Phelps County Development Corporation in Holdrege, Nebraska (NE)

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Phelps County Development Corporation
Employer Identification Number (EIN)470814669
Name of OrganizationPhelps County Development Corporation
Address502 East Avenue Suite 201, Holdrege, NE 68949-2217
SubsectionBoard of Trade
Ruling Date03/1999
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$1,000,000 to $4,999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,562,984
Amount of Income$626,507
Form 990 Revenue Amount$626,507
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2012: $626,507
This organization: 

 $626,507
Other organizations performing similar types of work: 

 $152,071

Assets in 2012: $1,562,984
This organization: 

 $1,562,984
Other organizations performing similar types of work: 

 $145,197

Expenses in 2002: $96,256
This organization: 

 $96,256
Other organizations performing similar types of work: 

 $664,768

Income to expenses ratio in 2002: 2.3
This organization: 

 2.3
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2002: 0.0%
Phelps County Development Corporation: 

 0.0%
Other organizations performing similar types of work: 

 62.9%

Number of employees in 2002: 2
This organization: 

 2
Other organizations performing similar types of work: 

 8

Grants share in income in 2002: 74.6%
This organization: 

 74.6%
Other organizations performing similar types of work: 

 71.3%

Financial snapshot ($)

Revenue for 2002

Assets at end of 2002

Income-Producing Activities for 2002

Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$138,809$120,337$222,458
Contributions, gifts, grants, and similar amounts received$71,450$53,221$165,907
Contributions to donor advised funds
Direct public support$71,200$53,221$165,907
Indirect public support$0$0$0
Government contributions (grants)$250$0$0
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$64,210$62,164$53,310
Interest on savings and temporary cash investments$2,896$4,470$2,693
Dividends and interest from securities$0$0$0
Net rental income or (loss)$0$0$0
Gross rents$0$0$0
Less: rental expenses$0$0$0
Other investment income$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0
Gross amount from sales of assets other than inventory$0$0$0
Less: cost or other basis and sales expenses$0$0$0
Net income or (loss) from special events and activities$0$0$0
Gross revenue$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0
Less: cost of goods sold$0$0$0
Other revenue$253$482$548
Total expenses$90,124$122,401$96,256
Program services$0$0$0
Management and general$0$0$0
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$153,670$151,606$277,808
Excess or (deficit) for the year$48,685$-2,064$126,202
Net assets or fund balances at beginning of year$104,985$153,670$151,606
Other changes in net assets or fund balances$0$0$0
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$96,256$0$0$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$31,648$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$5,684$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$3,902$0$0$0
Legal fees$0$0$0$0
Supplies$1,676$0$0$0
Telephone$1,908$0$0$0
Postage and shipping$754$0$0$0
Occupancy$9,900$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$1,440$0$0$0
Travel$1,855$0$0$0
Conferences, conventions, and meetings$5,043$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$4,331$0$0$0
Other expenses not covered above$28,115$0$0$0
Balance Sheets
200020012002
Total assets$588,670$545,976$390,264
Cash - non-interest-bearing$111,921$120,118$170,887
Savings and temporary cash investments$0$0$65,000
Accounts receivable less allowance for doubtful accounts$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0
Inventories for sale or use$0$0$0
Prepaid expenses and deferred charges$0$0$0
Investments - publicly-traded securities
Investments - other securities$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$425,858$154,377
Investments - other$0$0$0
Land, buildings, and equipment less accumulated depreciation$476,749$0$0
Other assets, including program-related investments$0$0$0
Total liabilities$435,000$394,370$112,456
Accounts payable and accrued expenses$0$0$0
Grants payable$0$0$0
Deferred revenue$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$0$0
Mortgages and other notes payable$0$394,370$112,456
Other liabilities$435,000$0$0
Total liabilities and net assets/fund balances$588,670$545,976$390,264
Total net assets or fund balances$153,670$151,606$277,808
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$0$0$0
Total revenue, gains, and other support per audited financial statements$0$0$0
Other expenses$0$0$0
Net unrealized gains on investments$0$0$0
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$0$0$0
Other revenue$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$0$0$0
Total expenses and losses per audited financial statements$0$0$0
Other revenue$0$0$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$0$0$0
Other expenses$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20062
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$548$0$56,003
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$53,310
Interest on savings and temporary cash investments000000$000$0$2,693
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue999999$54800$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
199920002001
Total$0$0$0
Gifts, grants, and contributions received$0$0$0
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$309,203
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$287,705
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$21,730
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net loss from sales of assets other than inventory$-232
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $0
Less: cost or other basis and sales expenses (Securities / Other)$0 / $232
Gain or (loss) (Securities / Other)$0 / $-232
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$282,691
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$91,044
Payroll taxes$7,854
Professional fundraising services$117,778
Other$66,015
Balance Sheet (for 2011)
Total assets$1,137,596
Total liabilities$131,458
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$131,458
Total net assets or fund balances$1,006,138
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Metropolitan Entertainment & Convention Authority455 N 10th St, Omaha, NE 68102-1151NE1997-12$42,811,850
2Structured Employment Economic Development Corporation915 Broadway Fl 17, New York, NY 10010-7116NY1977-01$36,186,581
3Columbus Downtown Development Corporation150 S Front St Ste 210, Columbus, OH 43215-7105OH2002-10$15,371,865
4Delaware River Waterfront Corporation121 N Columbus Blvd, Philadelphia, PA 19106-1403PA2009-10$12,707,512
5Dubuque Initiatives1398 Central Ave, Dubuque, IA 52001-5021IA1985-04$11,715,621
6Lubbock Economic Development Alliance Inc1500 Broadway 6th Floor, Lubbock, TX 79401-3117TX2005-01$8,787,700
7Seedco Financial Services Inc915 Broadway Fl 17, New York, NY 10010-7116NY2005-12$8,556,236
8Market Lubbock Economic Development Corporation1500 Broadway 6th Floor, Lubbock, TX 79401-3117TX1999-04$7,126,923
9Phelps County Development Corporation502 East Avenue Suite 201, Holdrege, NE 68949-2217NE1999-03$626,507
10Medicine Valley Economic Development IncPO BOX 437, Curtis, NE 69025-0437NE2002-08$6,246
11Development Corporation Of North Platte502 S Dewey St, North Platte, NE 69101-5517NE1974-10$620,138
12Keith County Area Development IncPO BOX 418, Ogallala, NE 69153-0418NE2002-05$227,546
13Gateway Development Corporation1301 Harney St, Omaha, NE 68102-1832NE1991-11$226,757
14Nebraska City Area Economic Development Corporation123 S 8th St Ste 7, Nebraska City, NE 68410-2463NE2001-02$135,294
15Nebraska Northwest Development Corporation706 W 3rd St, Chadron, NE 69337-2297NE1992-05$102,923
16Greater Lincoln Chamber Foundation1135 M Street Ste 200, Lincoln, NE 68508-2196NE1998-04$87,577
17Cass County Nebraska Economic Development Council918 Washington Ave, Plattsmouth, NE 68048-1146NE2003-12$83,609
18Collateral Guarantee Fund Inc1313 Cuming Street, Omaha, NE 68102-4422NE2005-02$50,100
19Butler County Development Board Inc457 D St, David City, NE 68632-1632NE2000-12$30,783
20Bassett Development CorporationPO BOX 548, Bassett, NE 68714-0548NE2006-09$27,595
Number of organizations performing similar types of work
Alaska21
Alabama54
Arkansas25
Arizona31
California261
Colorado37
Connecticut34
District of Columbia26
Delaware6
Florida103
Georgia58
Hawaii25
Iowa53
Idaho11
Illinois91
Indiana71
Kansas41
Kentucky44
Louisiana61
Massachusetts41
Maryland40
Maine25
Michigan84
Minnesota44
Missouri82
Mississippi33
Montana31
North Carolina116
North Dakota10
Nebraska29
New Hampshire22
New Jersey49
New Mexico37
Nevada13
New York189
Ohio130
Oklahoma36
Oregon40
Pennsylvania158
Rhode Island5
South Carolina55
South Dakota31
Tennessee49
Texas152
Utah16
Virginia56
Vermont15
Washington43
Wisconsin56
West Virginia33
Wyoming15
International9
Total2,797

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