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Nonprofiteer
← ABILENE IMPROVEMENT CORPORATION

Form 990 for tax year 2024

Filed by ABILENE IMPROVEMENT CORPORATION.

Totals

Total revenue
$1,589,443
Total expenses
$2,049,839
Contributions and grants received
$2,017,500
Grants paid
$2,017,500
Program service revenue
$0
Investment income
-$428,057
Other revenue
$0
Total assets, end of year
$5,788,819
Total liabilities, end of year
$1,000,000
Net assets or fund balances, end of year
$4,788,819
Program services expenses (Part IX)
$2,028,587
Management and general expenses
$21,252
Fundraising expenses
$0
Program service expenses (Part III)
$2,028,587

Program services were 99.0% 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

    $2,017,500

  • 3 · Investment income

    total $16,228 · excluded $16,228

  • 7a · Gross sales of assets other than inventory

    other assets $338,603

  • 7b · Less cost or other basis and sales expenses

    other assets $782,888

  • 7c · Gain or loss

    other assets -$444,285

  • 7d · Net gain or loss

    total -$444,285 · excluded -$444,285

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,017,500 · program services $2,017,500

  • 11a · Fees: management

    total $12,000 · management and general $12,000

  • 11c · Fees: accounting

    total $3,750 · management and general $3,750

  • 23 · Insurance

    total $5,475 · management and general $5,475

  • 24a · Other expenses: MOWING

    total $5,824 · program services $5,824

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $5,263 · program services $5,263

  • 24c · Other expenses: MISCELLANEOUS

    total $27 · management and general $27

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $436,630 · end of year $749,736

  • 10a · Land, buildings and equipment: cost or other basis

    $5,039,083

  • 10c · Land, buildings and equipment, net

    beginning of year $5,812,584 · end of year $5,039,083

  • 23 · Secured mortgages and notes payable

    beginning of year $1,000,000 · end of year $1,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $5,249,214 · end of year $4,788,819

Mission and programs · 2024

Mission

TO STIMULATE THE DEVELOPMENT, GROWTH AND BEAUTIFICATION OF THE TAX INCREMENT FINANCING DISTRICT TO COMBAT DETERIORATION THROUGH THE ERECTION OF PUBLIC BUILDINGS, IMPROVEMENTS AND WORKS.

  • TO STIMULATE THE DEVELOPMENT, GROWTH AND BEAUTIFICATION OF THE TAX INCREMENT FINANCING DISTRICT TO COMBAT DETERIORATION THROUGH THE ERECTION OF PUBLIC BUILDINGS, IMPROVEMENTS AND WORKS.

    Expenses $2,028,587 · Grants $2,017,500

As filed on the 2024 return.

Listed in Part VII

  • Gary Grubbs

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Greg Blair

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jason Darby

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nathan Lowry

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Norm Archibald

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ron Butler

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mitch Barnett

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Ted Evans

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mary Lee Brooks

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

  • CITY OF ABILENE

    $2,017,500

    SUPPORT OF THE ABILENE DOWNTOWN HOTEL AND PUBLIC PLAZA

Provenance

Return type
form_990
Tax year
2024
Filed
22 June 2026
IRS schema version
2024v5.5
Source object
202631749349300613

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