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Kossuth County Economic Development Corporation FY2024 filing

Not tax-deductible

Algona, IA501(c)(6)Mutual / membership EIN 42-1463607Revenue $282K in FY2024

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.
41¢ 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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FY2024 · 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
41%
of spending
Concern: 41% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
21 mo
of spending, in cash
Looks good: 21.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8K
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
$282K
-5% vs prior year
Spent
$255K
To programs
41%
Net assets
$558K
By yearFY2021–FY2025
Revenue
$282K
FY2024▼ -5%
Tap a bar for its year
Revenue by fiscal year
FY2021$295K
FY2022$324K
FY2023$296K
FY2024$282K
FY2025$276K
Expenses
$255K
FY2024▼ -6%
Tap a bar for its year
Expenses by fiscal year
FY2021$246K
FY2022$332K
FY2023$271K
FY2024$255K
FY2025$235K
Net assets
$558K
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2021$542K
FY2022$506K
FY2023$532K
FY2024$558K
FY2025$599K

From the FY2024 Form 990 (year ending June 2024) · see the original

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You’re viewing the FY2024 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

41 cents of each dollar spent went to programs.

Program services 41% · $104K Management & general 59% · $151K

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 (FY2023); the FY2024 filing did not itemize Part VII
Eric Baker
Director
$0Pt VII · Sec A
Pat Berte
Director
$0Pt VII · Sec A
Craig Florea
Director
$0Pt VII · Sec A
Jeff Knapp
Director
$0Pt VII · Sec A
Mathew Neisen
Treasurer
$0Pt VII · Sec A
Crysti Neuman
Secretary
$0Pt VII · Sec A
Sean Noonan
President
$0Pt VII · Sec A
Kyle Stecker
Director
$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 · $104K · in their own filed words · FY2023
01

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

$97Kprogram 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.

$6Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$282K
Ln 12
Gifts and grantsLn 1h$273K
Investment incomeLn 3$9K
Money outPt IX
$255K
Ln 25
Programscol B$104K
Managementcol C$151K
Owns and owesPt X
$558K
net assets · Ln 32
Cash and savingsLn 1–2$449K
Total assetsLn 16$566K
LiabilitiesLn 26$8K
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$273K
Government grantsLn 1e$130K
Investment incomeLn 3$9K
Total revenueLn 12$282K
Assets in detailPt X, end of year
CashLn 1$104K
SavingsLn 2$345K
Cash and savings togetherLn 1–2$449K
Total assetsLn 16$566K
LiabilitiesLn 26$8K
Net assetsLn 32$558K
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 FY24End FY24
Cash and savingsLn 1–2$401K$449K
Total assetsLn 16$540K$566K
LiabilitiesLn 26$8K$8K
Net assetsLn 32$532K$558K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$104K$104K
Other salaries and wagesLn 7$40K$40K
Pension plan contributionsLn 8$12K$4K$7K
Other employee benefitsLn 9$16K$16K
Payroll taxesLn 10$13K$5K$8K
Legal feesLn 11b$845$845
Accounting feesLn 11c$2K$2K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$1K$1K
OccupancyLn 16$20K$20K
TravelLn 17$6K$6K
Conferences, conventions and meetingsLn 19$3K$3K
InsuranceLn 23$2K$248$1K
Other expenses (24a–d)Ln 24$22K$18K$4K
All other expensesLn 24e$9K$5K$4K
Total functional expensesLn 25$255K$104K$151K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $276K$235K$41K$599K 990 PDF
FY2024 Viewing $282K$255K$26K$558K 990 PDF
FY2023 $296K$271K$26K$532K 990 PDF
FY2022 $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 FY2024 990 (6 parts)
Part I · Summary $281,537 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $290,084$272,727
I-9 Program service revenue$0
I-10 Investment incomePrior year $6,328$8,810
I-11 Other revenue$0
I-12 Total revenuePrior year $296,412$281,537
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $198,826$184,775
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $71,889$70,280
I-18 Total expensesPrior year $270,715$255,055
I-19 Revenue less expensesPrior year $25,697$26,482
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 $281,537 across 6 lines filed
VIII-1b Membership dues$34,136
VIII-1e Government grants$130,219
VIII-1f All other contributions, gifts and grants$108,372
VIII-1h Total contributions, gifts and grants$272,727
VIII-3 Investment incomeRelated to mission $8,810$8,810
VIII-12 Total revenueRelated to mission $8,810$281,537
Part IX · Statement of functional expenses $255,055 across 15 lines filed
IX-5 Pay of current officers, directors and key staffManagement $104,395$104,395
IX-7 Other salaries and wagesPrograms $40,169$40,169
IX-8 Pension plan contributionsPrograms $4,462 · Management $7,325$11,787
IX-9 Other employee benefitsPrograms $15,507$15,507
IX-10 Payroll taxesPrograms $5,290 · Management $7,627$12,917
IX-11b Legal feesManagement $845$845
IX-11c Accounting feesManagement $1,905$1,905
IX-12 Advertising and promotionPrograms $4,867$4,867
IX-13 Office expensesPrograms $1,205$1,205
IX-16 OccupancyManagement $20,146$20,146
IX-17 TravelPrograms $5,970$5,970
IX-19 Conferences, conventions and meetingsPrograms $3,329$3,329
IX-23 InsurancePrograms $248 · Management $1,430$1,678
IX-24 Other expenses (24a–d)Programs $18,026 · Management $3,560$21,586
IX-24e All other expensesPrograms $4,647 · Management $4,102$8,749
IX-25 Total functional expensesPrograms $103,720 · Management $151,335 · Fundraising $0$255,055
Part X · Balance sheet $565,947 assets, 7 lines filed
Asset lines not itemized here account for $116,870; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $111,961$104,367
X-2 Savings and temporary cash investmentsStart of year $289,407$344,710
X-16 Total assetsStart of year $539,849$565,947
X-17 Accounts payable and accrued expensesStart of year $8,014$7,630
X-26 Total liabilitiesStart of year $8,014$7,630
X-32 Total net assets or fund balancesStart of year $531,835$558,317
X-33 Total liabilities and net assetsStart of year $539,849$565,947
Part XI · Reconciliation of net assets $558,317 net assets at year end
XI-1 Total revenue$281,537
XI-2 Total expenses$255,055
XI-3 Revenue less expenses$26,482
XI-4 Net assets at start of year$531,835
XI-10 Net assets at end of year$558,317

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

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