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
Who runs it and what they're paid
43 people listed on the 990; $673K 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 FY2021 990, line by line.
Download 990
| Line | Start FY21 | End FY21 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.1M | $1.4M |
| Land, buildings, equipmentLn 10c | $364K | $329K |
| Total assetsLn 16 | $2.0M | $2.0M |
| LiabilitiesLn 26 | $1.1M | $933K |
| Net assetsLn 32 | $968K | $1.0M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $263K | |||
| Other salaries and wagesLn 7 | $783K | |||
| Pension plan contributionsLn 8 | $35K | |||
| Other employee benefitsLn 9 | $63K | |||
| Payroll taxesLn 10 | $79K | |||
| Legal feesLn 11b | $2K | |||
| Accounting feesLn 11c | $32K | |||
| Advertising and promotionLn 12 | $6K | |||
| Office expensesLn 13 | $27K | |||
| Information technologyLn 14 | $17K | |||
| OccupancyLn 16 | $42K | |||
| TravelLn 17 | $5K | |||
| Conferences, conventions and meetingsLn 19 | $92 | |||
| InterestLn 20 | $16K | |||
| Depreciation, depletion and amortizationLn 22 | $35K | |||
| InsuranceLn 23 | $19K | |||
| Other expenses (24a–d)Ln 24 | $104K | |||
| All other expensesLn 24e | $49K | |||
| Total functional expensesLn 25 | $1.6M | $0 | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $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 Viewing | $1.6M | $1.6M | $57K | $1.0M | 990 PDF |
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Schedules filed Part IV
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $1,633,059 across 8 lines filed
Part IX · Statement of functional expenses $1,576,271 across 18 lines filed
Part X · Balance sheet $1,957,293 assets, 14 lines filed
Part XI · Reconciliation of net assets $1,024,752 net assets at year end
Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File
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