Is it real?
No. The IRS revoked its tax exemption. Latest filing we have: FY2021.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Who runs it and what they're paid
6 people listed on the 990; $53K paid to officers and key staff (Part VII, Section A).
Compensation history total reportable pay by year · 1 named individual · Part VII
| Name | FY2022 | FY2021 | FY2020 |
|---|---|---|---|
| Wiley Hughey | $61,958 | $53,000 | $53,000 |
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 Olney Industrial Development executive salaries →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
Strengthens the local economy by supporting businesses and attracting new jobs.
Questions for Olney Industrial Development
Your first name shows with your question. Olney Industrial Development answers here, for everyone.
Assisting the city of olney, texas with recruitment of new industry and maintaining the current industry, including job growth and affordable housing.
Form 990 Part III, line 4, FY2019. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 75-2358407) · Dispute this lineBy the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $698K | $774K |
| Land, buildings, equipmentLn 10c | $56K | $56K |
| Total assetsLn 16 | $776K | $852K |
| LiabilitiesLn 26 | $0 | $0 |
| Net assetsLn 32 | $776K | $852K |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of officers and key staff (Part IX, line 5)Ln 5 | $53K | |||
| Other employee benefitsLn 9 | $8K | |||
| Payroll taxesLn 10 | $4K | |||
| Legal feesLn 11b | $732 | |||
| Accounting feesLn 11c | $595 | |||
| Office expensesLn 13 | $2K | |||
| OccupancyLn 16 | $2K | |||
| InsuranceLn 23 | $18K | |||
| Other expenses (24a–d)Ln 24 | $35K | |||
| All other expensesLn 24e | $550 | |||
| Total functional expensesLn 25 | $124K | $0 | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2022 LatestFiled with the IRS Aug 14, 2023 | $182K | $132K | $50K | $943K | 990 PDF |
| FY2021Filed with the IRS Jul 21, 2022 | $160K | $119K | $41K | $893K | 990 PDF |
| FY2020 ViewingFiled with the IRS Aug 26, 2021 | $200K | $124K | $76K | $852K | 990 PDF |
Schedules filed Part IV
See the full FY2020 990
Part I · Summary $199,853 revenue, 12 lines filed
Part VI · Governance 6 of 6 board members independent, 3 to look at
Part VIII · Statement of revenue $199,853 across 4 lines filed
Part IX · Statement of functional expenses $124,001 across 10 lines filed
Part X · Balance sheet $851,764 assets, 9 lines filed
Part XI · Reconciliation of net assets $851,764 net assets at year end
Form 990 e-file FY2020 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File
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