2023-10-31T08:47:23-05:00 2022-12-31 420714325 RSM US LLP 201 FIRST ST SE STE 800 CEDAR RAPIDS IA 524011425 990 2022-01-01 421505470 WATERLOO DEVELOPMENT CORPORATION WATE 3192923956 360 WESTFIELD AVE STE 200 WATERLOO IA 507011325 ROBERT PETERSEN VICE PRESIDENT 3192353207 2023-10-24 1 ROBERT PETERSEN 999009999 0 SHAWNA HULS P01315330 3192985333 2023-10-24 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DANIEL B WATTERS 425 CEDAR STREET WATERLOO IA 50701 876951 0 X N/A X 2000 IA ECONOMIC DEVELOPMENT 10 10 0 10 0 0 123600 876722 0 0 29 29 0 200 123629 876951 0 151548 0 0 0 0 0 0 0 127478 330745 127478 482293 -3849 394658 301044 695702 0 0 301044 695702 X ECONOMIC DEVELOPMENT 0 0 472453 151548 200 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. 472453 1 1 0 0 0 0 0 0 0 0 1 0 0 0 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 10 10 0 0 0 0 1 1 0 1 1 0 0 1 0 0 0 0 0 0 X JAMES MILLER 3192427446 205 W 2ND STREET CEDAR FALLS IA 50613 X DANIEL WATTERS PRESIDENT 5.00 X X 0 0 0 ROBERT PETERSEN VICE PRESIDENT 5.00 X X 0 0 0 JIM WALSH SECRETARY/TREASURER 5.00 X X 0 0 0 ROBERT GREENWOOD DIRECTOR 3.00 X 0 0 0 REBECCA GUINN DIRECTOR 3.00 X 0 0 0 TIM HURLEY DIRECTOR 3.00 X 0 0 0 JIM MILLER DIRECTOR 3.00 X 0 0 0 REVEREND MARY ROBINSON DIRECTOR 3.00 X 0 0 0 TROY SMITH DIRECTOR 3.00 X 0 0 0 JEREMY SORENSEN DIRECTOR 3.00 X 0 0 0 0 0 0 0 0 0 0 0 876722 876722 29 29 200 0 200 200 200 876951 200 0 29 X 151548 151548 2004 2004 4350 4350 120905 120905 2356 2356 CONTRACT BUYOUT-COMM DE 200000 200000 ABSTRACT FEES 640 640 PROPERTY TAXES 228 228 REPAIRS AND MAINTENANCE 150 150 112 112 482293 472453 9840 0 8567 277463 292477 292505 250734 125000 0 125734 301044 695702 0 0 X 281544 676202 19500 19500 301044 695702 301044 695702 394658 0 X X 1 X 0 0 0 X 1341700 84250 105676 123600 876722 2531948 1341700 84250 105676 123600 876722 2531948 2109496 422452 836 978 170 29 229 2242 2534190 0.16670 0.22930 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 NORHTEAST IOWA AREAS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 125734 125734 125000 125000 0 125734 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 ASC 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 MULBERRY ST WATERLOO IA 50703 426005327 GOV'T 151548 0 BRIDGE TOWER LIGHTING PROJECT SUPPORT 1 0 FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION HAS FOUR CLASSES OF MEMBERS, PLANTINUM, GOLD, SILVER AND BRONZE. CLASS DISTINCTION IS BASED ON PLEDGES OF FINANCIAL SUPPORT TO THE CORPORATION TO BE PAID OVER A PERIOD OF ONE TO FIVE YEARS. FORM 990, PART VI, SECTION A, LINE 7A THE CORPORATION HAS MEMBERS THAT CANNOT BENEFIT FROM THE CORPORATION AND ARE USED SOLELY TO DETERMINE A QUORUM. EACH MEMBER IS ENTITLED TO VOTE FOR THE ELECTION OF THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND SHALL BE ENTITLED TO VOTE ON ANY OTHER MATTER SUBMITTED TO THE VOTE OF THE MEMBERSHIP BY THE BOARD OF DIRECTORS. 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 120,905. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 120,905. 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