Waterloo Development Corporation EIN 42-1505470 Form 990 (PDF) Claim this org

Waterloo Development Corporation FY2022 filing

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Waterloo Development Corporation is a community improvement nonprofit based in Waterloo, IA. For fiscal year 2022 it reported $877K in revenue, $482K in expenses, and $696K in net assets.Pt I

Type
Public charity (501(c)(3)) · Community Development
Location
Waterloo, IA
Filings
5 on file (2020–2022)
Revenue
$877KFY2022
Expenses
$482K
Net assets
$696K
People
10
Filings
5
Updates
0
More identity details & actions ⌄
EIN  42-1505470 Public charity (501(c)(3)) Waterloo, IA
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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Figures match the IRS filing checked 9/13/26 · see original: IRS
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Size
$1–10M
What they do
a community improvement nonprofit
Leadership
Daniel Watters · President
Money in and out
$877K revenue, $482K expenses
Bottom line
98% program efficiency
Where the money goes · FY2022
Total revenue
$877K
Pt VIII · Ln 12
Total expenses
$482K
Pt IX · Ln 25
Net assets
$696K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $395K
Where spending went · Part IX cols B–D
Program services $0.98 Management & general $0.02
Program efficiency
98%
of spending reaches programs
Operating runway
14.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
+45%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$877K
FY2022▲ +609%
Expenses
$482K
FY2022▲ +278%
Total assets
$696K
FY2022▲ +131%
Total liabilities
$0
FY2022
Total revenue
$877K
Pt VIII · Ln 12
Total expenses
$482K
Pt IX · Ln 25
Net assets
$696K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$395K
Total assetsPt X · Ln 16$696K
Program-expense ratioPt IX · col B98%
Voting members of governing bodyPt I · Ln 310
Independent voting membersPt I · Ln 410
Mission & Programs · Part III

Where the work happens

1 program service account for $472K of program spending, described in the organization's own filed words · FY2022.
01

Promote civic, industrial, mercantile, traffic and transportation, agricultural and other interest of waterloo, cedar falls and northeast iowa AREAS.DURING the 2014 tax year, the organization completed construction of the cedar valley sportsplex facility, primarily funded through private funding.

$472Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWaterloo Development Corporation
EINHdr · item D42-1505470
Principal addressHdr · item CWaterloo, IA
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MIA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S30)
Ruling yearIRS BMFSep 2000

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a10
Independent voting membersPt VI · Ln 1b10
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants100%$877K
Investment income$29
Other revenue$200
Total revenueLn 12$877K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.98 Management & general $0.02
Program services98%$472K
Management & general2%$10K
Total functional expensesLn 25$482K

Balance Sheet

Part X · end of year
CashLn 1$570K
Total assetsLn 16$696K
Total liabilitiesLn 26$0
Total net assetsLn 32$696K
Months of cash on handcomputed14.2

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $570K · Operating expenses/yr $482K
14.2 months
Where the money goes
Program services
Program services $472K · Total expenses $482K
98%
Management & General
Management & general $10K · Total expenses $482K
2%
Fundraising
Fundraising $0 · Total expenses $482K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $369K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $877K · Total revenue $877K
100%
Government reliance
Government grants — · Total revenue $877K
Earned-income share
Program service revenue $0 · Total revenue $877K
0%
Investment reliance
Investment income $29 · Total revenue $877K
<0.01%
Program self-sufficiency
Program service revenue $0 · Total expenses $482K
0%
Growth & trend
Revenue growth (YoY)
This year $877K · Prior year $124K
+609%
Net-asset trend (YoY)
End of year $696K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $877K · Expenses $482K
+45%
Liabilities-to-Assets
Total liabilities — · Total assets $696K
Net-asset ratio
Net assets $696K · Total assets $696K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $696K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Daniel Watters · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $482K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $482K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 98%
Overhead ratio 2%
Fundraising cost ratio 0%
Revenue growth 609%
Legal fee ratio 0.4%
Accounting fee ratio 0.9%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$3.0M
Grants paid · 3 grants · $178K · 2022–2024
City of WaterlooFY2024$19,780
City of WaterlooFY2023$7,000
City of WaterlooFY2022$151,548

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$1.7M revenue · ⤓ 990 PDF
FY2023$694K revenue · ⤓ 990 PDF
FY2022$877K revenue · viewing · ⤓ 990 PDF
FY2021$124K revenue · ⤓ 990 PDF
FY2020$106K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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