Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1985.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
100 cents of each dollar spent went to programs.
Form 990 Part IX, line 25. Every line is in By the numbers.
Who runs it and what they're paid
33 people listed on the 990; $636K paid to officers and key staff.
Compensation history total reportable pay by year · 7 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Carolyn Darrah | $107,968 | $207,003 | $187,098 | $164,963 | $151,086 |
| Katy Susong | $155,425 | — | — | — | — |
| Lisa Skubal | $125,534 | $120,837 | $116,510 | $112,504 | $110,918 |
| James Schaefer | $124,555 | $118,416 | $116,061 | $121,498 | $104,436 |
| Sandi Sommerfelt | $122,245 | $114,418 | — | $82,391 | $78,704 |
| Melissa Reade | — | $121,477 | $116,682 | $114,381 | $111,857 |
| Wesley James | — | — | — | $106,409 | $115,593 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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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 15aYes
Programs and updates
Promotes economic growth and business development in the Waterloo and Cedar Falls region of Iowa to increase local vitality and wealth.
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Economic development activities aimed at promoting the WATERLOO/CEDAR falls, iowa metropolitan area to new and existing businesses.
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Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.1M | $2.0M |
| Land, buildings, equipmentLn 10c | $178K | $173K |
| Total assetsLn 16 | $2.4M | $2.4M |
| LiabilitiesLn 26 | $586K | $649K |
| Net assetsLn 32 | $1.8M | $1.7M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $185K | $185K | ||
| Other salaries and wagesLn 7 | $1.2M | $1.2M | ||
| Pension plan contributionsLn 8 | $55K | $55K | ||
| Other employee benefitsLn 9 | $65K | $65K | ||
| Payroll taxesLn 10 | $105K | $105K | ||
| Legal feesLn 11b | $24K | $24K | ||
| Accounting feesLn 11c | $29K | $29K | ||
| Other fees for servicesLn 11g | $76K | $76K | ||
| Advertising and promotionLn 12 | $15K | $15K | ||
| Office expensesLn 13 | $28K | $28K | ||
| Information technologyLn 14 | $45K | $45K | ||
| OccupancyLn 16 | $46K | $46K | ||
| TravelLn 17 | $16K | $16K | ||
| Conferences, conventions and meetingsLn 19 | $4K | $4K | ||
| Depreciation, depletion and amortizationLn 22 | $12K | $12K | ||
| InsuranceLn 23 | $19K | $19K | ||
| Other expenses (24a–d)Ln 24 | $228K | $228K | ||
| All other expensesLn 24e | $197K | $197K | ||
| Total functional expensesLn 25 | $2.3M | $2.3M | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $2.2M | $2.3M | −$124K | $1.7M | 990 PDF |
| FY2024 | $2.3M | $2.2M | $65K | $1.8M | 990 PDF |
| FY2023 | $2.2M | $1.7M | $494K | $1.8M | 990 PDF |
| FY2022 | $1.8M | $1.6M | $278K | $1.3M | 990 PDF |
| FY2021 | $1.6M | $1.6M | $57K | $1.0M | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (4 parts)
Part VIII · Statement of revenue $2,192,215 across 10 lines filed
Part IX · Statement of functional expenses $2,315,856 across 18 lines filed
Part X · Balance sheet $2,362,888 assets, 13 lines filed
Part XI · Reconciliation of net assets $1,714,120 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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