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Kossuth County Economic Development Corporation FY2022 filing

Not tax-deductible

Algona, IA501(c)(6)Mutual / membership EIN 42-1463607Revenue $324K in FY2022

On file with the IRSkossuth-edc.com106 S Dodge St Ste 210, 50511-2666 · Algona, IATax-exempt since Jan 1998

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The Kossuth County Economic Development Corporation will coordinate job retention, business Development, housing, tourism, value-added initiatives and provide leadership to help improve the quality of life for residents of Kossuth County.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
64¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

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
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
4 of 5
filings with a surplus
Average surplus $27K a year · 9% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
64%
of spending
Worth a look: 64% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
13 mo
of spending, in cash
Looks good: 12.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$324K
+10% vs prior year
Spent
$332K
To programs
64%
Net assets
$506K
By yearFY2021–FY2025
Revenue
$324K
FY2022▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2021$295K
FY2022$324K
FY2023$296K
FY2024$282K
FY2025$276K
Expenses
$332K
FY2022▲ +35%
Tap a bar for its year
Expenses by fiscal year
FY2021$246K
FY2022$332K
FY2023$271K
FY2024$255K
FY2025$235K
Net assets
$506K
FY2022▼ -7%
Tap a bar for its year
Net assets by fiscal year
FY2021$542K
FY2022$506K
FY2023$532K
FY2024$558K
FY2025$599K

From the FY2022 Form 990 (year ending June 2022) · see the original

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You’re viewing the FY2022 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 Jan 1998.

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

Where the money goes

64 cents of each dollar spent went to programs.

Program services 64% · $214K Management & general 36% · $118K

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

17 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Eric Baker
Director
$0Pt VII · Sec A
Pat Berte
Treasurer
$0Pt VII · Sec A
Craig Deim
Director
$0Pt VII · Sec A
Craig Florea
Director
$0Pt VII · Sec A
Jeff Knapp
Vice Preside
$0Pt VII · Sec A
Crysti Neuman
Secretary
$0Pt VII · Sec A
Sean Noonan
Financial Ad
$0Pt VII · Sec A
$0Pt VII · Sec A
See Kossuth County Economic Development 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 15aNo

Programs and updates

Improves quality of life by coordinating job retention, business development, housing, and tourism.

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Provided by the organization

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2 programs · $214K · in their own filed words · FY2021
01

Continue to provide assistance to kossuth county businesses and communities to develop new business and retain current businesses and industries.

$154Kprogram expense
02

Continue to provide loans to businesses through the kossuth county revolving loan fund. This fund provides a source of financing, which may not otherwise be available within the county for local expanding or start- up businesses.

$61Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$324K
Ln 12
Gifts and grantsLn 1h$320K
Investment incomeLn 3$3K
Money outPt IX
$332K
Ln 25
Programscol B$214K
Managementcol C$118K
Owns and owesPt X
$506K
net assets · Ln 32
Cash and savingsLn 1–2$354K
Total assetsLn 16$511K
LiabilitiesLn 26$5K
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$320K
Government grantsLn 1e$64K
Investment incomeLn 3$3K
Total revenueLn 12$324K
Assets in detailPt X, end of year
CashLn 1$71K
SavingsLn 2$284K
Cash and savings togetherLn 1–2$354K
Land, buildings, equipmentLn 10c$88
Total assetsLn 16$511K
LiabilitiesLn 26$5K
Net assetsLn 32$506K
OperationsPt I, VI
EmployeesI 59
VolunteersI 65
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 FY22End FY22
Cash and savingsLn 1–2$398K$354K
Land, buildings, equipmentLn 10c$239$88
Total assetsLn 16$547K$511K
LiabilitiesLn 26$5K$5K
Net assetsLn 32$542K$506K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$81K$81K
Other salaries and wagesLn 7$61K$61K
Pension plan contributionsLn 8$12K$5K$7K
Other employee benefitsLn 9$25K$25K
Payroll taxesLn 10$11K$5K$6K
Legal feesLn 11b$694$694
Accounting feesLn 11c$2K$180$2K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$760$760
OccupancyLn 16$15K$15K
TravelLn 17$2K$2K
Conferences, conventions and meetingsLn 19$2K$2K
Depreciation, depletion and amortizationLn 22$151$151
InsuranceLn 23$2K$248$1K
Other expenses (24a–d)Ln 24$94K$94K
All other expensesLn 24e$20K$16K$5K
Total functional expensesLn 25$332K$214K$118K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $276K$235K$41K$599K 990 PDF
FY2024 $282K$255K$26K$558K 990 PDF
FY2023 $296K$271K$26K$532K 990 PDF
FY2022 Viewing $324K$332K−$8K$506K 990 PDF
FY2021 $295K$246K$50K$542K 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 FY2022 990 (6 parts)
Part I · Summary $323,619 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $290,748$320,369
I-9 Program service revenue$0
I-10 Investment incomePrior year $4,465$3,250
I-11 Other revenue$0
I-12 Total revenuePrior year $295,213$323,619
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $169,612$190,446
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $75,966$141,458
I-18 Total expensesPrior year $245,578$331,904
I-19 Revenue less expensesPrior year $49,635−$8,285
Part VI · Governance 17 of 17 board members independent, 4 to look at
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
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 $323,619 across 6 lines filed
VIII-1b Membership dues$34,136
VIII-1e Government grants$63,845
VIII-1f All other contributions, gifts and grants$222,388
VIII-1h Total contributions, gifts and grants$320,369
VIII-3 Investment incomeRelated to mission $3,250$3,250
VIII-12 Total revenueRelated to mission $3,250$323,619
Part IX · Statement of functional expenses $331,904 across 16 lines filed
IX-5 Pay of current officers, directors and key staffManagement $81,378$81,378
IX-7 Other salaries and wagesPrograms $61,114$61,114
IX-8 Pension plan contributionsPrograms $4,990 · Management $6,887$11,877
IX-9 Other employee benefitsPrograms $24,933$24,933
IX-10 Payroll taxesPrograms $4,959 · Management $6,185$11,144
IX-11b Legal feesPrograms $694$694
IX-11c Accounting feesPrograms $180 · Management $1,795$1,975
IX-12 Advertising and promotionPrograms $2,092$2,092
IX-13 Office expensesPrograms $760$760
IX-16 OccupancyManagement $15,435$15,435
IX-17 TravelPrograms $2,293$2,293
IX-19 Conferences, conventions and meetingsPrograms $1,851$1,851
IX-22 Depreciation, depletion and amortizationManagement $151$151
IX-23 InsurancePrograms $248 · Management $1,433$1,681
IX-24 Other expenses (24a–d)Programs $94,210$94,210
IX-24e All other expensesPrograms $15,736 · Management $4,580$20,316
IX-25 Total functional expensesPrograms $214,060 · Management $117,844 · Fundraising $0$331,904
Part X · Balance sheet $511,367 assets, 8 lines filed
Asset lines not itemized here account for $157,042; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $149,510$70,599
X-2 Savings and temporary cash investmentsStart of year $248,473$283,638
X-10c Land, buildings and equipment, netStart of year $239$88
X-16 Total assetsStart of year $546,781$511,367
X-17 Accounts payable and accrued expensesStart of year $5,181$5,229
X-26 Total liabilitiesStart of year $5,181$5,229
X-32 Total net assets or fund balancesStart of year $541,600$506,138
X-33 Total liabilities and net assetsStart of year $546,781$511,367
Part XI · Reconciliation of net assets $506,138 net assets at year end
XI-1 Total revenue$323,619
XI-2 Total expenses$331,904
XI-3 Revenue less expenses−$8,285
XI-4 Net assets at start of year$541,600
XI-8 Prior period adjustments−$27,177
XI-10 Net assets at end of year$506,138

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

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