Southern Iowa Development Group Llc

Nonprofit profile at a glance

EIN
421301169
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Creston, IA, USA
Phone
6417828491
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Rural Economic Development

Official website

Reported finances

Revenue
$85,405
Expenses
$26,738
Assets
$3,341,185
Liabilities
$33,811

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

Leadership & pay

18 people listed

Executive titles in this filing

  • BETH WADDLE (EXECUTIVE DIRECTOR UNTIL DECEMBER 2024)
  • JUDY BRIMM (INTERIM EXECUTIVE DIRECTOR STARTING JANUARY 2025)

Highest reported compensation

  • BETH WADDLE (EXECUTIVE DIRECTOR UNTIL DECEMBER 2024): $134,287 total reported compensation
  • JUDY BRIMM (INTERIM EXECUTIVE DIRECTOR STARTING JANUARY 2025): $93,722 total reported compensation

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

Overview

Mission

To further the economic development of the region, to promote and assist the growth and development of business and to stimulate business opportunities in the counties of adair, adams, clarke, decatur, union, madison, ringgold, and taylor in southern Iowa.

What it reported doing in 2024

We closed on one new loan this fiscal year. We continue to service the existing outstanding loans. Additionally, many contacts were made with potential new industries. We provide gap financing to assist companies in obtaining loans from banks and grants from the state. With these loans, we require a certain number of jobs to be created and a certain amount of private investment in the project.

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

MIXED - 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 11
  • Transparency & Controls: 83
  • Accountability: 91
  • Sustainability: 76
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 8.5%; rating input score 9
  • Program expense ratio: 18.5%; rating input score 19
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 92.9%; rating input score 93; 28th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 68.7%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 124.96; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 153.3%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 0.4% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 3.8% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 8.5% of revenue deployed · 18.5% of spending went to programs
  • Governance: 13 of 14 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $5K in reported program spending
  • Leadership: top reported pay $134K · 18 people listed
  • Consistency: 16 of 18 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules · includes related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 9/100.
  • High — Financial Efficiency: Program expense ratio scored 19/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Moderate — Transparency & Controls: Fund balance restriction sum did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.