IEC HOTEL CORPORATION: Form 990, tax year 2021

View the entire original 990 at ProPublica ↗

Organization: IEC HOTEL CORPORATION (EIN 47-4344802)
Tax period: 2021-01-01 to 2021-12-31
Filed: 2022-11-09
IRS object ID: 202203139349303515
Schema version: 2021v4.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule D
Schedule K
Schedule K
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-11-09T12:34:44-06:00	ReturnTs
Tax Period End	2021-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	420714325	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	RSM US LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	400 LOCUST STREET SUITE 640	AddressLine1Txt
City	DES MOINES	CityNm
State Abbreviation	IA	StateAbbreviationCd
ZIP	503092354	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2021-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	474344802	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	IEC HOTEL CORPORATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	IECH	BusinessNameControlTxt
Phone	5152225201	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	5000 WESTOWN PARKWAY 400	AddressLine1Txt
City	WEST DES MOINES	CityNm
State Abbreviation	IA	StateAbbreviationCd
ZIP	50266	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	GERARD D NEUGENT	PersonNm
Person Title	PRESIDENT	PersonTitleTxt
Phone	5152225201	PhoneNum
Signature	2022-11-08	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	GERARD	PersonFirstNm
Person Last	NEUGENT	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	KATHY FAIRCHILD	PreparerPersonNm
PTIN	P00222608	PTIN
Phone	5155586600	PhoneNum
Preparation	2022-11-08	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	3	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2021	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	GERARD D NEUGENT	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	5000 WESTOWN PARKWAY 400	AddressLine1Txt
City	WEST DES MOINES	CityNm
State Abbreviation	IA	StateAbbreviationCd
ZIP	50266	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$16,531,928	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	N/A	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	2015	FormationYr
Legal Domicile State	IA	LegalDomicileStateCd
Activity Or Mission	ACQUISITION AND OPERATION OF A CONVENTION CENTER HOTEL FOR THE BENEFIT OF POLK COUNTY, IOWA.	ActivityOrMissionDesc
Voting Members Governing Body	7	VotingMembersGoverningBodyCnt
Voting Members Independent	7	VotingMembersIndependentCnt
Total Employee	0	TotalEmployeeCnt
Total Volunteers	7	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$755,000	PYContributionsGrantsAmt
CY Contributions Grants	$3,592,955	CYContributionsGrantsAmt
PY Program Service Revenue	$7,222,282	PYProgramServiceRevenueAmt
CY Program Service Revenue	$12,936,641	CYProgramServiceRevenueAmt
PY Investment Income	$20,720	PYInvestmentIncomeAmt
CY Investment Income	$2,332	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$7,998,002	PYTotalRevenueAmt
CY Total Revenue	$16,531,928	CYTotalRevenueAmt
PY Grants And Similar Paid	$0	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$0	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$0	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$17,194,423	PYOtherExpensesAmt
CY Other Expenses	$18,297,914	CYOtherExpensesAmt
PY Total Expenses	$17,194,423	PYTotalExpensesAmt
CY Total Expenses	$18,297,914	CYTotalExpensesAmt
PY Revenues Less Expenses	-$9,196,421	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	-$1,765,986	CYRevenuesLessExpensesAmt
Total Assets BOY	$102,427,316	TotalAssetsBOYAmt
Total Assets EOY	$103,529,195	TotalAssetsEOYAmt
Total Liabilities BOY	$103,177,526	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$104,153,236	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	-$750,210	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	-$624,041	NetAssetsOrFundBalancesEOYAmt
Mission	THE CORPORATION HAS BEEN FORMED TO FACILITATE THE ACQUISITION AND OPERATION OF A CONVENTION CENTER HOTEL FOR THE BENEFIT OF POLK COUNTY, IOWA.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$10,933,810	ExpenseAmt
Revenue	$12,936,641	RevenueAmt
Desc	THE CORPORATION MANAGED THE CONSTRUCTION AND ACQUISITION OF A CONVENTION CENTER HOTEL ADJACENT TO THE IOWA EVENTS CENTER IN DES MOINES, IOWA. THE ORGANIZATION HAS MANAGED THE OPERATIONS OF THE HOTEL SINCE IT OPENED IN MARCH 2018.	Desc
Total Program Service Expenses	$10,933,810	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	0	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	0	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	0	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	0	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (1)	TaxExemptBondsInd
Invest Tax Exempt Bonds	0	InvestTaxExemptBondsInd
Escrow Account	0	EscrowAccountInd
On Behalf Of Issuer	Yes (1)	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	0	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Employee	0	EmployeeCnt
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	0	QuidProQuoContributionsInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Form8899 Filedind	0	Form8899Filedind
Form1098 C Filed	0	Form1098CFiledInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	7	GoverningBodyVotingMembersCnt
Independent Voting Member	7	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	Yes (1)	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	0	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	0	CompensationProcessCEOInd
Compensation Process Other	0	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	WAYNE REAMES	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	5152834660	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	666 WALNUT STREET SUITE 2000	AddressLine1Txt
City	DES MOINES	CityNm
State Abbreviation	IA	StateAbbreviationCd
ZIP	50309	ZIPCd

Field	Value	IRS element (for citing)
No Listed Persons Compensated	Yes (X)	NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (8 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt
GERARD D NEUGENT
PRESIDENT	5.00	Yes (X)	Yes (X)	$0	$0	$0
MICHAEL GALLOWAY
VICE PRESIDENT	2.50	Yes (X)	Yes (X)	$0	$0	$0
ADAM KADUCE
TREASURER	2.50	Yes (X)	Yes (X)	$0	$0	$0
GRANT FRIESTH
SECRETARY	2.50	Yes (X)	Yes (X)	$0	$0	$0
ALLEN MCKINLEY
DIRECTOR	2.50	Yes (X)		$0	$0	$0
ANNETTE RENAUD
DIRECTOR	2.50	Yes (X)		$0	$0	$0
MARK WANDRO
DIRECTOR	2.50	Yes (X)		$0	$0	$0
DEB ANDERSON
DIRECTOR	2.50	Yes (X)		$0	$0	$0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$0	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$0	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	0	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	0	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
GENESIS DEVELOPMENT
1809 W 2ND AVE	INDIANOLA	IA	50125	LAUNDRY SERVICES	$389,906
MIDAMERICAN ENERGY SERVICES LLC
PO BOX 8020	DAVENPORT	IA	52808	UTILITIES	$370,444
SYSCO IOWA INC
1 SYSCO DR	ANKENY	IA	500213911	FOOD SUPPLIES	$236,039
TOWNE PARK LLC
PO BOX 79349	BALTIMORE	MD	212790349	PARKING SERVICES	$235,225
CHM WARNICK
548 CABOT ST	BEVERLY	MA	01915	ASSET MANGEMENT	$182,663

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	5	CntrctRcvdGreaterThan100KCnt
Related Organizations	$200,000	RelatedOrganizationsAmt
Government Grants	$3,392,955	GovernmentGrantsAmt
Total Contributions	$3,592,955	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
HOTEL OPERATIONS	721110	$11,755,358	$11,755,358
IOWA REINVESTMENT ACT REVENUE	721110	$889,998	$889,998
FACILITY FROM OPERATOR	721110	$291,285	$291,285

Field	Value	IRS element (for citing)
Total Program Service Revenue	$12,936,641	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,332	TotalRevenueColumnAmt
Exclusion	$2,332	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$16,531,928	TotalRevenueColumnAmt
Related Or Exempt Func Income	$12,936,641	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$2,332	ExclusionAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$1,118,002	TotalAmt
Program Services	$935,000	ProgramServicesAmt
Management And General	$183,002	ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$7,287	TotalAmt
Management And General	$7,287	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$57,175	TotalAmt
Management And General	$57,175	ManagementAndGeneralAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$1,413,212	TotalAmt
Program Services	$1,413,212	ProgramServicesAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$323,417	TotalAmt
Program Services	$323,417	ProgramServicesAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$1,740,336	TotalAmt
Program Services	$1,740,336	ProgramServicesAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$3,679,434	TotalAmt
Management And General	$3,679,434	ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$2,693,176	TotalAmt
Management And General	$2,693,176	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$133,427	TotalAmt
Program Services	$127,282	ProgramServicesAmt
Management And General	$6,145	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (3 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt
HOTEL OPERATIONS	$6,394,563	$6,394,563
CITY IRA PAYMENTS	$737,000		$737,000
ADMINISTRATIVE AND GENE	$885	$0	$885

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$18,297,914	TotalAmt
Program Services	$10,933,810	ProgramServicesAmt
Management And General	$7,364,104	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$7,769,953	BOYAmt
EOY	$11,269,774	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$479,956	BOYAmt
EOY	$660,051	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$27,898	BOYAmt
EOY	$32,101	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$171,852	BOYAmt
EOY	$282,788	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$102,057,185	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$10,772,704	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$93,977,657	BOYAmt
EOY	$91,284,481	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$102,427,316	BOYAmt
EOY	$103,529,195	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$2,655,425	BOYAmt
EOY	$3,360,566	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$402,387	BOYAmt
EOY	$460,008	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$87,321,693	BOYAmt
EOY	$83,908,493	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$12,798,021	BOYAmt
EOY	$16,424,169	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$103,177,526	BOYAmt
EOY	$104,153,236	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	-$7,901,174	BOYAmt
EOY	-$9,111,378	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$7,150,964	BOYAmt
EOY	$8,487,337	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	-$750,210	BOYAmt
EOY	-$624,041	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$102,427,316	BOYAmt
EOY	$103,529,195	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	-$1,765,986	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$1,892,155	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Public Organization170	Yes (X)	PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	$20,069,141	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$1,618,333	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$755,000	CurrentTaxYearMinus1YearAmt
Current Tax Year	$3,592,955	CurrentTaxYearAmt
Total	$26,035,429	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	$20,069,141	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$1,618,333	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$755,000	CurrentTaxYearMinus1YearAmt
Current Tax Year	$3,592,955	CurrentTaxYearAmt
Total	$26,035,429	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$225,057	SubstantialContributorsTotAmt
Public Support Total170	$25,810,372	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	$86,207	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$102,485	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$20,720	CurrentTaxYearMinus1YearAmt
Current Tax Year	$2,332	CurrentTaxYearAmt
Total	$211,744	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$26,247,173	TotalSupportAmt
Gross Receipts Rltd Activities	$50,788,583	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.98340	PublicSupportCY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule D IRS990ScheduleD

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$102,057,185	OtherCostOrOtherBasisAmt
Depreciation	$10,772,704	DepreciationAmt
Book Value	$91,284,481	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$91,284,481	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)

DescDesc	AmtAmt
DUE TO POLK COUNTY	$9,502,995
DERIVATIVE INSTRUMENTS - INTEREST RATE SWAPS	$2,935,748
DUE TO MANAGER	$2,250,000
PPP LOAN	$1,735,426

Field	Value	IRS element (for citing)
Total Liability	$16,424,169	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$16,531,928	TotalRevEtcAuditedFinclStmtAmt
Revenue Not Reported	$0	RevenueNotReportedAmt
Revenue Subtotal	$16,531,928	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$16,531,928	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$18,297,914	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$18,297,914	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$18,297,914	TotalExpensesPerForm990Amt

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (4 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
IEC HOTEL CORPORATION
A	424344802	000000000	2018-03-21	$30,000,000	HOTEL ACQUISITION	0	Yes (1)	0
IEC HOTEL CORPORATION
B	424344802	000000000	2018-03-21	$10,000,000	HOTEL ACQUISITION	0	Yes (1)	0
IEC HOTEL CORPORATION
C	424344802	000000000	2018-03-21	$27,750,000	HOTEL ACQUISITION	0	Yes (1)	0
IEC HOTEL CORPORATION
D	424344802	000000000	2018-03-21	$3,040,000	HOTEL ACQUISITION	0	Yes (1)	0

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (4 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	In Reserve FundInReserveFundAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Capital ExpendituresCapitalExpendituresAmt	Other Spent ProceedsOtherSpentProceedsAmt	Substantial CompletionSubstantialCompletionYr	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd
A	$1,796,000	$30,000,000	$2,163,450	$1,208,214	$26,578,336	$50,000	2018	Yes (1)	Yes (1)
B	$5,382,506	$10,000,000	$730,659	$190,786	$9,078,555		2018	Yes (1)	Yes (1)
C		$27,750,000		$277,500	$27,472,500		2018	Yes (1)	Yes (1)
D	$182,000	$3,040,000	$233,235	$300,530	$2,506,235		2018	Yes (1)	Yes (1)

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (4 entries)

Bond ReferenceBondReferenceCd	Owning Bond Financed PropertyOwningBondFinancedPropertyInd	Any Lease ArrangementsAnyLeaseArrangementsInd	Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd	Any Research AgreementsAnyResearchAgreementsInd	Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd	Change In Use Bond Financed PropChangeInUseBondFinancedPropInd	Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd
A	0	0	0	0	0	0	0
B	0	0	0	0	0	0	0
C	0	0	0	0	0	0	0
D	0	0	0	0	0	0	0

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (4 entries)

Bond ReferenceBondReferenceCd	Form8038 T FiledForm8038TFiledInd	Rebate Not Due YetRebateNotDueYetInd	Exception To RebateExceptionToRebateInd	No Rebate DueNoRebateDueInd	Variable Rate IssueVariableRateIssueInd	Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd	Superintegrated HedgeSuperintegratedHedgeInd	Hedge TerminatedHedgeTerminatedInd	Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd	Gross Proceeds InvestedGrossProceedsInvestedInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd
PNC NA
A	0	0	0	0	Yes (1)	Yes (1)	0	0	0	0	Yes (1)
PNC NA
B	0	0	0	0	Yes (1)	Yes (1)	0	0	0	0	Yes (1)
(no name)
C	0	0	0	0	0	0			0	0	Yes (1)
PNC NA
D	0	0	0	0	Yes (1)	Yes (1)	0	0	0	0	Yes (1)

Procedures Corrective Action ProceduresCorrectiveActionGrp (4 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (1)
B	Yes (1)
C	Yes (1)
D	Yes (1)

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (3 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
IEC HOTEL CORPORATION
A	424344802	000000000	2018-03-21	$4,311,000	HOTEL ACQUISITION	0	Yes (1)	0
IEC HOTEL CORPORATION
B	424344802	000000000	2018-03-21	$8,500,000	HOTEL ACQUISITION	0	Yes (1)	0
IEC HOTEL CORPORATION
C	424344802	000000000	2018-03-21	$7,805,000	HOTEL ACQUISITION	0	Yes (1)	0

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (3 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	In Reserve FundInReserveFundAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Capital ExpendituresCapitalExpendituresAmt	Substantial CompletionSubstantialCompletionYr	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd	Working Capital ExpendituresWorkingCapitalExpendituresAmt
A	$137,000	$4,311,000	$391,994	$80,000	$3,839,006	2018	Yes (1)	Yes (1)
B		$8,500,000	$811,443	$333,550	$7,355,007	2018	Yes (1)	Yes (1)	$7,355,007
C		$7,805,000	$745,961	$47,025	$7,012,014	2018	Yes (1)	Yes (1)	$7,012,014

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (3 entries)

Bond ReferenceBondReferenceCd	Owning Bond Financed PropertyOwningBondFinancedPropertyInd	Any Lease ArrangementsAnyLeaseArrangementsInd	Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd	Any Research AgreementsAnyResearchAgreementsInd	Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd	Change In Use Bond Financed PropChangeInUseBondFinancedPropInd	Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd
A	0	0	0	0	0	0	0
B	0	0	0	0	0	0	0
C	0	0	0	0	0	0	0

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (3 entries)

Bond ReferenceBondReferenceCd	Form8038 T FiledForm8038TFiledInd	Rebate Not Due YetRebateNotDueYetInd	Exception To RebateExceptionToRebateInd	No Rebate DueNoRebateDueInd	Variable Rate IssueVariableRateIssueInd	Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd	Superintegrated HedgeSuperintegratedHedgeInd	Hedge TerminatedHedgeTerminatedInd	Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd	Gross Proceeds InvestedGrossProceedsInvestedInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd
PNC NA
A	0	0	0	0	Yes (1)	Yes (1)	0	0	0	0	Yes (1)
(no name)
B	0	0	0	0	0	0			0	0	Yes (1)
(no name)
C	0	0	0	0	0	0			0	0	Yes (1)

Procedures Corrective Action ProceduresCorrectiveActionGrp (3 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (1)
B	Yes (1)
C	Yes (1)

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART VI, SECTION A, LINE 3	THE ORGANIZATION ENTERED INTO A QUALIFIED MANAGEMENT AGREEMENT WITH HILTON MANAGEMENT LLC TO MANAGE THE OPERATIONS OF THE CONVENTION CENTER HOTEL.
FORM 990, PART VI, SECTION B, LINE 11B	THE BOARD REVIEWS A COMPLETE COPY OF THE RETURN
FORM 990, PART VI, SECTION B, LINE 12C	CORPORATION FOLLOWS STEPS OUTLINED IN POLICY AND PERFORMS PERIODIC REVIEWS.
FORM 990, PART VI, SECTION C, LINE 19	DOCUMENTS ARE AVAILABLE UPON REQUEST.
FORM 990, PART VI, SECTION B, LINE 15:	DIRECTORS AND OFFICERS SERVE WITHOUT COMPENSATION. THERE ARE CURRENTLY NO OTHER EMPLOYEES.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp

Disregarded Entity Name DisregardedEntityName

Field	Value	IRS element (for citing)
Business Name Line1	POLK COUNTY IOWA	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	111 COURT AVENUE	AddressLine1Txt
City	DES MOINES	CityNm
State Abbreviation	IA	StateAbbreviationCd
ZIP	50309	ZIPCd

Field	Value	IRS element (for citing)
EIN	426004519	EIN
Primary Activities	GOVERNMENT	PrimaryActivitiesTxt
Legal Domicile State	IA	LegalDomicileStateCd
Direct Controlling NA	N/A	DirectControllingNACd
Controlled Organization	0	ControlledOrganizationInd

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	0	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	0	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	Yes (1)	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	0	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	0	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	0	SharingOfFacilitiesInd
Paid Employees Sharing	0	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	0	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	0	TransferFromOtherOrgInd