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Ifbf Property Management INC

Wdm, IAMutual-benefit / member-servingSince 1998EIN 42-1472056Revenue $24.4M in FY2024

On file with the IRS5400 University Ave, 50266-5950 · Wdm, IATax-exempt since Jul 1998

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A title holding corporation.

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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 $11.8M a year · 56% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$9.7M
11% of total assets
Looks good: liabilities are 11% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$24.4M
+18% vs prior year
Spent
$10.0M
Net assets
$75.9M
By yearFY2020–FY2024
Revenue
$24.4M
FY2024▲ +18%
Tap a bar for its year
Revenue by fiscal year
FY2020$20.3M
FY2021$22.3M
FY2022$18.1M
FY2023$20.6M
FY2024$24.4M
Expenses
$10.0M
FY2024▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$8.7M
FY2021$9.0M
FY2022$9.5M
FY2023$9.6M
FY2024$10.0M
Net assets
$75.9M
FY2024▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2020$50.2M
FY2021$57.9M
FY2022$61.2M
FY2023$66.8M
FY2024$75.9M

From the FY2024 Form 990 (year ending October 2024) · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1998.

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Brent Johnson
President
$0Pt VII · Sec A
Timothy Bigley
Vice President of Finance
$0Pt VII · Sec A
Marty Schwager
Vice President & Secretary
$0Pt VII · Sec A
Mark Wickham
General Counsel
$0Pt VII · Sec A
James Gardner
Former Vice President of Finance
$0Pt VII · Sec A
Edward Parker
Former General Counsel
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2021FY2020
Steve Flug$119,630$113,713

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Manages property, collects lease revenue, pays expenses, and transfers excess funds to its tax-exempt parent organization.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Building Services

Collected appropriate lease revenue, paid ordinary and necessary expenses of operating the property, allowed for depreciation and turned over the excess revenue over expenses to its exempt parent.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$24.4M
Ln 12
Fees for servicesLn 2g$15.0M
Investment incomeLn 3$9.3M
Other incomeLn 4–11$74K
Money outPt IX
$10.0M
Ln 25
Owns and owesPt X
$75.9M
net assets · Ln 32
Cash and savingsLn 1–2$36K
Total assetsLn 16$85.6M
LiabilitiesLn 26$9.7M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$15.0M
Investment incomeLn 3$9.3M
Other incomeLn 4–11$74K
Gains on assetsLn 7$9.0M
Total revenueLn 12$24.4M
Assets in detailPt X, end of year
SavingsLn 2$36K
Cash and savings togetherLn 1–2$36K
InvestmentsLn 11–13$22.6M
Land, buildings, equipmentLn 10c$57.4M
Other assetsLn 15$1.3M
Total assetsLn 16$85.6M
LiabilitiesLn 26$9.7M
Net assetsLn 32$75.9M
OperationsPt I, VI
EmployeesI 546
VolunteersI 60
Fiscal year endsHeaderOctober
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$59K$36K
InvestmentsLn 11–13$24.1M$22.6M
Land, buildings, equipmentLn 10c$54.6M$57.4M
Total assetsLn 16$80.8M$85.6M
LiabilitiesLn 26$14.1M$9.7M
Net assetsLn 32$66.8M$75.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.8M
Pension plan contributionsLn 8$159K
Other employee benefitsLn 9$487K
Payroll taxesLn 10$140K
Management feesLn 11a$51K
Legal feesLn 11b$31K
Accounting feesLn 11c$286K
Investment management feesLn 11f$148K
Other fees for servicesLn 11g$154K
Office expensesLn 13$847K
Information technologyLn 14$124K
OccupancyLn 16$3.8M
TravelLn 17$15K
Depreciation, depletion and amortizationLn 22$1.7M
InsuranceLn 23$97K
Other expenses (24a–d)Ln 24$30K
Total functional expensesLn 25$10.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $24.4M$10.0M$14.5M$75.9M 990 PDF
FY2023 $20.6M$9.6M$11.0M$66.8M 990 PDF
FY2022 $18.1M$9.5M$8.7M$61.2M 990 PDF
FY2021 $22.3M$9.0M$13.3M$57.9M 990 PDF
FY2020 $20.3M$8.7M$11.6M$50.2M 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 $24,419,247 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $14,629,654$15,006,978
I-10 Investment incomePrior year $5,870,008$9,338,024
I-11 Other revenuePrior year $123,497$74,245
I-12 Total revenuePrior year $20,623,159$24,419,247
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 $2,582,864$2,597,158
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,015,149$7,355,833
I-18 Total expensesPrior year $9,598,013$9,952,991
I-19 Revenue less expensesPrior year $11,025,146$14,466,256
Part VI · Governance 0 of 4 board members independent, no flags
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $24,419,247 across 5 lines filed
Lines not itemized here account for $31,995 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $15,006,978$15,006,978
VIII-3 Investment incomeExcluded from tax $328,537$328,537
VIII-7 Net gain or loss on sales of assetsExcluded from tax $9,009,487$9,009,487
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $42,250$42,250
VIII-12 Total revenueRelated to mission $74,245 · Unrelated business $0 · Excluded from tax $24,345,002$24,419,247
Part IX · Statement of functional expenses $9,952,991 across 16 lines filed
IX-7 Other salaries and wages$1,810,927
IX-8 Pension plan contributions$158,548
IX-9 Other employee benefits$487,402
IX-10 Payroll taxes$140,281
IX-11a Management fees$50,573
IX-11b Legal fees$30,878
IX-11c Accounting fees$285,948
IX-11f Investment management fees$148,340
IX-11g Other fees for services$154,187
IX-13 Office expenses$847,348
IX-14 Information technology$123,818
IX-16 Occupancy$3,840,996
IX-17 Travel$15,407
IX-22 Depreciation, depletion and amortization$1,731,589
IX-23 Insurance$97,200
IX-24 Other expenses (24a–d)$29,549
IX-25 Total functional expenses$9,952,991
Part X · Balance sheet $85,555,631 assets, 12 lines filed
X-2 Savings and temporary cash investmentsStart of year $59,126$35,677
X-4 Accounts receivableStart of year $879,220$4,067,187
X-9 Prepaid expenses and deferred chargesStart of year $63,785$64,485
X-10c Land, buildings and equipment, netStart of year $54,612,267$57,426,525
X-11 Publicly traded securitiesStart of year $24,138,231$22,638,508
X-15 Other assetsStart of year $1,076,174$1,323,249
X-16 Total assetsStart of year $80,828,803$85,555,631
X-17 Accounts payable and accrued expensesStart of year $6,170,896$2,548,381
X-25 Other liabilitiesStart of year $7,894,199$7,122,032
X-26 Total liabilitiesStart of year $14,065,095$9,670,413
X-32 Total net assets or fund balancesStart of year $66,763,708$75,885,218
X-33 Total liabilities and net assetsStart of year $80,828,803$85,555,631
Part XI · Reconciliation of net assets $75,885,218 net assets at year end
XI-1 Total revenue$24,419,247
XI-2 Total expenses$9,952,991
XI-3 Revenue less expenses$14,466,256
XI-4 Net assets at start of year$66,763,708
XI-5 Net unrealized gains (losses) on investments−$654,305
XI-9 Other changes in net assets−$4,690,441
XI-10 Net assets at end of year$75,885,218

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

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