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Wayne Area Economic Development INC

Not tax-deductible

Wayne, NE501(c)(6)Community Development EIN 20-3524694Revenue $199K in FY2024

On file with the IRSwayneamerica.org108 W 3rd St, 68787-1915 · Wayne, NETax-exempt since Mar 2006

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Wayne Area Economic Development, INC. Provides a focused and integrated Economic Development effort for the greater community on behalf of all its residents.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Run by 3 volunteers and 3 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $156 a year · under 1% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 4.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$199K
-37% vs prior year
Spent
$192K
To programs
0%
Net assets
$332K
By yearFY2020–FY2024
Revenue
$199K
FY2024▼ -37%
Tap a bar for its year
Revenue by fiscal year
FY2020$284K
FY2021$337K
FY2022$393K
FY2023$318K
FY2024$199K
Expenses
$192K
FY2024▼ -43%
Tap a bar for its year
Expenses by fiscal year
FY2020$285K
FY2021$354K
FY2022$365K
FY2023$336K
FY2024$192K
Net assets
$332K
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$337K
FY2021$321K
FY2022$348K
FY2023$340K
FY2024$332K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2006.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

16 people listed on the 990.

Part VII, Section A · reportable compensation
Wes Blecke
Ex-Officio
$0Pt VII · Sec A
$0Pt VII · Sec A
Terri Buck
Director
$0Pt VII · Sec A
Dean Burbach
Director
$0Pt VII · Sec A
Justin Davis
Director
$0Pt VII · Sec A
Megan Finn
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Brandon Hall
Director
$0Pt VII · Sec A

Lucas Virgil’s $55K as Executive Di is at the 34th percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2023FY2022FY2020
Lucas Virgil$55,180$63,500$64,079
Irene Fletcher——$43,192
Abby Schademann——$34,750

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Wayne Area Economic Development INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Boosts community economic growth and opportunities for all residents.

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2 programs · $36K · in their own filed words · FY2024
01

Wayne chicken show is a community fundraiser held annually in july to promote wayne to the greater nebraska.

$21Kprogram expense
02

Vendor golf is a golf fundraiser held annually in july to promote community involvement among the people of the community.

$15Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$199K
Ln 12
Fees for servicesLn 2g$130K
Gifts and grantsLn 1h$64K
Other incomeLn 4–11$3K
Money outPt IX
$192K
Ln 25
Owns and owesPt X
$332K
net assets · Ln 32
Cash and savingsLn 1–2$70K
Total assetsLn 16$332K
LiabilitiesLn 26$0
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$64K
Fees for servicesLn 2g$130K
Investment incomeLn 3$2K
Other incomeLn 4–11$3K
Total revenueLn 12$199K
Assets in detailPt X, end of year
CashLn 1$6K
SavingsLn 2$65K
Cash and savings togetherLn 1–2$70K
Total assetsLn 16$332K
LiabilitiesLn 26$0
Net assetsLn 32$332K
OperationsPt I, VI
EmployeesI 53
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$40K$70K
Total assetsLn 16$361K$332K
LiabilitiesLn 26$21K$0
Net assetsLn 32$340K$332K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$1K
Advertising and promotionLn 12$40K
Office expensesLn 13$14K
OccupancyLn 16$10K
TravelLn 17$800
InsuranceLn 23$6K
Other expenses (24a–d)Ln 24$72K
All other expensesLn 24e$48K
Total functional expensesLn 25$192K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $199K$192K$7K$332K 990 PDF
FY2023 $318K$336K−$18K$340K 990 PDF
FY2022 $393K$365K$28K$348K 990 PDF
FY2021 $337K$354K−$16K$321K 990 PDF
FY2020 $284K$285K−$394$337K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $198,752 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $183,450$64,442
I-9 Program service revenuePrior year $125,995$130,028
I-10 Investment incomePrior year $2,150$1,693
I-11 Other revenuePrior year $6,189$2,589
I-12 Total revenuePrior year $317,784$198,752
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $148,558$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $187,525$192,176
I-18 Total expensesPrior year $336,083$192,176
I-19 Revenue less expensesPrior year −$18,299$6,576
Part VI · Governance 15 of 15 board members independent, 3 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $198,752 across 7 lines filed
VIII-1b Membership dues$63,800
VIII-1f All other contributions, gifts and grants$642
VIII-1h Total contributions, gifts and grants$64,442
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $130,028$130,028
VIII-3 Investment incomeRelated to mission $1,693$1,693
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,589$2,589
VIII-12 Total revenueRelated to mission $134,310$198,752
Part IX · Statement of functional expenses $192,176 across 8 lines filed
IX-11c Accounting fees$1,177
IX-12 Advertising and promotion$40,064
IX-13 Office expenses$14,241
IX-16 Occupancy$10,077
IX-17 Travel$800
IX-23 Insurance$6,325
IX-24 Other expenses (24a–d)$71,525
IX-24e All other expenses$47,967
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$192,176
Part X · Balance sheet $331,507 assets, 7 lines filed
Asset lines not itemized here account for $257,346; see the IRS return.
X-1 Cash, non-interest-bearingStart of year −$603$5,527
X-2 Savings and temporary cash investmentsStart of year $40,864$64,628
X-4 Accounts receivableStart of year $6,780$4,006
X-16 Total assetsStart of year $361,192$331,507
X-26 Total liabilitiesStart of year $21,244$0
X-32 Total net assets or fund balancesStart of year $339,948$331,507
X-33 Total liabilities and net assetsStart of year $361,192$331,507
Part XI · Reconciliation of net assets $331,507 net assets at year end
XI-1 Total revenue$198,752
XI-2 Total expenses$192,176
XI-3 Revenue less expenses$6,576
XI-4 Net assets at start of year$339,948
XI-8 Prior period adjustments−$9,002
XI-9 Other changes in net assets−$6,015
XI-10 Net assets at end of year$331,507

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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