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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
IOWA DEVELOPMENT CORPORATION
Employer identification number
26-2000451
26-2000451
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address | DENNIS MURDOCK, PRESIDENTC/O CENTRAL IOWA POWER COOPERATIVEPO BOX 2517CEDAR RAPIDS, IOWA 52406KENT JEHLE, VICE PRESIDENTC/O MIDWESTONE BANKPO BOX 1700IOWA CITY, IOWA 52240-1700BRUCE TAMISIEA, SECRETARYC/O TECTON IND., PO BOX 877SPENCER, IOWA 51301JOHN SORENSEN, TREASURER8800 NW 62ND AVEJOHNSTON, IOWA 50131DANIEL T.ROBESON, EXECUTIVE DIRECTOR5409 88TH STREET, STE 100JOHNSTON, IOWA 50131RAND FISHER, DIRECTOR2700 WESTOWN PARKWAY, STE 425WEST DES MOINES, IOWA 50266 |
| Form 990, Part VI, Line 11b: Form 990 Review Process | THE FORM 990 IS REVIEWED BY ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO ITS FILING. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | IOWA DEVELOPMENT CORPORATION ADOPTED A CONFLICT OF INTEREST POLICY WHEREIN ISSUES OF POTENTIAL CONFLICT ARE ADDRESSED OPENLY AT MEETINGS OF THE BOARD OF DIRECTORS. tHE CONFLICT OF OF INTEREST POLICY IS CONTAINED WITHIN THE ORGANIZATION'S "CODE OF BUSINESS CONDUCT AND ETHICS" WHICH WAS ADOPTED BY THE BOARD OF DIRECTORS ON DECEMBER 19, 2014. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. |
| Other Changes In Net Assets Or Fund Balances - Other Increases | BOOK-TAX DIFFERENCES RELATED TO INVESTMENT IN ICD, LC = $18893 |
| FORM 990, PART VI, LINES 15A & 15B | THE ORGANIZATION PAID NO COMPENSATION; THEREFORE, COMPENSATION WAS NOT REQUIRED TO BE REVIEWED OR APPROVED. |
| FORM 990, PART VIII, LINE 11A | THE ORGANIZATION OWNS 99% OF IOWA COMMUNITY DEVELOPMENT, LC (ICD), WHICH OWNS AN INTEREST IN NUMEROUS OTHER LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE ORGANIZATION IS REPORTING 99% OF ICD'S SHARE OF THE INCOME ITEMS OF THE LIMITED LIABILITY COMPANIES AS FOLLOWS:ORDINARY BUSINESS INCOME (LOSS) 25NET RENTAL REAL ESTATE INCOME (LOSS) (6)INTEREST INCOME 7,232NET LONG-TERM CAPITAL LOSS (4)ASSET MANAGEMENT FEE INCOME 1,638,394DISTRIBUTIONS IN EXCESS OF BASIS 2,922INCENTIVE FEE INCOME 163,737OTHER PORTFOLIO INCOME 23,516PLACEMENT FEE INCOME 1,257,300REIMBURSEMENT INCOME 33,672SUB-ALLOCATION FEE INCOME 123,750 ---------TOTAL INCOME ITEMS 3,250,538 ========= |
| FORM 990, PART IX, LINE 24A | THE ORGANIZATION OWNS 99% OF IOWA COMMUNITY DEVELOPMENT, LC (ICD), WHICH OWNS AN INTEREST IN NUMEROUS OTHER LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE ORGANIZATION IS REPORTING 99% OF ICD'S SHARE OF THE DEDUCTION ITEMS OF THE LIMITED LIABILITY COMPANIES AS FOLLOWS:BANK FEES 149BOARD MEETING EXPENSES 844INSURANCE EXPENSE 6,534MANAGEMENT FEE 2,276,119MISCELLANEOUS EXPENSES 16PORTFOLIO DEDUCTIONS FROM PASSTHROUGH ENTITIES 16,465PROFESSIONAL FEES 54,882PORTFOLIO AMORTIZATION 19,016 ---------TOTAL DEDUCTION ITEMS 2,374,025 ========= |
| FORM 990, PART VI, LINE 16B | IOWA DEVELOPMENT CORPORATION'S SOLE REASON FOR EXISTENCE IS TO MANAGE IOWA COMMUNITY DEVELOPMENT, LC. THE ORGANIZATION DOES NOT ANTICIPATE PARTICIPATING IN ADDITIONAL JOINT VENTURES OR SIMILAR ARRANGEMENTS IN THE FUTURE. AS A RESULT, A WRITTEN POLICY HAS NOT BEEN CONSIDERED NECESSARY. |
| FORM 990 CONSIDERATIONS | IOWA DEVELOPMENT CORPORATION'S (THE ORGANIZATION) ONLY ACTIVITY IS ACTING AS MANAGING MEMBER OF IOWA COMMUNITY DEVELOPMENT, LC (ICD, LC), A PARTNERSHIP IN WHICH THE ORGANIZATION OWNS A 99% INTEREST. THE HOLDER OF THE OTHER 1% INTEREST IN ICD, LC ALSO PROVIDES SERVICES UNDER A SEPARATE AGREEMENT TO ICD, LC. THE EXECUTIVE DIRECTOR OF THE ORGANIZATION IS ALSO EMPLOYED BY THE ENTITY HOLDING THE 1% INTEREST IN ICD, LC. DESPITE THE RELATIONSHIPS BETWEEN THESE PARTIES, EACH PARTY IS TREATED AS A SEPARATE AND DISTINCT ENTITY, BOTH LEGALLY AND FOR INCOME TAX REPORTING PURPOSES. ACCORDINGLY, THE ORGANIZATION HAS PREPARED THIS FORM 990 WITH RESPECT TO ITS OWN POLICIES, PROCEDURES, RELATIONSHIPS, AND TRANSACTIONS; SUCH ITEMS NOT INVOLVING THE ORGANIZATION AND RELATING TO PARTIES OTHER THAN THE ORGANIZATION HAVE NOT BEEN CONSIDERED IN THE PREPARATION OF THIS RETURN. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
Additional Data
| Software ID: | 14000265 |
| Software Version: | 2014v5.0 |