Boone County Economic Growth Corp

Nonprofit profile at a glance

EIN
421359192
IRS 990 coverage
2014–2025
Forms available
Form 990 2025, Form 990-EZ 2012
Location
Ames, IA, USA
Phone
5155095104
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$150,379
Expenses
$148,420
Assets
$987,509
Liabilities
$32,000

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

Leadership & pay

35 people listed

Executive titles in this filing

  • CODY BOWERS (President)
  • MICHAEL TUNGESVIK (PAST PRESIDENT)
  • JIM HECKMAN (Vice President)

People named in this filing

  • MASON ADAMS (Director)
  • CHRIS BENGSTON (Director)
  • ANDY HUNZIKER (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To organize and implement a pro-active and ongoing plan for economic development with new and existing business in boone county and its surrounding area.

What it reported doing in 2025

The purpose for which the corporation is organized is the stimulation of economic and social development in boone county, the surrounding area by:1. Providing the means for obtaining benefits available under various federal and state programs for the benefit of citizens of the boone county area.2. Undertaking programs and activities which would lead to improvement of economic and social conditions for the residents of the boone county area including, but not limited to, the development of industry and the promotion of business in the area.

Operating model

Revenue model
Membership-supported. 81% of the money available for current operations came from membership dues.
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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 90
  • Accountability: 94
  • Sustainability: 55
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 51.7%; rating input score 52
  • Program expense ratio: 41.7%; rating input score 42
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.3%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 6.65; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 0.6% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 2.4% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 4.2% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 51.7% of revenue deployed · 41.7% of spending went to programs
  • Governance: 34 of 34 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $62K in reported program spending
  • Leadership: top reported pay $0 · 35 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2014 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 52/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 42/100.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.