Hastings Economic Development Corporation
- Assets
- $7.7m
- Revenue
- $230.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Hastings, NE
- Founding
- 03/1975
- Data as of
- 12/2023
- EIN
- 47-0551577
Organization Overview
Hastings Economic Development Corporation is located in Hastings, NE. The organization was established in 1975. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Hastings Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hastings Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Hastings Economic Development Corporation generated $230.0k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $718.3k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CIVIC BETTERMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROMOTION OF INDUSTRIAL EXPANSION AND THE PROCUREMENT OF NEW INDUSTRY TO THE AREA, THEREBY CREATING NEW JOB OPPORTUNITIES AND ECONOMIC GROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Travis Turek Director | Trustee | 0.5 | $0 |
Scott Kvols President | OfficerTrustee | 0.5 | $0 |
Eric Barber Director | Trustee | 0.5 | $0 |
Mike Harling Director | Trustee | 0.5 | $0 |
Corey Stutte Director | Trustee | 0.5 | $0 |
Tim Redline Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $81,300 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $195,005 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $276,305 |
| Total Program Service Revenue | $43,202 |
| Investment income | $58,159 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$147,654 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $230,012 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $162,014 |
| Compensation of current officers, directors, key employees. | $16,201 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $61,240 |
| Pension plan accruals and contributions | $6,169 |
| Other employee benefits | $42,056 |
| Payroll taxes | $16,158 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $56,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,105 |
| Advertising and promotion | $0 |
| Office expenses | $6,192 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,420 |
| Travel | $8,878 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,586 |
| Insurance | $1,036 |
| All other expenses | $10,093 |
| Total functional expenses | $718,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,241,463 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $814 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,900,220 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,536,696 |
| Total assets | $7,679,193 |
| Accounts payable and accrued expenses | $33,881 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,646,096 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,679,977 |
| Net assets without donor restrictions | $4,366,215 |
| Net assets with donor restrictions | $1,633,001 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,679,193 |
Grants Awarded
Over the last fiscal year, Hastings Economic Development Corporation has awarded $120,419 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HASTINGS CHAMBER OF COMMERCE PURPOSE: GIFT TO HASTINGS CHAMBER OF COMMERCE FOR GIVE BACK GIFT CARD PROGRAM | $100,000 |
CENTRAL COMMUNITY COLLEGE PURPOSE: FURTHER MISSION OF COLLEGE AND INCREASE HOUSING STOCK IN AREA FOR POTENTIAL WORKFORCE DEVELOPMENT | $20,419 |