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SCHMITT ISLAND DEVELOPMENT CORPORATION: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
SCHMITT ISLAND DEVELOPMENT CORPORATION (EIN 92-0629253)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-09-10
IRS object ID
202542539349300819
Schema version
2024v5.2
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 ReturnHeader

FieldValueIRS element (for citing)
Return2025-09-10T08:15:26-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN420946155PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1HONKAMP PCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line12345 JOHN F KENNEDY ROADAddressLine1Txt
CityDUBUQUECityNm
State AbbreviationIAStateAbbreviationCd
ZIP52002ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN920629253EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1SCHMITT ISLAND DEVELOPMENT CORPORATIONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlSCHMBusinessNameControlTxt
Phone5635852971PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11800 ADMIRAL SHEEHY DRIVEAddressLine1Txt
CityDUBUQUECityNm
State AbbreviationIAStateAbbreviationCd
ZIP52001ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonKATHY BUHRPersonNm
Person TitleTREASURERPersonTitleTxt
Phone5635852971PhoneNum
Signature2025-08-27SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSTEPHANIE K METTILLE CPAPreparerPersonNm
PTINP01359962PTIN
Phone5635560123PhoneNum
Preparation2025-08-27PreparationDt
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerKATHY BUHRPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line11800 ADMIRAL SHEEHY DRIVEAddressLine1Txt
CityDUBUQUECityNm
State AbbreviationIAStateAbbreviationCd
ZIP52001ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$1,445,917GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressWWW.SCHMITTISLAND.COM/DEVELOPMENT-CORPORATIONWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2022FormationYr
Legal Domicile StateIALegalDomicileStateCd
Activity Or MissionMANAGING THE ICE ARENA AND SCHMITT ISLAND ASSETS BENEFITS THE COMMUNITY BY PROVIDING CONSISTENT AND EXPANDED RECREATIONAL OPPORTUNITIES FOR THE COMMUNITY. IN ADDITION, THIS ORGANIZATION LESSENS THE BURDEN OF THE GOVERNMENT'S TIME AND RESOURCES TO MANAGE THE FACILITIES AND ITS PROGRAMS.ActivityOrMissionDesc
Voting Members Governing Body9VotingMembersGoverningBodyCnt
Voting Members Independent9VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers9TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$722,230PYContributionsGrantsAmt
CY Contributions Grants$206,802CYContributionsGrantsAmt
PY Program Service Revenue$487,279PYProgramServiceRevenueAmt
CY Program Service Revenue$530,549CYProgramServiceRevenueAmt
PY Investment Income$11,439PYInvestmentIncomeAmt
CY Investment Income$17,207CYInvestmentIncomeAmt
PY Other Revenue$405,130PYOtherRevenueAmt
CY Other Revenue$464,638CYOtherRevenueAmt
PY Total Revenue$1,626,078PYTotalRevenueAmt
CY Total Revenue$1,219,196CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$0PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$0CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$1,288,302PYOtherExpensesAmt
CY Other Expenses$1,339,874CYOtherExpensesAmt
PY Total Expenses$1,288,302PYTotalExpensesAmt
CY Total Expenses$1,339,874CYTotalExpensesAmt
PY Revenues Less Expenses$337,776PYRevenuesLessExpensesAmt
CY Revenues Less Expenses-$120,678CYRevenuesLessExpensesAmt
Total Assets BOY$949,284TotalAssetsBOYAmt
Total Assets EOY$800,192TotalAssetsEOYAmt
Total Liabilities BOY$255,238TotalLiabilitiesBOYAmt
Total Liabilities EOY$302,277TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$694,046NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$497,915NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionMANAGING THE ICE ARENA AND SCHMITT ISLAND ASSETS BENEFITS THE COMMUNITY BY PROVIDING CONSISTENT AND EXPANDED RECREATIONAL OPPORTUNITIES FOR THE COMMUNITY. IN ADDITION, THIS ORGANIZATION LESSENS THE BURDEN OF THE GOVERNMENT'S TIME AND RESOURCES TO MANAGE THE FACILITIES AND ITS PROGRAMS.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$1,239,306ExpenseAmt
Revenue$995,187RevenueAmt
DescTHE ORGANIZATION AND CONTRACTED ENTITIES OR INDIVIDUALS MANAGE THE ICE ARENA LOCATED ON CHAPLAIN SCHMITT ISLAND IN DUBUQUE, IOWA. THIS ACTIVITY IS FUNDED THROUGH MANAGEMENT FEES PAID BY THE CITY, CONTRIBUTIONS FROM THE GENERAL PUBLIC, AND PROGRAM SERVICE FEES. NINETY-NINE PERCENT OF THE ORGANIZATIONS TIME IS ALLOCATED TO THIS ACTIVITY. NINETY-FIVE PERCENT OF OVERALL EXPENSES ARE INITIALLY ALLOCATED TO THIS ACTIVITY.MANAGEMENT OF THESE FACILITIES BENEFITS THE COMMUNITY BY PROVIDING CONSISTENT AND EXPANDED RECREATIONAL OPPORTUNITIES FOR THE COMMUNITY AND BY LESSENING THE BURDEN OF GOVERNMENT. THE CITY OF DUBUQUE WOULD OTHERWISE SPEND SIGNIFICANT TIME AND RESOURCES TO MANAGE THE FACILITIES AND ITS PROGRAMS.OTHER ACTIVITIES WILL BE CONDUCTED IN THE SAME FASHION AS ABOVE AS ADDITIONAL ASSETS AND VENUES ARE DEVELOPED ON SCHMITT ISLAND. SUCH ACTIVITIES, ASSETS, AND/OR VENUES MAY INCLUDE A WATER SPORTS FACILITY, TRAILS, AND RV PARK.Desc
Total Program Service Expenses$1,239,306TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B RequiredYes (1)ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentYes (1)ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl StmtYes (1)IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J Required0ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org MemYes (1)BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document3IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (1)BackupWthldComplianceInd
Employee0EmployeeCnt
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members9GoverningBodyVotingMembersCnt
Independent Voting Member9IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesYes (1)DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower Policy0WhistleblowerPolicyInd
Document Retention Policy0DocumentRetentionPolicyInd
Compensation Process CEOYes (1)CompensationProcessCEOInd
Compensation Process Other0CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonEMILY HELBINGPersonNm
Phone5635852945PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11855 GREYHOUND PARK RDAddressLine1Txt
CityDUBUQUECityNm
State AbbreviationIAStateAbbreviationCd
ZIP52001ZIPCd
FieldValueIRS element (for citing)
No Listed Persons CompensatedYes (X)NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (9 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmt
KATHY BUHR
TREASURER4.50Yes (X)Yes (X)$0$0$0
SARA HANTEN
PRESIDENT5.00Yes (X)Yes (X)$0$0$0
JASON WHITE
VICE PRESIDENT4.50Yes (X)Yes (X)$0$0$0
BRIAN KUHLE
DIRECTOR4.50Yes (X)$0$0$0
CAYLA SCHNEIDER
DIRECTOR4.50Yes (X)$0$0$0
DENISE UDELHOFEN
SECRETARY4.50Yes (X)Yes (X)$0$0$0
MARIE WARE
DIRECTOR4.50Yes (X)$0$0$0
JUSTINE PARADISO
DIRECTOR4.50Yes (X)$0$0$0
TOMMY LANGE
DIRECTOR4.50Yes (X)$0$0$0
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$0TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K0TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt
All Other Contributions$206,802AllOtherContributionsAmt
Total Contributions$206,802TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
HOURLY ICE713940$355,479$355,479
OTHER INCOME713940$105,256$105,256
PUBLIC SKATE713940$56,044$56,044
SKATE RENTAL713940$13,374$13,374
PRO SHOP SALES713940$396$396
FieldValueIRS element (for citing)
Total Program Service Revenue$530,549TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$17,207TotalRevenueColumnAmt
Exclusion$17,207ExclusionAmt

Gross Rents GrossRentsGrp

FieldValueIRS element (for citing)
Real$22,109RealAmt

Less Rental Expenses LessRentalExpensesGrp

FieldValueIRS element (for citing)
Real$0RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

FieldValueIRS element (for citing)
Real$22,109RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

FieldValueIRS element (for citing)
Total Revenue Column$22,109TotalRevenueColumnAmt
Related Or Exempt Func Income$22,109RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Gross Sales Of Inventory$669,250GrossSalesOfInventoryAmt
Cost Of Goods Sold$226,721CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

FieldValueIRS element (for citing)
Total Revenue Column$442,529TotalRevenueColumnAmt
Related Or Exempt Func Income$442,529RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,219,196TotalRevenueColumnAmt
Related Or Exempt Func Income$995,187RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$17,207ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Fees For Services Management FeesForServicesManagementGrp

FieldValueIRS element (for citing)
Total$100,567TotalAmt
Management And General$100,567ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$530,147TotalAmt
Program Services$530,147ProgramServicesAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$2,060TotalAmt
Program Services$2,060ProgramServicesAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$270,303TotalAmt
Program Services$270,303ProgramServicesAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$53,531TotalAmt
Program Services$53,531ProgramServicesAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$17,168TotalAmt
Program Services$17,168ProgramServicesAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmt
SAINT FEES$289,766$289,766
SUPPLIES$44,545$44,545
MTC AGREEMENT$18,942$18,942
BANCK CHARGES$14,189$14,189

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total-$1,344TotalAmt
Program Services-$1,345ProgramServicesAmt
Management And General$1ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$1,339,874TotalAmt
Program Services$1,239,306ProgramServicesAmt
Management And General$100,568ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$368,059BOYAmt
EOY$236,874EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$168,460BOYAmt
EOY$78,617EOYAmt

Accounts Receivable AccountsReceivableGrp

FieldValueIRS element (for citing)
BOY$44,517BOYAmt
EOY$68,967EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

FieldValueIRS element (for citing)
BOY$24,500BOYAmt
EOY$30,935EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$12,803BOYAmt
EOY$17,867EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$451,646LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$84,714LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$328,645BOYAmt
EOY$366,932EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$2,300BOYAmt
EOY$0EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$949,284BOYAmt
EOY$800,192EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$167,905BOYAmt
EOY$137,491EOYAmt

Deferred Revenue DeferredRevenueGrp

FieldValueIRS element (for citing)
BOY$87,333BOYAmt
EOY$164,786EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$255,238BOYAmt
EOY$302,277EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$694,046BOYAmt
EOY$497,915EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$694,046BOYAmt
EOY$497,915EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$949,284BOYAmt
EOY$800,192EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss-$120,678ReconcilationRevenueExpnssAmt
Prior Period Adjustments-$75,453PriorPeriodAdjustmentsAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS AuditedYes (1)FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

FieldValueIRS element (for citing)
Separate Basis Fincl StmtYes (X)SeparateBasisFinclStmtInd
FieldValueIRS element (for citing)
Audit Committee0AuditCommitteeInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Publicly Supported Org509a2Yes (X)PubliclySupportedOrg509a2Ind

Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$510,149CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$722,230CurrentTaxYearMinus1YearAmt
Current Tax Year$206,802CurrentTaxYearAmt
Total$1,439,181TotalAmt

Gross Receipts Admissions GrossReceiptsAdmissionsGrp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$185,759CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,069,839CurrentTaxYearMinus1YearAmt
Current Tax Year$1,221,908CurrentTaxYearAmt
Total$2,477,506TotalAmt

Total509 Total509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$695,908CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,792,069CurrentTaxYearMinus1YearAmt
Current Tax Year$1,428,710CurrentTaxYearAmt
Total$3,916,687TotalAmt

Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Substantial Contributors Amt SubstantialContributorsAmtGrp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$496,229CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$668,125CurrentTaxYearMinus1YearAmt
Current Tax Year$177,884CurrentTaxYearAmt
Total$1,342,238TotalAmt

Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$496,229CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$668,125CurrentTaxYearMinus1YearAmt
Current Tax Year$177,884CurrentTaxYearAmt
Total$1,342,238TotalAmt
FieldValueIRS element (for citing)
Public Support Total509$2,574,449PublicSupportTotal509Amt

Gross Investment Income509 GrossInvestmentIncome509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$97CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$11,439CurrentTaxYearMinus1YearAmt
Current Tax Year$17,207CurrentTaxYearAmt
Total$28,743TotalAmt

Investment Income And UBTI InvestmentIncomeAndUBTIGrp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$97CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$11,439CurrentTaxYearMinus1YearAmt
Current Tax Year$17,207CurrentTaxYearAmt
Total$28,743TotalAmt

Total Support Calendar Year TotalSupportCalendarYearGrp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$696,005CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,803,508CurrentTaxYearMinus1YearAmt
Current Tax Year$1,445,917CurrentTaxYearAmt
Total$3,945,430TotalAmt
FieldValueIRS element (for citing)
First5 Years509Yes (X)First5Years509Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$451,646OtherCostOrOtherBasisAmt
Depreciation$84,714DepreciationAmt
Book Value$366,932BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$366,932TotalBookValueLandBuildingsAmt
Footnote TextYes (X)FootnoteTextInd
Total Rev Etc Audited Fincl Stmt$1,219,196TotalRevEtcAuditedFinclStmtAmt
Revenue Not Reported$0RevenueNotReportedAmt
Revenue Subtotal$1,219,196RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt$0RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990$1,219,196TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt$1,339,874TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported$0ExpensesNotReportedAmt
Expenses Subtotal$1,339,874ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt$0ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990$1,339,874TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePART X, LINE 2:FormAndLineReferenceDesc
ExplanationSCHMITT ISLAND DEVELOPMENT CORPORATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND A SIMILAR SECTION OF STATE LAW, WHICH PROVIDES TAX EXEMPTION FOR ENTITIES ORGANIZED AND OPERATED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE OR EDUCATION PURPOSES.ExplanationTxt

Schedule L IRS990ScheduleL

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp

Name Of Interested NameOfInterested

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1DUBUQUE RACING ASSOCIATION LTDBusinessNameLine1Txt
FieldValueIRS element (for citing)
Relationship DescriptionSUBSTANTIAL CONTRIBUTORRelationshipDescriptionTxt
Transaction$616,226TransactionAmt
TransactionMANAGEMENT AGREEMENT & RELATED SERVICESTransactionDesc
Sharing Of Revenues0SharingOfRevenuesInd

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (6 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION A, LINE 3THE ORGANIZATION DELEGATES CONTROL OVER MANAGEMENT DUTIES TO DUBUQUE RACING ASSOCIATION, LTD.
FORM 990, PART VI, SECTION B, LINE 11BTHE COMPLETED FORM 990 IS REVIEWED BY THE DUBUQUE RACING ASSOCIATION, LTD. FINANCE TEAM AS WELL AS SCHMITT ISLAND DEVELOPMENT BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION B, LINE 12CTHE ENFORCEMENT OF THE POLICY IS MONITORED BY THE BOARD MEMBERS. AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF ANY ACTUAL, POTENTIAL, OR PERCEIVED CONFLICT OF INTEREST. THIS MUST BE DISCLOSED BEFORE THE ORGANIZATION ENTERS INTO THE PROPOSED TRANSACTION OR ARRANGEMENT THAT GIVES RISE TO THE CONFLICT OF INTEREST.
FORM 990, PART VI, SECTION B, LINE 15ATHE COMPENSATION IS DETERMINED BASED ON COMPARABLE PAY IN SIMILAR POSITIONS. IF THERE IS A DISAGREEMENT ON COMPENSATION AMOUNTS, AN UNRELATED THIRD PARTY WILL BE BROUGHT IN TO DETERMINE APPROPRIATE COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART IX, LINE 11GFEES FOR SERVICES: PROGRAM SERVICE EXPENSES 515,659. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 515,659. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 14,488. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 14,488.

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