IEC HOTEL CORPORATION: Form 990, tax year 2022

View the entire original 990 at ProPublica ↗

Organization: IEC HOTEL CORPORATION (EIN 47-4344802)
Tax period: 2022-01-01 to 2022-12-31
Filed: 2023-09-21
IRS object ID: 202332649349301718
Schema version: 2022v5.0
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	2023-09-21T15:37:18-05:00	ReturnTs
Tax Period End	2022-12-31	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	2022-01-01	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	2023-09-08	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

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	0	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	KATHY FAIRCHILD	PreparerPersonNm
PTIN	P00222608	PTIN
Phone	5155586600	PhoneNum
Preparation	2023-09-08	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2022	TaxYr
Build TS	2023-04-26 12:10:37Z	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	$21,731,284	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	$3,592,955	PYContributionsGrantsAmt
CY Contributions Grants	$1,935,426	CYContributionsGrantsAmt
PY Program Service Revenue	$12,936,641	PYProgramServiceRevenueAmt
CY Program Service Revenue	$19,680,323	CYProgramServiceRevenueAmt
PY Investment Income	$2,332	PYInvestmentIncomeAmt
CY Investment Income	$115,535	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$16,531,928	PYTotalRevenueAmt
CY Total Revenue	$21,731,284	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	$18,297,914	PYOtherExpensesAmt
CY Other Expenses	$21,136,960	CYOtherExpensesAmt
PY Total Expenses	$18,297,914	PYTotalExpensesAmt
CY Total Expenses	$21,136,960	CYTotalExpensesAmt
PY Revenues Less Expenses	-$1,765,986	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$594,324	CYRevenuesLessExpensesAmt
Total Assets BOY	$103,529,195	TotalAssetsBOYAmt
Total Assets EOY	$104,696,364	TotalAssetsEOYAmt
Total Liabilities BOY	$104,153,236	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$100,914,811	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	-$624,041	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$3,781,553	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	$13,874,958	ExpenseAmt
Revenue	$19,680,323	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	$13,874,958	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 (7 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
SECRETARY	2.50	Yes (X)	Yes (X)	$0	$0	$0
ALLEN MCKINLEY
TREASURER	2.50	Yes (X)	Yes (X)	$0	$0	$0
GRANT FRIESTH
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

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
TOWNE PARK LLC
PO BOX 79349	BALTIMORE	MD	212790349	PARKING SERVICES	$537,288
GENSIS DEVELOPMENT
1809 W 2ND AVE	INDIANOLA	IA	50125	LAUNDRY SERVICES	$496,567
MIDAMERICAN ENERGY SERVICES LLC
PO BOX 8020	DAVENPORT	IA	52808	UTILITIES	$419,955
SYSCO IOWA INC
1 SYSCO DR	ANKENY	IA	500213911	FOOD SUPPLIES	$412,314
ENCORE GROUP (USA) LLC
23918 NETWORK PL	CHICAGO	IL	60673	AVSERVICES	$289,914

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	5	CntrctRcvdGreaterThan100KCnt
Related Organizations	$200,000	RelatedOrganizationsAmt
Government Grants	$1,735,426	GovernmentGrantsAmt
Total Contributions	$1,935,426	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
HOTEL OPERATIONS	721110	$17,414,172	$17,414,172
IOWA REINVESTMENT ACT REVENUE	721110	$1,821,202	$1,821,202
FACILITY FROM OPERATOR	721110	$444,949	$444,949

Field	Value	IRS element (for citing)
Total Program Service Revenue	$19,680,323	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$115,535	TotalRevenueColumnAmt
Exclusion	$115,535	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$21,731,284	TotalRevenueColumnAmt
Related Or Exempt Func Income	$19,680,323	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$115,535	ExclusionAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$1,308,095	TotalAmt
Program Services	$1,120,000	ProgramServicesAmt
Management And General	$188,095	ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$6,898	TotalAmt
Management And General	$6,898	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$58,533	TotalAmt
Management And General	$58,533	ManagementAndGeneralAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$2,184,968	TotalAmt
Program Services	$2,184,968	ProgramServicesAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$344,282	TotalAmt
Program Services	$344,282	ProgramServicesAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$1,306,192	TotalAmt
Program Services	$1,306,192	ProgramServicesAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$3,534,411	TotalAmt
Management And General	$3,534,411	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	$250,003	TotalAmt
Program Services	$243,917	ProgramServicesAmt
Management And General	$6,086	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (3 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt
HOTEL OPERATIONS	$8,675,599	$8,675,599
CITY IRA PAYMENTS	$774,000		$774,000
ADMINISTRATIVE AND GENE	$803	$0	$803

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$21,136,960	TotalAmt
Program Services	$13,874,958	ProgramServicesAmt
Management And General	$7,262,002	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$11,269,774	BOYAmt
EOY	$13,999,640	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$660,051	BOYAmt
EOY	$884,134	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$32,101	BOYAmt
EOY	$28,833	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$282,788	BOYAmt
EOY	$316,930	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$102,057,185	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$13,465,880	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$91,284,481	BOYAmt
EOY	$88,591,305	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
EOY	$875,522	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$103,529,195	BOYAmt
EOY	$104,696,364	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$3,360,566	BOYAmt
EOY	$3,551,189	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$460,008	BOYAmt
EOY	$579,079	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$83,908,493	BOYAmt
EOY	$82,197,941	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$16,424,169	BOYAmt
EOY	$14,586,602	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$104,153,236	BOYAmt
EOY	$100,914,811	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	-$9,111,378	BOYAmt
EOY	-$4,355,384	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$8,487,337	BOYAmt
EOY	$8,136,937	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	-$624,041	BOYAmt
EOY	$3,781,553	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$103,529,195	BOYAmt
EOY	$104,696,364	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$594,324	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$3,811,270	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 Minus4 Years	$20,069,141	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$1,618,333	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$755,000	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,592,955	CurrentTaxYearMinus1YearAmt
Current Tax Year	$1,935,426	CurrentTaxYearAmt
Total	$27,970,855	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$20,069,141	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$1,618,333	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$755,000	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,592,955	CurrentTaxYearMinus1YearAmt
Current Tax Year	$1,935,426	CurrentTaxYearAmt
Total	$27,970,855	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$384,037	SubstantialContributorsTotAmt
Public Support Total170	$27,586,818	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$86,207	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$102,485	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$20,720	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$2,332	CurrentTaxYearMinus1YearAmt
Current Tax Year	$115,535	CurrentTaxYearAmt
Total	$327,279	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$28,298,134	TotalSupportAmt
Gross Receipts Rltd Activities	$70,468,906	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.97490	PublicSupportCY170Pct
Public Support PY170	0.98340	PublicSupportPY170Pct
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	$13,465,880	DepreciationAmt
Book Value	$88,591,305	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$88,591,305	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)

DescDesc	AmtAmt
DUE TO POLK COUNTY	$12,536,602
DUE TO MANAGER	$2,050,000

Field	Value	IRS element (for citing)
Total Liability	$14,586,602	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$21,731,284	TotalRevEtcAuditedFinclStmtAmt
Revenue Not Reported	$0	RevenueNotReportedAmt
Revenue Subtotal	$21,731,284	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$21,731,284	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$21,136,960	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$21,136,960	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$21,136,960	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	$2,589,000	$30,000,000	$2,163,450	$1,208,214	$26,578,336	$50,000	2018	Yes (1)	Yes (1)
B	$6,139,060	$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	$287,000	$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	$193,000	$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