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Wayland Economic Development Corp FY2022 filing

Not tax-deductible

Wayland, IA501(c)(6)Community DevelopmentEIN 42-1305986Revenue $60K in FY2022

On file with the IRSPo Box 157, 52654-0157 · Wayland, IATax-exempt since Sep 2011

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To encourage Economic Development in the Wayland, iowa community.

93¢ 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
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
5 of 5
filings with a surplus
Average surplus $82K a year · 84% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 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
80 mo
of spending, in cash
Looks good: 79.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$253K
29% of total assets
Looks good: liabilities are 29% of assets; 50% or less.
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
$60K
+12% vs prior year
Spent
$15K
To programs
93%
Net assets
$625K
By yearFY2020–FY2024
Revenue
$60K
FY2022▲ +12%
Tap a bar for its year
Revenue by fiscal year
FY2020$60K
FY2021$54K
FY2022$60K
FY2023$267K
FY2024$44K
Expenses
$15K
FY2022▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$14K
FY2021$14K
FY2022$15K
FY2023$25K
FY2024$8K
Net assets
$625K
FY2022▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$540K
FY2021$580K
FY2022$625K
FY2023$867K
FY2024$903K

From the FY2022 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Exemption reinstated (2010-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Sep 2011.

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% · $14K Management & general 7% · $1K

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
Tim Egli
President
$0Pt VII · Sec A
Barry Leichty
Vice President
$0Pt VII · Sec A
Robert Meyer
Secretary/Treasurer
$0Pt VII · Sec A
Braden Blake
Director
$0Pt VII · Sec A
Russ Yoder
Director
$0Pt VII · Sec A
Brad Roth
Director
$0Pt VII · Sec A
Lori Messer
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Wayland 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

Encourages economic growth and development within the Wayland, Iowa community.

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Provided by the organization

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2 programs · $14K · in their own filed words · FY2022
01

To develop a ten acre industrial site to provide buildings for five new businesses and employing approximately 70 individuals.

$14Kprogram expense
02

To provide building for health clinic servicing approximately 10,000 individuals.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$60K
Ln 12
Other incomeLn 4–11$31K
Gifts and grantsLn 1h$29K
Money outPt IX
$15K
Ln 25
Programscol B$14K
Managementcol C$1K
Owns and owesPt X
$625K
net assets · Ln 32
Cash and savingsLn 1–2$103K
Total assetsLn 16$878K
LiabilitiesLn 26$253K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$29K
Government grantsLn 1e$28K
Other incomeLn 4–11$31K
Total revenueLn 12$60K
Assets in detailPt X, end of year
CashLn 1$103K
Cash and savings togetherLn 1–2$103K
Land, buildings, equipmentLn 10c$775K
Total assetsLn 16$878K
LiabilitiesLn 26$253K
Net assetsLn 32$625K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
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 FY22End FY22
Cash and savingsLn 1–2$124K$103K
Land, buildings, equipmentLn 10c$527K$775K
Total assetsLn 16$651K$878K
LiabilitiesLn 26$71K$253K
Net assetsLn 32$580K$625K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$950$950
Office expensesLn 13$117$117
OccupancyLn 16$5K$5K
Depreciation, depletion and amortizationLn 22$4K$4K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$1K$1K
Total functional expensesLn 25$15K$14K$1K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $44K$8K$37K$903K 990 PDF
FY2023 $267K$25K$242K$867K 990 PDF
FY2022 Viewing $60K$15K$45K$625K 990 PDF
FY2021 $54K$14K$39K$580K 990 PDF
FY2020 $60K$14K$46K$540K 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 $60,356 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $28,250$28,981
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $6,740$0
I-11 Other revenuePrior year $18,772$31,375
I-12 Total revenuePrior year $53,762$60,356
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 $14,290$15,497
I-18 Total expensesPrior year $14,290$15,497
I-19 Revenue less expensesPrior year $39,472$44,859
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 $60,356 across 6 lines filed
Lines not itemized here account for $13,422 of total revenue; see the IRS return.
VIII-1e Government grants$28,000
VIII-1f All other contributions, gifts and grants$981
VIII-1h Total contributions, gifts and grants$28,981
VIII-6 Net rental income or lossRelated to mission $17,030$17,030
VIII-8 Net income from fundraising eventsExcluded from tax $923$923
VIII-12 Total revenueRelated to mission $30,452 · Unrelated business $0 · Excluded from tax $923$60,356
Part IX · Statement of functional expenses $15,497 across 6 lines filed
IX-11c Accounting feesManagement $950$950
IX-13 Office expensesManagement $117$117
IX-16 OccupancyPrograms $4,694$4,694
IX-22 Depreciation, depletion and amortizationPrograms $3,974$3,974
IX-23 InsurancePrograms $4,722$4,722
IX-24 Other expenses (24a–d)Programs $1,040$1,040
IX-25 Total functional expensesPrograms $14,430 · Management $1,067 · Fundraising $0$15,497
Part X · Balance sheet $877,736 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $124,319$102,996
X-10c Land, buildings and equipment, netStart of year $526,639$774,740
X-16 Total assetsStart of year $650,958$877,736
X-18 Grants payableStart of year $56,000$228,000
X-25 Other liabilitiesStart of year $15,000$24,919
X-26 Total liabilitiesStart of year $71,000$252,919
X-32 Total net assets or fund balancesStart of year $579,958$624,817
X-33 Total liabilities and net assetsStart of year $650,958$877,736
Part XI · Reconciliation of net assets $624,817 net assets at year end
XI-1 Total revenue$60,356
XI-2 Total expenses$15,497
XI-3 Revenue less expenses$44,859
XI-4 Net assets at start of year$579,958
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$624,817

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

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