Albia Industrial Development Corporation

Nonprofit profile at a glance

EIN
420927912
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Albia, IA, USA
Phone
6419327233
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$170,409
Expenses
$170,055
Assets
$197,352
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • DAN TOMETICH (PRESIDENT)

Highest reported compensation

  • DAN TOMETICH (PRESIDENT): $110,184 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2025

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.

Operating model

Revenue model
Grant-funded. 77% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 27th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.2%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 1.16; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 64.8%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: 3.6% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 0.5% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $170K in reported program spending
  • Leadership: top reported pay $110K · 10 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 36/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.