Montgomery County Development Corporation

Nonprofit profile at a glance

EIN
421421917
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-EZ 2022, Form 990-N 2016
Location
Red Oak, IA, USA
Phone
7123571122
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Camps

Reported finances

Revenue
$80,142
Expenses
$104,331
Assets
$433,440
Liabilities
$1,871

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

Leadership & pay

17 people listed

Executive titles in this filing

  • TIM FRIDOLPH (PRESIDENT)
  • MIKE OLSON (VICE PRESIDENT)
  • STEVE ADAMS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • STEVE ADAMS (EXECUTIVE DIRECTOR): $60,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Economic development

What it reported doing in 2024

Economic development on a county wide basis. Recruitment of business and job to the county.

Operating model

Revenue model
Membership-supported. 63% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.1%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 64th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -30.2%; rating input score 35; 35th percentile among comparable filings
  • Total-asset coverage ratio: 4.15; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 12.9% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 4.7% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 16.4% per year; rating input score 100; 88th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.1% of spending went to programs
  • Governance: 17 of 17 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $96K in reported program spending
  • Leadership: top reported pay $60K · 17 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 35/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.