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Mid Iowa Development Fund INC

Tax-deductible

Carroll, IA501(c)(3)Since 1995Community DevelopmentEIN 42-1437567Revenue $18K in FY2024

On file with the IRSPo Box 768, 51401-0768 · Carroll, IATax-exempt since Nov 1995Publicly supported charity — 170(b)(1)(A)(vi)

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To further the economic Development of the region comprised of the Iowa counties of boone, dallas, jasper, marion, polk, story and warren, as well as the cities located therein.to promote and assist the growth and Development of business concerns, including small and medium sized business concerns in said area.to stimulate business opportunities and Development in said area as measured by increased employment, payrolls, business volume and corresponding community benefits, as opposed to monetary benefits to the members of this corporation.

501(c)(3) charity; gifts are tax-deductible.
100¢ 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
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
2 of 3
filings with a surplus
Average surplus $101K a year · 61% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
30 mo
of spending, in cash
Looks good: 29.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$18K
-38% vs prior year
Spent
$142K
To programs
100%
Net assets
$778K
By yearFY2022–FY2024
Revenue
$18K
FY2024▼ -38%
Tap a bar for its year
Revenue by fiscal year
FY2022$442K
FY2023$26K
FY2024$28K
FY2024$18K
Expenses
$142K
FY2024▲ +2%
Tap a bar for its year
Expenses by fiscal year
FY2022$39K
FY2023$16K
FY2024$140K
FY2024$142K
Net assets
$778K
FY2024▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2022$1.0M
FY2023$1.0M
FY2024$903K
FY2024$778K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1995.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $142K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

15 people listed on the 990.

Part VII, Section A · reportable compensation
Troy Boelman
President
$0Pt VII · Sec A
Michelle Fullerton
Vice President
$0Pt VII · Sec A
Marc Meyer
Secy/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Mid Iowa Development Fund INC 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

Promotes business opportunities and development to aid community growth.

Provided by the organization

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1 program · $142K · in their own filed words · FY2024
01

Aid, promote, and stimulate business opportunities and development in the region it serves.

$142Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$18K
Ln 12
Fees for servicesLn 2g$16K
Investment incomeLn 3$2K
Money outPt IX
$142K
Ln 25
Programscol B$142K
Owns and owesPt X
$778K
net assets · Ln 32
Cash and savingsLn 1–2$355K
Total assetsLn 16$778K
LiabilitiesLn 26$0
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$16K
Investment incomeLn 3$2K
Total revenueLn 12$18K
Assets in detailPt X, end of year
CashLn 1$355K
Cash and savings togetherLn 1–2$355K
Total assetsLn 16$778K
LiabilitiesLn 26$0
Net assetsLn 32$778K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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 FY24End FY24
Cash and savingsLn 1–2$443K$355K
Total assetsLn 16$907K$778K
LiabilitiesLn 26$4K$0
Net assetsLn 32$903K$778K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$17K$17K
Accounting feesLn 11c$8K$8K
Office expensesLn 13$236$236
Other expenses (24a–d)Ln 24$117K$117K
Total functional expensesLn 25$142K$142K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $28K$140K−$112K$903K 990 PDF
FY2023 $26K$16K$11K$1.0M 990 PDF
FY2022 $442K$39K$404K$1.0M 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 FY2024 990 (6 parts)
Part I · Summary $17,686 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $12,037$16,032
I-10 Investment incomePrior year $16,436$1,654
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $28,473$17,686
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 $140,236$142,462
I-18 Total expensesPrior year $140,236$142,462
I-19 Revenue less expensesPrior year −$111,763−$124,776
Part VI · Governance 15 of 15 board members independent, 1 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
VI-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $17,686 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $16,032$16,032
VIII-3 Investment incomeRelated to mission $1,654$1,654
VIII-12 Total revenueRelated to mission $17,686 · Unrelated business $0 · Excluded from tax $0$17,686
Part IX · Statement of functional expenses $142,462 across 4 lines filed
IX-11a Management feesPrograms $16,808$16,808
IX-11c Accounting feesPrograms $8,450$8,450
IX-13 Office expensesPrograms $236$236
IX-24 Other expenses (24a–d)Programs $116,968$116,968
IX-25 Total functional expensesPrograms $142,462 · Management $0 · Fundraising $0$142,462
Part X · Balance sheet $778,265 assets, 8 lines filed
Asset lines not itemized here account for $423,343; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $442,602$354,922
X-16 Total assetsStart of year $907,061$778,265
X-17 Accounts payable and accrued expensesStart of year $4,020$0
X-26 Total liabilitiesStart of year $4,020$0
X-27 Net assets without donor restrictionsStart of year $471,371$342,941
X-28 Net assets with donor restrictionsStart of year $431,670$435,324
X-32 Total net assets or fund balancesStart of year $903,041$778,265
X-33 Total liabilities and net assetsStart of year $907,061$778,265
Part XI · Reconciliation of net assets $778,265 net assets at year end
XI-1 Total revenue$17,686
XI-2 Total expenses$142,462
XI-3 Revenue less expenses−$124,776
XI-4 Net assets at start of year$903,041
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$778,265

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

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