Schmitt Island Development Corporation
- Assets
- $949.3k
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Dubuque, IA
- Founding
- Data as of
- 12/2023
- EIN
- 92-0629253
Organization Overview
Schmitt Island Development Corporation is located in Dubuque, IA. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schmitt Island Development 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 12/2023, Schmitt Island Development Corporation generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 52.8% each year . All expenses for the organization totaled $1.3m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MANAGING THE ICE ARENA AND SCHMITT ISLAND ASSETS BENEFITS THE COMMUNITY BY PROVIDING CONSISTENT AND EXPANDED RECREATIONAL OPPORTUNITIES FOR THE COMMUNITY. IN ADDITION, THIS ORGANIZATION LESSENS THE BURDEN OF THE GOVERNMENT'S TIME AND RESOURCES TO MANAGE THE FACILITIES AND ITS PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION AND CONTRACTED ENTITIES OR INDIVIDUALS MANAGE THE ICE ARENA LOCATED ON CHAPLAIN SCHMITT ISLAND IN DUBUQUE, IOWA. THIS ACTIVITY IS FUNDED THROUGH MANAGEMENT FEES PAID BY THE CITY, CONTRIBUTIONS FROM THE GENERAL PUBLIC, AND PROGRAM SERVICE FEES. NINETY-NINE PERCENT OF THE ORGANIZATIONS TIME IS ALLOCATED TO THIS ACTIVITY. NINETY-FIVE PERCENT OF OVERALL EXPENSES ARE INITIALLY ALLOCATED TO THIS ACTIVITY.MANAGEMENT OF THESE FACILITIES BENEFITS THE COMMUNITY BY PROVIDING CONSISTENT AND EXPANDED RECREATIONAL OPPORTUNITIES FOR THE COMMUNITY AND BY LESSENING THE BURDEN OF GOVERNMENT. THE CITY OF DUBUQUE WOULD OTHERWISE SPEND SIGNIFICANT TIME AND RESOURCES TO MANAGE THE FACILITIES AND ITS PROGRAMS.OTHER ACTIVITIES WILL BE CONDUCTED IN THE SAME FASHION AS ABOVE AS ADDITIONAL ASSETS AND VENUES ARE DEVELOPED ON SCHMITT ISLAND. SUCH ACTIVITIES, ASSETS, AND/OR VENUES MAY INCLUDE A WATER SPORTS FACILITY, TRAILS, AND RV PARK.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Buhr President/chair | OfficerTrustee | 2 | $0 |
Sara Hanten Vice President | OfficerTrustee | 0.5 | $0 |
Kurt Strand Secretary | OfficerTrustee | 1 | $0 |
Jason White Treasurer | OfficerTrustee | 1 | $0 |
Brian Kuhle Director | Trustee | 0.5 | $0 |
Cayla Schneider Director | Trustee | 0.5 | $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 | $722,230 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $722,230 |
| Total Program Service Revenue | $487,279 |
| Investment income | $11,439 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,533 |
| 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 | $389,597 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,626,078 |
| 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 | $100,000 |
| Fees for services: Legal | $14,897 |
| 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 | $481,127 |
| Advertising and promotion | $16,897 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $270,320 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,060 |
| Insurance | $10,055 |
| All other expenses | $33,507 |
| Total functional expenses | $1,288,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $368,059 |
| Savings and temporary cash investments | $168,460 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,517 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $24,500 |
| Prepaid expenses and deferred charges | $12,803 |
| Net Land, buildings, and equipment | $328,645 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,300 |
| Total assets | $949,284 |
| Accounts payable and accrued expenses | $167,905 |
| Grants payable | $0 |
| Deferred revenue | $87,333 |
| 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 | $0 |
| Total liabilities | $255,238 |
| Net assets without donor restrictions | $694,046 |
| 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 | $949,284 |