ALBIA INDUSTRIAL DEVELOPMENT CORPORATION

EIN: 420927912 501(c)(3) Community Improvement

ALBIA, IA

Total Revenue
$178,441
Total Expenses
$169,017
Total Assets
$196,998
Net Assets
$196,998
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1956
Legal Domicile
IA
Principal Officer
DAN TOMETICH
Phone
6419327233
Tax Period
2024-01-01 to 2024-12-31

ALBIA INDUSTRIAL DEVELOPMENT CORPORATION, founded in 1956, is a small nonprofit in the Community Improvement sector that reported $178K in total revenue in fiscal year 2024. Expenses of $169K left a modest 5% surplus.

Mission

PROMOTE THE ECONOMIC DEVELOPMENT AND EMPLOYMENT OPPORTUNITIES IN MONROE COUNTY, IOWA, INCLUDING THE CITY OF ALBIA BY ADVERTISING AND PUBLICIZING THE ADVANTAGES OF THE AREA AND ASSISTING IN LOCATING, DEVELOPING AND MAKING AVAILABLE SUITABLE INDUSTRIAL SITES AND LOCATIONS.

Program Service Accomplishments

Program 1
Expenses: $169,017

OUR PURPOSE IS PRIMARILY INDUSTRIAL DEVELOPMENT. IN ADDITION, MANY CONTACTS WERE MADE WITH POTENTIAL NEW INDUSTRIES. ALSO, WE HELPED EXISTING INDUSTRIES TO OBTAIN GRANTS AND TAX CREDITS FROM THE...

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OUR PURPOSE IS PRIMARILY INDUSTRIAL DEVELOPMENT. IN ADDITION, MANY CONTACTS WERE MADE WITH POTENTIAL NEW INDUSTRIES. ALSO, WE HELPED EXISTING INDUSTRIES TO OBTAIN GRANTS AND TAX CREDITS FROM THE GOVERNMENT. THIS WILL HELP ENSURE THAT THESE INDUSTRIES PROSPER AND REMAIN IN MONROE COUNTY, IOWA.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $163,500
Program Service Revenue $12,946
Investment Income $1,245
Other Revenue $750
TOTAL REVENUE $178,441

Expense Breakdown

Grants Paid $0
Salaries & Benefits $151,298
Fundraising Expenses $0
Program Expenses $169,017
Other Expenses $17,719
TOTAL EXPENSES $169,017

Year-over-Year Comparison

2024 2023 Change
Revenue $178,441 $181,799 0.0%
Expenses $169,017 $168,175 +0.0%
Net Income $9,424 $13,624 -0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
10
Independent Members
9
Employees
2
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$107,184
Total Directors
10
$107,184
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DAN TOMETICH PRESIDENT 40.00
Officer Director
$99,768 $7,416 $107,184
RICHARD COLTRAIN DIRECTOR 0.25
Director
$0 $0 $0
JOE CRALL DIRECTOR 0.25
Director
$0 $0 $0
JOHN FRESHWATER DIRECTOR 0.25
Director
$0 $0 $0
KEVIN KNESS DIRECTOR 0.25
Director
$0 $0 $0
JACK SCIESZINSKI DIRECTOR 0.25
Director
$0 $0 $0
JOHN HUGHES DIRECTOR 0.25
Director
$0 $0 $0
NORM MAJOR DIRECTOR 0.25
Director
$0 $0 $0
WES ASCHLEMAN DIRECTOR 0.25
Director
$0 $0 $0
JIM VANKLAVERN DIRECTOR 0.25
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $178,441 $169,017 $196,998 $9,424
2023 $181,799 $168,175 $187,574 $13,624
2022 $118,064 $127,359 $201,091 $-9,295
2021 $125,513 $127,941 $187,043 $-2,428
2020 $205,970 $123,832 $187,445 $82,138
2019 $118,099 $141,311 $126,329 $-23,212
2018 $119,844 $110,761 $129,502 $9,083
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