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Nonprofit · EIN 26-1987990

BANGS ECONOMIC DEVELOPMENT CORPORATION INC

Tax-exempt (reinstated) · BANGS, TX 76823

Financials

$95K$108K2024
Revenue Expenses · by fiscal year end
Financials of BANGS ECONOMIC DEVELOPMENT CORPORATION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
September 30, 2025990$95,180$108,079-$12,899$518,850$0$518,850
Financial details: 990 for the year ended September 30, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$84,325
Investment income
$10,855
Other revenue
$0

Expenses

Grants and similar amounts paid
$88,800
Compensation of officers, directors and key employees
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Legal fees
$4,662
Accounting fees
$990
Travel
$1,584
Program services (functional)
$89,050
Management and general (functional)
$19,029

Balance sheet and other

Total assets, start of year
$531,748
Total assets, end of year
$518,850
Total liabilities, end of year
$0
Net assets, end of year
$518,850
Land, buildings and equipment
$125,088
Gross receipts
$95,180
Employees
0
Year formed
2010
State of legal domicile
TX

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended September 30, 2025, highest compensation first.

NameTitleHours / weekCompensation
SARA YOUNGPRESIDENT
Trustee or director, Officer
1$0
ERIC SOUTHERLANDMEMBER
Trustee or director
0.25$0
JOE LAMERMEMBER
Trustee or director
0.25$0
CHARLES WEiDENHOEFERMEMBER
Trustee or director, Officer
0.25$0
STEVEN FUQUAVICE PRESIDENT
Trustee or director, Officer
0.25$0

Address and contacts

Address (IRS master file)
109 S 1ST ST, BANGS, TX 76823-3144
In care of
% SARAH YOUNG
Principal officer (990 for 2024)
SARA YOUNG, 109 SOUTH FIRST ST, BANGS, TX 76823
Signed the 990
SARA YOUNG, PRESIDENT
Return prepared by
MORRIS BUSINESS SERVICES INC

Mission

TO PROMOTE THE CITY OF BANGS, TEXAS AND HELP IT GROW INTO A MORE ECONIMICALLY SOUND AREA.

990 for the year ended September 30, 2025

Program accomplishments

  • TO PROVIDE BUSINESSES WITH INCENTIVE GRANTS TO IMPROVE LOCAL BUSINESSES AND IMPROVE SALES TAX COLLECTIONS
    Expenses $88,800 · grants $88,800 · revenue $88,800
  • TO ENHANCE THE PUBLICS LOCAL AMENITIES BYCONTINUING TO PROMOTE A FARMERS MARKET SO LOCAL CITIZENS CAN SHOWCASE THEIR WARES AND VISITORS COME TO THE EVENTS.
    Expenses $250 · revenue $250

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025September 30, 2026February 15, 2027Not due yet
2024September 30, 2025February 16, 2026990 on file
2023September 30, 2024February 17, 2025990 on file

IRS record

EIN
26-1987990
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2014
Accounting year ends
September
Files
Form 990 or 990-EZ
Assets (IRS master file)
$518,850
Income (IRS master file)
$95,180

Revocation and reinstatement

Exemption revoked
February 15, 2011
Posted by the IRS
April 9, 2012
Reinstated
Effective February 15, 2011

From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.

Filing history

FormYear endedRevenueExpensesAssetsReturn
990September 2025–––IRS
990September 2024–––IRS
990September 2023$80,586$66,849$507,117IRS
990-EZSeptember 2022–––IRS
990-EZSeptember 2021–––IRS
990-EZSeptember 2019–––IRS

990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.

Questions about BANGS ECONOMIC DEVELOPMENT CORPORATION INC

What is the EIN of BANGS ECONOMIC DEVELOPMENT CORPORATION INC?
The employer identification number (EIN) of BANGS ECONOMIC DEVELOPMENT CORPORATION INC is 26-1987990.
Is BANGS ECONOMIC DEVELOPMENT CORPORATION INC tax-exempt?
Yes. The IRS revoked its exemption on February 15, 2011 and reinstated it effective February 15, 2011.
Are donations to BANGS ECONOMIC DEVELOPMENT CORPORATION INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does BANGS ECONOMIC DEVELOPMENT CORPORATION INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of BANGS ECONOMIC DEVELOPMENT CORPORATION INC due?
The return for tax year 2025 (the year ending September 30, 2026) is due February 15, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did BANGS ECONOMIC DEVELOPMENT CORPORATION INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended September 2025.
Who is the principal officer of BANGS ECONOMIC DEVELOPMENT CORPORATION INC?
The 990 for the year ended September 30, 2025 names SARA YOUNG.
Who are the officers and directors of BANGS ECONOMIC DEVELOPMENT CORPORATION INC?
The 990 for the year ended September 30, 2025 lists 5 people; 0 received compensation from the organization.
How much revenue does BANGS ECONOMIC DEVELOPMENT CORPORATION INC have?
On its 990 for the year ended September 30, 2025 it reported revenue of $95,180, expenses of $108,079 and total assets of $518,850 at year end.

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