711 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $520,389 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $995,039 |
| Accounts receivable, net | $39,850 |
| 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 | $8,920 |
| Investments—publicly traded securities | $25,790 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,589,988 |
| Accounts payable and accrued expenses | $6,157 |
| 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 | $39,197 |
| Total liabilities | $45,354 |
| Net assets without donor restrictions | $588,792 |
| Net assets with donor restrictions | $955,842 |
| 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 | $1,589,988 |