IOWA AREA DEVELOPMENT GROUP LC (EIN 421432150) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1994

Legal Domicile

Principal Officer

BRUCE NUZUM

Phone

5152234817

Tax Period

2024-01-01 to 2024-12-31

IOWA AREA DEVELOPMENT GROUP LC, founded in 1994, is a community nonprofit that reported $1.8M in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring.

Mission

IT IS THE MISSION OF IOWA AREA DEVELOPMENT GROUP TO ADVANCE BUSINESS AND COMMUNITY DEVELOPMENT PROJECTS AND STRATEGIES IN RURAL IOWA ON BEHALF OF OUR UTILITY MEMBERS, ECONOMIC DEVELOPMENT PARTNERS AND THE COMMUNITIES WE SERVE.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,729,322

Investment Income $56,247

Other Revenue $0

TOTAL REVENUE $1,785,569

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,259,778

Fundraising Expenses $0

Other Expenses $554,244

TOTAL EXPENSES $1,814,022

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,785,569	$2,341,480	-0.2%
Expenses	$1,814,022	$1,927,564	-0.1%
Net Income	$-28,453	$413,916	-1.1%

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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

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

$358,451

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS AEILTS	BOARD CHAIRMAN	1.00	Officer Director	$0	$0	$0
JACOB OLBERDING	BOARD VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
MATT WASHBURN	BOARD TREASURER/SECRETARY	1.00	Officer Director	$0	$0	$0
RON STEINHOFF	BOARD DIRECTOR	1.00	Director	$0	$0	$0
DAVID ONKEN	BOARD DIRECTOR	1.00	Director	$0	$0	$0
NORM MAJOR	BOARD DIRECTOR	1.00	Director	$0	$0	$0
BRUCE NUZUM	CHIEF EXECUTIVE OFFICER	40.00	Officer	$262,913	$95,538	$358,451
ETHAN GRIFFIN PITT	VICE PRESIDENT-COMMUNITY I	40.00	Highest	$116,701	$58,465	$175,166
BRUCE HANSEN	VICE PRESIDENT-BUS. DEVELO	40.00	Highest	$147,545	$69,844	$217,389
STEVE BENNE	VICE PRESIDENT-DEV. FINANCE	40.00	Highest	$111,417	$58,330	$169,747
BRIAN TAPP	VICE PRESIDENT-ADDED AGRIC	40.00	Highest	$125,900	$47,321	$173,221
SUZANNE WILHITE	SR. MANAGER, ACCOUNTING & HUMAN RESOURCES	40.00	Highest	$100,110	$47,042	$147,152

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	$1,785,569	$1,814,022	$3,423,353	$-28,453
2023	$2,341,480	$1,927,564	$2,986,424	$413,916
2022	$2,307,769	$1,880,567	$2,635,167	$427,202
2021	$1,385,856	$1,452,639	$2,642,463	$-66,783

IOWA AREA DEVELOPMENT GROUP LC