2024-08-23T06:14:34-07:00 2024-03-31 752718764 GAGE & COMPANY CPAS LLP 2 Village Dr Suite 410 Abilene TX 79606 990 2023-04-01 751167985 BROWNWOOD INDUSTRIAL FOUNDATION INC BROW 3256469535 PO BOX 880 BROWNWOOD TX 76804 JD JOHNSON President 2024-08-23 true true R MITCH LEMEN CPA P01266235 3256700888 2023 2024-08-08 14:25:15Z JD JOHNSON PO BOX 880 BROWNWOOD TX 76804 276546 false X N/A X 1959 TX TO PROMOTE THE GROWTH OF TRADE AND INDUSTRY WITHIN AND IN THE VICINITY OF BROWN COUNTY, TEXAS AND TO ACQUIRE MONEY, LAND AND OTHER ASSETS FOR THAT PURPOSE. 5 5 0 5 1955 0 0 36563 269813 13827 2783 50390 272596 0 0 0 0 0 38118 37840 38118 37840 12272 234756 1180569 1341177 123906 49758 1056663 1291419 TO PROMOTE THE GROWTH OF TRADE AND INDUSTRY WITHIN AND IN THE VICINITY OF BROWN COUNTY, TEXAS AND TO ACQUIRE MONEY, LAND AND OTHER ASSETS FOR THAT PURPOSE. false false THE BROWNWOOD INDUSTRIAL FOUNDATION, INC. (BIFI) PROVIDED FUNDING FOR PROMOTION OF COMMERCIAL DEVELOPMENT IN THE AREA AND FOR MAKING INFORMATION AVAILABLE TO PROSPECTIVE BUSINESSES. FUNDING WAS MADE AVAIALABLE TO ASSIST IN THE EXPANSION OF LOCAL BUSINESS AND INDUSTRY. BIFI OWNS SEVERAL TRACTS OF LAND IN THE CITY'S INDUSTRIAL AREA THAT ARE SUITABLE AND AVAILABLE FOR DEVELOPMENT. AN EXISTING INDUSTRY LEASES AN INDUSTRIAL BUILDING WHICH WAS ORIGINALLY MADE AVAILABLE AS AN INCENTIVE FOR RELOCATION. BIFI IS AN INTERMEDIARY IN THE USDA RURAL DEVELOPMENT INTERMEDIARY RELENDING PROPRAM (IRP). THE PURPOSE OF THE PROGRAM IS TO ALLEVIATE POVERTY AND INCREASE ECONOMIC ACTIVITY AND EMPLOYMENT IN RURAL COMMUNITIES, THROUGH PARTNERSHIP WITH OTHER PUBLIC AND PRIVATE SOURCES, AND IN ACCORDANCE WITH STATE AND REGIONAL STRATEGY BASED ON IDENTIFIED COMMUNITY NEEDS, THIS IS ACCOMPLISHED BY RELENDING FUNDS BORROWED FROM USDA RURAL DEVELOPMENT TO LOCAL BUSINESSES. TOTAL LOANS OUTSTANDING AT YEAR END AMOUNT TO $447,247. false false false false false false false false false true false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 false 0 true true false false false false false false false X 5 5 false false false false false false false true true false false true false false false false false false X KANDACE HARRIS 3256469535 600 E DEPOT BROWNWOOD TX 76801 X ROBERT PORTER President 1.00 0.00 X X 0 0 0 JD JOHNSON Treasurer 1.00 0.00 X X 0 0 0 CARTER SHARPE Director 1.00 0.00 X 0 0 0 ANGIE SHULTS Vice President 1.00 0.00 X X 0 0 0 JASON JOHNSON Secretary 1.00 0.00 X X 0 0 0 0 false false false 0 0 0 38762 36807 1955 0 0 2783 2783 2783 2783 235001 3950 231051 231051 231051 0 0 0 0 272596 267858 1955 2783 0 0 0 0 0 0 0 0 0 0 26250 12968 13282 0 8675 4175 4500 0 0 0 0 0 52 52 0 0 0 0 0 0 460 460 0 0 1211 1211 PROPERTY TAXES 1192 1192 0 37840 17603 20237 0 0 594333 719842 0 0 0 0 538551 577600 0 0 146174 102439 47685 43735 0 0 0 0 0 1180569 1341177 54847 20310 69059 29448 123906 49758 X 1056663 1291419 1056663 1291419 1180569 1341177 234756 X false true X false false 43735 43735 102439 102439 43735 X Part X : FIN48 Footnote PART X - FASB ASC 740 FOOTNOTETHE FOUNDATION IS A TAX EXEMPT INSTITUTION UNDER 501(C)(6); ACCORDINGLY NO PROVISION FOR TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS ON THE EXEMPT FUNCTION REVENUE. THE EARENINGS FROM THE IRP ARE CONSIDERED UNRELATED BUSINESS REVENUE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE RETURNS, FORM 990 AND FORM 990-T, FOR THE YEARS ENDED MARCH 31, 2020, 2021, AND 2022 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. ANY TAXES, PENALTIES AND INTEREST ATTRIBUTABE TO THE FOUNDATION WOULD BE CLASSIFIED AS INCOME TAXES ON THE STATEMENT OF ACTIVITIES. Form 990, Part VI, Section B, Line 11b THE FORM 990 IS PREPARED BY AN OUTSIDE CPA AND THEN REVIEWED BY THE PRESIDENT PRIOR TO SIGNATURE. Form 990, Part VI, Section C, Line 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.