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Morning Sun Development Corp FY2024 filing

Tax-deductible

Morning Sun, IA501(c)(3)Since 1986Community Development EIN 42-1279953Revenue $29K in FY2024

On file with the IRSPo Box 555, 52640-0555 · Morning Sun, IATax-exempt since Aug 2020Publicly supported — 509(a)(2)

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The mission of the Morning Sun Development Corp is to support initiatives that help develop, maintain, and promote the community of Morning Sun, iowa as an attractive place to live, work and DO business.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
1 of 6
filings with a surplus
Average deficit $18K a year · 50% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 9.2 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
$0
0% of total assets
Looks good: liabilities are 0% 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
$29K
+17% vs prior year
Spent
$56K
To programs
96%
Net assets
$767K
By yearFY2020–FY2025
Revenue
$29K
FY2024▲ +17%
Tap a bar for its year
Revenue by fiscal year
FY2020$19K
FY2021$100K
FY2022$20K
FY2023$25K
FY2024$29K
FY2025$27K
Expenses
$56K
FY2024▲ +26%
Tap a bar for its year
Expenses by fiscal year
FY2020$50K
FY2021$81K
FY2022$44K
FY2023$44K
FY2024$56K
FY2025$52K
Net assets
$767K
FY2024▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020$819K
FY2021$837K
FY2022$813K
FY2023$794K
FY2024$767K
FY2025$742K

From the FY2024 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2017-05-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Aug 2020.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $53K Management & general 4% · $2K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation
David Pierce
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Mary Zoeckler
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
Pat Thomas
Director
$0Pt VII · Sec A
Tom Bryant
Director
$0Pt VII · Sec A
Sue Bryant
Secretary/Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
See Morning Sun 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops, maintains, and promotes Morning Sun, Iowa as a great place to live, work, and do business.

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Provided by the organization

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1 program · $53K · in their own filed words · FY2024
01

The organization is engaged in positively promoting the town and community of morning sun, iowa. There are four main activities of the organizaiton: lora rock gallery, united states rural free delivery postal museum, sunshine gardens and maintaining the community center.

$53Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Community Foundation of Greater MuscatineFY2024$6K
Total grants receivedfrom 1 funder$6K
Grants paid · 1 grant · $22K · 2021–2021
112 Hays-Scott PostIA · FY2021$22,500

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$29K
Ln 12
Fees for servicesLn 2g$23K
Gifts and grantsLn 1h$6K
Investment incomeLn 3$68
Money outPt IX
$56K
Ln 25
Programscol B$53K
Managementcol C$2K
Owns and owesPt X
$767K
net assets · Ln 32
Cash and savingsLn 1–2$43K
Total assetsLn 16$767K
LiabilitiesLn 26$0
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6K
Fees for servicesLn 2g$23K
Investment incomeLn 3$68
Total revenueLn 12$29K
Assets in detailPt X, end of year
CashLn 1$43K
Cash and savings togetherLn 1–2$43K
Land, buildings, equipmentLn 10c$724K
Total assetsLn 16$767K
LiabilitiesLn 26$0
Net assetsLn 32$767K
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$54K$43K
Land, buildings, equipmentLn 10c$740K$724K
Total assetsLn 16$794K$767K
LiabilitiesLn 26$0$0
Net assetsLn 32$794K$767K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$1K$1K
Office expensesLn 13$988$988
OccupancyLn 16$17K$17K
Depreciation, depletion and amortizationLn 22$24K$24K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$8K$8K
All other expensesLn 24e$64$64
Total functional expensesLn 25$56K$53K$2K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $27K$52K−$25K$742K 990 PDF
FY2024 Viewing $29K$56K−$27K$767K 990 PDF
FY2023 $25K$44K−$19K$794K 990 PDF
FY2022 $20K$44K−$24K$813K 990 PDF
FY2021 $100K$81K$18K$837K 990 PDF
FY2020 $19K$50K−$32K$819K 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 FY2024 990 (6 parts)
Part I · Summary $28,967 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $24,374$6,000
I-9 Program service revenue$22,899
I-10 Investment incomePrior year $61$68
I-11 Other revenuePrior year $294$0
I-12 Total revenuePrior year $24,729$28,967
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 $44,177$55,823
I-18 Total expensesPrior year $44,177$55,823
I-19 Revenue less expensesPrior year −$19,448−$26,856
Part VI · Governance 8 of 8 board members independent, 3 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $28,967 across 5 lines filed
VIII-1f All other contributions, gifts and grants$6,000
VIII-1h Total contributions, gifts and grants$6,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $22,899$22,899
VIII-3 Investment incomeExcluded from tax $68$68
VIII-12 Total revenueRelated to mission $22,899 · Excluded from tax $68$28,967
Part IX · Statement of functional expenses $55,823 across 7 lines filed
IX-11c Accounting feesManagement $1,423$1,423
IX-13 Office expensesManagement $988$988
IX-16 OccupancyPrograms $16,814$16,814
IX-22 Depreciation, depletion and amortizationPrograms $24,041$24,041
IX-23 InsurancePrograms $4,837$4,837
IX-24 Other expenses (24a–d)Programs $7,656$7,656
IX-24e All other expensesPrograms $64$64
IX-25 Total functional expensesPrograms $53,412 · Management $2,411 · Fundraising $0$55,823
Part X · Balance sheet $766,832 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $53,924$42,933
X-10c Land, buildings and equipment, netStart of year $739,764$723,899
X-16 Total assetsStart of year $793,688$766,832
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $793,688$766,832
X-33 Total liabilities and net assetsStart of year $793,688$766,832
Part XI · Reconciliation of net assets $766,832 net assets at year end
XI-1 Total revenue$28,967
XI-2 Total expenses$55,823
XI-3 Revenue less expenses−$26,856
XI-4 Net assets at start of year$793,688
XI-10 Net assets at end of year$766,832

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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