2025-09-30T13:25:41-05:00 2024-12-31 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2024-01-01 421505470 WATERLOO DEVELOPMENT CORPORATION WATE 3194860688 360 WESTFIELD AVE STE 300 WATERLOO IA 507011325 ROBERT PETERSEN VICE PRESIDENT 3192353207 2025-09-26 1 0 MEREDITH BELL P01696827 8042822121 2025-09-26 2024 2025-03-06 01:10:19Z ROBERT W PETERSEN 425 CEDAR STREET WATERLOO IA 50701 1712942 0 X N/A X 2000 IA ECONOMIC DEVELOPMENT 9 9 0 9 0 0 688160 1672578 0 0 5824 30348 0 0 693984 1702926 7000 19780 0 0 0 0 0 0 0 159766 327310 166766 347090 527218 1355836 1222920 2600937 0 22181 1222920 2578756 X ECONOMIC DEVELOPMENT 0 0 299922 19780 PROMOTE CIVIC, INDUSTRIAL, MERCANTILE, TRAFFIC AND TRANSPORTATION, AGRICULTURAL AND OTHER INTEREST OF WATERLOO, CEDAR FALLS AND NORTHEAST IOWA AREAS.DURING THE 2014 TAX YEAR, THE ORGANIZATION COMPLETED CONSTRUCTION OF THE CEDAR VALLEY SPORTSPLEX FACILITY, PRIMARILY FUNDED THROUGH PRIVATE FUNDING. THE SPORTSPLEX IS A MULTI-PURPOSE SPORTS FACILITY THAT INCLUDES INDOOR AND OUTDOOR PLAY AREAS, A GYMNASIUM, A FIELD HOUSE WITH BATTING CAGES AND GOLF HITTING AREA, A LEISURE POOL, LOCKER ROOMS AND SEVERAL MULTI PURPOSE ROOMS FOR CONFERENCES OR EXERCISE CLASSES. THE FACILITY IS OPERATED BY THE CITY OF WATERLOO LEISURE SERVICES DEPARTMENT. THE ORGANIZATION HAS ENTERED INTO AN AGREEMENT WITH THE CITY OF WATERLOO, IA TO LEASE THE FACILITY AT A DISCOUNTED RATE WITH AN OPTION TO PURCHASE THE FACILTY FOR $1 UPON THE EXPIRATION OF THE LEASE. 299922 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 X JAMES MILLER 3192427446 2936 UNIVERSITY AVE WATERLOO IA 50701 X DANIEL WATTERS PRESIDENT 1.00 X X 0 0 0 ROBERT PETERSEN VICE PRESIDENT 5.00 X X 0 0 0 FABIO CASTRO TREASURER 1.00 X X 0 0 0 ERIC JOHNSON SECRETARY 5.00 X X 0 0 0 ROBERT GREENWOOD DIRECTOR 1.00 X 0 0 0 REBECCA GUINN DIRECTOR (THRU 10/24) 1.00 X 0 0 0 TIM HURLEY DIRECTOR 1.00 X 0 0 0 JAMES MILLER DIRECTOR 10.00 X 0 0 0 KRISTIN SCHAEFER DIRECTOR 1.00 X 0 0 0 TROY SMITH DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 SPORTS FACILITIES COMPANIES 17755 US HWY 19 N SUITE 300 CLEARWATER FL 33764 FACILITY PLANNING AND MANAGEMENT 180000 1 1672578 1672578 5589 5589 34775 10016 24759 24759 24759 1702926 0 0 30348 X 19780 19780 195000 195000 2798 2798 2475 2475 85142 85142 218 218 795 795 3427 3427 PROPERTY TAXES 19951 19951 REPAIRS AND MAINTENANCE 17453 17453 BANK FEES 51 51 347090 299922 47168 0 44261 38665 291329 279139 1311198 125795 786198 1185403 101132 1097730 1222920 2600937 22181 0 22181 X 1210505 2545956 12415 32800 1222920 2578756 1222920 2600937 1355836 0 X X 1 X 0 0 0 X 105676 123600 876722 688160 1672578 3466736 105676 123600 876722 688160 1672578 3466736 3155055 311681 170 29 229 5824 5589 11841 3478577 0.08960 0.12460 X THE ORGANIZATION MEETS THE 10% FACTS AND CIRCUMSTANCES TEST PER REGULATIONS SECTION1.170A-9(F)(3). THEY MEET THE REQUIREMENTS OF THIS REGULATION BY REGULARLY SOLICITING SUPPORT FOR THEIR ORGANIZATION THROUGH THE USE OF CONTRIBUTIONS FROM LOCAL AREA BUSINESSES WITHIN THE WATERLOO AREA. ADDITIONALLY, THE ORGANIZATION REGULARLY REPRESENTS THE INTEREST OF THE BROAD PUBLIC BY PROMOTING CIVIC, INDUSTRIAL, MERCANTILE, TRAFFIC AND TRANSPORTATION, AGRICULTURAL AND OTHER INTERESTS OF THE WATERLOO, CEDAR FALLS AND NORTHEAST IOWA AREAS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 804678 804678 381520 795 380725 125000 125000 0 1185403 CONSTRUCTION IN PROGRESS 1097730 1097730 X PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RECOGNIZED THE CORPORATION AS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE CORPORATION WOULD BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY UNRELATED BUSINESS INCOME. THE CORPORATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION 740, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN, SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CORPORATION MAY RECOGNIZE THE TAX BENEFITS FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE BEING MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. THE CORPORATION BELIEVES IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. THE CORPORATION HAS NOT BEEN NOTIFIED OF ANY IMPENDING EXAMINATION BY TAX AUTHORITIES AND NO EXAMINATIONS ARE IN PROCESS. 0 CITY OF WATERLOO 715 MULBERY ST WATERLOO IA 50703 426005327 GOV'T 19780 0 TO PAY FOR SPORTSPLEX CANOPY REPAINTING 1 0 SCHEDULE I, PART I, LINE 2: WATERLOO DEVELOPMENT CORPORATION WORKS WITH THE CITY TO MAKE SURE THE PROJECT/WORK IS COMPLETED PRIOR TO ISSUING PAYMENT OF GRANT FUNDS. ADDITIONALLY, CITY LEADERS ARE PRESENT AT WATERLOO DEVELOPMENT CORPORATION BOARD MEETINGS TO ANSWER QUESTIONS AND PROVIDE UPDATES ON PROJECTS WHERE THE ORGANIZATION IS PROVIDING FINANCIAL SUPPORT. FORM 990, PART VI, SECTION B, LINE 11B TRANSACTIONS FOR THE YEAR ARE REVIEWED WITH THE ORGANIZATION'S CPA FIRM. ADDITIONALLY, AN EMAIL IS SENT OUT TO ALL BOARD MEMBERS PRIOR TO FILING FOR THEIR REVIEW OF THE TAX RETURN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE NOT POSTED IN A PUBLIC SPACE, BUT ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANTS FEES: PROGRAM SERVICE EXPENSES 85,142. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 85,142. FORM 990, PART XII, LINE 1: THE TAXPAYER USES THE MODIFIED CASH METHOD OF ACCOUNTING WDC PROPERTIES I INC 10 W 4TH STREET SUITE 310 WATERLOO IA 50701 562445996 ECONOMIC DEVELOPMENT IA WATERLOO DEVELOPMENT CORPORATION C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0