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Tipton Economic Development Corp FY2023 filing

Tipton, IAUnknown exempt organizationEIN 42-1278185

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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.

93¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2023 · 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
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
23 mo
of spending, in cash
Looks good: 22.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$941K
85% of total assets
Concern: liabilities are 85% 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
$6K
To programs
93%
Net assets
$167K
By yearFY2021–FY2025
Revenue
−$12K
FY2023▼ -198%
Revenue by fiscal year
FY2021$4K
FY2022$12K
FY2023−$12K
FY2024$115K
FY2025$4K
Expenses
$6K
FY2023▼ -10%
Expenses by fiscal year
FY2021$8K
FY2022$7K
FY2023$6K
FY2024$2K
FY2025Not on file
Net assets
$167K
FY2023▼ -10%
Net assets by fiscal year
FY2021$180K
FY2022$185K
FY2023$167K
FY2024$280K
FY2025Not on file

From the FY2023 Form 990 (year ending June 2023) · 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $6K Management & general 7% · $455

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 (FY2022); the FY2023 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.

Provided by the organization

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1 program · $6K · in their own filed words · FY2022
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…

$6Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
−$12K
Ln 12
Investment incomeLn 3$40
Money outPt IX
$6K
Ln 25
Programscol B$6K
Managementcol C$455
Owns and owesPt X
$167K
net assets · Ln 32
Cash and savingsLn 1–2$12K
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
Investment incomeLn 3$40
Total revenueLn 12−$12K
Assets in detailPt X, end of year
CashLn 1$87
SavingsLn 2$12K
Cash and savings togetherLn 1–2$12K
Land, buildings, equipmentLn 10c$1.1M
Total assetsLn 16$1.1M
LiabilitiesLn 26$941K
Net assetsLn 32$167K
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 FY23End FY23
Cash and savingsLn 1–2$31K$12K
Land, buildings, equipmentLn 10c$1.1M$1.1M
Total assetsLn 16$1.1M$1.1M
LiabilitiesLn 26$941K$941K
Net assetsLn 32$185K$167K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$455$455
OccupancyLn 16$2K$2K
InsuranceLn 23$332$332
Other expenses (24a–d)Ln 24$3K$3K
All other expensesLn 24e$30$30
Total functional expensesLn 25$6K$6K$455$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $4K 990 PDF
FY2024 $115K$2K$112K$280K 990 PDF
FY2023 Viewing −$12K$6K−$18K$167K 990 PDF
FY2022 $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 FY2023 990 (4 parts)
Part VIII · Statement of revenue −$11,683 across 3 lines filed
VIII-3 Investment incomeRelated to mission $40$40
VIII-6 Net rental income or lossRelated to mission −$11,723−$11,723
VIII-12 Total revenueRelated to mission −$11,683−$11,683
Part IX · Statement of functional expenses $6,398 across 5 lines filed
IX-11c Accounting feesManagement $455$455
IX-16 OccupancyPrograms $2,400$2,400
IX-23 InsurancePrograms $332$332
IX-24 Other expenses (24a–d)Programs $3,181$3,181
IX-24e All other expensesPrograms $30$30
IX-25 Total functional expensesPrograms $5,943 · Management $455 · Fundraising $0$6,398
Part X · Balance sheet $1,107,795 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $7,904$87
X-2 Savings and temporary cash investmentsStart of year $23,048$12,084
X-10c Land, buildings and equipment, netStart of year $1,094,924$1,095,624
X-16 Total assetsStart of year $1,125,876$1,107,795
X-26 Total liabilitiesStart of year $940,633$940,633
X-32 Total net assets or fund balancesStart of year $185,243$167,162
X-33 Total liabilities and net assetsStart of year $1,125,876$1,107,795
Part XI · Reconciliation of net assets $167,162 net assets at year end
XI-1 Total revenue−$11,683
XI-2 Total expenses$6,398
XI-3 Revenue less expenses−$18,081
XI-4 Net assets at start of year$185,243
XI-10 Net assets at end of year$167,162

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

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