Newton Development Corporation
- Assets
- $663.7k
- Revenue
- $277.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Newton, IA
- Founding
- 02/1964
- Data as of
- 12/2021
- EIN
- 42-6076592
Organization Overview
Newton Development Corporation is located in Newton, IA. The organization was established in 1964. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Newton Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newton 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, Newton Development Corporation generated $277.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $201.0k during the year ending 12/2021. While expenses have increased by 3.2% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ENCOURAGE, ASSIST, ESTABLISH, MAINTAIN, DEVELOP BUSINESS PROJECTS AND INDUSTRY IN THE NEWTON AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, NDC PRIVATELY RAISED $91,400 FROM INVESTORS. NDC ALSO RECEIVED FUNDING OF $88,000 THROUGH THE CITY OF NEWTON VIA THE HOTEL/ MOTEL TAX. NDC WAS INSTRUMENTAL IN THE PASSAGE OF THIS TAX IN 2005. THE NDC USES THE MONIES RECEIVED FROM INVESTORS AND THE CITY OF NEWTON TO HELP PROMOTE THE GROWTH AND SUSTAINABILITY OF THE NEWTON ECONOMY, IN TURN, CREATING A HEALTHY AND WONDERFUL COMMUNITY FOR THE PEOPLE TO RAISE FAMILIES AND FOR PEOPLE TO VISIT. IN 2006, DURING THE DEPARTURE OF MAYTAG, A COMMUNITY VISION WAS CREATED AND GOALS FOR ECONOMIC DEVELOPMENT WERE CREATED AND CENTERED BY THE GUIDANCE OF THE COMMUNITY VISION STATEMENT. THE FUNDING RECEIVED BY NDC ALLOWS FOR MANY OPPORTUNITIES. ONE OF THE OPPORTUNITIES IS FOR NDC TO BE PART OF THE IOWA CONNECTIONS GROUP -A5
THE INTERMEDIARY REVOLVING LOAN PROGRAM (IRP) THAT NDC ESTABLISHED WITH THE USDA IS AVAILABLE FOR BUSINESSES THAT NEED GAP FUNDING. THE GOAL OF THE NDC IRP FUND IS TO IMPROVE THE ECONOMIC WELL BEING OF THE NEWTON, IOWA AREA THROUGH SOUND ECONOMIC DEVELOPMENT STRATEGIES AND PRACTICES TO INCLUDE: INCREASED NEW BUSINESS START-UP, EXPANSION AND RETENTION ACTIVITES, INCREASED DIVERSIFICATION OF THE ECONOMIC BASE AND DEVELOPMENT OF EXPORTING AND MINORITY OPPORTUNITIES, SUSTAINED/ INCREASED EMPLOYMENT OPPORTUNITIES, INCREASED CAPITAL INVESTMENT, AND PROPERTY AND SALES TAX REVENUE. THE NDC IRP COMMITTEE REVIEWS LOAN APPLICATIONS FOR COMPLIANCE WITH THE ORGANIZATION'S IRP PLAN AND MAKES THE DECISION AS TO IRP PARTICIPATION IN A PROJECT. THE NDC IRP COMMITTEE IS ALSO RESPONSIBLE FOR LOAN SERVICING ISSUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Liebl Executive Director | Officer | 40 | $85,000 |
Tanya Michener Associate Director | OfficerTrustee | 40 | $57,500 |
Rob Kahn Vice-Chair | OfficerTrustee | 1 | $0 |
Ld Palmer Treasurer | OfficerTrustee | 1 | $0 |
Adam Otto Chair | OfficerTrustee | 1 | $0 |
Dan Skokan Director/emeritus | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $88,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $116,500 |
| Total Program Service Revenue | $94,484 |
| Investment income | $710 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,979 |
| Net Gain/Loss on Asset Sales | $63,660 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $277,333 |
| 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. | $142,000 |
| Compensation of current officers, directors, key employees. | $14,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,479 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,374 |
| Fees for services: Accounting | $3,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,861 |
| Office expenses | $8,010 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,315 |
| Travel | $314 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,832 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,257 |
| Insurance | $4,692 |
| All other expenses | $0 |
| Total functional expenses | $200,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $523,852 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $139,805 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $663,657 |
| Accounts payable and accrued expenses | $7,419 |
| 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 | $3,845 |
| Other liabilities | $0 |
| Total liabilities | $11,264 |
| Net assets without donor restrictions | $652,393 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $663,657 |
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