Iec Hotel Corporation
- Assets
- $103.5m
- Revenue
- $16.5m
- Investments
- $0.0
- Employees
- 0
- Location
- West Des Moines, IA
- Founding
- 11/2015
- Data as of
- 12/2021
- EIN
- 47-4344802
Organization Overview
Iec Hotel Corporation is located in West Des Moines, IA. The organization was established in 2015. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iec Hotel Corporation 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 12/2021, Iec Hotel Corporation generated $16.5m in total revenue. All expenses for the organization totaled $18.3m during the year ending 12/2021. While expenses have increased by 163.2% 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
ACQUISITION AND OPERATION OF A CONVENTION CENTER HOTEL FOR THE BENEFIT OF POLK COUNTY, IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION MANAGED THE CONSTRUCTION AND ACQUISITION OF A CONVENTION CENTER HOTEL ADJACENT TO THE IOWA EVENTS CENTER IN DES MOINES, IOWA. THE ORGANIZATION HAS MANAGED THE OPERATIONS OF THE HOTEL SINCE IT OPENED IN MARCH 2018.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerard D Neugent President | OfficerTrustee | 5 | $0 |
Adam Kaduce Treasurer | OfficerTrustee | 2.5 | $0 |
Grant Friesth Secretary | OfficerTrustee | 2.5 | $0 |
Michael Galloway Vice President | OfficerTrustee | 2.5 | $0 |
Allen Mckinley Director | Trustee | 2.5 | $0 |
Annette Renaud Director | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Genesis Development Laundry Services | 12/30/21 | $389,906 |
Sysco Iowa Inc Food Supplies | 12/30/21 | $236,039 |
Towne Park Llc Parking Services | 12/30/21 | $235,225 |
Midamerican Energy Services Llc Utilities | 12/30/21 | $370,444 |
Chm Warnick Asset Mangement | 12/30/21 | $182,663 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $200,000 |
| Government grants | $3,392,955 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,592,955 |
| Total Program Service Revenue | $12,936,641 |
| Investment income | $2,332 |
| 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 | $16,531,928 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,118,002 |
| Fees for services: Legal | $7,287 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,175 |
| Advertising and promotion | $1,413,212 |
| Office expenses | $0 |
| Information technology | $323,417 |
| Royalties | $0 |
| Occupancy | $1,740,336 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,679,434 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,693,176 |
| Insurance | $133,427 |
| All other expenses | $0 |
| Total functional expenses | $18,297,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,269,774 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $660,051 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $32,101 |
| Prepaid expenses and deferred charges | $282,788 |
| Net Land, buildings, and equipment | $91,284,481 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $103,529,195 |
| Accounts payable and accrued expenses | $3,360,566 |
| Grants payable | $0 |
| Deferred revenue | $460,008 |
| Tax-exempt bond liabilities | $83,908,493 |
| 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 | $16,424,169 |
| Total liabilities | $104,153,236 |
| Net assets without donor restrictions | -$9,111,378 |
| Net assets with donor restrictions | $8,487,337 |
| 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 | $103,529,195 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Reinvestment Fund Inc Minneapolis, MN | $272,393,749 | $53,118,127 |
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 |