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Nonprofiteer
← ASTEC FUND INC

Form 990 for tax year 2022

Filed by ASTEC FUND INC.

Totals

Total revenue
$1,841,987
Total expenses
$465,099
Contributions and grants received
$177
Grants paid
$0
Program service revenue
$1,841,810
Investment income
$0
Other revenue
$0
Total assets, end of year
$12,017,575
Total liabilities, end of year
$8,408,944
Net assets or fund balances, end of year
$3,608,631
Program services expenses (Part IX)
$440,544
Management and general expenses
$24,555
Fundraising expenses
$0
Program service expenses (Part III)
$440,544

Program services were 94.7% 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.

  • 1f · All other contributions, gifts and grants

    $177

  • 2a · Program service revenue: RENTAL INCOME

    total $1,840,285 · related or exempt $1,840,285

  • 2b · Program service revenue: OTHER PROGRAM REVENUE

    total $1,525 · related or exempt $1,525

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $9,391 · management and general $9,391

  • 11c · Fees: accounting

    total $14,621 · management and general $14,621

  • 11g · Fees: other

    total $3,000 · program services $3,000

  • 13 · Office expenses

    total $195 · management and general $195

  • 16 · Occupancy

    total $50,806 · program services $50,806

  • 20 · Interest

    total $348,345 · program services $348,345

  • 23 · Insurance

    total $38,393 · program services $38,393

  • 24a · Other expenses: MISCELLANEOUS

    total $348 · management and general $348

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $477,316 · end of year $1,404,996

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

    $10,612,579

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $10,424,693 · end of year $10,612,579

  • 23 · Secured mortgages and notes payable

    beginning of year $8,670,266 · end of year $8,408,944

  • 27 · Net assets without donor restrictions

    beginning of year $2,231,743 · end of year $3,608,631

Mission and programs · 2022

Mission

TO BENEFIT, PERFORM THE FUNCTIONS OF, OR CARRY OUT THE PURPOSES OF ASTEC, INC., AN OKLAHOMA NOT-FOR-PROFIT CORPORATION. ASTEC FUND, INC., WILL RAISE FUNDS FROM PUBLIC AND PRIVATE SOURCES AND MANAGE PROPERTY TO SUPPORT EDUCATION PROGRAMS OF ASTEC, INC.

Activities or mission (Part I)

FUNDRAISING AND PROPERTY MANAGEMENT TO SUPPORT ASTEC INC. (ASTEC CHARTER SCHOOLS)

  • ASTEC FUND, INC. OWNS 19.9 ACRES OF LAND IN OKLAHOMA CITY, OK FOR DEVELOPMENT AND USE BY ASTEC, INC., AS A SCHOOL FACILITY. IN 2022, ASTEC ELEMENTARY HAD A YEAR OF IN-SCHOOL INSTRUCTION IN THE NEW BUILDING.

    Expenses $440,544 · Revenue $1,841,810

As filed on the 2022 return.

Listed in Part VII

  • Doug Fuller

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Jerry Burger

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Judy Hatfield

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kerry Alexander

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lou C Kerr

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Donnie Jones

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Bradley Jordan

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rita Moore

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Clayton Moss

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Freda Deskin

    EXECUTIVE DIRECTOR

    Total calculated
    $224,865
    From this org
    $0
    From related orgs
    $210,083
    Other
    $14,782
    Hours/week
    3.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $210,083 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,391 related
    Nontaxable benefits
    $0 + $7,391 related
    Filer's total
    $0 + $224,865 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

None.

Answered no

  • 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 3
THE EXECUTIVE DIRECTOR IS COMPENSATED BY THE RELATED ORGANIZATION, ASTEC INC. AS SUCH, COMPENSATION IS ESTABLISHED BY ASTEC INC. USING METHODS INCLUDING COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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
2022
Filed
12 October 2023
IRS schema version
2022v5.0
Source object
202342929349301859

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