Overview
What is Iec Hotel Corporation?
Iec Hotel Corporation is a nonprofit organization established to facilitate the acquisition and operation of a convention center hotel in Des Moines, Iowa, on behalf of Polk County. Since its opening in March 2018, the corporation has managed the hotel's operations, overseeing the construction and acquisition process. The hotel, adjacent to the Iowa Events Center, benefits the community by accommodating attendees of various conventions and events.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 69% (Two-Star out of Four Stars)
Iec Hotel Corporation has received a Two-Star rating from Charity Navigator, indicating a fair performance in accountability and finance with an overall score of 69%. The organization demonstrates strong governance, as evidenced by a fully independent board and comprehensive policies, including conflict of interest and whistleblower protections. Their financial oversight is well-structured, with all required committees in place and no reported material diversion of assets.
However, the organization faces challenges highlighted by its liabilities to assets ratio, which sits at 96.38%. This figure raises concerns regarding financial sustainability, suggesting that the nonprofit may be heavily reliant on liabilities. The program expense ratio of 62.03% indicates that while a majority of funds are allocated to programs, there is still room for improvement in financial efficiency.
Overall, while Iec Hotel Corporation showcases solid governance practices and no immediate red flags in asset management, its financial metrics warrant closer scrutiny to ensure long-term viability and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Iec Hotel Corporation legitimate?
Iec Hotel Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Iec Hotel 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Iec Hotel Corporation?
The Iec Hotel Corporation was established with the primary objective of facilitating the acquisition and operation of a convention center hotel. This endeavor aims to bring benefits to a specified county, although the exact location is not mentioned in the provided information. Since its inception, the corporation has overseen the construction and acquisition of a hotel adjacent to a well-known events center. Post its opening in March 2018, the organization has managed the hotel operations effectively.
Who is the CEO of Iec Hotel Corporation?
Gerard D Neugent is the President of Iec Hotel Corporation.
What is the revenue of Iec Hotel Corporation?
Iec Hotel Corporation's revenue in 2022 was $21,731,284.
Who are the executives of Iec Hotel Corporation and what are their salaries?
There 7 volunteers at Iec Hotel Corporation.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Iec Hotel Corporation?
Iec Hotel Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Iec Hotel Corporation
Iec Hotel Corporation, established with the purpose of facilitating the acquisition and operation of a convention center hotel, is dedicated to bringing benefits to Polk County, Iowa. With a mission to make this venture a reality, the corporation has successfully managed the construction and acquisition of a hotel adjacent to the Iowa Events Center. Since its opening in March 2018, Iec Hotel Corporation has been overseeing the operations of this convention center hotel.
In the heart of Iowa, Iec Hotel Corporation has taken on the responsibility of running a modern and efficient hotel. The corporation's commitment to its mission is evident through its successful management of the hotel's daily operations. By providing top-notch accommodations and exceptional services, Iec Hotel Corporation has contributed significantly to the tourism industry in Polk County. The corporation's efforts have positioned it as a valuable asset, enhancing the overall convention experience for attendees and visitors.
Through its unwavering dedication, Iec Hotel Corporation continues to make a positive impact on Polk County. By offering a convenient and comfortable accommodation option for convention-goers and travelers, the corporation is strengthening the local economy and fostering growth within the community. Iec Hotel Corporation's mission to acquire and operate a convention center hotel has transformed the landscape of Polk County, drawing in travelers and boosting the area's economic development.
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Impact
October, 2024
Iec Hotel Corporation has significantly enhanced Polk County, Iowa, by acquiring and operating a convention center hotel adjacent to the Iowa Events Center in Des Moines. This initiative has bolstered local economic growth by attracting visitors and hosting various events, thereby boosting business for nearby establishments.
Since opening in March 2018, the corporation has actively managed the hotel's operations, contributing to the area's infrastructure and providing much-needed accommodation for event attendees. This development not only supports the local hospitality and tourism industry but also strengthens community ties by facilitating gatherings and events that promote engagement among residents and visitors alike. Overall, Iec Hotel Corporation plays a crucial role in fostering community improvement and enhancing the region's appeal as a destination for conferences and events.
This information is meant to be a general summary of Iec Hotel 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.
- Investment Income: $115,535
- Program Service Revenue: $19,680,323
- Gross Receipts: $21,731,284
Assets and Liabilities:
- Total Assets: $104,696,364
- Total Liabilities: $100,914,811
- Net Assets: $3,781,553
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOTEL OPERATIONS
Revenue
$17,414,172
IOWA REINVESTMENT ACT REVENUE
Revenue
$1,821,202
FACILITY FROM OPERATOR
Revenue
$444,949
Organization Details
Founding Year
2015
Phone
(515) 222-5201Principal Officer
Gerard D Neugent
Main Address
5000 WESTOWN PARKWAY 400, WEST DES MOINES, IA, 50266
NTEE Category
Code: S31 - Community improvement
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