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Giddings Economic Development

IRS exemption revoked

Giddings, TX501(c)(4) EIN 74-2794906Revenue $1.1M in FY2024

On file with the IRSgiddingsedc.com118 E Richmond St, 78942-4120 · Giddings, TXTax-exempt since May 1998

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Gedc is focused on growing the economy and jobs in Giddings, texas. We are aggressively pro-business with a proven track record.

76¢ of each $1 spent went to programs.
Run by 7 volunteers and 1 employee.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
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
4 of 4
filings with a surplus
Average surplus $299K a year · 35% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
76%
of spending
Looks good: 76% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
43 mo
of spending, in cash
Looks good: 42.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$835K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
+8% vs prior year
Spent
$589K
To programs
76%
Net assets
$5.0M
By yearFY2021–FY2024
Revenue
$1.1M
FY2024▲ +8%
Tap a bar for its year
Revenue by fiscal year
FY2021$696K
FY2022$704K
FY2023$987K
FY2024$1.1M
Expenses
$589K
FY2024▼ -26%
Tap a bar for its year
Expenses by fiscal year
FY2021$427K
FY2022$445K
FY2023$800K
FY2024$589K
Net assets
$5.0M
FY2024▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2021$4.0M
FY2022$4.2M
FY2023$4.5M
FY2024$5.0M

From the FY2024 Form 990 (year ending September 2024) · figures checked against the IRS filing · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on February 15, 2020

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2024. IRS ruling in May 1998.

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

Where the money goes

76 cents of each dollar spent went to programs.

Program services 76% · $446K Management & general 24% · $143K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Megan Kirk
President
$0Pt VII · Sec A
Kayla Schnell
Treasurer
$0Pt VII · Sec A
Deena Muniz
Board Member
$0Pt VII · Sec A
Ed Johnson
Board Member
$0Pt VII · Sec A
Tony Francis
Board Member
$0Pt VII · Sec A
Linda Pruitt
Board Member
$0Pt VII · Sec A
Jacob Janda
Board Member
$0Pt VII · Sec A
See Giddings Economic Development 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

Grows the economy and jobs in Giddings, Texas.

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1 program · $446K · in their own filed words · FY2023
01

Promote economic development in giddings, TX by providing business retention and expansion grants, business attraction grants and preserving and restoring historic properties for downtown revitalization.

$446Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Fees for servicesLn 2g$987K
Investment incomeLn 3$79K
Other incomeLn 4–11$4K
Money outPt IX
$589K
Ln 25
Programscol B$446K
Managementcol C$143K
Owns and owesPt X
$5.0M
net assets · Ln 32
Cash and savingsLn 1–2$2.1M
Total assetsLn 16$5.9M
LiabilitiesLn 26$835K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$987K
Investment incomeLn 3$79K
Other incomeLn 4–11$4K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$821K
SavingsLn 2$1.3M
Cash and savings togetherLn 1–2$2.1M
Land, buildings, equipmentLn 10c$3.5M
Total assetsLn 16$5.9M
LiabilitiesLn 26$835K
Net assetsLn 32$5.0M
OperationsPt I, VI
EmployeesI 51
VolunteersI 67
Fiscal year endsHeaderSeptember
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$1.7M$2.1M
Land, buildings, equipmentLn 10c$3.6M$3.5M
Total assetsLn 16$5.5M$5.9M
LiabilitiesLn 26$974K$835K
Net assetsLn 32$4.5M$5.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$40K$40K
Pension plan contributionsLn 8$8K$8K
Other employee benefitsLn 9$9K$9K
Payroll taxesLn 10$3K$3K
Legal feesLn 11b$10K$10K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$20K$20K
Office expensesLn 13$4K$4K
Information technologyLn 14$656$656
OccupancyLn 16$16K$16K
TravelLn 17$3K$3K
Conferences, conventions and meetingsLn 19$736$736
InterestLn 20$60K$60K
Depreciation, depletion and amortizationLn 22$45K$45K
Other expenses (24a–d)Ln 24$366K$365K$1K
Total functional expensesLn 25$589K$446K$143K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.1M$589K$480K$5.0M 990 PDF
FY2023 $987K$800K$187K$4.5M 990 PDF
FY2022 $704K$445K$259K$4.2M 990 PDF
FY2021 $696K$427K$269K$4.0M 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 $1,069,072 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $937,556$986,592
I-10 Investment incomePrior year $46,971$78,730
I-11 Other revenuePrior year $2,836$3,750
I-12 Total revenuePrior year $987,363$1,069,072
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $149,508$60,152
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $650,490$529,177
I-18 Total expensesPrior year $799,998$589,329
I-19 Revenue less expensesPrior year $187,365$479,743
Part VI · Governance 7 of 7 board members independent, 3 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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 $1,069,072 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $986,592$986,592
VIII-3 Investment incomeExcluded from tax $78,730$78,730
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,750$3,750
VIII-12 Total revenueRelated to mission $990,342 · Unrelated business $0 · Excluded from tax $78,730$1,069,072
Part IX · Statement of functional expenses $589,329 across 15 lines filed
IX-7 Other salaries and wagesManagement $39,744$39,744
IX-8 Pension plan contributionsManagement $7,899$7,899
IX-9 Other employee benefitsManagement $9,310$9,310
IX-10 Payroll taxesManagement $3,199$3,199
IX-11b Legal feesManagement $10,253$10,253
IX-11c Accounting feesManagement $4,085$4,085
IX-12 Advertising and promotionPrograms $20,400$20,400
IX-13 Office expensesManagement $3,983$3,983
IX-14 Information technologyManagement $656$656
IX-16 OccupancyManagement $15,682$15,682
IX-17 TravelManagement $2,623$2,623
IX-19 Conferences, conventions and meetingsPrograms $736$736
IX-20 InterestPrograms $59,943$59,943
IX-22 Depreciation, depletion and amortizationManagement $44,551$44,551
IX-24 Other expenses (24a–d)Programs $365,135 · Management $1,130$366,265
IX-25 Total functional expensesPrograms $446,214 · Management $143,115 · Fundraising $0$589,329
Part X · Balance sheet $5,850,594 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $480,382$821,413
X-2 Savings and temporary cash investmentsStart of year $1,221,250$1,271,283
X-4 Accounts receivableStart of year $238,638$232,978
X-10c Land, buildings and equipment, netStart of year $3,569,471$3,524,920
X-16 Total assetsStart of year $5,509,741$5,850,594
X-17 Accounts payable and accrued expensesStart of year $6,517$10,317
X-25 Other liabilitiesStart of year $12,156$12,156
X-26 Total liabilitiesStart of year $974,210$835,321
X-27 Net assets without donor restrictionsStart of year $2,616,366$2,712,072
X-28 Net assets with donor restrictionsStart of year $1,919,165$2,303,201
X-32 Total net assets or fund balancesStart of year $4,535,531$5,015,273
X-33 Total liabilities and net assetsStart of year $5,509,741$5,850,594
Part XI · Reconciliation of net assets $5,015,273 net assets at year end
XI-1 Total revenue$1,069,072
XI-2 Total expenses$589,329
XI-3 Revenue less expenses$479,743
XI-4 Net assets at start of year$4,535,531
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year$5,015,273

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

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