Waverly Economic Development Co EIN 42-1263254 Form 990 (PDF) Claim this org

Waverly Economic Development Co

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Provides low-interest loans to foster community economic growth. For fiscal year 2024 it reported $17K in revenue, $5K in expenses, and $990K in net assets.Pt I

Type
Public charity (501(c)(3)) · Community Development
Location
Waverly, IA
Filings
5 on file (2020–2024)
Revenue
$17KFY2024
Expenses
$5K
Net assets
$990K
People
9
Filings
5
Updates
0
More identity details & actions ⌄
EIN  42-1263254 Public charity (501(c)(3)) Waverly, IA
Form 990 (PDF)
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Size
<$100K
What they do
Provides low-interest loans to foster community economic growth.
Leadership
Levi Epley · President
Money in and out
$17K revenue, $5K expenses
Bottom line
92% program efficiency
Where the money goes · FY2024
Total revenue
$17K
Pt VIII · Ln 12
Total expenses
$5K
Pt IX · Ln 25
Net assets
$990K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $12K
Where spending went · Part IX cols B–D
Program services $0.92 Management & general $0.08
Program efficiency
92%
of spending reaches programs▲ +800% vs prior filing year
Operating runway
1705.1mo
months of highly liquid reserves at operating expense rate▼ -87% vs prior filing year
Surplus margin
+69%
revenue over expenses, this year▼ -29% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$17K
FY2024▼ -6%
Expenses
$5K
FY2024▲ ×10
Total assets
$990K
FY2024▲ +1%
Total liabilities
$0
FY2024
Total revenue
$17K
Pt VIII · Ln 12
Total expenses
$5K
Pt IX · Ln 25
Net assets
$990K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$12K
Total assetsPt X · Ln 16$990K
Program-expense ratioPt IX · col B92%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49
Mission & Programs · Part III

Where the work happens

1 program service account for $5K of program spending, described in the organization's own filed words · FY2024.
01

Low interest economic development loans.

$5Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWaverly Economic Development Co
EINHdr · item D42-1263254
Principal addressHdr · item CWaverly, IA
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MIA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S31Z)
Ruling yearIRS BMFOct 1986

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Program service revenue$10K · 60%
Investment income$7K · 40%
Program service revenue60%$10K
Investment income40%$7K
Total revenueLn 12$17K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.08
Program services92%$5K
Management & general8%$450
Total functional expensesLn 25$5K

Balance Sheet

Part X · end of year
CashLn 1$755K
Total assetsLn 16$990K
Total liabilitiesLn 26$0
Total net assetsLn 32$990K
Months of cash on handcomputed1705.1

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $755K · Operating expenses/yr $5K
1705.1 months
Where the money goes
Program services
Program services $5K · Total expenses $5K
92%
Management & General
Management & general $450 · Total expenses $5K
8%
Fundraising
Fundraising $0 · Total expenses $5K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $17K
0%
Government reliance
Government grants — · Total revenue $17K
Earned-income share
Program service revenue $10K · Total revenue $17K
60%
Investment reliance
Investment income $7K · Total revenue $17K
+40%
Program self-sufficiency
Program service revenue $10K · Total expenses $5K
190%
Growth & trend
Revenue growth (YoY)
This year $17K · Prior year $18K
Prior-year revenue below floor — showing dollar change
Net-asset trend (YoY)
End of year $990K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $17K · Expenses $5K
+69%
Liabilities-to-Assets
Total liabilities — · Total assets $990K
Net-asset ratio
Net assets $990K · Total assets $990K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $990K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Levi Epley · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $5K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $5K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 92%
Overhead ratio 8%
Revenue growth -6%
Accounting fee ratio 8%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$6K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$17K revenue · viewing · ⤓ 990 PDF
FY2023$18K revenue · ⤓ 990 PDF
FY2022$15K revenue · ⤓ 990 PDF
FY2021$17K revenue · ⤓ 990 PDF
FY2020$21K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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