Odessa Industrial Development Foundation
- Assets
- $16.8m
- Revenue
- -$240.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Odessa, TX
- Founding
- 08/1970
- Data as of
- 06/2022
- EIN
- 75-1320228
Organization Overview
Odessa Industrial Development Foundation, operating under the name Grow Odessa, is located in Odessa, TX. The organization was established in 1970. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grow Odessa is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Since 2016, Grow Odessa has awarded 27 individual grants totaling $2,132,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ACTIVITIES OF THE ORGANIZATION ARE THE DEVELOPMENT AND SALE OF REAL ESTATE ALONG WITH PROMOTING AND ENCOURAGING THE DEVELOPMENT OF INDUSTRY WITHIN THE PERMIAN BASIN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SELL LAND AND EASEMENTS TO BUSINESSES DEVELOPING PROPERTIES IN ODESSA INDUSTRIAL AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr James Goates President | Officer | 2 | $0 |
Eddy Shelton Vice President | Officer | 2 | $0 |
Wesley Burnett Secretary | Officer | 2 | $0 |
Tracy Jones Asst. Secretary | Officer | 5 | $0 |
Jim Breaux Past President | Officer | 2 | $0 |
Name Not Listed Land Use Committee Chair | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $336,069 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,426 |
| Net Rental Income | $115,238 |
| Net Gain/Loss on Asset Sales | -$2,154,735 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$240,165 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,081,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $8,556 |
| Fees for services: Legal | $44,935 |
| Fees for services: Accounting | $6,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $29,237 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $685 |
| 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 | $170,939 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,980,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,227,133 |
| Savings and temporary cash investments | $4,557,822 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,648 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,860,543 |
| Investments—publicly traded securities | $4,181,596 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,982,502 |
| Total assets | $16,813,244 |
| Accounts payable and accrued expenses | $52,089 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $52,089 |
| Net assets without donor restrictions | $16,761,155 |
| Net assets with donor restrictions | $0 |
| 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 | $16,813,244 |
Grants Awarded
Over the last fiscal year, Odessa Industrial Development Foundation has awarded $1,076,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Odessa, TX PURPOSE: SCHOLARSHIPS | $526,000 |
Odessa, TX PURPOSE: BUILDING | $400,000 |
ODESSANS FOR EDUCATION PURPOSE: ADVERTISING CAMPAIGN | $100,000 |
UNIVERSITY OF TEXAS PERMIAN BASIN PURPOSE: SCHOLARSHIPS | $25,000 |
TEXAS TECH FOUNDATION PURPOSE: SCHOLARSHIPS | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Penner Family Foundation Bentonville, AR | $146,107,822 | $15,983,833 |
Scharbauer Foundation Inc Midland, TX | $271,051,602 | $69,061,413 |
Wildcat Foundation Fort Worth, TX | $836,895 | $18,132,970 |
A Earl & Frances E Ziegler Foundation Norman, OK | $1,886,858 | $25,634,422 |
Eugene Mcdermott Foundation Dallas, TX | $220,528,387 | $97,884,779 |
Henderson-Wessendorff Foundation Richmond, TX | $228,160,288 | $17,605,762 |
Walter E Heller Foundation Dallas, TX | $0 | $637,126 |
Carl & Marilynn Thoma Foundation Dallas, TX | $0 | $929,287 |
Beloved In Christ Foundation Austin, TX | $172,986,617 | $3,113,726 |
The Kathryn H Craig Stephen Dudley Heard And Lillie D Heard Memorial Dallas, TX | $1,384 | -$449,918 |
Carroll Petrie Foundation Santa Fe, NM | $306,631,944 | $55,176,464 |
Hamill Foundation Houston, TX | $203,029,849 | $39,782,936 |