2024-09-20T15:02:59-07:00 2023-06-30 990EZ 2022-07-01 873212695 IOWAS WEST COAST INITIATIVE IOWA 7122796286 6401 Gordon Drive Sioux City IA 511062142 Kenneth Beekley Secretary/Treasurer 7123892690 2024-09-13 1 2022 2024-08-08 14:25:15Z X X iawestcoast.com X X 135069 X 135069 0 0 0 0 0 0 0 0 0 0 0 0 0 0 135069 10500 0 0 132291 0 0 5137 147928 -12859 42124 0 29265 42124 29265 0 0 0 0 42124 29265 0 0 42124 29265 Programming to assist the entrepreneurial ecosystem to flourish. Events & Networking - Hosted and/or sponsored six (6) events supporting or promoting entrepreneurship reaching approximately 240 individuals. 10500 53853 Educational & Technical Assistance - Supported the infrastructure to deliver programming with strategic partners in group or individual settings for more than 100 individuals. 0 83454 137307 X Michelle Bostinelos Chairperson 4.0 0 0 0 Renae Billings Vice Chairperson 6.0 0 0 0 Kenneth Beekley Secretary/Treasurer 4.0 0 0 0 Charles Persinger Director 0.5 0 0 0 Jacqueline Nohr Director 0.5 0 0 0 Mark Gaul Director 0.5 0 0 0 Heidi Reinking Director 1.0 0 0 0 Jesse Hinrichs Entrepreneurial Community Navigator 40.0 0 0 0 Jake Hawkins Director 1.0 0 0 0 Scott Nelson Director 1.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kenneth Beekley 6401 Gordon Drive Sioux City IA 511062142 7123892690 0 0 0 0 0 0 0 0 0 0 0 NONE NONE 1 X 34765 75563 135069 245397 0 0 0 0 0 0 0 0 0 0 34765 75563 135069 245397 0 245397 0 0 0 0 0 0 0 0 0 0 0 0 245397 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Form 990-EZ, Part I, Line 10 Grants were made to the following: Briar Cliff University (Entrepalooza) - $1,000; Sioux City Farmers Market - $500; and The BIG Challenge Pitch Competition, in conjunction with Northwest Iowa Development - $9,000. Form 990-EZ, Part I, Line 13 Fees to Independent Contractors: SIMPCO for provision of Entrepreneurial Community Navigator (ECN) staffing including payroll and benefits ($70,057.62), contract administration ($2,600.04), indirect costs ($7,478.32), leave accrual ($1,238.06) and mileage reimbursement ($564.85) totaling $81,938.89. SIMPCO files Form 941 and issues a Form W-2 to the ECN as its employee. SEDC for provision of staffing in conjunction with completing services to fulfill grant requirements to the International Rescue Committee (IRC) including payroll and benefits ($50,352.09). SEDC files Form 941 and issues a Form W-2 to its employees providing the contracted services. Form 990-EZ, Part I, Line 16 Other expenses include miscellaneous expenses totaling $5,136.87, most of which were related to promotions, implementation of service activities, or information technology support. Form 990-EZ, Part IV Officers and Directors serve without compensation. The ECN is provided by IWCI's independent contractor (SIMPCO) which remains responsible for employment tax reporting. IWCI was, however, invoiced for payroll/benefits totaling $70,057.62 Schedule B, Part I IWCI was a subgrantee, or passthrough grantee, of the International Rescue Committee, Inc. (IRC). IRC was a grantee of the U.S. Small Business Administration (SBA) providing for a network of subgrantees under a pilot program establishing a series of Community Navigators to deliver entrepreneurial development assistance in underserved communities. While there are probably more than one cause for our late filing of this return, a significant cause is related to the circumstances surrounding formation of Iowa's West Coast Initiative (IWCI). IWCI was incorporated on March 5, 2021 and, according to its bylaws, established a fiscal year beginning on July 1st. It received its determination as exempt from federal income taxes on July 15, 2022 following a period when decision-making was slowed locally and, possibly at the Federal review level, by the unprecedented challenges of the COVID-19 pandemic. Receipt was after the beginning of the tax period covered by this return. Since we wanted to have the most accurate information possible we waited for receipt of tax exemption before first filing for the short period from March 5, 2021 to June 30, 2021. Compounding the situation is the fact that IWCI is a volunteer-driven organization that hired staffing to provide programming through a contractor. While the contractor was not retained to perform accounting and recordkeeping activities, it did receive the notice of determination. Through a miscommunication with the contractor on my part, I did not become aware that the tax-exempt status had been conferred until sometime later in the Fall of 2022. We submitted the short-period return on February 9, 2023. We then pivoted to the tax return for the period from July 1, 2021 through June 30, 2022. We submitted that return on October 19, 2023. By this time, we were late on both of these returns. The transition from a committee of individuals to a functioning corporation was more complicated than we initially thought due to the challenges posed by the COVID environment and our desire to submit the most accurate information. This brings us the current return for the period July 1, 2022 through June 30, 2023. It is also now late due to the cascading effect of the timing as previously described, like a row of dominos. Given these circumstances we respectfully request your understanding and consideration in removing the penalty for late filing. Such forgiveness would alleviate financial strain and enable us to better allocate resources toward our nonprofit mission. With this filing we are now able to commence work on our return for the period July 1, 2023 to June 30, 2024. Since we have cleared each of the previous tax periods, we should be able to submit Form 990 within the required filing period and continue to do so going forward.