Bassett Development Corporation in Bassett, Nebraska (NE)

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Bassett Development Corporation
Employer Identification Number (EIN)481266296
Name of OrganizationBassett Development Corporation
In Care of NameDavid Gale
AddressPO BOX 548, Bassett, NE 68714-0548
SubsectionCharitable Organization
Ruling Date09/2006
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1 to $9,999
Income$10,000 to $24,999
Filing Requirement990 - Required to file Form 990-N - Income less than $25,000 per year
Asset Amount$5,243
Amount of Income$10,516
Form 990 Revenue Amount$4,081
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development

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Amount of income in 2013: $10,516 (it was $94,592 in 2012)
This organization: 

Other organizations performing similar types of work: 


Assets in 2013: $5,243 (it was $2,134 in 2012)
Bassett Development Corporation: 

Other organizations performing similar types of work: 


Expenses in 2013: $972
This organization: 

Other organizations performing similar types of work: 


Income to expenses ratio in 2013: 10.8
This organization: 

Other organizations performing similar types of work: 


Grants share in income in 2013: 38.8%
Bassett Development Corporation: 

Other organizations performing similar types of work: 


Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$13,903$21,474$-268,151$4,081
Contributions, gifts, grants, and similar amounts received$4,000$10,000$65,369$1,584
Program service revenue including government fees and contracts$0$0$0$0
Membership dues and assessments$0$0$0$0
Investment income$0$0$0$0
Gain/Loss from sale of assets other than inventory$0$0$-336,022$0
Net income/loss from gaming and fundraising events$9,898$5,129$2,499$2,495
Gross income from gaming$0$0$0$0
Gross income from fundraising events$10,020$11,250$9,220$8,930
Less: direct expenses from gaming and fundraising events$122$6,121$6,721$6,435
Gross profit/loss from sales of inventory$0$0$0$0
Other revenue$5$6,345$3$2
Total expenses$16,086$14,566$23,737$972
Total net assets$364,944$367,545$2,134$5,243
Excess/Deficit for the year$-2,183$6,908$-291,888$3,109
Net assets or fund balances at beginning of year$367,127$364,944$367,545$2,134
Other changes in net assets or fund balances$0$-4,307$-73,523$0
Net assets or fund balances at end of year$2,134$5,243
Balance Sheets
Total assets$429,944$432,545$2,134$5,243
Total liabilities$65,000$65,000$0$0
Net assets or fund balances$364,944$367,545$2,134$5,243
Other Information
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesYesYesYesNo
Has the organization filed a Form 990-T for the year?YesNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0$0
Gross receipts for public use of club facilities$0$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013)
2009 - 2013 Total
Public support$114,258
Gifts, grants, contributions, and membership fees received$82,112
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$32,146
Gross receipts from activities that are not an unrelated trade or business under section 513$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Amounts received from disqualified persons$0
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$47,488
Public support$114,258
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$13
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
Net income from unrelated business activities, whether or not the business is regularly carried on$-91,070
Other income$24,287
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Metropolitan Entertainment & Convention Authority455 N 10th St, Omaha, NE 68102-1151NE1997-12$42,926,249
2Columbus Downtown Development Corporation150 S Front St Ste 210, Columbus, OH 43215-7105OH2002-10$37,620,584
3Structured Employment Economic Development Corporation22 Cortlandt Street 33rd Floor, New York, NY 10007-3107NY1977-01$21,151,237
4Delaware River Waterfront Corporation121 N Columbus Blvd, Philadelphia, PA 19106-1403PA2009-10$11,762,015
5Lubbock Economic Development Alliance Inc1500 Broadway 6th Floor, Lubbock, TX 79401-3117TX2005-01$8,625,518
6Market Lubbock Economic Development Corporation1500 Broadway Ste 600, Lubbock, TX 79401-3100TX1999-04$6,821,251
7Trufund Financial Services Inc1440 Broadway Rm 23, New York, NY 10018-2326NY2005-12$6,686,524
8Wake Forest Innovation Quarter CdcMedical Center Blvd, Winston Salem, NC 27157-0001NC2005-02$5,772,439
9Phelps County Development Corporation502 East Avenue Suite 201 Suite 201, Holdrege, NE 68949-2217NE1999-03$577,803
10Medicine Valley Economic Development IncPo Box 437, Curtis, NE 69025NE2013-11$79,676
11Development Corporation Of North Platte502 S Dewey St, North Platte, NE 69101-5517NE1974-10$620,138
12Gateway Development Corporation1301 Harney St, Omaha, NE 68102-1832NE1991-11$186,580
13Keith County Area Development IncPO BOX 418, Ogallala, NE 69153-0418NE2002-05$170,711
14Nebraska City Area Economic Development Corporation123 S 8th St Ste 7, Nebraska City, NE 68410-2463NE2001-02$146,907
15Cass County Nebraska Economic Development Council918 Washington Ave, Plattsmouth, NE 68048-1146NE2003-12$102,826
16Nebraska Northwest Development Corporation706 W 3rd St, Chadron, NE 69337-2297NE1992-05$87,043
17Greater Lincoln Chamber Foundation1135 M Street Ste 200, Lincoln, NE 68508-2196NE1998-04$79,557
18Butler County Development Board Inc457 D Street, David City, NE 68632NE2000-12$56,000
19Collateral Guarantee Fund Inc1313 Cuming Street, Omaha, NE 68102-4422NE2005-02$50,100
20Bassett Development CorporationPO BOX 548, Bassett, NE 68714-0548NE2006-09$10,516
Number of organizations performing similar types of work
District of Columbia35
North Carolina125
North Dakota13
New Hampshire25
New Jersey61
New Mexico41
New York213
Rhode Island6
South Carolina63
South Dakota34
West Virginia39
Total3,253 is not associated with, endorsed by, or sponsored by Bassett Development Corporation and has no official or unofficial affiliation with Bassett Development Corporation