Kossuth Area Economic Development Corporation

Legal name: Koss Cty Economic Development Corp

Nonprofit profile at a glance

EIN
421463607
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-EZ 2009
Location
Algona, IA, US
Phone
515-295-7979
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$275,994
Expenses
$235,017
Assets
$604,808
Liabilities
$5,514

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

Leadership & pay

17 people listed

People named in this filing

  • ERIC BAKER (DIRECTOR)
  • PAT BERTE (DIRECTOR)
  • CRAIG FLOREA (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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Kossuth/Palo Alto County Economic Development Corporation will coordinate job retention, business development, housing, tourism, value-added initiatives and provide leadership to help improve the quality of life for all residents of Kossuth/Palo Alto Counties in Iowa.

What it reported doing in 2024

Continue to provide loans to businesses through the kossuth county revolving loan fund. This fund provides a source of financing, which may not otherwise be available within the county for local expanding or start- up businesses.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 51
  • Transparency & Controls: 92
  • Accountability: 64
  • Sustainability: 64
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.9%; rating input score 55
  • Program expense ratio: 62.3%; rating input score 62
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.8%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 2.57; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 32% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: -0.5% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -2.2% per year; rating input score 0; 17th percentile among comparable filings

Details

  • What they do: 4 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: 54.9% of revenue deployed · 62.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 1 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $146K in reported program spending
  • Leadership: top reported pay $0 · 17 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • 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 55/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.