Greater Oelwein Area Charitable Foundation Inc.
Greater Oelwein Area Charitable Foundation Inc.
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About this organization
Revenue
$25,243
Expenses
$37,264
Mission
CHARITABLE AND EDUCATIONAL PURPOSES - (1) TO RAISE MONEY FOR THE CONSTRUCTION AND OPERATION OF A COMMUNITY ARTS/PERFORMANCE CENTER AND A RECREATION/WELLNESS CENTER. TO BE OPERATED BY A 28E COMMITTEE COMPOSED OF THE CITY OF OELWEIN & THE OELWEIN COMMUNITY SCHOOL DISTRICT. WILL BENEFIT OVER 10,000 RESIDENTS OF THE SURROUNDING AREA.(2) TO RAISE MONEY AND CONSTRUCT A REGIONAL ACADEMY FOR MATH AND SCIENCE TO BE OPERATED BY A 28E AGREEMENT COMPOSED OF THE FOUNDATION, THE OELWEIN COMMUNITY SCHOOL DISTRICT AND NORTHEAST IOWA COMMUNITY COLLEGE.THE FOUNDATION LEASES THE ACADEMY TO THE NORTHEAST IOWA COMMUNITY COLLEGE WITH THE PROCEEDS GOING TO PAY THE DEBT SERVICE OWED TO THE USDA-RD.3) MISCELLANEOUS CONTRIBUTIONS ARE RECEIVED TO SUPPORT WELLNESS SCHOLARSHIPS, AND OTHER CHARITABLE AND EDUCATIONAL PROJECTS.
About
THE ORIGINAL PURPOSE OF THE ORGANIZATION WAS TO RAISE MONEY TO CONSTRUCT A PERFORMING ARTS CENTER AND A RECREATION AND WELLNESS CENTER. PLEDGES COLLECTED DURING THE YEARS 2000 - 2005 ARE APPLIED TO $2000000 OF REVENUE BONDS USED TO CONSTRUCT THE FACILITY. WHEN THE ENTIRE DEBT IS RETIRED, THE FACILITY WILL BE DONATED TO THE CITY AND SCHOOL DISTRICT.THERE REMAINS $5000 ON THE DEBT SERVICE.THE CURRENT PURPOSE OF THE ORGANIZATION IS TO RAISE MONEY AND CONSTRUCT A REGIONAL ACADEMY FOR MATH AND SCIENCE TO BE OWNED BY THE "FOUNDATION" AND OPERATED UNDER A 28E AGREEMENT WITH THE OELWEIN COMMUNITY SCHOOL DISTRICT AND NORTHEAST IOWA COMMUNITY COLLEGE.THE COMMUNITY COLLEGE LEASES THE REGIONAL ACADEMY FROM THE FOUNDATION FOR $30000 ANNUALLY WHICH THEN IS APPLIED TO THE DEBT SERVICE THE FOUNDATION HAS WITH THE USDA.THE FOUNDATION ALSO SUPPORTS LOCAL NONPROFIT CIVIC ORGANIZATIONS.
Interesting data from their 2020 990 filing
The filing clearly states the mission of the non-profit as “Charitable and educational purposes - (1) to raise money for the construction and operation of a community arts/performance center and a recreation/wellness center. to be operated by a 28e committee composed of the city of oelwein & the oelwein community school district. will benefit over 10,000 residents of the surrounding area.(2) to raise money and construct a regional academy for math and science to be operated by a 28e agreement composed of the foundation, the oelwein community school district and northeast iowa community college.the foundation leases the academy to the northeast iowa community college with the proceeds going to pay the debt service owed to the usda-rd.3) miscellaneous contributions are received to support wellness scholarships, and other charitable and educational projects.”.
When outlining its functions, they were explained as: “Charitable and educational purposes - (1) to raise money for the construction and operation of a community arts/performance center and a recreation/wellness center. to be operated by a 28e committee composed of the city of oelwein & the oelwein community school district. will benefit over 10,000 residents of the surrounding area.(2) to raise money and construct a regional academy for math and science to be operated by a 28e agreement composed of the foundation, the oelwein community school district and northeast iowa community college.the foundation leases the academy to the northeast iowa community college with the proceeds going to pay the debt service owed to the usda-rd.3) miscellaneous contributions are received to support wellness scholarships, and other charitable and educational projects.”.
- In compliance with legal regulations, the non-profit has reported their state of operation as IA.
- The filing records the non-profit's address for 2020 as PO BOX 639 14 EAST CHARLES ST, OELWEIN, IA, 50662.
- As of 2020, the non-profit's form reports a total of 0 employees.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Does not provide credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are less than $100,000.
- Revenue is less than $100,000.
- Revenue less expenses is -$12,021.
- The compensation of the CEO of the organization is not based on an independent review and approval process.
- The organization has 7 independent voting members.
- The organization has a written policy that addresses conflicts of interest.
- The organization is required to file Schedule O.
- The organization's financial statements were compiled or reviewed by an accountant.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
- The organization provides Form 990 to its governing body.
- The organization has grants to organizations.