Hastings Economic Development Corporation
- Assets
- $8.3m
- Revenue
- $983.8k
- Investments
- $1.3k
- Employees
- 2
- Location
- Hastings, NE
- Founding
- 03/1975
- Data as of
- 12/2021
- 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 12/2021, Hastings Economic Development Corporation employed 2 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 12/2021, Hastings Economic Development Corporation generated $983.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $445.8k during the year ending 12/2021. While expenses have increased by 11.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Krings Executive Director | Officer | 40 | $114,000 |
Travis Turek President | OfficerTrustee | 0.5 | $0 |
Scott Kvols Vice President | OfficerTrustee | 0.5 | $0 |
Terry Anstine Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Eric Barber Director | Trustee | 0.5 | $0 |
Mike Harling Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,623 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $221,700 |
| 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 | $228,323 |
| Total Program Service Revenue | $167,525 |
| Investment income | $19,689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $568,244 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $983,781 |
| 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. | $114,000 |
| Compensation of current officers, directors, key employees. | $11,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,553 |
| Pension plan accruals and contributions | $6,840 |
| Other employee benefits | $32,656 |
| Payroll taxes | $8,864 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,541 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,765 |
| Advertising and promotion | $0 |
| Office expenses | $2,523 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,837 |
| Travel | $95 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,927 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,350 |
| Insurance | $9,746 |
| All other expenses | $15,625 |
| Total functional expenses | $445,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,255,725 |
| Pledges and grants receivable | $1,000 |
| Accounts receivable, net | $440 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,492,958 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $49,800 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,292 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,501,900 |
| Total assets | $8,303,115 |
| Accounts payable and accrued expenses | $6,218 |
| 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 | $29,009 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $35,227 |
| Net assets without donor restrictions | $7,356,002 |
| Net assets with donor restrictions | $911,886 |
| 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 | $8,303,115 |
Grants Awarded
Over the last fiscal year, Hastings Economic Development Corporation has awarded $120,419 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Hastings, NE 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 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |
Region 10 League For Economic Assistance & Planning Inc Montrose, CO | $16,331,779 | $8,034,942 |
Wichita Convention & Tourism Bureau Wichita, KS | $3,697,930 | $5,439,635 |
South Central Kansas Economic Development District Inc Sckedd Bel Aire, KS | $6,963,572 | $7,360,259 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
Economic Development Corporation Of Kansas City Missouri Kansas City, MO | $4,885,634 | $3,918,676 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |