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Schmitt Island Development Corporation

Tax-deductible

Dubuque, IA501(c)(3)Since 2022Public & Societal Benefit EIN 92-0629253Revenue $1.3M in FY2025

On file with the IRSschmittisland.com1800 Admiral Sheehy Dr, 52001-2379 · Dubuque, IATax-exempt since May 2023Publicly supported — 509(a)(2)

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Managing the ice arena and Schmitt Island assets benefits the community by providing consistent and expanded recreational opportunities for the community. In addition, this organization lessens the burden of the government's time and resources to manage the facilities and its programs.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists 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
2 of 4
filings with a surplus
Average surplus $120K a year · 10% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Fine: 2.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $2.6M
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$330K
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
+9% vs prior year
Spent
$1.4M
To programs
93%
Net assets
$403K
By yearFY2022–FY2025
Revenue
$1.3M
FY2025▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2022$696K
FY2023$1.6M
FY2024$1.2M
FY2025$1.3M
Expenses
$1.4M
FY2025▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2022$340K
FY2023$1.3M
FY2024$1.3M
FY2025$1.4M
Net assets
$403K
FY2025▼ -19%
Tap a bar for its year
Net assets by fiscal year
FY2022$356K
FY2023$694K
FY2024$498K
FY2025$403K

From the FY2025 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 2023.

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

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $1.3M Management & general 7% · $103K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation
Kathy Buhr
Treasurer
$0Pt VII · Sec A
Sara Hanten
President/Chair
$0Pt VII · Sec A
Brian Kuhle
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tommy Lange
Director
$0Pt VII · Sec A
See Schmitt Island 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 15aYes

Programs and updates

Manages ice arena and island assets, expanding recreation and easing government burden.

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Provided by the organization

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1 program · $1.3M · in their own filed words · FY2025
01

The organization and contracted entities or individuals manage the ice arena located on chaplain schmitt island in dubuque, iowa. This activity is funded through management fees paid by the city, contributions from the general public, and program service fees. Ninety-nine percent of the organizations time is allocated to this activity.

$1.3Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Dubuque Racing Association LtdFY2025$2.6M
Total grants receivedfrom 1 funder$2.6M

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Other incomeLn 4–11$552K
Fees for servicesLn 2g$411K
Gifts and grantsLn 1h$356K
Money outPt IX
$1.4M
Ln 25
Programscol B$1.3M
Managementcol C$103K
Owns and owesPt X
$403K
net assets · Ln 32
Cash and savingsLn 1–2$304K
Total assetsLn 16$733K
LiabilitiesLn 26$330K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$356K
Fees for servicesLn 2g$411K
Investment incomeLn 3$9K
Other incomeLn 4–11$552K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$239K
SavingsLn 2$65K
Cash and savings togetherLn 1–2$304K
Land, buildings, equipmentLn 10c$311K
Other assetsLn 15$4K
Total assetsLn 16$733K
LiabilitiesLn 26$330K
Net assetsLn 32$403K
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$315K$304K
Land, buildings, equipmentLn 10c$367K$311K
Total assetsLn 16$800K$733K
LiabilitiesLn 26$302K$330K
Net assetsLn 32$498K$403K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$103K$103K
Other fees for servicesLn 11g$566K$566K
Advertising and promotionLn 12$460$460
OccupancyLn 16$321K$321K
Depreciation, depletion and amortizationLn 22$66K$66K
InsuranceLn 23$24K$24K
Other expenses (24a–d)Ln 24$340K$340K
All other expensesLn 24e$3K$3K$9
Total functional expensesLn 25$1.4M$1.3M$103K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.3M$1.4M−$94K$403K 990 PDF
FY2024 $1.2M$1.3M−$121K$498K 990 PDF
FY2023 $1.6M$1.3M$338K$694K 990 PDF
FY2022 $696K$340K$356K$356K 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 FY2025 990 (6 parts)
Part I · Summary $1,329,120 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $206,802$356,319
I-9 Program service revenuePrior year $530,549$411,187
I-10 Investment incomePrior year $17,207$9,380
I-11 Other revenuePrior year $464,638$552,234
I-12 Total revenuePrior year $1,219,196$1,329,120
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,339,874$1,423,547
I-18 Total expensesPrior year $1,339,874$1,423,547
I-19 Revenue less expensesPrior year −$120,678−$94,427
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,329,120 across 7 lines filed
Lines not itemized here account for $440,166 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$356,319
VIII-1h Total contributions, gifts and grants$356,319
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $411,187$411,187
VIII-3 Investment incomeExcluded from tax $9,380$9,380
VIII-6 Net rental income or lossRelated to mission $15,376$15,376
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $96,692$96,692
VIII-12 Total revenueRelated to mission $963,421 · Unrelated business $0 · Excluded from tax $9,380$1,329,120
Part IX · Statement of functional expenses $1,423,547 across 8 lines filed
IX-11a Management feesManagement $103,400$103,400
IX-11g Other fees for servicesPrograms $565,513$565,513
IX-12 Advertising and promotionPrograms $460$460
IX-16 OccupancyPrograms $320,592$320,592
IX-22 Depreciation, depletion and amortizationPrograms $65,939$65,939
IX-23 InsurancePrograms $24,003$24,003
IX-24 Other expenses (24a–d)Programs $340,298$340,298
IX-24e All other expensesPrograms $3,333 · Management $9$3,342
IX-25 Total functional expensesPrograms $1,320,138 · Management $103,409 · Fundraising $0$1,423,547
Part X · Balance sheet $733,204 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $236,874$238,781
X-2 Savings and temporary cash investmentsStart of year $78,617$65,179
X-4 Accounts receivableStart of year $68,967$39,762
X-8 Inventories for sale or useStart of year $30,935$22,186
X-9 Prepaid expenses and deferred chargesStart of year $17,867$51,975
X-10c Land, buildings and equipment, netStart of year $366,932$310,932
X-15 Other assetsStart of year $0$4,389
X-16 Total assetsStart of year $800,192$733,204
X-17 Accounts payable and accrued expensesStart of year $137,491$145,384
X-19 Deferred revenueStart of year $164,786$184,332
X-26 Total liabilitiesStart of year $302,277$329,716
X-27 Net assets without donor restrictionsStart of year $419,583$338,309
X-28 Net assets with donor restrictionsStart of year $78,332$65,179
X-32 Total net assets or fund balancesStart of year $497,915$403,488
X-33 Total liabilities and net assetsStart of year $800,192$733,204
Part XI · Reconciliation of net assets $403,488 net assets at year end
XI-1 Total revenue$1,329,120
XI-2 Total expenses$1,423,547
XI-3 Revenue less expenses−$94,427
XI-4 Net assets at start of year$497,915
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$403,488

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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