Bassett Foundation Inc in Bassett, Nebraska (NE)

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Bassett Foundation Inc
Employer Identification Number (EIN)470756046
Name of OrganizationBassett Foundation Inc
AddressPO BOX 447, Bassett, NE 68714-0447
ActivitiesArea development, redevelopment of renewal, Community promotion, Community service organization
SubsectionCharitable Organization
Ruling Date03/1995
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period07/2013
Assets$100,000 to $499,999
Income$25,000 to $99,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$250,574
Amount of Income$87,759
Form 990 Revenue Amount$52,805
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Public Foundations


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Amount of income in 2013: $87,759 (it was $68,147 in 2012)
This organization: 

 $87,759
Other organizations performing similar types of work: 

 $71,328

Assets in 2013: $250,574 (it was $347,570 in 2012)
This organization: 

 $250,574
Other organizations performing similar types of work: 

 $50,799

Expenses in 2013: $84,807
Bassett Foundation Inc: 

 $84,807
Other organizations performing similar types of work: 

 $47,311

Income to expenses ratio in 2013: 1.0
Bassett Foundation Inc: 

 1.0
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 2.4%
Bassett Foundation Inc: 

 2.4%
Other organizations performing similar types of work: 

 7.7%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$13,235$42,522$52,805
Contributions, gifts, grants, and similar amounts received$2,311$30,543$1,288
Program service revenue including government fees and contracts$3,615$7,787$23,630
Membership dues and assessments$0$0$0
Investment income$0$0$0
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$6,402$21$-9,358
Gross income from gaming$0$0$0
Gross income from fundraising events$13,273$2,049$410
Less: direct expenses from gaming and fundraising events$6,871$2,028$9,768
Gross profit/loss from sales of inventory$0$3,619$36,997
Gross sales of inventory, less returns and allowances$0$27,216$62,183
Less: cost of goods sold$0$23,597$25,186
Other revenue$907$552$248
Total expenses$876$13,420$84,807
Total net assets$234,798$263,900$166,898
Excess/Deficit for the year$12,359$29,102$-32,002
Net assets or fund balances at beginning of year$222,439$234,798$263,900
Other changes in net assets or fund balances$0$0$-65,000
Net assets or fund balances at end of year$166,898
Balance Sheets
201120122013
Total assets$323,456$347,570$250,574
Total liabilities$88,658$83,670$83,676
Net assets or fund balances$234,798$263,900$166,898
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?No
Were any significant changes made to the organizing or governing documents?No
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?No
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?No
Amount of political expenditures, direct or indirect$0
Did the organization file Form 1120-POL for this year?No
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?No
Total amount involved$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?No
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$35,142
Subtotal Support$35,142
Gifts, grants, contributions, and membership fees received$35,142
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$99,949
Public Support$35,142
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$4,725
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$60,082
Gross receipts from related activities, etc.$89,399
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2Science Foundation Arizona400 E Van Buren St Ste 220, Phoenix, AZ 85004-2223AZ2006-11$7,919,015
3St Andrews Charitable Foundation6633 Delmar Blvd, St Louis, MO 63130-4505MO2008-01$1,344,641
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6The Durham Museum Foundation801 South 10th Street, Omaha, NE 68108-3207NE2004-06$10,275,073
7Unf Charitable Gift Fund1010 Lincoln Mall, Lincoln, NE 68508-2818NE2004-03$1,001,138
8Sandhills Area Foundation Inc230 N Main, Valentine, NE 69201-1849NE2002-08$331,580
9Shirley And Leonard Goldstein Supporting Foundation333 S 132nd St, Omaha, NE 68154-2106NE2003-02$238,493
10Crete Community FoundationPo Box 42, Crete, NE 68333NE2000-01$137,823
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12Metro Area Youth Foundation IncPo Box 390793, Omaha, NE 68139-0793NE2009-10$98,692
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18Lincoln South Rotary Club Foundation6601 Crooked Creek Drive, Lincoln, NE 68516NE2014-02$5,868
19Unit 241 Educational Grant Foundation Inc1106 N 130th St, Omaha, NE 68154-1224NE2008-02$1,366
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Number of organizations performing similar types of work
Alaska27
Alabama174
Arkansas88
Arizona257
California1,561
Colorado295
Connecticut213
District of Columbia96
Delaware58
Florida937
Georgia405
Hawaii58
Iowa132
Idaho53
Illinois567
Indiana231
Kansas125
Kentucky138
Louisiana149
Massachusetts427
Maryland313
Maine54
Michigan422
Minnesota256
Missouri285
Mississippi53
Montana52
North Carolina382
North Dakota40
Nebraska93
New Hampshire76
New Jersey563
New Mexico62
Nevada84
New York1,186
Ohio529
Oklahoma149
Oregon175
Pennsylvania493
Rhode Island56
South Carolina163
South Dakota36
Tennessee218
Texas929
Utah116
Virginia393
Vermont41
Washington305
Wisconsin211
West Virginia59
Wyoming40
International30
Total13,855

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