Overview
What is Iowa Development Corporation?
Iowa Development Corporation (IDC) is a nonprofit organization based in Johnston, Iowa. Its primary role is to serve as a managing member of community development entities, securing and distributing New Market Tax Credits to promote investment in businesses and real estate projects situated in low-income communities across the state. Over the years, IDC has deployed over $320 million in New Market Tax Credit allocations to various projects, such as renovating historic theaters, constructing green headquarters, and supporting small businesses. These initiatives have led to the creation of numerous jobs and have had a positive impact on distressed census tracts in Iowa.
Is Iowa Development Corporation legitimate?
Iowa Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Iowa Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Iowa Development Corporation?
The Iowa Development Corporation serves as a managing member of community development entities, providing investment capital to low-income communities or individuals within Iowa. This is done in accordance with the Community Renewal Tax Relief Act of 2000. Their primary purpose is to secure and distribute allocations of New Market Tax Credits, promoting investment in operating businesses and real estate projects situated in low-income communities. The corporation has deployed over $320 million in New Market Tax Credit allocations by the end of 2022, supporting various projects that create jobs and stimulate development in distressed areas.
Who is the CEO of Iowa Development Corporation?
Dennis Murdock is the President of Iowa Development Corporation.
What is the revenue of Iowa Development Corporation?
Iowa Development Corporation's revenue in 2022 was $1,069,596.
Who are the executives of Iowa Development Corporation and what are their salaries?
There 15 volunteers at Iowa Development Corporation.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Iowa Development Corporation?
Iowa Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Iowa Development Corporation
Iowa Development Corporation serves as a managing member of community development entities, providing investment capital to low-income communities and individuals within the state of Iowa. Its mission, in accordance with the Community Renewal Tax Relief Act of 2000, is to promote investment in operating businesses and real estate projects located in low-income communities. The organization secures and distributes allocations of New Market Tax Credits from the Community Development Financial Institutions Fund, Department of Treasury, to facilitate this mission. Through various projects, Iowa Development Corporation has deployed over $320 million of New Market Tax Credit allocations by the end of 2022, supporting numerous projects that create jobs and stimulate development in distressed census tracts. For instance, the organization has invested in a call center in Sioux City, Iowa, a mixed-use development in Des Moines, and a historic theater renovation in Davenport, among others. These projects have led to the creation of numerous jobs and have positively impacted the communities in which they are located.
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Impact
October, 2024
Iowa Development Corporation plays a crucial role in fostering economic growth and revitalizing low-income communities across Iowa. By acting as a managing member of various Community Development Entities, it effectively channels investment capital into projects that significantly enhance local economies and living conditions.
Through the allocation and management of over $320 million in New Market Tax Credits, Iowa Development Corporation has supported a diverse array of initiatives. These include the renovation of historic theaters and hotels, the creation of job-generating facilities like call centers and manufacturing plants, and the development of mixed-use projects that incorporate both residential and commercial spaces. Each project is strategically targeted at areas facing economic distress, ensuring that the benefits reach those who need it the most.
For example, investments in projects such as the renovation of the Roshek Building in Dubuque attracted an IBM office, providing 1,300 jobs in a highly distressed area, while developments like a medical mall in Cedar Rapids not only facilitate medical services for low-income residents but also pledge significant job creation. Projects aimed at supporting local agriculture and manufacturing, such as a new egg-laying facility and pork processing plant expansions, further illustrate the corporation's commitment to boosting local economies.
Iowa Development Corporation’s comprehensive approach to community development not only addresses immediate economic needs but also contributes to long-term community sustainability by enhancing infrastructure, creating job opportunities, and stimulating further investments. This proactive model of development is essential for uplifting low-income areas and ensuring that economic growth is inclusive and widespread throughout the state.
This information is meant to be a general summary of Iowa Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $1,069,596
Assets and Liabilities:
- Total Assets: $1,932,406
- Total Liabilities: $0
- Net Assets: $1,932,406
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Organization Details
Founding Year
2003
Phone
(515) 223-4511Principal Officer
Dennis Murdock
Main Address
5409 NW 88TH STREET 100, JOHNSTON, IA, 50131
NTEE Category
Code: S20 - Community improvement
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