Buchanan County Fair Association FY2021 filing

Not tax-deductible

Independence, IA501(c)(5)Mutual / membership EIN 42-0158722Revenue $696K in FY2021Latest return filed Aug 11, 2026

On file with the IRSbuchanancountyfair.orgPo Box 258, 50644-0258 · Independence, IATax-exempt since Oct 1940

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Provide entertainment to northeast iowa

501(c)(5) labor or agricultural organization; gifts are not tax-deductible as charitable contributions.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(5)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $37K a year · 7% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
<1 mo
of spending, in cash
Concern: 0.3 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$696K
+281% vs prior year
Spent
$689K
To programs
0%
Net assets
$668K
By yearFY2020–FY2025
Revenue
$696K
FY2021▲ +281%
Tap a bar for its year
Revenue by fiscal year
FY2020$183K
FY2021$696K
FY2023$746K
FY2024$615K
FY2025$625K
Expenses
$689K
FY2021▲ +276%
Tap a bar for its year
Expenses by fiscal year
FY2020$183K
FY2021$689K
FY2023$751K
FY2024$789K
FY2025$639K
Net assets
$668K
FY2021▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2020$661K
FY2021$668K
FY2023$713K
FY2024$539K
FY2025$525K

From the FY2021 Form 990 (year ending September 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1940.

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

Who runs it and what they're paid

16 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Secretary
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Buchanan County Fair Association executive salaries →

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

Brings entertainment to Northeast Iowa residents.

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1 program · in their own filed words · FY2020
01

The buchanan county fair association conducts an annual fair and runs the independence motor speedway for the residents of buchanan county and northeast iowa.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$696K
Ln 12
Fees for servicesLn 2g$567K
Gifts and grantsLn 1h$125K
Investment incomeLn 3$5K
Money outPt IX
$689K
Ln 25
Owns and owesPt X
$668K
net assets · Ln 32
Cash and savingsLn 1–2$17K
Total assetsLn 16$671K
LiabilitiesLn 26$3K
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$125K
Government grantsLn 1e$20K
Fees for servicesLn 2g$567K
Investment incomeLn 3$5K
Gains on assetsLn 7$4K
Total revenueLn 12$696K
Assets in detailPt X, end of year
CashLn 1$15K
SavingsLn 2$2K
Cash and savings togetherLn 1–2$17K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$654K
Other assetsLn 15$0
Total assetsLn 16$671K
LiabilitiesLn 26$3K
Net assetsLn 32$668K
OperationsPt I, VI
EmployeesI 55
VolunteersI 625
Fiscal year endsHeaderSeptember
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
LineStart FY21End FY21
Cash and savingsLn 1–2$56K$17K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$650K$654K
Total assetsLn 16$706K$671K
LiabilitiesLn 26$45K$3K
Net assetsLn 32$661K$668K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$44K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$7K
Management feesLn 11a$0
Legal feesLn 11b$3K
Accounting feesLn 11c$1K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$20
Advertising and promotionLn 12$999
Office expensesLn 13$1K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$38K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$2K
InterestLn 20$193
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$21K
InsuranceLn 23$10K
Other expenses (24a–d)Ln 24$537K
All other expensesLn 24e$21K
Total functional expensesLn 25$689K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Aug 11, 2026 $625K$639K−$14K$525K 990 PDF
FY2024Filed with the IRS Mar 25, 2025 $615K$789K−$174K$539K 990 PDF
FY2023Filed with the IRS Feb 12, 2024 $746K$751K−$6K$713K 990 PDF
FY2022 Not on file
FY2021 ViewingFiled with the IRS Feb 2, 2022 $696K$689K$7K$668K 990 PDF
FY2020Filed with the IRS Feb 11, 2021 $183K$183K−$523$661K 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $696,447 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $25,235$124,643
I-9 Program service revenuePrior year $157,649$567,263
I-10 Investment incomePrior year $19$4,541
I-11 Other revenue$0
I-12 Total revenuePrior year $182,903$696,447
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $43,274$51,593
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $140,152$637,541
I-18 Total expensesPrior year $183,426$689,134
I-19 Revenue less expensesPrior year −$523$7,313
Part VI · Governance 16 of 16 board members independent, 4 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
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 $696,447 across 11 lines filed
Lines not itemized here account for $43,268 of total revenue; see the IRS return.
VIII-1d Related organizations$85,103
VIII-1e Government grants$20,000
VIII-1f All other contributions, gifts and grants$19,540
VIII-1h Total contributions, gifts and grants$124,643
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $523,995$523,995
VIII-3 Investment incomeRelated to mission $41$41
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $4,500$4,500
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $571,804$696,447
Part IX · Statement of functional expenses $689,134 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$44,290
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$7,303
IX-11a Management fees$0
IX-11b Legal fees$3,400
IX-11c Accounting fees$1,420
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-12 Advertising and promotion$999
IX-13 Office expenses$1,374
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$38,200
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$1,548
IX-20 Interest$193
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$21,322
IX-23 Insurance$10,414
IX-24 Other expenses (24a–d)$537,224
IX-24e All other expenses$21,427
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$689,134
Part X · Balance sheet $671,195 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $53,934$15,098
X-2 Savings and temporary cash investmentsStart of year $2,218$2,218
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, netStart of year $649,700$653,879
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $705,852$671,195
X-17 Accounts payable and accrued expensesStart of year $12,185$3,370
X-25 Other liabilities$1
X-26 Total liabilitiesStart of year $45,341$3,371
X-32 Total net assets or fund balancesStart of year $660,511$667,824
X-33 Total liabilities and net assetsStart of year $705,852$671,195
Part XI · Reconciliation of net assets $667,824 net assets at year end
XI-1 Total revenue$696,447
XI-2 Total expenses$689,134
XI-3 Revenue less expenses$7,313
XI-4 Net assets at start of year$660,511
XI-10 Net assets at end of year$667,824

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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