2022-09-13T09:13:06-05:00 2021-12-31 820692739 KSO CPA'S PC 404 E 25TH STREET KEARNEY NE 68847 990 2021-01-01 470814669 PHELPS COUNTY DEVELOPMENT CORP PHEL 3089954148 PO BOX 522 HOLDREGE NE 68949 PHIL HINRICHS PRESIDENT 3089954148 2022-08-16 1 PHIL HINRICHS 999009999 MINDY M OMAN CPA P00221337 3082345565 2022-08-16 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z PHIL HINRICHS PO BOX 522 HOLDREGE NE 68949 977367 0 X www.PhelpsCountyNE.com X 1998 NE ECONOMIC DEVELOPMENT IN PHELPS COUNTY, NEBRASKA. 12 12 3 0 0 0 0 0 842753 935623 12749 16064 17788 10034 873290 961721 0 0 0 0 207379 216490 0 0 0 793403 599355 1000782 815845 -127492 145876 2861016 2798255 524374 315737 2336642 2482518 TO ENCOURAGE BUSINESS RETENTION AND PROMOTE ECONOMIC DEVELOPMENT WHILE PRESERVING THE QUALITY OF LIFE IN PHELPS COUNTY, NEBRASKA. 0 0 696663 ENCOURAGE BUSINESS RETENTION AND PROMOTE ECONOMIC DEVELOPMENT WHILE PRESERVING THE QUALITY OF LIFE IN PHELPS COUNTY, NEBRASKA 696663 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 3 1 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 0 1 1 0 0 0 0 0 0 1 1 0 X STACY PAFFORD 3089954148 PO BOX 522 HOLDREGE NE 68949 X MICHELLE BOULWARE EX-OFFICIO MEMBER 0.50 X 0 0 0 TOM NUTT EX-OFFICIO MEMBER 0.50 X 0 0 0 GRANT ERICKSEN DIRECTOR 1.00 X 0 0 0 GRANT HINZE DIRECTOR 1.00 X 0 0 0 JEFF MOON DIRECTOR 1.00 X 0 0 0 PHIL HINRICHS PRESIDENT 1.00 X X 0 0 0 MATTHEW GREGG EX-OFFICIO MEMBER 0.50 X 0 0 0 TIM REHM DIRECTOR 1.00 X 0 0 0 DOUG STEVENSON DIRECTOR 1.00 X 0 0 0 JARED ENGELBERT TREASURER 1.00 X X 0 0 0 CHRIS RECTOR EX-OFFICIO MEMBER 0.50 X 0 0 0 REED MCCLYMONT DIRECTOR 1.00 X 0 0 0 JANET BOEHLER DIRECTOR 1.00 X 0 0 0 JANICE LUDEKE EX-OFFICIO MEMBER 0.50 X 0 0 0 SHANE WESTSOTT VICE PRESIDENT 1.00 X X 0 0 0 NATE DEWALD DIRECTOR 1.00 X 0 0 0 CHRIS MCQUILLAN DIRECTOR 1.00 X 0 0 0 MJ PRISTAVEC EX-OFFICIO MEMBER 0.50 X 0 0 0 0 0 0 0 0 0 0 0 SALES TAX APPORTIONMEN 561439 665746 665746 INVESTOR CONTRIBUTIONS 561439 186325 186325 PPP LOAN FORGIVENESS 561439 40175 40175 PUBLIC SECTOR 561439 33960 33960 9417 9417 935623 16064 16064 25680 15646 10034 10034 10034 961721 961721 0 0 200994 130646 70348 15496 10072 5424 63750 41437 22313 100 65 35 6570 4271 2299 40000 40000 5325 3461 1864 2883 2223 660 5911 4729 1182 3893 2920 973 2233 1786 447 14319 5012 9307 3050 1983 1067 2255 1466 789 RETENTION, EXPANSION, & 329636 329636 INFRASTRUCTURE 98129 98129 LOAN FORGIVENESS 14747 14747 MEMBERSHIPS & DUES 3997 2398 1599 2557 1682 875 815845 696663 119182 0 438334 346873 288134 289147 13010 36862 447755 396456 353614 1377788 23785 1670283 1354003 3500 21300 2861016 2798255 15627 18569 21518 39107 61650 65750 425579 192311 524374 315737 X 2336642 2482518 2336642 2482518 2861016 2798255 145876 0 X X 0 1 X 0 0 1347724 1347724 30064 23785 6279 1354003 X 977367 15646 15646 961721 0 961721 831491 15646 15646 815845 0 815845 Part X, Line 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE THE ORGANIZATION TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE ORGANIZATION HAS OPEN TAX YEARS SUBJECT TO INCOME TAX EXAMINATIONS FOR THE YEARS ENDING DECEMBER 31, 2019, 2020, AND 2021. THE ORGANIZATION'S POLICY IS TO INCLUDE PENALTIES AND INTEREST ASSOCIATED WITH INCOME TAXES AS INCOME TAX EXPENSE AND INTEREST EXPENSE, RESPECTIVELY. THE ORGANIZATION DID NOT INCUR ANY PENALTIES OR INTEREST ON INCOME TAXES FOR THE PERIODS BEING REPORTED ON. Part XI, Line 2d - Other Adjustments: RENTAL EXPENSES OFFSET REVENUE ON TAX RETURN 15646. Part XII, Line 2d - Other Adjustments: RENTAL EXPENSES OFFSET REVENUE ON TAX RETURN 15646. Form 990, Part VI, Section A, line 6 THE ORGANIZATION HAS MEMBERS, THESE MEMBERS ARE INVESTORS THAT CONTRIBUTE TO THE CORPORATION BASED ON THEIR INVESTMENT COMMITMENTS. Form 990, Part VI, Section A, line 7a THE ORGANIZATION HAS MEMBERS; MEMBERSHIP IN THE CORPORATION SHALL INCLUDE THOSE INDIVIDUALS AND ENTITIES WHO ARE INVESTORS IN THE CORPORATION AT ANY ONE OF THE DEFINED LEVELS OF GIVING SET FORTH BY THE CORPORATION AND WHO ARE CURRENT WITH THEIR INVESTMENT COMMITMENT. Form 990, Part VI, Section B, line 11b THE ANNUAL FORM 990 IS PROVIDED TO THE EXECUTIVE DIRECTOR WHO THEN READS THROUGH THE FORM AND MAKES SURE IT APPEARS REASONABLE. A COPY IS NOT PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS; THE BOARD DELEGATES THIS RESPONSIBILITY TO THE EXECUTIVE DIRECTOR. THE GOVERNING BODY HAS THE ABILITY TO REVIEW THE TAX RETURN PROVIDED TO THE EXECUTIVE DIRECTOR PRIOR TO FILING IF THEY SO CHOOSE. Form 990, Part VI, Section B, line 15 EACH BOARD MEMBER COMPLETES AN EVALUATION OF THE EXECUTIVE DIRECTOR. THEY THEN MEET IN AN EXECUTIVE SESSION AND DISCUSS AND APPROVE COMPENSATION INCREASES. THEIR COMMENTS AND SUGGESTIONS ARE THEN PROVIDED TO THE EXECUTIVE DIRECTOR. Form 990, Part VI, Section C, line 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, TAX RETURNS, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XII, Line 1: THE ORGANIZATION USES THE MODIFIED CASH BASIS OF ACCOUNTING, A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. CONSEQUENTLY, CERTAIN REVENUES ARE RECORDED WHEN RECEIVED RATHER THAN EARNED AND CERTAIN EXPENDITURES ARE RECOGNIZED WHEN CASH IS DISBURSED RATHER THAN WHEN THE OBLIGATION IS INCURRED.