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Tipton Economic Development Corp FY2022 filing

Tipton, IAUnknown exempt organizationEIN 42-1278185Revenue $12K in FY2022

On file with the IRStiptoniowa.org417 Cedar Street Po Box 224 · Tipton, IA

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The Tipton Economic Development corporation was established to work in cooperation with city of Tipton officials to market the city of Tipton to businesses to locate or expand and promote Economic growth for the community as a whole. Our mission is to strengthen tipton's economy through industrial retention and recruitment, support of business expansion and operations, site and building Development and strategic partnerships.

94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
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
2 of 4
filings with a surplus
Average surplus $24K a year · 80% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
52 mo
of spending, in cash
Looks good: 52.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$941K
84% of total assets
Concern: liabilities are 84% of assets; over 80%.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12K
+198% vs prior year
Spent
$7K
To programs
94%
Net assets
$185K
By yearFY2021–FY2025
Revenue
$12K
FY2022▲ +198%
Tap a bar for its year
Revenue by fiscal year
FY2021$4K
FY2022$12K
FY2023−$12K
FY2024$115K
FY2025$4K
Expenses
$7K
FY2022▼ -14%
Tap a bar for its year
Expenses by fiscal year
FY2021$8K
FY2022$7K
FY2023$6K
FY2024$2K
FY2025Not on file
Net assets
$185K
FY2022▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2021$180K
FY2022$185K
FY2023$167K
FY2024$280K
FY2025Not on file

From the FY2022 Form 990 (year ending June 2022) · see the original

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You’re viewing the FY2022 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $7K Management & general 6% · $400

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Katie Abel
Director
$0Pt VII · Sec A
Bruce Cary
Director
$0Pt VII · Sec A
Stuart Clark
Director
$0Pt VII · Sec A
Renee Crock
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Lesley Puffer
Treasurer
$0Pt VII · Sec A
Jim Reeve
President
$0Pt VII · Sec A
See Tipton Economic Development Corp 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

Attracts businesses and promotes economic growth for the community.

Questions for Tipton Economic Development Corp

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Provided by the organization

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1 program · $7K · in their own filed words · FY2021
01

The tipton economic development corporation was created for marketing the city of tipton as a good place for a company to locate or expand. The organization works together with city of tipton officials to gather and collate information regarding infrastructure, site availability and pricing, comparative wage scales and similar facts…

$7Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$12K
Ln 12
Other incomeLn 4–11$7K
Fees for servicesLn 2g$4K
Investment incomeLn 3$52
Money outPt IX
$7K
Ln 25
Programscol B$7K
Managementcol C$400
Owns and owesPt X
$185K
net assets · Ln 32
Cash and savingsLn 1–2$31K
Total assetsLn 16$1.1M
LiabilitiesLn 26$941K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4K
Investment incomeLn 3$52
Other incomeLn 4–11$7K
Total revenueLn 12$12K
Assets in detailPt X, end of year
CashLn 1$8K
SavingsLn 2$23K
Cash and savings togetherLn 1–2$31K
Land, buildings, equipmentLn 10c$1.1M
Total assetsLn 16$1.1M
LiabilitiesLn 26$941K
Net assetsLn 32$185K
OperationsPt I, VI
EmployeesI 50
VolunteersI 611
Fiscal year endsHeaderJune
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 FY22End FY22
Cash and savingsLn 1–2$25K$31K
Land, buildings, equipmentLn 10c$1.1M$1.1M
Total assetsLn 16$1.1M$1.1M
LiabilitiesLn 26$941K$941K
Net assetsLn 32$180K$185K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$400$400
Office expensesLn 13$62$62
OccupancyLn 16$2K$2K
Depreciation, depletion and amortizationLn 22$809$809
InsuranceLn 23$160$160
Other expenses (24a–d)Ln 24$3K$3K
Total functional expensesLn 25$7K$7K$400$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $4K 990 PDF
FY2024 $115K$2K$112K$280K 990 PDF
FY2023 −$12K$6K−$18K$167K 990 PDF
FY2022 Viewing $12K$7K$5K$185K 990 PDF
FY2021 $4K$8K−$4K$180K 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 FY2022 990 (6 parts)
Part I · Summary $11,909 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $3,475$4,375
I-10 Investment incomePrior year $54$52
I-11 Other revenuePrior year $468$7,482
I-12 Total revenuePrior year $3,997$11,909
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $8,335$7,130
I-18 Total expensesPrior year $8,335$7,130
I-19 Revenue less expensesPrior year −$4,338$4,779
Part VI · Governance 11 of 11 board members independent, 4 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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 $11,909 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,375$4,375
VIII-3 Investment incomeRelated to mission $52$52
VIII-6 Net rental income or lossRelated to mission $7,482$7,482
VIII-12 Total revenueRelated to mission $11,909$11,909
Part IX · Statement of functional expenses $7,130 across 6 lines filed
IX-11c Accounting feesManagement $400$400
IX-13 Office expensesPrograms $62$62
IX-16 OccupancyPrograms $2,400$2,400
IX-22 Depreciation, depletion and amortizationPrograms $809$809
IX-23 InsurancePrograms $160$160
IX-24 Other expenses (24a–d)Programs $3,299$3,299
IX-25 Total functional expensesPrograms $6,730 · Management $400 · Fundraising $0$7,130
Part X · Balance sheet $1,125,876 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $362$7,904
X-2 Savings and temporary cash investmentsStart of year $25,002$23,048
X-10c Land, buildings and equipment, netStart of year $1,094,924$1,094,924
X-16 Total assetsStart of year $1,121,097$1,125,876
X-26 Total liabilitiesStart of year $940,633$940,633
X-32 Total net assets or fund balancesStart of year $180,464$185,243
X-33 Total liabilities and net assetsStart of year $1,121,097$1,125,876
Part XI · Reconciliation of net assets $185,243 net assets at year end
XI-1 Total revenue$11,909
XI-2 Total expenses$7,130
XI-3 Revenue less expenses$4,779
XI-4 Net assets at start of year$180,464
XI-10 Net assets at end of year$185,243

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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