Nonprofit · EIN 42-1505470
WATERLOO DEVELOPMENT CORPORATION
Tax-exempt · WATERLOO, IA 50701
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $1,702,926 | $347,090 | $1,355,836 | $2,600,937 | $22,181 | $2,578,756 |
| December 31, 2023 | 990 | $693,984 | $166,766 | $527,218 | $1,222,920 | $0 | $1,222,920 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,672,578
- Program service revenue
- $0
- Investment income
- $30,348
- Net gain from sales of assets
- $24,759
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $19,780
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $2,798
- Accounting fees
- $2,475
- Travel
- $218
- Depreciation
- $795
- Program services (functional)
- $299,922
- Management and general (functional)
- $47,168
Balance sheet and other
- Total assets, start of year
- $1,222,920
- Total assets, end of year
- $2,600,937
- Total liabilities, end of year
- $22,181
- Net assets, end of year
- $2,578,756
- Land, buildings and equipment
- $1,185,403
- Net assets without donor restrictions
- $2,545,956
- Net assets with donor restrictions
- $32,800
- Gross receipts
- $1,712,942
- Employees
- 0
- Volunteers
- 9
- Year formed
- 2000
- State of legal domicile
- IA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| DANIEL WATTERS | PRESIDENT Trustee or director, Officer | 1 | $0 |
| ROBERT PETERSEN | VICE PRESIDENT Trustee or director, Officer | 5 | $0 |
| FABIO CASTRO | TREASURER Trustee or director, Officer | 1 | $0 |
| ERIC JOHNSON | SECRETARY Trustee or director, Officer | 5 | $0 |
| ROBERT GREENWOOD | DIRECTOR Trustee or director | 1 | $0 |
| REBECCA GUINN | DIRECTOR (THRU 10/24) Trustee or director | 1 | $0 |
| TIM HURLEY | DIRECTOR Trustee or director | 1 | $0 |
| JAMES MILLER | DIRECTOR Trustee or director | 10 | $0 |
| KRISTIN SCHAEFER | DIRECTOR Trustee or director | 1 | $0 |
| TROY SMITH | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 12 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| DANIEL WATTERS | PRESIDENT Trustee or director, Officer | 5 | $0 |
| ROBERT PETERSEN | VICE PRESIDENT Trustee or director, Officer | 5 | $0 |
| ERIC JOHNSON | SECRETARY Trustee or director, Officer | 3 | $0 |
| JIM WALSH | SECRETARY/TREASURER THRU 11/1 Trustee or director, Officer | 5 | $0 |
| ROBERT GREENWOOD | DIRECTOR Trustee or director | 3 | $0 |
| REBECCA GUINN | DIRECTOR Trustee or director | 3 | $0 |
| TIM HURLEY | DIRECTOR Trustee or director | 3 | $0 |
| JIM MILLER | DIRECTOR Trustee or director | 3 | $0 |
| TROY SMITH | DIRECTOR Trustee or director | 3 | $0 |
| KRISTIN SCHAEFER | DIRECTOR Trustee or director | 3 | $0 |
| REVEREND MARY ROBINSON | DIRECTOR THRU 5/1 Trustee or director | 3 | $0 |
| JEREMY SORENSEN | DIRECTOR THRU 5/1 Trustee or director | 3 | $0 |
Address and contacts
- Address (IRS master file)
- 360 WESTFIELD AVE STE 300, WATERLOO, IA 50701-1326
- In care of
- % JEFFREY R KUTZ
- Principal officer (990 for 2024)
- ROBERT W PETERSEN, 425 CEDAR STREET, WATERLOO, IA 50701
- Signed the 990
- ROBERT PETERSEN, VICE PRESIDENT
- Phone
- (319) 486-0688
- Return prepared by
- RSM US LLP
Mission
ECONOMIC DEVELOPMENT
Program accomplishments
- 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.Expenses $299,922 · grants $19,780
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 42-1505470
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2000
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $2,600,937
- Income (IRS master file)
- $1,712,942
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $1,702,926 | $347,090 | $2,600,937 | XML |
| 990-T | December 2024 | – | – | – | IRS |
| 990 | December 2023 | $693,984 | $166,766 | $1,222,920 | XML |
| 990-T | December 2023 | – | – | – | IRS |
| 990 | December 2022 | $876,951 | $482,293 | $695,702 | IRS |
| 990-T | December 2022 | – | – | – | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990-T | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990-T | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-1505470).
Questions about WATERLOO DEVELOPMENT CORPORATION
- What is the EIN of WATERLOO DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of WATERLOO DEVELOPMENT CORPORATION is 42-1505470.
- Is WATERLOO DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
- Are donations to WATERLOO DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does WATERLOO DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of WATERLOO DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did WATERLOO DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of WATERLOO DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names ROBERT W PETERSEN.
- Who are the officers and directors of WATERLOO DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 10 people; 0 received compensation from the organization.
- How much revenue does WATERLOO DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $1,702,926, expenses of $347,090 and total assets of $2,600,937 at year end.
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All nonprofits in WATERLOO · Iowa · Community improvement and capacity building