Lester Development Corporation

Nonprofit profile at a glance

EIN
882056384
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Lester, IA, USA
Phone
6056700050
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$408,695
Expenses
$210,334
Assets
$565,776
Liabilities
$85

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JON GERBER (President)
  • DANIEL MOSER (Vice President)

People named in this filing

  • JON GERBER (President)
  • DANIEL MOSER (Vice President)
  • SUE FLUIT (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 Lester Development Corporation seeks to be a driver in the future growth and development of the village of Lester by partnering with localgovernment, development foundations, businesses, and residents. The corporation aims to provide available housing for individuals andfamilies interested in moving to Lester as well as opportunities for businesses that are either moving to town or looking to expand on theircurrent operation. The corporation will be active in purchasing and developing residential and commercial properties as they come available toallow for continued growth throughout the city. By forming this corporation, we will also take a burden off the local government by handling theplanning and execution for expansion.

What it reported doing in 2024

Purchase and development of land for residential housing with affordable lots made available for purchase.

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

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 90
  • Accountability: 0
  • Sustainability: 77
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 50.9%; rating input score 51
  • Program expense ratio: 98.8%; rating input score 99
  • Fundraising efficiency: $158.85 raised per $1 spent on fundraising; rating input score 90; 90th percentile among comparable filings

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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 0 of 7 controls in place; rating input score 0
    • 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: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 48.5%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 2.69; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 0.8% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: -28.2% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -18.5% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 50.9% of revenue deployed · 98.8% of spending went to programs
  • Governance: 0 of 7 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Independent voting board scored 0/100.
  • Review — Financial Efficiency: Mission deployment rate scored 51/100.
  • High — Accountability: Governance controls: 6 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.