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Nonprofiteer
← AGRICULTURAL DEVELOPMENT FUND

Form 990 for tax year 2025

Filed by AGRICULTURAL DEVELOPMENT FUND.

Totals

Total revenue
$443,020
Total expenses
$360,493
Contributions and grants received
$393,146
Grants paid
$40,000
Program service revenue
$0
Investment income
$49,874
Other revenue
$0
Total assets, end of year
$1,632,550
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$1,632,550
Program services expenses (Part IX)
$350,119
Management and general expenses
$10,374
Fundraising expenses
$0
Program service expenses (Part III)
$350,119

Program services were 97.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $393,146

  • 3 · Investment income

    total $49,874 · excluded $49,874

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $40,000 · program services $40,000

  • 11c · Fees: accounting

    total $3,900 · management and general $3,900

  • 12 · Advertising and promotion

    total $190 · management and general $190

  • 13 · Office expenses

    total $425 · management and general $425

  • 18 · Travel or entertainment for public officials

    total $3,759 · management and general $3,759

  • 24a · Other expenses: LIVESTOCK PREMIUMS

    total $310,119 · program services $310,119

  • 24b · Other expenses: BAD DEBTS

    total $2,100 · management and general $2,100

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,263 · end of year $7,161

  • 2 · Savings and temporary cash investments

    beginning of year $1,547,760 · end of year $1,625,189

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $200

  • 27 · Net assets without donor restrictions

    beginning of year $1,550,023 · end of year $1,632,550

Mission and programs · 2025

Mission

TO PROMOTE THE BREEDING OF BETTER LIVESTOCK BY EXHIBITION AND AUCTION IN CONNECTION WITH THE SOUTHWESTERN EXPOSITION AND LIVESTOCK SHOW.

Activities or mission (Part I)

SEE SCHEDULE O.TO PROMOTE THE BREEDING OF BETTER LIVESTOCK BY EXHIBITION AND AUCTION IN CONNECTION WITH THE SOUTHWESTERN EXPOSITION AND LIVESTOCK SHOW.

  • THE FUND WAS SET UP TO PAY PREMIUMS AND BONUSES TO OWNERS OF LIVESTOCK THAT SHOW IN THE SOUTHWESTERN EXPOSITION AND LIVESTOCK SHOW. PREMIUMS ARE ADDITIONAL MONEY PAID ON PLACINGS IN THE JUNIOR LIVESTOCK SHOWS. THE BONUS MONEY IS PAID ON A PREDETERMINED PRICE PER POUND OVER MARKET PRICE FOR ANIMALS SOLD AT THE SOUTHWESTERN EXPOSITION AND LIVESTOCK SHOW. ADDITIONALLY, THE FUND PROVIDES GRANTS FOR SCHOLARSHIPS PAID TO TEXAS 4-H AND FFA STUDENTS.

    Expenses $350,119 · Grants $40,000

As filed on the 2025 return.

Listed in Part VII

  • Bradford S Barnes Partial Year

    DIRECTOR

    Total calculated
    $416,431
    From this org
    $0
    From related orgs
    $397,187
    Other
    $19,244
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $146,667 related
    Bonus
    $0 + $250,000 related
    Other
    $0 + $520 related
    Deferred
    $0 + $13,981 related
    Nontaxable benefits
    $0 + $5,263 related
    Filer's total
    $0 + $416,431 related

  • Matthew R Carter

    PRESIDENT/DIRECTOR

    Total calculated
    $511,578
    From this org
    $0
    From related orgs
    $489,390
    Other
    $22,188
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $414,390 related
    Bonus
    $0 + $75,000 related
    Other
    $0
    Deferred
    $0 + $593 related
    Nontaxable benefits
    $0 + $21,595 related
    Filer's total
    $0 + $511,578 related

  • Daniel Brezik Partial Year

    SECRETARY/TREASURER/DIRECTOR

    Total calculated
    $52,116
    From this org
    $0
    From related orgs
    $48,462
    Other
    $3,654
    Hours/week
    0.5 + 40 related

  • Charlie Royer III

    VICE PRESIDENT/DIRECTOR

    Total calculated
    $1,150
    From this org
    $0
    From related orgs
    $1,150
    Other
    $0
    Hours/week
    0.2 + 0.5 related

  • Breck Ray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.5 related

  • Kimberly Dewoody Partial Year

    SECRETARY/TREASURER/DIRECTOR

    Total calculated
    $264,848
    From this org
    $0
    From related orgs
    $248,420
    Other
    $16,428
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $213,420 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $356 related
    Nontaxable benefits
    $0 + $16,072 related
    Filer's total
    $0 + $264,848 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
COUNTRY CLUB DUES WERE PAID BY SOUTHWESTERN EXPOSITION AND LIVESTOCK SHOW ON BEHALF OF BRADFORD S. BARNES AND MATTHEW R. CARTER.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2025
Filed
11 August 2026
IRS schema version
2025v4.2
Source object
202602259349301120

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