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First Resources Corporation FY2023 filing

Tax-deductible

Ottumwa, IA501(c)(3)Since 1987EmploymentEIN 42-1279294Revenue $15.5M in FY2023

On file with the IRSfirstresources.us710 Gateway Dr, 52501-2204 · Ottumwa, IATax-exempt since Mar 1988Publicly supported — 509(a)(2)

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Provide community based rehabilitative treatment services to children, families and people with disabilities.

501(c)(3) charity; gifts are tax-deductible.
79¢ 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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FY2023 · 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
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
3 of 5
filings with a surplus
Average surplus $160K a year · 1% 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
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Fine: 2.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $30K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$4.6M
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$15.5M
-2% vs prior year
Spent
$15.8M
To programs
79%
Net assets
$5.6M
By yearFY2021–FY2025
Revenue
$15.5M
FY2023▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2021$15.2M
FY2022$15.8M
FY2023$15.5M
FY2024$15.4M
FY2025$15.9M
Expenses
$15.8M
FY2023▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2021$15.0M
FY2022$14.8M
FY2023$15.8M
FY2024$15.4M
FY2025$16.1M
Net assets
$5.6M
FY2023▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2021$4.8M
FY2022$5.8M
FY2023$5.6M
FY2024$5.7M
FY2025$5.4M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · 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 ruling in Mar 1988.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $12.4M Management & general 21% · $3.4M

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

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Kevin Carr
Director
$0Pt VII · Sec A
Ellen Moreland
Chairperson
$0Pt VII · Sec A
$0Pt VII · Sec A
Julie Olsen
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
John Webber
Director
$0Pt VII · Sec A
Susan Woodford
Executive Di
$0Pt VII · Sec A
See First Resources Corporation 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 15aYes

Programs and updates

Offers community-based rehabilitation and treatment for children, families, and people with disabilities.

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Provided by the organization

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2 programs · $11.4M · in their own filed words · FY2022
01

Disability Services

Services in this area include home and community base service waiver, community supervised apartment living arrangement children at home and in home health care

$8.9Mprogram expense
02

Mental health services- community based mental health services to individuals diagnosed with chronic mental illness

$2.5Mprogram 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 · FY2023
Ottumwa Regional Legacy Foundation INCFY2023$30K
Amazonsmile FoundationFY2023$63
Total grants receivedfrom 2 funders$30K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$15.5M
Ln 12
Fees for servicesLn 2g$13.4M
Gifts and grantsLn 1h$1.8M
Other incomeLn 4–11$361K
Money outPt IX
$15.8M
Ln 25
Programscol B$12.4M
Managementcol C$3.4M
Owns and owesPt X
$5.6M
net assets · Ln 32
Cash and savingsLn 1–2$3.5M
Total assetsLn 16$10.2M
LiabilitiesLn 26$4.6M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.8M
Government grantsLn 1e$1.7M
Fees for servicesLn 2g$13.4M
Investment incomeLn 3$3K
Other incomeLn 4–11$361K
Gains on assetsLn 7$2K
Total revenueLn 12$15.5M
Assets in detailPt X, end of year
CashLn 1$3.5M
Cash and savings togetherLn 1–2$3.5M
Land, buildings, equipmentLn 10c$4.2M
Other assetsLn 15$449K
Total assetsLn 16$10.2M
LiabilitiesLn 26$4.6M
Net assetsLn 32$5.6M
OperationsPt I, VI
EmployeesI 5398
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 FY23End FY23
Cash and savingsLn 1–2$3.0M$3.5M
Land, buildings, equipmentLn 10c$4.2M$4.2M
Total assetsLn 16$9.3M$10.2M
LiabilitiesLn 26$3.5M$4.6M
Net assetsLn 32$5.8M$5.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$10.8M$9.1M$1.7M
Other employee benefitsLn 9$689K$563K$127K
Payroll taxesLn 10$1.0M$869K$149K
Other fees for servicesLn 11g$224K$43K$181K
Office expensesLn 13$360K$177K$182K
OccupancyLn 16$902K$521K$381K
TravelLn 17$331K$286K$44K
Conferences, conventions and meetingsLn 19$75K$37K$38K
InterestLn 20$77K$36K$41K
Depreciation, depletion and amortizationLn 22$391K$150K$240K
InsuranceLn 23$500K$413K$87K
Other expenses (24a–d)Ln 24$411K$238K$173K
Total functional expensesLn 25$15.8M$12.4M$3.4M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $15.9M$16.1M−$256K$5.4M 990 PDF
FY2024 $15.4M$15.4M$31K$5.7M 990 PDF
FY2023 Viewing $15.5M$15.8M−$224K$5.6M 990 PDF
FY2022 $15.8M$14.8M$1.0M$5.8M 990 PDF
FY2021 $15.2M$15.0M$231K$4.8M 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 FY2023 990 (6 parts)
Part I · Summary $15,536,430 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,019,682$1,780,158
I-9 Program service revenuePrior year $12,325,303$13,391,662
I-10 Investment incomePrior year $120,067$3,232
I-11 Other revenuePrior year $346,162$361,378
I-12 Total revenuePrior year $15,811,214$15,536,430
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $11,719,984$12,490,447
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $3,073,698$3,269,995
I-18 Total expensesPrior year $14,793,682$15,760,442
I-19 Revenue less expensesPrior year $1,017,532−$224,012
Part VI · Governance 8 of 8 board members independent, no flags
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $15,536,430 across 8 lines filed
VIII-1e Government grants$1,749,553
VIII-1f All other contributions, gifts and grants$30,605
VIII-1h Total contributions, gifts and grants$1,780,158
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $13,391,662$13,391,662
VIII-3 Investment incomeExcluded from tax $1,232$1,232
VIII-6 Net rental income or lossExcluded from tax $361,378$361,378
VIII-7 Net gain or loss on sales of assetsRelated to mission $2,000$2,000
VIII-12 Total revenueRelated to mission $13,393,662 · Excluded from tax $362,610$15,536,430
Part IX · Statement of functional expenses $15,760,442 across 12 lines filed
IX-7 Other salaries and wagesPrograms $9,074,571 · Management $1,708,944$10,783,515
IX-9 Other employee benefitsPrograms $562,514 · Management $126,850$689,364
IX-10 Payroll taxesPrograms $868,646 · Management $148,922$1,017,568
IX-11g Other fees for servicesPrograms $43,080 · Management $181,293$224,373
IX-13 Office expensesPrograms $177,486 · Management $182,120$359,606
IX-16 OccupancyPrograms $521,014 · Management $381,282$902,296
IX-17 TravelPrograms $286,283 · Management $44,383$330,666
IX-19 Conferences, conventions and meetingsPrograms $36,919 · Management $37,586$74,505
IX-20 InterestPrograms $36,387 · Management $40,660$77,047
IX-22 Depreciation, depletion and amortizationPrograms $150,483 · Management $240,218$390,701
IX-23 InsurancePrograms $412,958 · Management $87,271$500,229
IX-24 Other expenses (24a–d)Programs $237,711 · Management $172,861$410,572
IX-25 Total functional expensesPrograms $12,408,052 · Management $3,352,390 · Fundraising $0$15,760,442
Part X · Balance sheet $10,206,154 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $2,994,426$3,461,850
X-4 Accounts receivableStart of year $1,841,841$1,646,210
X-8 Inventories for sale or useStart of year $599$599
X-9 Prepaid expenses and deferred chargesStart of year $346,736$410,871
X-10c Land, buildings and equipment, netStart of year $4,157,308$4,237,359
X-15 Other assets$449,265
X-16 Total assetsStart of year $9,340,910$10,206,154
X-17 Accounts payable and accrued expensesStart of year $766,101$881,065
X-19 Deferred revenueStart of year $814,537$1,544,313
X-25 Other liabilitiesStart of year $452,965$843,170
X-26 Total liabilitiesStart of year $3,496,205$4,585,461
X-27 Net assets without donor restrictionsStart of year $5,844,705$5,620,693
X-32 Total net assets or fund balancesStart of year $5,844,705$5,620,693
X-33 Total liabilities and net assetsStart of year $9,340,910$10,206,154
Part XI · Reconciliation of net assets $5,620,693 net assets at year end
XI-1 Total revenue$15,536,430
XI-2 Total expenses$15,760,442
XI-3 Revenue less expenses−$224,012
XI-4 Net assets at start of year$5,844,705
XI-10 Net assets at end of year$5,620,693

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

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