Osage Economic Betterment Company

Nonprofit profile at a glance

EIN
473978454
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Osage, IA, USA
Phone
6417323337
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$183,876
Expenses
$97,603
Assets
$2,177,062
Liabilities
$434,631

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

Leadership & pay

3 people listed

Executive titles in this filing

  • KEVIN KOLBET (President)

People named in this filing

  • MARK TAETS (Director)
  • KEVIN KOLBET (President)
  • LOU ANN MURPHY (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

Economic development, to create jobs by supplying help to new business, and to support existing business, this could include purchasing space to rent out to existing business to maintain jobs in the area and to allow space for new business to start.

What it reported doing in 2024

Purchased building and established rent to first tenant.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 95% 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 a large share of total spending goes to programs. 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: 63
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 81
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.1%; rating input score 53
  • Program expense ratio: 100%; rating input score 100
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 46.9%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 22.31; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 20; 20th 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 0; 28th percentile among comparable filings
  • Revenue growth: 3.3% per year; rating input score 100; 43rd percentile among comparable filings
  • Asset growth: 12.7% per year; rating input score 100; 73rd percentile among comparable filings

Details

  • Where the money goes: 53.1% of revenue deployed · 100% of spending went to programs
  • Governance: 3 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $98K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 9 filing years from 2015 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.

  • Review — Financial Efficiency: Mission deployment rate scored 53/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.