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Drexel Development Corporation INC FY2024 filing

Not tax-deductible

Joplin, MO501(c)(4)Since 1975EIN 23-7448537Revenue $351K in FY2024

On file with the IRS3609 E 20th St, 64801-5849 · Joplin, MOTax-exempt since Apr 1975

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To provide affordable housing for low to moderate income individuals

87¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 6
filings with a surplus
Average deficit $7K a year · 2% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$744K
126% of total assets
Concern: liabilities are 126% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$351K
+9% vs prior year
Spent
$359K
To programs
87%
Net assets
−$153K
By yearFY2020–FY2025
Revenue
$351K
FY2024▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$293K
FY2021$300K
FY2022$306K
FY2023$322K
FY2024$351K
FY2025$386K
Expenses
$359K
FY2024▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$300K
FY2021$307K
FY2022$355K
FY2023$319K
FY2024$359K
FY2025$358K
Net assets
−$153K
FY2024▼ -1336%
Tap a bar for its year
Net assets by fiscal year
FY2020−$85K
FY2021−$93K
FY2022−$3K
FY2023−$11K
FY2024−$153K
FY2025−$125K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1975.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $314K Management & general 13% · $46K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Sandy Nelson
Vice Preside
$0Pt VII · Sec A
Nancy Nickell
Sec/Treasure
$0Pt VII · Sec A
$0Pt VII · Sec A
See Drexel Development Corporation 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

Builds and manages affordable homes for people with lower incomes.

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Provided by the organization

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1 program · $314K · in their own filed words · FY2024
01

To provide affordable housing for low to moderate income individuals

$314Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$351K
Ln 12
Fees for servicesLn 2g$318K
Investment incomeLn 3$26K
Other incomeLn 4–11$8K
Money outPt IX
$359K
Ln 25
Programscol B$314K
Managementcol C$46K
Owns and owesPt X
−$153K
net assets · Ln 32
Cash and savingsLn 1–2$23K
Total assetsLn 16$591K
LiabilitiesLn 26$744K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$318K
Investment incomeLn 3$26K
Other incomeLn 4–11$8K
Total revenueLn 12$351K
Assets in detailPt X, end of year
CashLn 1$23K
Cash and savings togetherLn 1–2$23K
Land, buildings, equipmentLn 10c$409K
Other assetsLn 15$146K
Total assetsLn 16$591K
LiabilitiesLn 26$744K
Net assetsLn 32−$153K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
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$20K$23K
Land, buildings, equipmentLn 10c$461K$409K
Total assetsLn 16$605K$591K
LiabilitiesLn 26$615K$744K
Net assetsLn 32−$11K−$153K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$44K$44K
Payroll taxesLn 10$4K$4K
Management feesLn 11a$42K$42K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$1K$1K
Office expensesLn 13$2K$2K
OccupancyLn 16$132K$132K
InterestLn 20$23K$23K
Depreciation, depletion and amortizationLn 22$52K$52K
InsuranceLn 23$30K$30K
Other expenses (24a–d)Ln 24$26K$26K
All other expensesLn 24e$136$136
Total functional expensesLn 25$359K$314K$46K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $386K$358K$28K−$125K 990 PDF
FY2024 Viewing $351K$359K−$8K−$153K 990 PDF
FY2023 $322K$319K$3K−$11K 990 PDF
FY2022 $306K$355K−$49K−$3K 990 PDF
FY2021 $300K$307K−$7K−$93K 990 PDF
FY2020 $293K$300K−$7K−$85K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $350,909 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $287,693$317,579
I-10 Investment incomePrior year $25,988$25,505
I-11 Other revenuePrior year $8,070$7,825
I-12 Total revenuePrior year $321,751$350,909
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $48,374$48,582
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $270,657$310,713
I-18 Total expensesPrior year $319,031$359,295
I-19 Revenue less expensesPrior year $2,720−$8,386
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
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
Part VIII · Statement of revenue $350,909 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $317,579$317,579
VIII-3 Investment incomeRelated to mission $25,435 · Excluded from tax $70$25,505
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $7,825$7,825
VIII-12 Total revenueRelated to mission $350,839 · Excluded from tax $70$350,909
Part IX · Statement of functional expenses $359,295 across 12 lines filed
IX-7 Other salaries and wagesPrograms $44,472$44,472
IX-10 Payroll taxesPrograms $4,110$4,110
IX-11a Management feesManagement $41,684$41,684
IX-11c Accounting feesManagement $3,900$3,900
IX-12 Advertising and promotionPrograms $1,140$1,140
IX-13 Office expensesPrograms $1,709$1,709
IX-16 OccupancyPrograms $131,603$131,603
IX-20 InterestPrograms $22,581$22,581
IX-22 Depreciation, depletion and amortizationPrograms $51,840$51,840
IX-23 InsurancePrograms $29,735$29,735
IX-24 Other expenses (24a–d)Programs $26,385$26,385
IX-24e All other expensesPrograms $136$136
IX-25 Total functional expensesPrograms $313,711 · Management $45,584 · Fundraising $0$359,295
Part X · Balance sheet $590,656 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $19,559$22,906
X-4 Accounts receivable$273
X-9 Prepaid expenses and deferred chargesStart of year $9,242$11,836
X-10c Land, buildings and equipment, netStart of year $461,234$409,394
X-15 Other assetsStart of year $114,776$146,247
X-16 Total assetsStart of year $604,811$590,656
X-17 Accounts payable and accrued expensesStart of year $10,679$6,314
X-25 Other liabilitiesStart of year $24,226$164,982
X-26 Total liabilitiesStart of year $615,466$743,685
X-27 Net assets without donor restrictionsStart of year −$10,655−$153,029
X-32 Total net assets or fund balancesStart of year −$10,655−$153,029
X-33 Total liabilities and net assetsStart of year $604,811$590,656
Part XI · Reconciliation of net assets −$153,029 net assets at year end
XI-1 Total revenue$350,909
XI-2 Total expenses$359,295
XI-3 Revenue less expenses−$8,386
XI-4 Net assets at start of year−$10,655
XI-9 Other changes in net assets−$133,988
XI-10 Net assets at end of year−$153,029

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

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