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Nonprofiteer
← ODESSA INDUSTRIAL DEVELOPMENT FOUNDATION

Form 990 for tax year 2022

Filed by ODESSA INDUSTRIAL DEVELOPMENT FOUNDATION.

Totals

Total revenue
$1,677,957
Total expenses
$426,809
Contributions and grants received
$41,546
Grants paid
$53,500
Program service revenue
$0
Investment income
$228,128
Other revenue
$1,408,283
Total assets, end of year
$18,055,476
Total liabilities, end of year
$43,173
Net assets or fund balances, end of year
$18,012,303
Program services expenses (Part IX)
$114,036
Management and general expenses
$312,773
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 26.7% 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.

  • 1b · Membership dues

    $0

  • 1f · All other contributions, gifts and grants

    $41,546

  • 3 · Investment income

    total $498,632 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $4,193 · related or exempt $4,193 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $150,628

  • 6c · Rental income or loss

    real property $150,628

  • 6d · Net rental income or loss

    total $150,628 · related or exempt $150,628

  • 7a · Gross sales of assets other than inventory

    securities -$391,477

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

    securities -$120,973

  • 7c · Gain or loss

    securities -$270,504

  • 7d · Net gain or loss

    total -$270,504 · related or exempt -$270,504 · unrelated business $0 · excluded $0

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $939 · related or exempt $939 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $1,252,523 · related or exempt $1,252,523 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,253,462

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,500 · program services $53,500

  • 11a · Fees: management

    total $580 · program services $0 · management and general $580 · fundraising $0

  • 11b · Fees: legal

    total $23,061 · program services $0 · management and general $23,061 · fundraising $0

  • 11c · Fees: accounting

    total $5,300 · program services $0 · management and general $5,300 · fundraising $0

  • 12 · Advertising and promotion

    total $12,484 · program services $0 · management and general $12,484 · fundraising $0

  • 13 · Office expenses

    total $10,185 · program services $0 · management and general $10,185 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $600 · program services $0 · management and general $600 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $170,281 · program services $0 · management and general $170,281 · fundraising $0

  • 23 · Insurance

    total $6,963 · program services $0 · management and general $6,963 · fundraising $0

  • 24a · Other expenses: TAXES - ADVALOREM

    total $79,324 · program services $0 · management and general $79,324 · fundraising $0

  • 24b · Other expenses: DEVELOPMENT

    total $17,820 · program services $17,820 · management and general $0 · fundraising $0

  • 24c · Other expenses: COST OF LAND SALE

    total $42,716 · program services $42,716 · management and general $0 · fundraising $0

  • 24d · Other expenses: MEALS

    total $3,995 · program services $0 · management and general $3,995 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,227,133 · end of year $232,404

  • 2 · Savings and temporary cash investments

    beginning of year $4,557,822 · end of year $5,501,905

  • 4 · Accounts receivable

    beginning of year $3,648 · end of year $898

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

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

    $2,657,274

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

    $967,012

  • 10c · Land, buildings and equipment, net

    beginning of year $1,860,543 · end of year $1,690,262

  • 11 · Investments: publicly traded securities

    beginning of year $4,181,596 · end of year $7,685,247

  • 15 · Other assets

    beginning of year $2,982,502 · end of year $2,944,760

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,089 · end of year $43,173

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $16,761,155 · end of year $18,012,303

Mission and programs · 2022

Mission

THE ACTIVITIES OF THE ORGANIZATION ARE THE DEVELOPMENT AND SALE OF REAL ESTATE ALONG WITH PROMOTING AND ENCOURAGING THE DEVELOPMENT OF INDUSTRY WITHIN THE PERMIAN BASIN.

  • SELL LAND AND EASEMENTS TO BUSINESSES DEVELOPING PROPERTIES IN ODESSA INDUSTRIAL AREA

As filed on the 2022 return.

Listed in Part VII

  • Dr James Goates

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Eddy Shelton

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Tracy Jones

    ASST. SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Wesley Burnett

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Jim Breaux

    PAST PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Gus Ortega

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Drew Crutcher

    LAND USE COMMITTEE 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.

Grants on this return

  • HERITAGE OF ODESSA FOUNDATION

    no cash amount reported

    1000.

  • ODESSA COLLEGE

    no cash amount reported

    25000.0

  • TEXAS TECH FOUNDATION

    no cash amount reported

    25000.0

  • UNIVERSITY OF TEXAS PERMIAN BASIN

    no cash amount reported

    2500.

Provenance

Return type
form_990
Tax year
2022
Filed
31 July 2023
IRS schema version
2022v5.0
Source object
202322139349300712

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