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Waverly Economic Development Co FY2021 filing

Tax-deductible

Waverly, IA501(c)(3)Community DevelopmentEIN 42-1263254Revenue $17K in FY2021

On file with the IRS118 E Bremer Avenue, 50677-3401 · Waverly, IATax-exempt since Oct 1986Publicly supported charity — 170(b)(1)(A)(vi)

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Community Economic Development and low interest loans.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $11K a year · 65% of revenue · last 5 filings
Worth a look: a surplus in 3 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
Cash reserves
62 mo
of spending, in cash
Looks good: 61.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$100K
10% of total assets
Looks good: liabilities are 10% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$17K
-21% vs prior year
Spent
$106K
To programs
100%
Net assets
$952K
By yearFY2020–FY2024
Revenue
$17K
FY2021▼ -21%
Tap a bar for its year
Revenue by fiscal year
FY2020$21K
FY2021$17K
FY2022$15K
FY2023$18K
FY2024$17K
Expenses
$106K
FY2021▲ +298%
Tap a bar for its year
Expenses by fiscal year
FY2020$27K
FY2021$106K
FY2022$6K
FY2023$531
FY2024$5K
Net assets
$952K
FY2021▼ -9%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.0M
FY2021$952K
FY2022$961K
FY2023$978K
FY2024$990K

From the FY2021 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1986.

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% · $106K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation
David Huber
President
$0Pt VII · Sec A
Levi Epley
Vice President
$0Pt VII · Sec A
Connie Tolan
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
See Waverly Economic Development Co executive salaries →

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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 15aNo

Programs and updates

Provides low-interest loans to foster community economic growth.

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Provided by the organization

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1 program · $106K · in their own filed words · FY2021
01

Low interest economic development loans.

$106Kprogram expense

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$6K
Total grants receivedfrom 1 funder$6K

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$17K
Ln 12
Fees for servicesLn 2g$15K
Investment incomeLn 3$2K
Money outPt IX
$106K
Ln 25
Programscol B$106K
Owns and owesPt X
$952K
net assets · Ln 32
Cash and savingsLn 1–2$543K
Total assetsLn 16$1.1M
LiabilitiesLn 26$100K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$15K
Investment incomeLn 3$2K
Total revenueLn 12$17K
Assets in detailPt X, end of year
SavingsLn 2$543K
Cash and savings togetherLn 1–2$543K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$1.1M
LiabilitiesLn 26$100K
Net assetsLn 32$952K
OperationsPt I, VI
EmployeesI 50
VolunteersI 620
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$419K$543K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$1.2M$1.1M
LiabilitiesLn 26$110K$100K
Net assetsLn 32$1.0M$952K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$4K$4K
Office expensesLn 13$163$163
InterestLn 20$1K$1K
Other expenses (24a–d)Ln 24$100K$100K
Total functional expensesLn 25$106K$106K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $17K$5K$12K$990K 990 PDF
FY2023 $18K$531$17K$978K 990 PDF
FY2022 $15K$6K$9K$961K 990 PDF
FY2021 Viewing $17K$106K−$89K$952K 990 PDF
FY2020 $21K$27K−$6K$1.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $16,529 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $19,635$15,014
I-10 Investment incomePrior year $1,272$1,515
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $20,907$16,529
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $26,572$105,689
I-18 Total expensesPrior year $26,572$105,689
I-19 Revenue less expensesPrior year −$5,665−$89,160
Part VI · Governance 10 of 10 board members independent, 4 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $16,529 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,014$15,014
VIII-3 Investment incomeExcluded from tax $1,515$1,515
VIII-12 Total revenueRelated to mission $15,014 · Unrelated business $0 · Excluded from tax $1,515$16,529
Part IX · Statement of functional expenses $105,689 across 4 lines filed
IX-11c Accounting feesPrograms $4,375$4,375
IX-13 Office expensesPrograms $163$163
IX-20 InterestPrograms $1,100$1,100
IX-24 Other expenses (24a–d)Programs $100,051$100,051
IX-25 Total functional expensesPrograms $105,689 · Management $0 · Fundraising $0$105,689
Part X · Balance sheet $1,052,018 assets, 7 lines filed
Asset lines not itemized here account for $509,363; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $419,075$542,655
X-10c Land, buildings and equipment, netStart of year $0$0
X-16 Total assetsStart of year $1,150,612$1,052,018
X-26 Total liabilitiesStart of year $109,998$100,485
X-27 Net assets without donor restrictionsStart of year $1,040,614$951,533
X-32 Total net assets or fund balancesStart of year $1,040,614$951,533
X-33 Total liabilities and net assetsStart of year $1,150,612$1,052,018
Part XI · Reconciliation of net assets $951,533 net assets at year end
XI-1 Total revenue$16,529
XI-2 Total expenses$105,689
XI-3 Revenue less expenses−$89,160
XI-4 Net assets at start of year$1,040,614
XI-8 Prior period adjustments$78
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$951,533

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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