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Nonprofiteer
← ABILENE INDUSTRIAL FOUNDATION INC

Form 990 for tax year 2023

Filed by ABILENE INDUSTRIAL FOUNDATION INC.

Totals

Total revenue
$447,631
Total expenses
$721,454
Contributions and grants received
$63,634
Grants paid
$0
Program service revenue
$367,886
Investment income
$16,111
Other revenue
$0
Total assets, end of year
$1,824,196
Total liabilities, end of year
$84,168
Net assets or fund balances, end of year
$1,740,028
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$668,562

Program services were 0.0% 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

    $63,634

  • 2a · Program service revenue: Government Contracts

    total $350,000 · related or exempt $350,000

  • 2b · Program service revenue: Program Fees

    total $17,886 · related or exempt $17,886

  • 3 · Investment income

    total $16,111 · excluded $16,111

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $200,416

  • 8 · Pension plan contributions

    total $13,408

  • 9 · Other employee benefits

    total $8,359

  • 10 · Payroll taxes

    total $14,859

  • 11c · Fees: accounting

    total $15,150

  • 11g · Fees: other

    total $352,308

  • 12 · Advertising and promotion

    total $16,866

  • 13 · Office expenses

    total $3,224

  • 14 · Information technology

    total $10,874

  • 16 · Occupancy

    total $19,616

  • 17 · Travel

    total $25,149

  • 19 · Conferences, conventions and meetings

    total $5,125

  • 20 · Interest

    total $17

  • 22 · Depreciation, depletion and amortization

    total $4,073

  • 24a · Other expenses: Telephone

    total $4,055 · program services $4,055

  • 24b · Other expenses: Equipment rental

    total $2,656 · program services $2,656

  • 24c · Other expenses: Sponsorships

    total $17,500 · program services $17,500

  • 24d · Other expenses: Promotional ItemsSupplies

    total $5,555 · program services $5,555

  • 24e · All other expenses

    total $2,244

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $548,755 · end of year $750,620

  • 2 · Savings and temporary cash investments

    beginning of year $129,809 · end of year $132,120

  • 3 · Pledges and grants receivable

    beginning of year $481,934 · end of year $439,245

  • 4 · Accounts receivable

    beginning of year $87,636 · end of year $136

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,556 · end of year $23,867

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

    $27,808

  • 10b · Land, buildings and equipment: accumulated depreciation

    $22,359

  • 10c · Land, buildings and equipment, net

    beginning of year $9,523 · end of year $5,449

  • 15 · Other assets

    beginning of year $827,372 · end of year $472,759

  • 17 · Accounts payable and accrued expenses

    beginning of year $81,941 · end of year $77,638

  • 19 · Deferred revenue

    end of year $6,530

  • 25 · Other liabilities

    beginning of year $1,793

  • 27 · Net assets without donor restrictions

    beginning of year $704,545 · end of year $828,024

  • 28 · Net assets with donor restrictions

    beginning of year $1,309,306 · end of year $912,004

Mission and programs · 2023

Mission

The mission of the Abilene Industrial Foundation is to promote the growth, development, and diversity of the economy in and around Abilene, Texas.

  • Economic development - Programs designed to promote Abilene through business retention and expansion, and entrepreneurial, workforce and talent development programs

    Expenses $602,562

  • Governmental Affairs - A program to increase the visibility of Abilene in the state legislature and provide timely information about laws or regulations affecting state agencies with locations in Abilene that might impact the local economy

    Expenses $66,000

As filed on the 2023 return.

Listed in Part VII

  • Doug Peters

    President

    Total calculated
    $333,386
    From this org
    $0
    From related orgs
    $284,329
    Other
    $49,057
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    not reported + $244,329 related
    Bonus
    not reported + $40,000 related
    Other
    not reported
    Deferred
    not reported + $18,443 related
    Nontaxable benefits
    not reported + $30,614 related
    Filer's total
    not reported + $333,386 related

  • Michael B Starr

    Director

    Total calculated
    $0
    Hours/week
    1

  • Scott Hibbs

    Director

    Total calculated
    $0
    Hours/week
    1

  • Greg Blair

    Director

    Total calculated
    $0
    Hours/week
    1

  • Larry Gill

    Director

    Total calculated
    $0
    Hours/week
    1

  • Will Dugger

    Chair Elect

    Total calculated
    $0
    Hours/week
    2

  • Gary Grubbs

    Past Chair

    Total calculated
    $0
    Hours/week
    5

  • Ted Evans

    Secretary-Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Shaun Martin

    Chair

    Total calculated
    $0
    Hours/week
    2

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

No written policy information (Part I, line 1b)
Compensation committeeWritten employment contract

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

No itemized grants to organizations 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
2023
Filed
14 July 2025
IRS schema version
2023v6.0
Source object
202532059349301403

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