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Grow Cedar Valley FY2024 filing

Not tax-deductible

Waterloo, IA501(c)(6)EIN 42-1241941Revenue $2.3M in FY2024

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.
$682K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · 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
$682K
to officers and key staff · 31% of spending
Concern: pay to officers and key staff is 31% of spending; over 30%.
Pt VII · Sec A
Cash reserves
12 mo
of spending, in cash
Looks good: 11.6 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
$586K
24% of total assets
Looks good: liabilities are 24% of assets; 50% or less.
Pt X · Ln 26
Independent board members
28
of 28 voting members
Looks good: 28 of 28 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.3M
+5% vs prior year
Spent
$2.2M
To programs
100%
Net assets
$1.8M
By yearFY2021–FY2025
Revenue
$2.3M
FY2024▲ +5%
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
$2.2M
FY2024▲ +33%
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
FY2024▲ +4%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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% · $2.2M

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

33 people listed on the 990; $682K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Carolyn Darrah
Past Secreta
$207,003Pt VII · Sec A
Melissa Reade
Leader Valle
$121,477Pt VII · Sec A
Lisa Skubal
VP of Econom
$120,837Pt VII · Sec A
James Schaefer
Dir. of Inve
$118,416Pt VII · Sec A
Sandi Sommerfelt
VP of Operat
$114,418Pt VII · Sec A
Rebecca Guinn
Past Chair
$0Pt VII · Sec A
$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 · FY2023
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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.3M
Ln 12
Gifts and grantsLn 1h$1.4M
Fees for servicesLn 2g$618K
Other incomeLn 4–11$141K
Money outPt IX
$2.2M
Ln 25
Programscol B$2.2M
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$2.1M
Total assetsLn 16$2.4M
LiabilitiesLn 26$586K
PeoplePt VI, VII
33
listed · VII A
PaidVII A5
Voting boardVI 1a28
IndependentVI 1b28
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.4M
Government grantsLn 1e$150K
Fundraising eventsLn 1c$47K
Fees for servicesLn 2g$618K
Investment incomeLn 3$59K
Other incomeLn 4–11$141K
Total revenueLn 12$2.3M
Assets in detailPt X, end of year
CashLn 1$504K
SavingsLn 2$1.6M
Cash and savings togetherLn 1–2$2.1M
Land, buildings, equipmentLn 10c$178K
Other assetsLn 15$49K
Total assetsLn 16$2.4M
LiabilitiesLn 26$586K
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 FY24End FY24
Cash and savingsLn 1–2$2.0M$2.1M
Land, buildings, equipmentLn 10c$176K$178K
Total assetsLn 16$2.4M$2.4M
LiabilitiesLn 26$604K$586K
Net assetsLn 32$1.8M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$312K$312K
Other salaries and wagesLn 7$933K$933K
Pension plan contributionsLn 8$40K$40K
Other employee benefitsLn 9$45K$45K
Payroll taxesLn 10$94K$94K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$38K$38K
Advertising and promotionLn 12$20K$20K
Office expensesLn 13$32K$32K
Information technologyLn 14$27K$27K
OccupancyLn 16$39K$39K
TravelLn 17$23K$23K
Conferences, conventions and meetingsLn 19$4K$4K
Depreciation, depletion and amortizationLn 22$12K$12K
InsuranceLn 23$22K$22K
Other expenses (24a–d)Ln 24$344K$344K
All other expensesLn 24e$205K$205K
Total functional expensesLn 25$2.2M$2.2M$0$0

Filing history

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

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $2,261,185 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,295,698$1,443,225
I-9 Program service revenuePrior year $430,185$618,145
I-10 Investment incomePrior year $225,321$58,999
I-11 Other revenuePrior year $199,521$140,816
I-12 Total revenuePrior year $2,150,725$2,261,185
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,169,414$1,425,303
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $487,299$770,783
I-18 Total expensesPrior year $1,656,713$2,196,086
I-19 Revenue less expensesPrior year $494,012$65,099
Part VI · Governance 28 of 28 board members independent, no flags
VI-1a Voting members of the governing body28
VI-1b Independent voting members28
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 $2,261,185 across 11 lines filed
Lines not itemized here account for $34,100 of total revenue; see the IRS return.
VIII-1b Membership dues$1,071,265
VIII-1c Fundraising events$46,800
VIII-1e Government grants$150,500
VIII-1f All other contributions, gifts and grants$174,660
VIII-1h Total contributions, gifts and grants$1,443,225
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $584,045$584,045
VIII-3 Investment incomeExcluded from tax $58,999$58,999
VIII-6 Net rental income or lossRelated to mission $15,450$15,450
VIII-8 Net income from fundraising eventsExcluded from tax −$11,884−$11,884
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $134,750 · Unrelated business $2,500$137,250
VIII-12 Total revenueRelated to mission $762,205 · Unrelated business $8,640 · Excluded from tax $47,115$2,261,185
Part IX · Statement of functional expenses $2,196,086 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $312,241$312,241
IX-7 Other salaries and wagesPrograms $932,959$932,959
IX-8 Pension plan contributionsPrograms $40,278$40,278
IX-9 Other employee benefitsPrograms $45,443$45,443
IX-10 Payroll taxesPrograms $94,382$94,382
IX-11b Legal feesPrograms $4,283$4,283
IX-11c Accounting feesPrograms $37,609$37,609
IX-12 Advertising and promotionPrograms $20,465$20,465
IX-13 Office expensesPrograms $32,461$32,461
IX-14 Information technologyPrograms $27,196$27,196
IX-16 OccupancyPrograms $39,175$39,175
IX-17 TravelPrograms $22,577$22,577
IX-19 Conferences, conventions and meetingsPrograms $3,980$3,980
IX-22 Depreciation, depletion and amortizationPrograms $11,554$11,554
IX-23 InsurancePrograms $22,272$22,272
IX-24 Other expenses (24a–d)Programs $343,932$343,932
IX-24e All other expensesPrograms $205,279$205,279
IX-25 Total functional expensesPrograms $2,196,086 · Management $0 · Fundraising $0$2,196,086
Part X · Balance sheet $2,423,468 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $509,393$503,873
X-2 Savings and temporary cash investmentsStart of year $1,513,518$1,625,163
X-4 Accounts receivableStart of year $116,085$50,213
X-9 Prepaid expenses and deferred chargesStart of year $6,591$17,883
X-10c Land, buildings and equipment, netStart of year $175,865$177,582
X-15 Other assetsStart of year $55,496$48,754
X-16 Total assetsStart of year $2,376,948$2,423,468
X-17 Accounts payable and accrued expensesStart of year $115,958$73,687
X-19 Deferred revenueStart of year $488,328$512,020
X-26 Total liabilitiesStart of year $604,286$585,707
X-27 Net assets without donor restrictionsStart of year $1,772,662$1,837,761
X-32 Total net assets or fund balancesStart of year $1,772,662$1,837,761
X-33 Total liabilities and net assetsStart of year $2,376,948$2,423,468
Part XI · Reconciliation of net assets $1,837,761 net assets at year end
XI-1 Total revenue$2,261,185
XI-2 Total expenses$2,196,086
XI-3 Revenue less expenses$65,099
XI-4 Net assets at start of year$1,772,662
XI-10 Net assets at end of year$1,837,761

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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