Iec Hotel Corporation

Nonprofit profile at a glance

EIN
474344802
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
West Des Moines, IA, USA
Phone
5152225201
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$23,537,276
Expenses
$24,010,420
Assets
$95,935,817
Liabilities
$93,440,802

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • GERARD D NEUGENT (PRESIDENT)
  • MICHAEL GALLOWAY (VICE PRESIDENT)

People named in this filing

  • GERARD D NEUGENT (PRESIDENT)
  • MICHAEL GALLOWAY (VICE PRESIDENT)
  • ALLEN MCKINLEY (TREASURER)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The corporation has been formed to facilitate the acquisition and operation of a convention center hotel for the benefit of polk county, Iowa.

What it reported doing in 2024

The corporation managed the construction and acquisition of a convention center hotel adjacent to the Iowa events center in des moines, Iowa. The organization has managed the operations of the hotel since it opened in march 2018.

Operating model

Revenue model
Earned-program. 90% of the money available for current operations came from fees and other program revenue.
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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.9%; rating input score 65
  • Program expense ratio: 65.2%; rating input score 65
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 66th 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 4; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.97; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: 20.2% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 14.1% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 14% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 64.9% of revenue deployed · 65.2% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $15.6M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 5 contractors listed · $2.9M reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Sustainability: Operating margin scored 23/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.