Lester Development Corporation
- Assets
- $681.4k
- Revenue
- $542.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Lester, IA
- Founding
- Data as of
- 12/2023
- EIN
- 88-2056384
Organization Overview
Lester Development Corporation is located in Lester, IA. According to its NTEE Classification (S30) the organization is classified as: 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. Lester 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE LESTER DEVELOPMENT CORPORATION SEEKS TO BE A DRIVER IN THE FUTURE GROWTH AND DEVELOPMENT OF THE VILLAGE OF LESTER BY PARTNERING WITH LOCALGOVERNMENT, DEVELOPMENT FOUNDATIONS, BUSINESSES, AND RESIDENTS. THE CORPORATION AIMS TO PROVIDE AVAILABLE HOUSING FOR INDIVIDUALS ANDFAMILIES INTERESTED IN MOVING TO LESTER AS WELL AS OPPORTUNITIES FOR BUSINESSES THAT ARE EITHER MOVING TO TOWN OR LOOKING TO EXPAND ON THEIRCURRENT OPERATION. THE CORPORATION WILL BE ACTIVE IN PURCHASING AND DEVELOPING RESIDENTIAL AND COMMERCIAL PROPERTIES AS THEY COME AVAILABLE TOALLOW FOR CONTINUED GROWTH THROUGHOUT THE CITY. BY FORMING THIS CORPORATION, WE WILL ALSO TAKE A BURDEN OFF THE LOCAL GOVERNMENT BY HANDLING THEPLANNING AND EXECUTION FOR EXPANSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE AND DEVELOPMENT OF LAND FOR RESIDENTIAL HOUSING WITH AFFORDABLE LOTS MADE AVAILABLE FOR PURCHASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Gerber President | OfficerTrustee | 2 | $0 |
Daniel Moser Vice President | OfficerTrustee | 1 | $0 |
Sue Fluit Treasurer | OfficerTrustee | 1 | $0 |
Josh Metzger Secretary | OfficerTrustee | 1 | $0 |
Darin Knobloch Director | Trustee | 1 | $0 |
Kristi Ageson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $375,502 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $375,502 |
| Total Program Service Revenue | $167,191 |
| Investment income | $0 |
| 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 | $542,693 |
| 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 | $0 |
| Fees for services: Legal | $4,280 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $4,336 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,005 |
| All other expenses | $0 |
| Total functional expenses | $207,166 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,365 |
| 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 | $639,066 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $681,431 |
| Accounts payable and accrued expenses | $0 |
| 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 | $314,100 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1 |
| Total liabilities | $314,101 |
| Net assets without donor restrictions | $367,330 |
| 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 | $681,431 |