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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-KSB
 
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the fiscal year ended September 30, 2007
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to
 Commission file number 000-52428
 IOWA RENEWABLE ENERGY, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    20-3386000
(I.R.S. Employer Identification No.)
 1701 East 7th Street, Washington, Iowa
(Address of principal executive offices)
    
    52353
(Zip Code)
 (319) 653-2890
  None
  26,331
 þ Yes     o No
 Form 10-KSB.       þ
 Act).     o Yes     þ No
 $16,443,440
     o þ




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##### 



Table of Contents
 PART I
    
    
    3ITEM 1. DESCRIPTION OF BUSINESS.
    
    
    3ITEM 1A. RISK FACTORS.
    
    
    23ITEM 2. DESCRIPTION OF PROPERTY.
    
    
    32ITEM 3. LEGAL PROCEEDINGS.
    
    
    33ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
    
    
    33PART II
    
    
    34ITEM 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.
    
    
    34ITEM 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
    
    
    35ITEM 7. FINANCIAL STATEMENTS.
    
    
    44ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
    
    
    57ITEM 8A. CONTROLS AND PROCEDURES.
    
    
    57ITEM 8B. OTHER INFORMATION.
    
    
    57PART III
    
    
    57ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.
    
    
    57ITEM 10. EXECUTIVE COMPENSATION.
    
    
    57ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
    
    
    57ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
    
    
    57ITEM 13. EXHIBITS.
    
    
    58ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
    
    
    58SIGNATURES
    
    
    59Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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AVAILABLE INFORMATION
  
 PART I
 
 ITEM 1. Description of Business.
 Business Development
     Operating
    
    Not OperatingOctober 1 through October 18October 19 through November 2
    
    November 3 through November 4November 5 and November 6
    
    November 7November 8 through November 17
    
    November 18 through November 25November 26 through November 29
    
    November 30 through December 2December 3 through December 6
   3




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4




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General Demand
    5




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Principal Products and Markets
  Primary Product- Biodiesel
    6




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Co-products
  Biodiesel Markets
   Wholesale Market / Biodiesel Marketers
   7




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Retail
   Distribution of Principal Products
    Sources and Availability of Raw Materials
 Feedstock Supply
   8




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Pretreatment Costs
   Feedstock Procurement.
  
    
    Provide analysis and audit of feedstock suppliers;
    
    Purchase feedstocks at competitive prices meeting specifications and in adequate
quantities to fill the production schedule of our plant;
    
    Review on a monthly basis the average prices we pay for feedstock, including comparisons
to industry averages;
    
    Provide us with the specifications for feedstock being required of suppliers;
    
    Negotiate for discounts where obtainable on feedstock;
    
    Arrange for transportation, logistics, and scheduling of feedstock deliveries; and
    
    Provide analysis and audit of bulk transportation providers.
  9




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Chemical Inputs Procurement.
  
    
    Perform due diligence requirements for investigation of suppliers of the chemical
inputs;
    
    Provide analysis and audit of chemical suppliers;
    
    Provide us with the specifications for chemical inputs being required of suppliers;
    
    Purchase chemical inputs at competitive prices meeting specifications for use in our
plant;
    
    Review on a monthly basis the average prices we paid for chemical inputs, including
comparisons to industry averages;
    
    Negotiate for discounts where obtainable on chemicals;
    
    Procure adequate chemical inputs to meet our production schedules;
    
    Provide analysis and audit of bulk transportation suppliers; and
    
    Arrange for transportation, logistics, and scheduling services for chemical input
deliveries by suppliers.
 Utilities
  Electricity.
 Water and Sewer
 Natural Gas
 Rail.
 New Products and Services
  Government Regulation and Federal Biodiesel Supports
 Federal Biodiesel Supports
  Renewable Fuels Standard
  th
  10




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Biodiesel Blender Tax Credit
   11




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The Clean Air Act Amendment
   Energy Independence and Security Act of 2007
   12




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Small Agri-Biodiesel Producer Tax Credit
  State Legislation
    
    
    An Iowa RFS starting at 10% in 2009 and increasing to 25% by 2019;
    
    A retail tax credit for biodiesel blends of $0.03 per gallon for retailers who sell
more than 50% biodiesel blends; and
    
    An expanded infrastructure program designed to help retailers and wholesalers offset
the cost of bringing E85 and biodiesel blends to customers.
  Effect of Government Regulation
    13




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Competition
       14




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15




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Commercial Biodiesel Production Plants (September 7, 2007)
 
   16




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AnnualProductionState
    
    Company
    
    City
    
    Capacity
    
    Primary FeedstockALAlabama Biodiesel Corporation
    
    Moundville
    
    
    
    
    
    SoyAllied Renewable Energy, LLC
    
    Birmingham
    
    
    15,000,000
    
    
    SoyEagle Biodiesel, Inc.
    
    Bridgeport
    
    
    30,000,000Independence Renewable Energy Corp
    
    Perdue Hill
    
    
    40,000,000
    
    
    Multi FeedstockAR*
    
    FutureFuel Chemical Company
    
    Batesville
    
    
    24,000,000
    
    
    Multi FeedstockPatriot Biofuels
    
    Stuttgart
    
    
    3,000,000
    
    
    Multi FeedstockAZAmereco Arizona, LLC
    
    Arlington
    
    
    15,000,000
    
    
    Multi FeedstockCABay Biodiesel, LLC
    
    San Jose
    
    
    3,000,000
    
    
    SoyBlue Sky Bio-Fuels, Inc.
    
    Oakland
    
    
    
    
    
    Multi FeedstockCentral Valley Biofuels, LLC
    
    Orange Cove
    
    
    
    
    
    Soy, CottonseedEnergy Alternative Solutions, Inc.
    
    Gonzales
    
    
    4,000,000
    
    
    Multi FeedstockEvergreen Biodiesel
    
    Big Oak Flat
    
    
    50,000
    
    
    Recycled Cooking Oil*
    
    Imperial Western Products
    
    Coachella
    
    
    8,000,000
    
    
    Multi FeedstockSo Cal Biofuels, Inc.
    
    Anaheim
    
    
    1,100,000
    
    
    Yellow GreaseYokayo Biofuels, Inc.
    
    Ukiah
    
    
    250,000
    
    
    Recycled Cooking OilCOAmerican Agri-diesel LLC
    
    Burlington
    
    
    6,000,000
    
    
    SoyBio Energy of America
    
    Denver
    
    
    10,000,000
    
    
    SoyBio Energy of America
    
    Denver
    
    
    8,000,000
    
    
    SoyGreat White Bottling, Inc.
    
    Denver
    
    
    1,300,000
    
    
    SoyCTBio-Pur Inc.
    
    Bethlehem
    
    
    1,000,000
    
    
    Multi FeedstockDEMid-Atlantic Biodiesel
    
    Clayton
    
    
    6,500,000
    
    
    Multi FeedstockFLAgri-Source Fuels, Inc.
    
    Dade City
    
    
    30,000,000
    
    
    Multi Feedstock*
    
    Purada Processing, LLC
    
    Lakeland
    
    
    18,000,000
    
    
    SoyGAECO Solutions, LLC
    
    Chatsworth
    
    
    25,000,000
    
    
    Multi FeedstockFarmers & Truckers Biodiesel of Georgia, LLC
    
    Augusta
    
    
    5,000,000
    
    
    Poultry Fat Plant Oils, AnimalGeorgia Biofuels Corp.
    
    Loganville
    
    
    1,000,000
    
    
    FatsMiddle Georgia Biofuels
    
    East Dublin
    
    
    2,500,000
    
    
    Multi Feedstock*
    
    Peach State Labs
    
    Rome
    
    
    
    
    
    SoySunshine BioFuels, LLC
    
    Camilla
    
    
    6,000,000
    
    
    SoyUS Biofuels Inc.
    
    Rome
    
    
    10,000,000
    
    
    Multi FeedstockHIPacific Biodiesel
    
    Kahului
    
    
    500,000
    
    
    Recycled Cooking OilPacific Biodiesel
    
    Honolulu
    
    
    1,000,000
    
    
    Recycled Cooking OilIA*
    
    AGP
    
    Sergeant Bluff
    
    
    30,000,000
    
    
    Soy*
    
    Cargill
    
    Iowa Falls
    
    
    37,500,000
    
    
    SoyCentral Iowa Energy, LLC
    
    Newton
    
    
    30,000,000
    
    
    Multi FeedstockClinton County BioEnergy
    
    Clinton
    
    
    10,000,000
    
    
    SoyFreedom Fuels, LLC
    
    Mason City
    
    
    30,000,000
    
    
    Soy*
    
    Renewable Energy Group, Inc.
    
    Ralston
    
    
    12,000,000
    
    
    Soy
  17




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AnnualProductionState
    
    Company
    
    City
    
    Capacity
    
    Primary FeedstockRiksch BioFuels, LLC
    
    Crawfordsville
    
    
    10,000,000
    
    
    Multi FeedstockSioux Biochemical, Inc.
    
    Sioux Center
    
    
    2,000,000
    
    
    Corn OilSoy Solutions
    
    Milford
    
    
    2,000,000
    
    
    SoyTri-City Energy
    
    Keokuk
    
    
    5,000,000
    
    
    SoyWestern Dubuque Biodiesel
    
    Farley
    
    
    30,000,000
    
    
    Soy*
    
    Western Iowa Energy
    
    Wall Lake
    
    
    30,000,000
    
    
    Multi FeedstockIDBlue Sky Biodiesel, LLC
    
    New Plymouth
    
    
    10,000,000
    
    
    SoyILIncobrasa Industries, Ltd.
    
    Gilman
    
    
    31,000,000
    
    
    SoyMidwest Biodiesel Products, Inc.
    
    South Roxanna
    
    
    30,000,000
    
    
    Soy*
    
    Stephan Company
    
    Millsdale
    
    
    22,000,000
    
    
    SoyINe-biofuels, LLC
    
    Middletown
    
    
    25,000,000
    
    
    SoyEvergreen Renewables
    
    Hammond
    
    
    5,000,000
    
    
    SoyHeartland Biofuel
    
    Flora
    
    
    450,000
    
    
    SoyIntegrity Biofuels
    
    Morristown
    
    
    10,000,000
    
    
    SoyP.E.C. Biofuels IN, Inc.
    
    ElkhartKSHealy Biodiesel, Inc.
    
    Sedgwick
    
    
    1,000,000
    
    
    Recycled Cooking OilKrystal Clean Biofuels
    
    Kansas City
    
    
    
    
    
    Multi FeedstockSalemby Resources
    
    Burden
    
    
    
    
    
    CanolaKY*
    
    Griffin Industries
    
    Butler
    
    
    2,000,000
    
    
    Multi FeedstockUnion County Biodiesel Company, LLC
    
    Stugis
    
    
    5,000,000
    
    
    SoyLAAllegro Biodiesel Corporation
    
    Pollock
    
    
    12,000,000
    
    
    SoyMAMPB Bioenergy, LLC
    
    West Bridgewater
    
    
    500,000
    
    
    Recycled Cooking OilMDMaryland Biodiesel
    
    Berlin
    
    
    1,000,000
    
    
    SoyMEBio Renewable Fuels
    
    Fairfield
    
    
    10,000,000
    
    
    Yellow GreaseMIAg Solutions, Inc.
    
    Gladstone
    
    
    5,000,000
    
    
    Multi FeedstockMichigan Biodiesel, LLC
    
    Bangor
    
    
    10,000,000
    
    
    SoyNextDiesel
    
    Adrian
    
    
    20,000,000
    
    
    Multi FeedstockMN*
    
    FUMPA BioFuels
    
    Redwood Falls
    
    
    3,000,000
    
    
    Multi FeedstockGreen Range Renewable Energy
    
    Ironton
    
    
    150,000
    
    
    Recycled Cooking OilMidwest Renewable, LLC
    
    Menahga
    
    
    4,000,000
    
    
    Soy*
    
    Minnesota Soybean Processors
    
    Brewster
    
    
    30,000,000
    
    
    Soy*
    
    Soymor
    
    Albert Lee
    
    
    30,000,000
    
    
    SoyMOGlobal Fuels, LLC
    
    Dexter
    
    
    3,000,000
    
    
    Multi FeedstockHigh Hill Biodiesel, Inc.
    
    High Hill
    
    
    5,000,000
    
    
    Multi FeedstockMid America Biofuels, LLC
    
    Mexico
    
    
    30,000,000
    
    
    SoyMissouri Better Bean
    
    Bunceton
    
    
    15,000,000
    
    
    Multi FeedstockMissouri Bio-Products, Inc.
    
    Bethel
    
    
    2,000,000
    
    
    Multi FeedstockNatural Biodiesel Plant, LLC
    
    Hayti
    
    
    5,000,000
    
    
    Multi FeedstockMSCFC Transportation, Inc.
    
    Columbus
    
    
    1,500,000
    
    
    Multi FeedstockChannel Chemical Corporation
    
    Gulfport
    
    
    5,000,000
    
    
    SoyDelta Biofuels, Inc.
    
    Natchez
    
    
    80,000,000
    
    
    Multi FeedstockNorth Mississippi Biodiesel
    
    New Albany
    
    
    7,000,000
    
    
    SoyNCBlue Ridge Biofuels
    
    Asheville
    
    
    1,000,000
    
    
    Multi FeedstockEvans Environmental Energies, Inc.
    
    Wilson
    
    
    6,000,000Foothills Bio-Energies, LLC
    
    Lenoir
    
    
    5,000,000
    
    
    Multi FeedstockGortman Biofuel, LLC
    
    Winston Salem
    
    
    100,000
  18




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AnnualProductionState
    
    Company
    
    City
    
    Capacity
    
    Primary FeedstockNorth Carolina BioFuels, LLC
    
    Seaboard
    
    
    1,000,000
    
    
    SoyPiedmont Biofuels
    
    Pittsboro
    
    
    4,000,000
    
    
    Multi FeedstockSmoky Mountain Biofuels, Inc.
    
    DilsboroNDADM
    
    Velva
    
    
    85,000,000
    
    
    CanolaNEHorizon Biofuels, Inc.
    
    Arlington
    
    
    500,000
    
    
    Animal FatPioneer Biodiesel, LLC
    
    Gering
    
    
    2,000,000
    
    
    SoyWyobraska Biodiesel, LLC
    
    Gering
    
    
    10,000,000
    
    
    SoyNJEastern Biofuels, LLC
    
    Newark
    
    
    24,000,000
    
    
    SoyFuel Bio One, LLC
    
    Elizabeth
    
    
    50,000,000
    
    
    Multi FeedstockNMRio Valley Biofuels, LLC
    
    Anthony
    
    
    
    
    
    Multi FeedstockNVBently Biofuels
    
    Minden
    
    
    1,000,000
    
    
    Multi FeedstockBiodiesel of Las Vegas
    
    Las Vegas
    
    
    5,000,000
    
    
    Multi FeedstockNYNorth American Biofuels Company, Inc.
    
    Bohemia
    
    
    2,500,000
    
    
    Trap Grease, Recycle Cooking Oil SoySheppard Grain, Inc.
    
    Phelps
    
    
    
    
    
    SoyOHAgrifuels, LLC
    
    Breman
    
    
    3,000,000
    
    
    SoyAmerican Ag Fuels, LLC
    
    Definance
    
    
    1,500,000
    
    
    Multi FeedstockCenter Alternative Energy Company
    
    Cleveland
    
    
    5,000,000
    
    
    SoyJatrodiesel, Inc.
    
    Miamisburg
    
    
    5,000,000
    
    
    Multi FeedstockPEC Biofuels
    
    Hicksville
    
    
    7,500,000
    
    
    Soy*
    
    Peter Cremer
    
    Cincinnati
    
    
    30,000,000
    
    
    SoyOKEarth Biofuels, Inc.
    
    Durant
    
    
    10,000,000
    
    
    Multi FeedstockGreen Country Biodiesel, Inc.
    
    Chelsea
    
    
    2,500,000
    
    
    SoyORGreen Fuels of Oregon, Inc.
    
    Klamath Falls
    
    
    1,000,000
    
    
    CanolaSeQuential-Pacific Biodiesel, LLC
    
    Salem
    
    
    1,000,000
    
    
    Multi FeedstockPABiodiesel of Pennslyvania, Inc.
    
    White Deer
    
    
    1,500,000
    
    
    Soybean OilKeystone BioFuels, Inc.
    
    Shiremanstown
    
    
    
    
    
    SoyMiddletown Biofuels, LLC
    
    Middletown
    
    
    2,000,000
    
    
    SoySoy Energy, Inc.
    
    New Oxford
    
    
    1,500,000
    
    
    SoyUnited Biofuels, Inc.
    
    York
    
    
    1,500,000
    
    
    SoyUnited Oil Company
    
    Pittsburgh
    
    
    5,000,000
    
    
    Multi FeedstockRIMason Biodiesel, LLC
    
    Westerly
    
    
    2,500,000
    
    
    SoySC*
    
    Carolina Biofuels, LLC
    
    Greenville
    
    
    30,000,000
    
    
    SoySoutheast BioDiesel, LLC
    
    Charleston
    
    
    6,000,000
    
    
    Multi FeedstockSDMidwest BioDiesel Producers, LLC
    
    Alexandria
    
    
    7,000,000
    
    
    SoyTNAgri-Energy, Inc.
    
    Louisburg
    
    
    5,000,000
    
    
    SoyBIG Biodiesel, LLC
    
    Pulaski
    
    
    250,000
    
    
    SoyBiofuel of Tennessee, LLC
    
    Decaturville
    
    
    10,000,000
    
    
    SoyBlue Sky Biodiesel, Inc.
    
    Wartburg
    
    
    3,000,000
    
    
    Multi FeedstockMemphis Biofuels, LLC
    
    Memphis
    
    
    50,000,000
    
    
    Multi FeedstockMilagro Biofuels of Memphis
    
    Memphis
    
    
    5,000,000
    
    
    SoyNuOil
    
    Counce
    
    
    1,500,000
    
    
    SoyTN Bio Energy
    
    Summitville
    
    
    
    
    
    SoyTXAgribiofuels, LLC
    
    Dayton
    
    
    12,000,000
    
    
    Cottonseed, SoyAgriMax Fuels, LLC
    
    Channelview
    
    
    3,000,000
    
    
    SoyBiodiesel Industries of GreaterDallas-Fort Worth
    
    Denton
    
    
    3,000,000
    
    
    Multi Feedstock
  19




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AnnualProductionState
    
    Company
    
    City
    
    Capacity
    
    Primary FeedstockBioSelect Fuels (GBBLP)
    
    Galveston
    
    
    21,000,000
    
    
    Multi FeedstockBrownfield Biodiesel, LLC
    
    Ralls
    
    
    2,000,000
    
    
    Cottonseed, Soy, CanolaCentral Texas Biofuels
    
    Giddings
    
    
    1,500,000
    
    
    SoyECO Friendly Products, Inc.
    
    Channelview
    
    
    3,000,000
    
    
    Multi FeedstockGeoGreen Fuels
    
    Gonzales
    
    
    3,000,000
    
    
    Multi FeedstockGreen Earth Fuels of Houston, LLC
    
    Galena Park
    
    
    86,000,000
    
    
    Multi Feedstock Cottonseed, Animal*
    
    Huish Detergents
    
    Pasadena
    
    
    15,000,000
    
    
    Palm*
    
    Johann Haltermann Ltd
    
    Houston
    
    
    20,000,000
    
    
    SoyKemlink Energy, Inc.
    
    Pasadena
    
    
    2,500,000
    
    
    Multi FeedstockMomentum Biofuels, Inc.
    
    Pasadena
    
    
    20,000,000
    
    
    Soy, tallowNew Fuel Company
    
    Dallas
    
    
    250,000
    
    
    Multi FeedstockNMM, Ltd
    
    Channelview
    
    
    1,000,000
    
    
    Multi Feedstock*
    
    Organic Fuels, LLC
    
    Galena Park
    
    
    30,000,000
    
    
    Multi FeedstockPacific Biodiesel Texas
    
    Hillsboro
    
    
    2,500,000
    
    
    Multi FeedstockSAFE Renewable Corp.
    
    Conroe
    
    
    30,000,000
    
    
    SoySmithfield Bioenergy LLC
    
    Cleburne
    
    
    12,000,000
    
    
    Multi FeedstockSMS Envirofuels
    
    Poteet
    
    
    6,000,000
    
    
    SoyValco Bioenergy
    
    Harlingen
    
    
    3,000,000
    
    
    CottonseedUTBetter Biodiesel
    
    Spanish Fork
    
    
    9,000,000
    
    
    Multi FeedstockDenali Industries, LLC
    
    American Fork
    
    
    3,800,000
    
    
    Multi FeedstockVACheasapeake Custom Chemical
    
    Ridgeway
    
    
    5,000,000
    
    
    SoyRECO Biodiesel, LLC
    
    Richmond
    
    
    10,000,000
    
    
    SoyRenroh Environmental Company
    
    South Boston
    
    
    80,000Virginia Biodiesel Refinery
    
    New Kent
    
    
    7,000,000
    
    
    SoyWACentral Washington BIodiesel, LLC
    
    Ellensburg
    
    
    
    
    
    Multi FeedstockGen-X Energy Group, Inc.
    
    Burbank
    
    
    15,000,000
    
    
    Multi FeedstockImperium Grays Harbor
    
    Hoquiam
    
    
    100,000,000
    
    
    Multi FeedstockOlympic Biofuels, LLC
    
    Poulsbo
    
    
    200,000
    
    
    Multi Feedstock*
    
    Seattle Biodiesel
    
    Seattle
    
    
    5,000,000
    
    
    Multi FeedstockStandard Biodiesel USA Inc.
    
    Arlington
    
    
    5,000,000
    
    
    Waste Vegetable OilWIRenewable Alternatives
    
    Manitowoc
    
    
    
    
    
    SoySanimax Energy Inc.
    
    Deforest
    
    
    20,000,000
    
    
    Multi FeedstockWalsh Bio Diesel, LLC
    
    Mauston
    
    
    5,000,000
    
    
    SoyWYBlue Sky Biodiesel, LLC
    
    Cheyenne
    
    
    5,000,000
    
    
    Soy
 
 *
    
    Denotes BQ-9000 Accredited Producers(1)
    
    Annual Production Capacity only refers to the reported maximum production capability of the
facility. It does not represent how many gallons of biodiesel were actually produced at each
plant.(2)
    
    Includes the annual production capacity of plants which chose not to list their production.
   20




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Competition from Other Fuel Sources
 Biodiesel Competition
   Glycerin Competition
     21




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Research and Development
  Dependence on One of a Few Major Customers
  Costs and Effects of Compliance with Environmental Laws
   Employees
   
    
    To utilize their ongoing best efforts to successfully and profitably manage the
plant in our best interests;
  22




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##### Table of Contents




    
    Development of an annual budget for presentation to and approval of our board;
    
    Attend meetings of our board and provide information upon its request;
    
    Insure that all raw product costs are minimized and that all finished product
revenues are maximized;
    
    Work with us to formulate our mission and goals;
    
    Manage the plants resources to efficiently achieve such mission and goals;
    
    Manage our duties and rights under agreements with third parties relating to
the plant;
    
    Assist with regulatory affairs monitoring and compliance;
    
    Hire, terminate and replace plant personnel as necessary and in all cases in
accordance with the policies of our board;
    
    Management of governmental relations, including USDAs biodiesel programs; and
    
    Such other duties as may be agreed upon.
  
    
    Planning and scheduling biodiesel production to meet our needs and marketing
goals;
    
    Monitor and improve quality control;
    
    Oversee facility and equipment maintenance;
    
    Assist with budgeting and the monitoring of labor and other expenses in the
operation;
    
    Implement processing changes and new technologies as they evolve, and plan for
new projects relating to biodiesel production; and
    
    Such other duties as may be agreed upon.
 
 ITEM 1A. RISK FACTORS.
 You should carefully read and consider the risks and uncertainties below and the other information
contained in this report. The risks and uncertainties described below are not the only ones we may
face. The following risks, together with additional risks and uncertainties not currently known to
us or that we currently deem immaterial could impair our financial condition and results of
operations.
 We are experiencing liquidity issues which could require us to cease operations.
  23




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We have a history of losses and may not ever operate profitably
 Our business is not diversified.
 Our financial performance depends significantly on soybean oil prices, and generally we cannot
pass on increases in input prices to our customers.
  We are in competition with REG, our design-builder and manager, which could place us at a
competitive disadvantage and cause a conflict of interest for our manager.
 We have limited experience in the biodiesel industry, which increases the risk of our
inability to operate the biodiesel plant.
  24




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We depend upon REG and its affiliates for its expertise in the biodiesel industry and any loss
of this relationship could cause us delay and added expense, placing us at a competitive
disadvantage.
  We engage in hedging transactions which involve risks that can harm our business.
    25




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##### Table of Contents



Risks Related to Operation of the Biodiesel Plant
 We depend on key suppliers, whose failure to perform could force us to abandon business,
hinder our ability to operate profitably or decrease the value of our units.
   Changes in production technology could require us to commit resources to updating the
biodiesel plant or could otherwise hinder our ability to compete in the biodiesel industry or to
operate at a profit.
 Risks Related to Biodiesel Production
 The decreasing availability and increasing price of soybean oil may hinder our ability to
profitably produce biodiesel and may result in additional plant shut downs and decreased revenues.
  26




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Declines in the prices of biodiesel and its co-products may have a significant negative impact
on our financial performance and the value of our units.
  Our business is sensitive to feedstock prices and the availability of adequate supplies of
feedstock. Changes in the prices and availability of our feedstock may hinder our ability to
generate revenue and reduce the value of our units.
 If we are forced to continue to temporarily cease operating our biodiesel plant for any
reason, we might not be able to meet our current liabilities or our losses may be increased.
 We are at a disadvantage in marketing our glycerin because our plant will not produce
pharmaceutical grade glycerin, thereby decreasing the market for the glycerin we produce.
  27




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Our reliance upon third parties for feedstock supply may hinder our ability to profitably
produce our biodiesel.
 We are dependent on others for sales of our products, which may place us at a competitive
disadvantage and reduce profitability.
 Cold weather may cause biodiesel to gel, which could have an adverse impact on our ability to
successfully market our biodiesel.
  Risks Related to Feedstock Procurement
 Our management and operational services agreement with REG does not address feedstock
allocation between REG and its other customers which could lead to insufficient soybean oil to
operate our plant and negatively affect our financial condition.
  28




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Risks Related to Our Financing Plan
 The loans agreements under which we obtained financing for the construction of our biodiesel
plant contain restrictive covenants.
 We may be unable to raise additional capital in the event our funds from operations and our
credit facilities are insufficient to fund our operations for the next twelve months.
 Our auditor has raised doubts about our ability to continue as a going concern and if we are
unable to continue our business, our units may have little or no value.
 Our auditors doubts about our ability to continue as a going concern may make it difficult to
raise any desired capital in the future.
  29




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Risks Related to Biodiesel Industry
 New plants under construction or decreases in the demand for biodiesel and glycerin, our
co-product, may result in excess production capacity which could decrease our revenues and
adversely impact our financial condition.
   The biodiesel manufacturing industry is a feedstock limited industry. As more plants are
developed and go into production there may not be an adequate supply of feedstock to supply the
demands of the industry, which could threaten the viability of our plant.
 The biodiesel industry is becoming increasingly competitive and we compete with larger, better
financed entities which could impact our ability to operate profitably.
   30




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As the production of biodiesel fuel increases there may not be an adequate supply of railroad
tank cars or trucks to distribute the biodiesel fuel produced by our plant.
 Risks Related to Regulation and Governmental Action
 Loss of favorable tax benefits for biodiesel production could hinder our ability to operate at
a profit and reduce the value of our units.
 A change in environmental regulations or violations thereof could result in the devaluation of
our units.
 Risks Related to Conflicts of Interest
 We may have conflicts of interest with REG, which may cause difficulty in enforcing claims
against REG.
   31




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Our directors may have relationships with individuals, companies or organizations with which
we do business which may result in conflicts of interest.
 Risks Related to Tax Issues in a Limited Liability Company
 We expect to be taxed as a partnership, however, if we are taxed as a corporation we could be
subject to corporate level taxes which could decrease our net income, if any, and decrease the
amount of cash available to distribute to our members.
 Members may be allocated a share of our taxable income that exceeds any cash distributions
received, therefore members may have to pay this tax liability using their personal funds.
 If we are audited by the IRS resulting in adjustments to our tax returns, this could cause the
IRS to audit members tax returns, which could lead to additional tax liability for our members.
 
 ITEM 2. DESCRIPTION OF PROPERTY.
  
    
    Administrative building
    
    Processing building
    
    Pretreatment building
    
    Storage tank farm
   32




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ITEM 3. LEGAL PROCEEDINGS.
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  FOR
    
    AGAINST
    
    ABSTAINProposal 1
    
    
    8,014
    
    
    
    600
    
    
    
    275Proposal 2
    
    
    8,489
    
    
    
    125
    
    
    
    275Proposal 3
    
    
    8,334
    
    
    
    150
    
    
    
    405Proposal 4
    
    
    8,214
    
    
    
    445
    
    
    
    230Hersberger
    
    
    8,499
    
    
    
    125
    
    
    
    265Horan
    
    
    8,439
    
    
    
    225
    
    
    
    225Heisdorffer
    
    
    8,424
    
    
    
    125
    
    
    
    340Muench
    
    
    8,084
    
    
    
    150
    
    
    
    655Hanshaw
    
    
    8,449
    
    
    
    125
    
    
    
    315Schroeder
    
    
    8,349
    
    
    
    150
    
    
    
    390Mauser
    
    
    8,564
    
    
    
    150
    
    
    
    175Bush
    
    
    8,464
    
    
    
    225
    
    
    
    200Gallagher
    
    
    8,504
    
    
    
    230
    
    
    
    155Bohannan
    
    
    8,564
    
    
    
    175
    
    
    
    150Cobb
    
    
    8,374
    
    
    
    200
    
    
    
    315Pim
    
    
    8,354
    
    
    
    220
    
    
    
    315
  33




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PART II
 
 ITEM 5. MARKET FOR COMMON EQUITY, RELATED MEMBER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF
EQUITY SECURITIES.
 Market Information
  Unit Holders
  Distributions
  Sale of Unregistered Securities
       34




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ITEM 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
 Cautionary Statements Regarding Forward Looking Statements
  
    
    Changes in our business strategy, management, capital improvement and development
plans;
    
    Changes in plant production capacity or technical difficulties in operating the plant;
    
    Overcapacity within the biodiesel industry leading to a decline in biodiesel prices;
    
    Changes in the availability and price of feedstock, which includes soybean oil;
    
    Increases or decreases in the supply and demand for biodiesel, including anticipated
significant increases in supply from new biodiesel plants and expansions of existing
biodiesel plants;
    
    Changes in environmental regulations that apply to our plant operations;
    
    Changes in general economic conditions or the occurrence of certain events causing an
economic impact in the agriculture, oil or automobile industries;
    
    Changes in the availability and price of natural gas;
    
    Failure to comply with our loan covenants;
    
    Continued and increased temporary shutdowns;
    
    Our ability to raise additional capital if necessary;
    
    The availability of credit and our ability to borrow additional amounts;
    
    Increases or decreases in the supply and demand for glycerin leading to a decline in
prices; and
    
    Changes and advances in biodiesel production technology.
   35




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Overview
  Operating
    
    Not OperatingOctober 1 through October 18October 19 through November 2
    
    November 3 through November 4November 5 and November 6
    
    November 7November 8 through November 17
    
    November 18 through November 25November 26 through November 29
    
    November 30 through December 2December 3 through December 6
   Plan of Operations for the Next 12 Months
 Plant Operations
  Permitting
   36




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Permit:
    
    Status:VOC Emissions from Equipment Leaks Permit- Operation
    
    We have 18 months
following the start
of production to
draft a plan for the
air operations
permit and we have
started that
process.Tier II Report
    
    Because we were not
operational in 2006,
we were not required
to file a Tier II
Report for 2006. We
will, however, be
required to file a
Tier II Report prior
to March 1, 2008 for
the year 2007. We
have a process in
place for filing
this report.Superfund Amendments and Reauthorization Act (SARA)
Section 313 Form R
    
    Because we were not
operational in 2006,
we are not required
to file Form R for
2006. We will,
however, be required
to file Form R prior
to July 1, 2008 for
the year 2007. We
have a process in
place for filing
this report.
 Utilities & Infrastructure
 Electricity.
 Water and Sewer
 Natural Gas
 Rail.
 Operating Budget and Financing of Plant Operations
  Operating Costs:Feedstock and Utilities Costs
    
    $
    62,252,000General and administrative costs
    
    
    797,000Other Production Costs
    
    
    10,704,000Total operating costs
    
    $
    73,753,000
  Administration and Employees
   37




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Trends and Uncertainties Impacting the Biodiesel Industry and Our Future Operations
       38




---



##### Table of Contents




    
    additional rail capacity and rail tank cars;
    
    additional storage facilities for biodiesel;
    
    increases in truck fleets capable of transporting biodiesel within localized markets;
    
    expansion in refining and blending facilities to handle biodiesel; and
    
    growth in service stations equipped to handle biodiesel fuels.
  Commodity Price Risk Protection
    Permitting and Regulatory Activities
 DESCRIPTION OF BUSINESS  Costs and Effects of Compliance with Environmental Laws.
  39




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Liquidity and Capital Resources
  Distribution to Unit Holders
  Sources of Funds
  Short-Term and Long-Term Debt Sources
 The Wall Street Journal The Wall Street Journal The Wall Street Journal
    40




---



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Issuance of Additional Units
  Grants and Government Programs
  Results of Operations
 Financial Summary and Analysis of the Fiscal Year Ended September 30, 2007
  Fiscal Year EndedSeptember 30, 2007Income Statement Data
    
    Amount
    
    
    PercentRevenues
    
    $
    16,443,440
    
    
    
    100.0
    %Cost of Sales
    
    
    18,358,810
    
    
    
    111.6Gross Loss
    
    
    (1,915,370
    )
    
    
    (11.6
    )Operating Expenses
    
    
    542,633
    
    
    
    3.3Interest (Expense)
    
    
    (716,470
    )
    
    
    (4.4
    )Income Interest
    
    
    229,859
    
    
    
    1.4Net (Loss)
    
    $
    (2,944,614
    )
    
    
    (17.9
    )%
  41




---



##### Table of Contents



Revenues.
   Cost of Sales.
   Operating Expenses.
  Other Income (Expenses).
   42




---



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SUMMARY OF CRITICAL ACCOUNTING POLICIES
  Revenue Recognition
  Derivative Instruments and Hedging Activities
 Accounting for Derivative Instruments and
Hedging Activities
 Off-Balance Sheet Arrangements
   43




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ITEM 7. FINANCIAL STATEMENTS.
 
 Report of Independent Registered Public Accounting Firm
 
     
  44




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Iowa Renewable Energy, LLC
 Balance Sheets
September 30, 2007 and 2006
 2007
    
    
    2006AssetsCurrent Assets:Cash and cash equivalents
    
    $
    725,522
    
    
    $
    473,505Margin deposit
    
    
    1,337,860
    
    
    
    Accounts receivable
    
    
    5,614,315
    
    
    
    Federal incentive receivable
    
    
    822,228
    
    
    
    Inventory
    
    
    3,815,722
    
    
    
    Prepaids and other assets
    
    
    37,032
    
    
    
    12,352,679
    
    
    
    473,505Property and Equipment:Land
    
    
    420,000
    
    
    
    420,000Plant and processing equipment
    
    
    41,464,111
    
    
    
    Office building, furniture and fixtures
    
    
    572,665
    
    
    
    2,325Equipment and vehicles
    
    
    226,424
    
    
    
    4,566Construction in process
    
    
    
    
    
    
    15,065,42442,683,200
    
    
    
    15,492,315Accumulated depreciation
    
    
    (663,962
    )
    
    
    (1,460
    )42,019,238
    
    
    
    15,490,855Other Assets:Cash, restricted for construction of property and equipment
    
    
    
    
    
    
    10,263,792Financing costs, net
    
    
    542,513
    
    
    
    83,245542,513
    
    
    
    10,347,037$
    54,914,430
    
    
    $
    26,311,397Liabilities and Members EquityCurrent Liabilities:Current maturities of long-term debt
    
    $
    33,342,558
    
    
    $
    40,000Accounts payable and accrued expenses
    
    
    1,374,711
    
    
    
    10,345Derivative financial instruments
    
    
    510,247
    
    
    
    Construction payable, including retainage
2007 $300,000; 2006 $737,500
    
    
    300,000
    
    
    
    4,119,524Total current liabilities
    
    
    35,527,516
    
    
    
    4,169,869Long-Term Debt
    
    
    
    
    
    
    360,000CommitmentsMembers Equity:Member contributions, net of issuance costs, units
outstanding 2007 26,331; 2006 25,231
    
    
    23,165,422
    
    
    
    22,615,422Accumulated (deficit)
    
    
    (3,778,508
    )
    
    
    (833,894
    )19,386,914
    
    
    
    21,781,528$
    54,914,430
    
    
    $
    26,311,397
   45




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Iowa Renewable Energy, LLC
 Statements of Operations
Years Ended September 30, 2007 and 2006
 2007
    
    
    2006Revenues:Sales
    
    $
    14,770,787
    
    
    $
    Federal incentives
    
    
    1,672,653
    
    
    
    16,443,440
    
    
    
    Cost of sales
    
    
    18,358,810
    
    
    
    Gross (loss)
    
    
    (1,915,370
    )
    
    
    Operating expenses:Consulting fees
    
    
    
    
    
    
    344,844General and administrative
    
    
    533,133
    
    
    
    95,367Equity based compensation
    
    
    
    
    
    
    600,000Depreciation
    
    
    9,500
    
    
    
    1,460542,633
    
    
    
    1,041,671(Loss) before other income (expense)
    
    
    (2,458,003
    )
    
    
    (1,041,671
    )Other income (expense):Interest income
    
    
    229,859
    
    
    
    320,738Interest expense
    
    
    (716,470
    )
    
    
    Net (loss)
    
    $
    (2,944,614
    )
    
    $
    (720,933
    )Weighted average units outstanding
    
    
    26,241
    
    
    
    13,164Net (loss) per unit  basic and diluted
    
    $
    (112.21
    )
    
    $
    (54.77
    )
   46




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Iowa Renewable Energy, LLC
 Statements of Changes in Members Equity (Deficit)
Years Ended September 30, 2007 and 2006
 Member
    
    
    Accumulated
    
    
    Total MembersMember Units
    
    
    Contributions
    
    
    Deficit
    
    
    Equity (Deficit)Balance, September 30, 2005
    
    
    220
    
    
    $
    110,000
    
    
    $
    (112,961
    )
    
    $
    (2,961
    )Member contributions, net of costs of $285,578
    
    
    24,511
    
    
    
    21,655,422
    
    
    
    
    
    
    
    21,655,422Issuance of units for consulting services
    
    
    500
    
    
    
    250,000
    
    
    
    
    
    
    
    250,000Equity based compensation
    
    
    
    
    
    
    600,000
    
    
    
    
    
    
    
    600,000Net (loss)
    
    
    
    
    
    
    
    
    
    
    (720,933
    )
    
    
    (720,933
    )Balance, September 30, 2006
    
    
    25,231
    
    
    
    22,615,422
    
    
    
    (833,894
    )
    
    
    21,781,528Exercise of unit options
    
    
    1,100
    
    
    
    550,000
    
    
    
    
    
    
    
    550,000Net (loss)
    
    
    
    
    
    
    
    
    
    
    (2,944,614
    )
    
    
    (2,944,614
    )Balance, September 30, 2007
    
    
    26,331
    
    
    $
    23,165,422
    
    
    $
    (3,778,508
    )
    
    $
    19,386,914
   47




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Iowa Renewable Energy, LLC
 Statements of Cash Flows
Years Ended September 30, 2007 and 2006
 2007
    
    
    2006Cash Flows from Operating Activities:Net (loss)
    
    $
    (2,944,614
    )
    
    $
    (720,933
    )Adjustments to reconcile net (loss) to net cash
provided by (used in) operating activities:Depreciation
    
    
    662,502
    
    
    
    1,460Amortization
    
    
    25,432
    
    
    
    Units issued for consulting services
    
    
    
    
    
    
    250,000Equity based compensation
    
    
    
    
    
    
    600,000Unrealized loss on derivative financial instruments
    
    
    510,247
    
    
    
    Change in working capital components:(Increase) in margin deposits
    
    
    (1,337,860
    )
    
    
    (Increase) in accounts receivable
    
    
    (6,436,543
    )
    
    
    (Increase) in inventory
    
    
    (3,815,722
    )
    
    
    (Increase) in prepaids and other assets
    
    
    (37,032
    )
    
    
    Increase (decrease) in accounts payable and accrued expenses
    
    
    1,364,366
    
    
    
    (2,326
    )Net cash provided by (used in) operating activities
    
    
    (12,009,224
    )
    
    
    128,201Cash Flows from Investing Activities:Purchase and construction of property and equipment
    
    
    (30,942,594
    )
    
    
    (11,372,791
    )(Increase) decrease in cash restricted
    
    
    10,263,792
    
    
    
    (10,263,792
    )Net cash used in investing activities
    
    
    (20,678,802
    )
    
    
    (21,636,583
    )Cash Flows from Financing Activities:Issuance of membership units, an exercise of unit options
    
    
    550,000
    
    
    
    21,941,000Payments for offering costs
    
    
    
    
    
    
    (285,578
    )Payments for financing costs
    
    
    (552,515
    )
    
    
    (83,245
    )Proceeds from short-term borrowings
    
    
    
    
    
    
    1,052,146Payment on short-term borrowings
    
    
    
    
    
    
    (1,052,146
    )Proceeds from long-term borrowings
    
    
    32,997,558
    
    
    
    400,000Payment on long-term borrowings
    
    
    (55,000
    )
    
    
    Net cash provided by financing activities
    
    
    32,940,043
    
    
    
    21,972,177Net increase in cash and cash equivalents
    
    
    252,017
    
    
    
    463,795Cash and cash equivalents:Beginning
    
    
    473,505
    
    
    
    9,710Ending
    
    $
    725,522
    
    
    $
    473,505Supplemental Disclosure of Cash Flow Information,
cash payments for interest, net of amount capitalized
    
    $
    443,754
    
    
    $
    Supplemental Disclosure of Noncash Operating and
Financing Activities:Construction in progress included in accounts payable
    
    $
    300,000
    
    
    $
    4,119,524Amortized financing costs included in construction in process
    
    
    67,815
    
    
    
    
   48




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
 Note 1. Nature of Business, Basis of Presentation and Significant Accounting Policies
 Nature of business:
  Significant accounting policies:
 Use of estimates
 Concentrations of credit risk
 Cash and cash equivalents
 Accounts receivable
  Inventory
 Raw material
    
    $
    469,649Finished goods
    
    
    3,346,073$
    3,815,722
 Organizational costs and startup costs
 Property and equipment
 YearsPlant and process equipment
    
    10-20Office building
    
    10-20Office equipment
    
    3-7Other equipment
    
    3-7
  49




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
  Land
 Offering costs
 Financing costs
 Derivative instruments
  Revenue recognition
 Federal incentive payments and receivables
  50




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
 Cost of sales
 Cost of Revenue/Sales
    
    Dollars
    
    
    PercentageInput costs (soy oil, chemicals, etc.)
    
    $
    15,809,583
    
    
    
    86.11
    %Plant wages and salaries
    
    
    398,868
    
    
    
    2.17Utilities and waste disposal
    
    
    318,185
    
    
    
    1.73Fees-marketing, sales, procurement
    
    
    300,891
    
    
    
    1.64Loss on derivative financial instruments
    
    
    524,827
    
    
    
    2.86Depreciation
    
    
    653,002
    
    
    
    3.56Maint., supplies and other expenses
    
    
    353,454
    
    
    
    1.93Total cost of revenue/sales
    
    $
    18,358,810
    
    
    
    100.00
    %
  Shipping and handling costs
 Income taxes
 (Loss) per unit
 Fair value of financial instruments
 Unit options Accounting for Stock Issued to Employees,
 Accounting for Stock-Based
Compensation, .
  51




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
  Net Loss:As reported
    
    $
    (720,933
    )Deduct additional stock-based compensation
expense determined under the minimum
value based method for all awards
    
    
    (17,456
    )Pro forma
    
    $
    (738,389
    )Loss per unit:As reported
    
    $
    (54.77
    )Pro forma
    
    
    (56.09
    )
 Share-Based Payment
 Note 2. Major Customer
    Note 3. Members Equity
    52




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
   Note 4. Long-Term Debt and Subsequent Event
  Note payable to Marshall Bank Group for construction loan (A)
    
    $
    32,997,558Note payable to the Iowa Department of Economic Development (B)
    
    
    345,000$
    33,342,558
  (A)
    
    On October 26, 2006, the Company entered into a $34,715,000 construction-term loan
agreement which will be used to complete the biodiesel project. The loan consists of two
phases: a construction phase where the Company will make periodic requests for fund
advances to meet construction obligations and at the completion of construction, but in no
event later than February 2008, the loan will convert to a senior debt instrument. The
note bears interest at prime plus .75% (8.50% as of September 30, 2007).
  Interest rate
 The Wall Street Journal
    Interest reserve
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Iowa Renewable Energy, LLC
 Notes to Financial Statements
 Debt service reserve
 Capital improvements reserve
 Sinking fund
 (B)
    
    The Company has a $300,000 loan agreement and a $100,000 forgivable loan agreement with
the Iowa Department of Economic Development. The $300,000 loan is noninterest-bearing and
due in monthly payments of $5,000 beginning December 2006 for a term of 60 months with a
balance as of September 30, 2007 of $245,000. Borrowings under this agreement are
collateralized by substantially all of the Companys assets and will be subordinate to the
$34,715,000 of financial institution debt. The $100,000 loan is forgivable upon the
completion of 36 months of the 60 month term.
  Year ending September 30:2008
    
    $
    1,635,0002009
    
    
    2,579,0002010
    
    
    2,782,0002011
    
    
    3,000,0002012
    
    
    3,181,000Thereafter
    
    
    20,166,000$
    33,343,000
  Note 5. Lease Commitments
   Years ending September 30:2007
    
    $
    7,0732008
    
    
    14,1122009
    
    
    14,1122010
    
    
    3,300$
    38,597
  54




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
 Note 6. Related Party Transactions
   .
 Note 7. Pending Accounting Pronouncements
   Note 8. Going Concern
   55




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Iowa Renewable Energy, LLC
 Notes to Financial Statements
   56




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##### Table of Contents



ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
  
 ITEM 8A. CONTROLS AND PROCEDURES.
   
 ITEM 8B. OTHER INFORMATION.
  
 PART III
 
 ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CORPORATE GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.
  
 ITEM 10. EXECUTIVE COMPENSATION.
  
 ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED MEMBER MATTERS.
  
 ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
   57




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##### Table of Contents



ITEM 13. EXHIBITS.
  Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing10.1
    
    
    Amendment to Management and Operational Services Agreement, dated August 3, 2007
    
    
    131.1
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (*)
    
    Filed herewith.(1)
    
    Incorporated by reference to the exhibit of the same number on our Quarterly Report on Form 10-QSB for the quarter ended June 30, 2007 and filed on August 14, 2007. 
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
   58




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SIGNATURES
  IOWA RENEWABLE ENERGY, LLCDate: December 27, 2007
    /s/ Mike BohannanMike BohannanChairman and President Date: December 27, 2007
    /s/ William J. PimWilliam J. PimChief Financial Officer  Date: December 27, 2007
    /s/ Mike BohannanMike BohannanChairman and President Date: December 27, 2007
    /s/ William J. PimWilliam J. PimChief Financial Officer Date: December 27, 2007
    /s/ Mark CobbMark CobbVice Chairman and Director Date: December 27, 2007
    /s/ Dick GallagherDick GallagherSecretary and  Director Date: December 27, 2007
    /s/ Warren L. BushWarren L. Bush, Director Date: December 27, 2007
    /s/ Jimmie W. HanshawJimmie W. Hanshaw, Director Date: December 27, 2007
    /s/ William J. HoranWilliam J. Horan, Director Date: December 27, 2007
    /s/ Edwin J. HershbergerEdwin J. Hershberger, Director Date: December 27, 2007
    /s/ Denny MauserDenny Mauser, Director Date: December 27, 2007
    /s/ John HeisdorfferJohn Heisdorffer, Director Date: December 27, 2007
    /s/ Tom SchroederTom Schroeder, Director Date: December 27, 2007
    /s/ Mark MuenchMark Muench, Director  59




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##### Table of Contents



EXHIBIT INDEX
 Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing10.1
    
    
    Amendment to Management and Operational Services Agreement, dated August 3, 2007
    
    
    131.1
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (*)
    
    Filed herewith.(1)
    
    Incorporated by reference to the exhibit of the same number on our Quarterly Report on Form 10-QSB for the quarter ended June 30, 2007 and filed on August 14, 2007.  60