Prospect Meadows Inc
- Assets
- $13.9m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 44
- Location
- Marion, IA
- Founding
- 08/2011
- Data as of
- 12/2022
- EIN
- 45-1186453
Organization Overview
Prospect Meadows Inc is located in Marion, IA. The organization was established in 2011. According to its NTEE Classification (N32) the organization is classified as: Parks & Playgrounds, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Prospect Meadows Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prospect Meadows Inc 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 12/2022, Prospect Meadows Inc generated $4.1m in total revenue. All expenses for the organization totaled $2.5m during the year ending 12/2022. While expenses have increased by 64.0% per year over the past 5 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 PROVIDE ATTRACTIVE, LOCAL AND PROFESSIONAL OUTDOOR BASEBALL AND SOFTBALL FACILITIES AND PROGRAMS THROUGH 9 FIELDS ON ONE CAMPUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS FORMED IN THE STATE OF IOWA IN 2011, AS A NONPROFIT CORPORATION, TO RAISE CAPITAL AND CONSTRUCT A PROFESSIONAL OUTDOOR BASEBALL/SOFTBALL COMPLEX ON LAND LEASED FROM LINN COUNTY, IOWA. THIS FACILITY ALLOWS YOUNG PEOPLE IN THE AREA AND THROUGHOUT THE UNITED STATES TO DEVELOP ATHLETIC AND SOCIAL SKILLS IN A FAN FRIENDLY ENVIRONMENT. IT ALSO PROVIDES AN AVENUE FOR PLAYERS TO BE SHOWCASED AND RECRUITED BY COLLEGES AND PROFESSIONAL TEAMS. ONE FIELD IS A MIRACLE FIELD FOR DISABLED YOUTH. THE ORGANIZATION WILL ALSO HAVE AN AT-RISK PROGRAM FOR LOCAL YOUTHS. CONSTRUCTION HAS BEEN COMPLETED AND THE ORGANIZATION BEGAN OPERATIONS IN MAY 2019. THE ORGANIZATION IS FUNDED THROUGH DONATIONS, HOSTING BASEBALL AND SOFTBALL EVENTS, LEASING OUT THE COMPLEX, ADVERTISING, CONCESSIONS AND SOUVENIR SALES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Brandt Board Member | Trustee | 1 | $0 |
Rick Freese Secretary | OfficerTrustee | 1 | $0 |
Dan Strellner Board Member | Trustee | 1 | $0 |
Tim Strellner Chairman | OfficerTrustee | 1 | $0 |
Troy Mcquillen Vice Chairman | OfficerTrustee | 1 | $0 |
Jim Van Scoyoc Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,662,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $302,168 |
| Noncash contributions included in lines 1a–1f | $31,155 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,964,568 |
| Total Program Service Revenue | $1,091,240 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,760 |
| 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 | $4,061,568 |
| 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. | $75,000 |
| Compensation of current officers, directors, key employees. | $26,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $258,316 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,549 |
| Payroll taxes | $24,799 |
| Fees for services: Management | $36,886 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $36,271 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,415 |
| Advertising and promotion | $0 |
| Office expenses | $13,980 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $440,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $900,863 |
| Insurance | $64,023 |
| All other expenses | $142,509 |
| Total functional expenses | $2,506,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,248,737 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $144,222 |
| Accounts receivable, net | $53,899 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,808 |
| Prepaid expenses and deferred charges | $18,449 |
| Net Land, buildings, and equipment | $12,436,597 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,904,712 |
| Accounts payable and accrued expenses | $54,134 |
| Grants payable | $0 |
| Deferred revenue | $25,882 |
| 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 | $6,059,963 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,381 |
| Total liabilities | $6,158,360 |
| Net assets without donor restrictions | $7,615,923 |
| Net assets with donor restrictions | $130,429 |
| 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 | $13,904,712 |