Albion Economic Development Corporation: Nonprofit Profile, Financials & Form 990 (EIN 32-0108328)

Revenue by fiscal year
FY2021	$100K
FY2022	$157K
FY2023	$403K
FY2024	$1.5M
FY2025	$151K
FY2026	$369K

Expenses by fiscal year
FY2021	$68K
FY2022	$117K
FY2023	$181K
FY2024	$185K
FY2025	$142K
FY2026	$108K

Net assets by fiscal year
FY2021	$547K
FY2022	$588K
FY2023	$809K
FY2024	$2.1M
FY2025	$2.1M
FY2026	$2.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2026. IRS ruling in Dec 2005.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

88 cents of each dollar spent went to programs.

88%

12%

Program services 88% · $95K Management & general 12% · $13K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2025); the FY2026 filing did not itemize Part VII

Michelle Gragert

Director

$0Pt VII · Sec A

Jeffrey C Jarecki

President/Di

$0Pt VII · Sec A

Samantha Kleveland

Director

$0Pt VII · Sec A

Brock Kuester

Director

$0Pt VII · Sec A

Tony Levander

Director

$0Pt VII · Sec A

John Moeller

Director

$0Pt VII · Sec A

Andy Roberts

Vice Preside

$0Pt VII · Sec A

Steven Ruzek

Treasurer

$0Pt VII · Sec A

See Albion Economic Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Lends funds and provides economic aid to promote development in the Albion Trade Area.

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1 program · in their own filed words · FY2025

01

The albion economic development corporation (aedc) is focused on economic and civic development in the albion, ne area. During the fiscal year ended march 31, 2025, it gave a land grant to boone beginnings for the development of a non-profit child care facility.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2023

Bcda INCFY2023$50K

Wesley Mansfield and Irene Mansfield Charitable FoundationFY2023$5K

Total grants receivedfrom 2 funders$55K

Grants paid · 44 grants · $355K · 2020–2025

City of AlbionFY2025$29,475

Ek Holdings LLCFY2025$10,000

Boone County Agricultural Education Center INCNE · FY2025$10,000

Boone Beginnings Early Childhood and Family Development Center INCNE · FY2024$10,000

Boone County Agricultural Education Center INCNE · FY2024$10,000

Individual RecipientFY2023$39,050

Vet Properties LLCFY2023$30,000

Boone Beginnings Early Childhood and Family Development Center INCNE · FY2023$10,000

Boone County Agricultural Education Center INCNE · FY2023$10,000

Unitemized GrantFY2023$5,000

Unitemized GrantFY2023$1,500

Unitemized GrantFY2023$822

Boone Beginnings Early Childhood and Family Development Center INCNE · FY2022$10,000

Boone County Agricultural Education Center INCNE · FY2022$10,000

CarquestFY2021$50,000

Bcda INCNE · FY2021$30,000

Boone Beginnings Early Childhood and Family Development Center INCNE · FY2021$10,000

Boone County Agricultural Education Center INCNE · FY2021$10,000

See all 44 grants →

By the numbers

The FY2026 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$369K

Ln 12

Fees for servicesLn 2g$177K

Gifts and grantsLn 1h$163K

Investment incomeLn 3$30K

Money outPt IX

$108K

Ln 25

Programscol B$95K

Managementcol C$13K

Owns and owesPt X

$2.4M

net assets · Ln 32

Cash and savingsLn 1–2$1.1M

Total assetsLn 16$2.5M

LiabilitiesLn 26$86K

PeoplePt VI, VII

8

listed · VII A

PaidVII A0

Voting boardVI 1a7

IndependentVI 1b7

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$163K

Government grantsLn 1e$142K

Fees for servicesLn 2g$177K

Investment incomeLn 3$30K

Gains on assetsLn 7−$14K

Total revenueLn 12$369K

Assets in detailPt X, end of year

CashLn 1$2K

SavingsLn 2$1.1M

Cash and savings togetherLn 1–2$1.1M

Land, buildings, equipmentLn 10c$195K

Other assetsLn 15$1.2M

Total assetsLn 16$2.5M

LiabilitiesLn 26$86K

Net assetsLn 32$2.4M

OperationsPt I, VI

EmployeesI 50

VolunteersI 61

Fiscal year endsHeaderMarch

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY26	End FY26
Cash and savingsLn 1–2	$1.4M	$1.1M
Land, buildings, equipmentLn 10c	$199K	$195K
Total assetsLn 16	$2.3M	$2.5M
LiabilitiesLn 26	$185K	$86K
Net assetsLn 32	$2.1M	$2.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$52K	$52K
Legal feesLn 11b	$30		$30
Accounting feesLn 11c	$9K	$7K	$2K
Other fees for servicesLn 11g	$3K	$301	$3K
Advertising and promotionLn 12	$864	$864
Office expensesLn 13	$316	$236	$80
OccupancyLn 16	$11K	$8K	$3K
Conferences, conventions and meetingsLn 19	$575	$575
InterestLn 20	$11K	$11K
Depreciation, depletion and amortizationLn 22	$12K	$9K	$3K
InsuranceLn 23	$6K	$5K	$2K
Other expenses (24a–d)Ln 24	$2K	$2K	$622
Total functional expensesLn 25	$108K	$95K	$13K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2026 Latest Viewing	$369K	$108K	$261K	$2.4M	990 PDF
FY2025	$151K	$142K	$9K	$2.1M	990 PDF
FY2024	$1.5M	$185K	$1.3M	$2.1M	990 PDF
FY2023	$403K	$181K	$221K	$809K	990 PDF
FY2022	$157K	$117K	$41K	$588K	990 PDF
FY2021	$100K	$68K	$32K	$547K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2026 990 (6 parts)

Part I · Summary $368,921 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $12,227$162,882

I-9 Program service revenuePrior year $64,203$176,505

I-10 Investment incomePrior year $74,270$29,534

I-11 Other revenue$0

I-12 Total revenuePrior year $150,700$368,921

I-13 Grants and similar amounts paidPrior year $75,989$51,975

I-14 Benefits paid to members$0

I-15 Salaries and benefits$0

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $65,576$56,058

I-18 Total expensesPrior year $141,565$108,033

I-19 Revenue less expensesPrior year $9,135$260,888

Part VI · Governance 7 of 7 board members independent, 4 to look at

VI-1a Voting members of the governing body7

VI-1b Independent voting members7

VI-12a Written conflict of interest policyNo

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

Part VIII · Statement of revenue $368,921 across 8 lines filed

VIII-1b Membership dues$3,200

VIII-1e Government grants$142,440

VIII-1f All other contributions, gifts and grants$17,242

VIII-1h Total contributions, gifts and grants$162,882

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $176,505$176,505

VIII-3 Investment incomeExcluded from tax $43,447$43,447

VIII-7 Net gain or loss on sales of assetsRelated to mission −$13,913−$13,913

VIII-12 Total revenueRelated to mission $162,592 · Excluded from tax $43,447$368,921

Part IX · Statement of functional expenses $108,033 across 12 lines filed

IX-1 Grants to domestic organizationsPrograms $51,975$51,975

IX-11b Legal feesManagement $30$30

IX-11c Accounting feesPrograms $6,577 · Management $2,193$8,770

IX-11g Other fees for servicesPrograms $301 · Management $3,015$3,316

IX-12 Advertising and promotionPrograms $864$864

IX-13 Office expensesPrograms $236 · Management $80$316

IX-16 OccupancyPrograms $8,079 · Management $2,695$10,774

IX-19 Conferences, conventions and meetingsPrograms $575$575

IX-20 InterestPrograms $10,888$10,888

IX-22 Depreciation, depletion and amortizationPrograms $8,857 · Management $2,953$11,810

IX-23 InsurancePrograms $4,723 · Management $1,575$6,298

IX-24 Other expenses (24a–d)Programs $1,795 · Management $622$2,417

IX-25 Total functional expensesPrograms $94,870 · Management $13,163 · Fundraising $0$108,033

Part X · Balance sheet $2,482,030 assets, 9 lines filed

Asset lines not itemized here account for $25,219; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $29,744$2,357

X-2 Savings and temporary cash investmentsStart of year $1,368,917$1,074,409

X-10c Land, buildings and equipment, netStart of year $199,088$194,551

X-15 Other assetsStart of year $669,126$1,185,494

X-16 Total assetsStart of year $2,317,314$2,482,030

X-25 Other liabilitiesStart of year $184,746$86,162

X-26 Total liabilitiesStart of year $184,746$86,162

X-32 Total net assets or fund balancesStart of year $2,132,568$2,395,868

X-33 Total liabilities and net assetsStart of year $2,317,314$2,482,030

Part XI · Reconciliation of net assets $2,395,868 net assets at year end

XI-1 Total revenue$368,921

XI-2 Total expenses$108,033

XI-3 Revenue less expenses$260,888

XI-4 Net assets at start of year$2,132,568

XI-9 Other changes in net assets$2,412

XI-10 Net assets at end of year$2,395,868

Form 990 e-file (XML) FY2026 from the IRS · Classification, formation year and address from the IRS Business Master File

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Albion Economic Development Corporation

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Albion Economic Development Corporation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV