NORTH IOWA CORRIDOR ECONOMIC DEVEL… - Form 990 Financial Data

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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

2005

Legal Domicile

Principal Officer

CHAD SCHRECK

Tax Period

2023-07-01 to 2024-06-30

NORTH IOWA CORRIDOR ECONOMIC DEVELOPMENT CORPORATION, founded in 2005, is a small nonprofit in the Community Improvement sector that reported $937K in total revenue in fiscal year 2023. Revenue surged 85% from the prior year, signaling strong growth momentum. Expenses of $889K left a modest 5% surplus.

Mission

SUPPORT BUSINESS AND INDUSTRY WITH RETENTION AND EXPANSION PROJECTS AND ATTRACT NEW BUSINESS AND INDUSTRY TO CERRO GORDO COUNTY, MASON CITY AND CLEAR LAKE.

Program Service Accomplishments

Program 1

THE ORGANIZATION SUPPORTS BUSINESS AND INDUSTRY EFFORTS TO RETAIN AND EXPAND IN THE NORTH IOWA AREA BY PROVIDING RESEARCH, MARKETING,PROMOTION AND OTHER ASSISTANCE FOR NEW AND EXISTING BUSINESSES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $916,796

Program Service Revenue $0

Investment Income $19,815

Other Revenue $0

TOTAL REVENUE $936,611

Expense Breakdown

Grants Paid $7,237

Salaries & Benefits $399,700

Fundraising Expenses $35,457

Other Expenses $482,043

TOTAL EXPENSES $888,980

Year-over-Year Comparison

	2023	2022	Change
Revenue	$936,611	$507,544	+0.8%
Expenses	$888,980	$489,776	+0.8%
Net Income	$47,631	$17,768	+1.7%

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

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

$192,781

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHAD SCHRECK	PRESIDENT	40.00	Officer	$166,036	$26,745	$192,781
CHELSY SNYDER ANDERSON	TREASURER	2.00	Officer Director	$0	$0	$0
KENT BRCKA	VICE CHAIR	1.00	Officer Director	$0	$0	$0
COLLIN DAVISON	SECRETARY	2.00	Officer Director	$0	$0	$0
MARK EBELING	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBERT KLOCKE	CHAIR	2.00	Officer Director	$0	$0	$0
CHRISTY MARCHAND	BOARD MEMBER	1.00	Director	$0	$0	$0
EMILY PETERS	BOARD MEMBER	1.00	Director	$0	$0	$0
CHUCK SCHAFER	BOARD MEMBER	1.00	Director	$0	$0	$0
ROD SCHLADER	BOARD MEMBER	1.00	Director	$0	$0	$0
SCOTT SMED	PAST CHAIR	2.00	Director	$0	$0	$0
JOSH THOMPSON	BOARD MEMBER	1.00	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
2025	No data	No data	No data	No data
2024	$936,611	$888,980	$2,377,298	$47,631
2023	$507,544	$489,776	$2,035,032	$17,768
2022	$546,325	$572,138	$2,017,451	$-25,813
2021	$472,824	$516,576	$2,106,730	$-43,752
2020	$482,333	$486,839	$2,116,093	$-4,506
2019	$460,496	$496,691	$2,021,026	$-36,195
2018	$487,297	$509,392	$2,060,301	$-22,095

NORTH IOWA CORRIDOR ECONOMIC DEVELOPMENT CORPORATION