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Independence Council for Economic Development FY2022 filing

Independence, MOUnknown exempt organization EIN 43-1304196Revenue $590K in FY2022

On file with the IRSiced.org201 N Forest Avenue Suite 120 · Independence, MO

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Stimulate Economic growth within the city of Independence mo

38¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 3
filings with a surplus
Average surplus $95K a year · 21% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
38%
of spending
Concern: 38% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
12 mo
of spending, in cash
Looks good: 11.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$143
0.03% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
26
of 26 voting members
Looks good: 26 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$590K
-7% vs prior year
Spent
$387K
To programs
38%
Net assets
$419K
By yearFY2021–FY2023
Revenue
$590K
FY2022▼ -7%
Tap a bar for its year
Revenue by fiscal year
FY2021$634K
FY2022$590K
FY2023$131K
Expenses
$387K
FY2022▼ -13%
Tap a bar for its year
Expenses by fiscal year
FY2021$446K
FY2022$387K
FY2023$236K
Net assets
$419K
FY2022▲ +94%
Tap a bar for its year
Net assets by fiscal year
FY2021$216K
FY2022$419K
FY2023$108K

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 (FY2023) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

38 cents of each dollar spent went to programs.

Program services 38% · $148K Management & general 62% · $239K

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

26 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Jack Figg
Director
$0Pt VII · Sec A
Bob Glaser
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
David Martin
Director
$0Pt VII · Sec A
Ron Finke
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
John Perkins
Director
$0Pt VII · Sec A
See Independence Council for Economic Development 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Promotes economic growth within Independence, Missouri.

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Provided by the organization

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2 programs · $148K · in their own filed words · FY2021
01

Operation of Ennovation Center at Facility

$137Kprogram expense
02

Stimulate economic growth within the City of Independence MO

$12Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$590K
Ln 12
Fees for servicesLn 2g$322K
Gifts and grantsLn 1h$268K
Other incomeLn 4–11$539
Money outPt IX
$387K
Ln 25
Programscol B$148K
Managementcol C$239K
Owns and owesPt X
$419K
net assets · Ln 32
Cash and savingsLn 1–2$379K
Total assetsLn 16$419K
LiabilitiesLn 26$143
PeoplePt VI, VII
26
listed · VII A
PaidVII A0
Voting boardVI 1a26
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$268K
Government grantsLn 1e$170K
Fees for servicesLn 2g$322K
Investment incomeLn 3$27
Other incomeLn 4–11$539
Total revenueLn 12$590K
Assets in detailPt X, end of year
SavingsLn 2$379K
Cash and savings togetherLn 1–2$379K
Land, buildings, equipmentLn 10c$7K
Total assetsLn 16$419K
LiabilitiesLn 26$143
Net assetsLn 32$419K
OperationsPt I, VI
EmployeesI 56
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$181K$379K
Land, buildings, equipmentLn 10c$12K$7K
Total assetsLn 16$212K$419K
LiabilitiesLn 26−$4K$143
Net assetsLn 32$216K$419K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$170K$28K$142K
Other employee benefitsLn 9$26K$8K$18K
Payroll taxesLn 10$13K$3K$10K
Accounting feesLn 11c$7K$1K$6K
Office expensesLn 13$45K$8K$37K
OccupancyLn 16$34K$29K$5K
TravelLn 17$5K$1K$4K
Conferences, conventions and meetingsLn 19$2K$2K$293
InterestLn 20$65$65
Depreciation, depletion and amortizationLn 22$4K$4K$200
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$25K$25K
All other expensesLn 24e$52K$39K$13K
Total functional expensesLn 25$387K$148K$239K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest $131K$236K−$105K$108K 990 PDF
FY2022 Viewing $590K$387K$203K$419K 990 PDF
FY2021 $634K$446K$187K$216K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $590,221 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $290,336$267,827
I-9 Program service revenuePrior year $226,079$321,828
I-10 Investment incomePrior year $23$27
I-11 Other revenuePrior year $117,264$539
I-12 Total revenuePrior year $633,702$590,221
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $307,577$209,456
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $138,728$177,916
I-18 Total expensesPrior year $446,305$387,372
I-19 Revenue less expensesPrior year $187,397$202,849
Part VI · Governance 26 of 26 board members independent, 4 to look at
VI-1a Voting members of the governing body26
VI-1b Independent voting members26
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $590,221 across 7 lines filed
Lines not itemized here account for $2,401 of total revenue; see the IRS return.
VIII-1b Membership dues$97,827
VIII-1e Government grants$170,000
VIII-1h Total contributions, gifts and grants$267,827
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $319,427$319,427
VIII-3 Investment incomeRelated to mission $27$27
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $539$539
VIII-12 Total revenueRelated to mission $322,394 · Unrelated business $0 · Excluded from tax $0$590,221
Part IX · Statement of functional expenses $387,372 across 13 lines filed
IX-7 Other salaries and wagesPrograms $27,929 · Management $142,332$170,261
IX-9 Other employee benefitsPrograms $7,569 · Management $18,219$25,788
IX-10 Payroll taxesPrograms $3,057 · Management $10,350$13,407
IX-11c Accounting feesPrograms $1,110 · Management $6,290$7,400
IX-13 Office expensesPrograms $7,849 · Management $36,943$44,792
IX-16 OccupancyPrograms $29,337 · Management $4,800$34,137
IX-17 TravelPrograms $1,350 · Management $3,600$4,950
IX-19 Conferences, conventions and meetingsPrograms $1,843 · Management $293$2,136
IX-20 InterestManagement $65$65
IX-22 Depreciation, depletion and amortizationPrograms $3,992 · Management $200$4,192
IX-23 InsuranceManagement $2,731$2,731
IX-24 Other expenses (24a–d)Programs $25,338$25,338
IX-24e All other expensesPrograms $39,105 · Management $13,070$52,175
IX-25 Total functional expensesPrograms $148,479 · Management $238,893 · Fundraising $0$387,372
Part X · Balance sheet $418,902 assets, 10 lines filed
X-2 Savings and temporary cash investmentsStart of year $180,919$378,781
X-4 Accounts receivableStart of year $19,698$32,800
X-10c Land, buildings and equipment, netStart of year $11,513$7,321
X-16 Total assetsStart of year $212,130$418,902
X-17 Accounts payable and accrued expensesStart of year $966$3,925
X-25 Other liabilitiesStart of year −$4,745−$3,782
X-26 Total liabilitiesStart of year −$3,779$143
X-27 Net assets without donor restrictionsStart of year $215,909$418,759
X-32 Total net assets or fund balancesStart of year $215,909$418,759
X-33 Total liabilities and net assetsStart of year $212,130$418,902
Part XI · Reconciliation of net assets $418,759 net assets at year end
XI-1 Total revenue$590,221
XI-2 Total expenses$387,372
XI-3 Revenue less expenses$202,849
XI-4 Net assets at start of year$215,909
XI-8 Prior period adjustments$1
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$418,759

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

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