Iowa Lakes Corridor Development Cor

Nonprofit profile at a glance

EIN
421484176
IRS 990 coverage
2009–2025
Forms available
Form 990 2025
Location
Spencer, IA, USA
Phone
7122643474
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$884,144
Expenses
$726,514
Assets
$3,075,227
Liabilities
$1,513,277

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

Leadership & pay

17 people listed

Highest reported compensation

  • CURT STROUTH (EXECUTIVE DI): $165,000 total reported compensation

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

Overview

Mission

To foster, encourage, aid or otherwise assist in the economic growth and development of the four-county region of buena vista, clay, dickinson and emmet counties in Iowa.

What it reported doing in 2025

Workforce - assuring employers have access to an adequate and well-trained workforce, with an emphasis on worker attraction/retention, worker training/new skills, career education, and adequate funding.

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 70
  • Accountability: 90
  • Sustainability: 59
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.3%; rating input score 63
  • Program expense ratio: 75.8%; rating input score 76
  • Fundraising efficiency: $668.48 raised per $1 spent on fundraising; rating input score 96; 96th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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; 64th 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: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 17.8%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 4.23; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.49; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 22.7%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: -1.2% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 63.3% of revenue deployed · 75.8% of spending went to programs
  • Governance: 16 of 16 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $165K · 17 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • 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 — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.