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Grow Cedar Valley FY2023 filing

Not tax-deductible

Waterloo, IA501(c)(6)EIN 42-1241941Revenue $2.2M in FY2023

On file with the IRSgrowcedarvalley.com360 Westfield Avenue, 50701-1312 · Waterloo, IATax-exempt since Dec 1985

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Working to increase the economic vitality and wealth in the waterloo/Cedar falls area and surrounding economic region.

100¢ of each $1 spent went to programs.
$536K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
4 of 5
filings with a surplus
Average surplus $154K a year · 8% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$536K
to officers and key staff · 32% of spending
Concern: pay to officers and key staff is 32% of spending; over 30%.
Pt VII · Sec A
Cash reserves
15 mo
of spending, in cash
Looks good: 14.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $38K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$604K
25% of total assets
Looks good: liabilities are 25% of assets; 50% or less.
Pt X · Ln 26
Independent board members
37
of 37 voting members
Looks good: 37 of 37 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.2M
+17% vs prior year
Spent
$1.7M
To programs
100%
Net assets
$1.8M
By yearFY2021–FY2025
Revenue
$2.2M
FY2023▲ +17%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.6M
FY2022$1.8M
FY2023$2.2M
FY2024$2.3M
FY2025$2.2M
Expenses
$1.7M
FY2023▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.6M
FY2022$1.6M
FY2023$1.7M
FY2024$2.2M
FY2025$2.3M
Net assets
$1.8M
FY2023▲ +36%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.0M
FY2022$1.3M
FY2023$1.8M
FY2024$1.8M
FY2025$1.7M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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 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.

Program services 100% · $1.7M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

40 people listed on the 990; $536K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Carolyn Darrah
Secretary /
$187,098Pt VII · Sec A
Melissa Reade
Leader Valle
$116,682Pt VII · Sec A
Lisa Skubal
VP of Econom
$116,510Pt VII · Sec A
James Schaefer
Dir. of Inve
$116,061Pt VII · Sec A
Rebecca Guinn
Past Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
David Adams
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
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.

Questions for Grow Cedar Valley

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Provided by the organization

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1 program · in their own filed words · FY2022
01

Economic development activities aimed at promoting the WATERLOO/CEDAR falls, iowa metropolitan area to new and existing businesses.

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 · funders on record
Grants received · FY2024
Veridian Credit UnionFY2024$38K
Total grants receivedfrom 1 funder$38K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.2M
Ln 12
Gifts and grantsLn 1h$1.3M
Fees for servicesLn 2g$430K
Investment incomeLn 3$225K
Money outPt IX
$1.7M
Ln 25
Programscol B$1.7M
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$2.0M
Total assetsLn 16$2.4M
LiabilitiesLn 26$604K
PeoplePt VI, VII
40
listed · VII A
PaidVII A4
Voting boardVI 1a37
IndependentVI 1b37
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.3M
Government grantsLn 1e$67K
Fundraising eventsLn 1c$43K
Fees for servicesLn 2g$430K
Investment incomeLn 3$225K
Other incomeLn 4–11$200K
Gains on assetsLn 7$208K
Total revenueLn 12$2.2M
Assets in detailPt X, end of year
CashLn 1$509K
SavingsLn 2$1.5M
Cash and savings togetherLn 1–2$2.0M
Land, buildings, equipmentLn 10c$176K
Other assetsLn 15$55K
Total assetsLn 16$2.4M
LiabilitiesLn 26$604K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 517
VolunteersI 6200
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$1.6M$2.0M
Land, buildings, equipmentLn 10c$360K$176K
Total assetsLn 16$2.1M$2.4M
LiabilitiesLn 26$825K$604K
Net assetsLn 32$1.3M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$217K$217K
Other salaries and wagesLn 7$787K$787K
Pension plan contributionsLn 8$35K$35K
Other employee benefitsLn 9$56K$56K
Payroll taxesLn 10$75K$75K
Legal feesLn 11b$7K$7K
Accounting feesLn 11c$41K$41K
Advertising and promotionLn 12$12K$12K
Office expensesLn 13$31K$31K
Information technologyLn 14$35K$35K
OccupancyLn 16$52K$52K
TravelLn 17$12K$12K
Conferences, conventions and meetingsLn 19$3K$3K
InterestLn 20$996$996
Depreciation, depletion and amortizationLn 22$10K$10K
InsuranceLn 23$16K$16K
Other expenses (24a–d)Ln 24$192K$192K
All other expensesLn 24e$74K$74K
Total functional expensesLn 25$1.7M$1.7M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.2M$2.3M−$124K$1.7M 990 PDF
FY2024 $2.3M$2.2M$65K$1.8M 990 PDF
FY2023 Viewing $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

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $2,150,725 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,165,961$1,295,698
I-9 Program service revenuePrior year $407,950$430,185
I-10 Investment incomePrior year $6,687$225,321
I-11 Other revenuePrior year $260,108$199,521
I-12 Total revenuePrior year $1,840,706$2,150,725
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,158,654$1,169,414
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $404,184$487,299
I-18 Total expensesPrior year $1,562,838$1,656,713
I-19 Revenue less expensesPrior year $277,868$494,012
Part VI · Governance 37 of 37 board members independent, no flags
VI-1a Voting members of the governing body37
VI-1b Independent voting members37
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,150,725 across 12 lines filed
Lines not itemized here account for $620 of total revenue; see the IRS return.
VIII-1b Membership dues$1,061,922
VIII-1c Fundraising events$42,695
VIII-1e Government grants$66,643
VIII-1f All other contributions, gifts and grants$124,438
VIII-1h Total contributions, gifts and grants$1,295,698
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $426,015 · Unrelated business $3,550$429,565
VIII-3 Investment incomeExcluded from tax $17,554$17,554
VIII-6 Net rental income or lossRelated to mission $20,600$20,600
VIII-7 Net gain or loss on sales of assetsRelated to mission $207,767$207,767
VIII-8 Net income from fundraising eventsExcluded from tax $74,311$74,311
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $104,610$104,610
VIII-12 Total revenueRelated to mission $758,992 · Unrelated business $4,170 · Excluded from tax $91,865$2,150,725
Part IX · Statement of functional expenses $1,656,713 across 18 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $217,131$217,131
IX-7 Other salaries and wagesPrograms $786,522$786,522
IX-8 Pension plan contributionsPrograms $34,857$34,857
IX-9 Other employee benefitsPrograms $55,826$55,826
IX-10 Payroll taxesPrograms $75,078$75,078
IX-11b Legal feesPrograms $7,394$7,394
IX-11c Accounting feesPrograms $41,217$41,217
IX-12 Advertising and promotionPrograms $11,880$11,880
IX-13 Office expensesPrograms $31,343$31,343
IX-14 Information technologyPrograms $35,395$35,395
IX-16 OccupancyPrograms $52,487$52,487
IX-17 TravelPrograms $11,555$11,555
IX-19 Conferences, conventions and meetingsPrograms $3,222$3,222
IX-20 InterestPrograms $996$996
IX-22 Depreciation, depletion and amortizationPrograms $9,542$9,542
IX-23 InsurancePrograms $16,123$16,123
IX-24 Other expenses (24a–d)Programs $191,834$191,834
IX-24e All other expensesPrograms $74,311$74,311
IX-25 Total functional expensesPrograms $1,656,713 · Management $0 · Fundraising $0$1,656,713
Part X · Balance sheet $2,376,948 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $445,025$509,393
X-2 Savings and temporary cash investmentsStart of year $1,145,671$1,513,518
X-4 Accounts receivableStart of year $96,333$116,085
X-9 Prepaid expenses and deferred chargesStart of year $16,762$6,591
X-10c Land, buildings and equipment, netStart of year $359,780$175,865
X-15 Other assetsStart of year $52,307$55,496
X-16 Total assetsStart of year $2,127,308$2,376,948
X-17 Accounts payable and accrued expensesStart of year $56,705$115,958
X-19 Deferred revenueStart of year $478,496$488,328
X-26 Total liabilitiesStart of year $824,688$604,286
X-27 Net assets without donor restrictionsStart of year $1,302,620$1,772,662
X-32 Total net assets or fund balancesStart of year $1,302,620$1,772,662
X-33 Total liabilities and net assetsStart of year $2,127,308$2,376,948
Part XI · Reconciliation of net assets $1,772,662 net assets at year end
XI-1 Total revenue$2,150,725
XI-2 Total expenses$1,656,713
XI-3 Revenue less expenses$494,012
XI-4 Net assets at start of year$1,302,620
XI-8 Prior period adjustments−$23,970
XI-10 Net assets at end of year$1,772,662

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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