2022-09-14T12:52:20-07:00 2022-03-31 820751649 JANA A WALKER CPA PLLC PO BOX 2696 WOODWARD OK 73802 990 2021-04-01 731279320 WOODWARD INDUSTRIAL FOUNDATION WOOD 5802545616 PO BOX 1406 WOODWARD OK 73802 ALAN CASE II President 2022-09-14 true ALAN CASE II 999009999 Jana Walker CPA P01711004 5803346361 X 2 AAL1 IAL1 FAL1 2021 2023-04-26 12:10:37Z ALAN CASE II 500063 false X http://www.wifok.com/ X 1986 OK ECONOMIC DEVELOPMENT OF WOODWARD, OK AND NORTHWESTERN OKLAHOMA. 10 10 2 0 70700 70100 310800 302400 2793 1454 686013 69357 1070306 443311 0 0 235017 240697 0 0 319997 323460 555014 564157 515292 -120846 5088162 4851668 674274 558626 4413888 4293042 ECONOMIC DEVELOPMENT OF WOODWARD, OK AND NORTHWESTERN OKLAHOMA. false false 290171 ECONOMIC DEVELOPMENT ACTIVITIES. 290171 false false false false false false false false false true false false false true true true 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 true 5 0 true 2 true false false false false false false false false X 10 10 false false false false false false false true true false false true false false false true false false X LISA HUGHES 5802545616 1006 OKLAHOMA AVE WOODWARD OK 73801 X ALAN CASE PRESIDENT 40.00 0.00 156000 0 0 LAURA HAYES Director 0.00 0.00 X 0 0 0 BRIANNA DOMNICK Director 0.00 0.00 X 0 0 0 DAVID JONES Director 0.00 0.00 X 0 0 0 KEVIN MARTIN Director 0.00 0.00 X 0 0 0 IRA SMITH Vice-Chairman 0.00 0.00 X X 0 0 0 BILL FANNING Chairman 0.00 0.00 X X 0 0 0 DOUG HAINES Director 0.00 0.00 X X 0 0 0 TROY WHITE Director 0.00 0.00 X 0 0 0 LORNE CLARK Director 0.00 0.00 X 0 0 0 156000 1 false true false 0 70100 70100 CONTRACT PAYMENTS 900099 302400 302400 302400 1454 1454 0 0 0 0 61750 56752 4998 0 0 INSURANCE PROCEEDS 900099 63164 63164 MISCELLANEOUS INCOME 900099 1195 1195 64359 443311 368213 0 0 0 0 156000 156000 0 48817 48817 0 19600 19600 16280 16280 0 0 6000 6000 0 0 0 0 143 143 0 0 0 10450 1800 8650 1490 1490 0 0 36887 36887 0 145974 144869 1105 16790 13228 3562 DIRECT ECONOMIC ASSISTANCE 54000 54000 RECRUITMENT 27790 27790 REPAIRS & MAINTENANCE 9959 9634 325 BAD DEBT 6600 6600 7377 330 7047 564157 290171 273986 0 524829 432447 234213 235175 0 5599 4500 0 0 0 0 13432 15393 5466758 1302921 4309811 4163837 0 0 0 0 278 316 5088162 4851668 9657 987 6450 1200 658167 554617 1822 674274 558626 X 4413888 4293042 4413888 4293042 5088162 4851668 -120846 X false true X false false 4865002 1242238 3622764 580973 47142 533831 20783 13541 7242 4163837 NWOSU BUSINESS SCHOLARS 1822 1822 X 443311 443311 443311 564157 564157 564157 Part X : FIN48 Footnote The Foundation is a not-for-profit corporation that is exempt from income taxes under Section 501c6 of the Internal Revenue Code. As such, no provision has been made for Federal or state income taxes. The Foundation is required to file an information return, IRS Form 990. In June 2006, the Financial Accounting Standards Board FASB released FASB Interpretation 48 FIN 48 Accounting for Uncertainty in Income Taxes Currently FASB Accounting Standards Codification ASC 740, Income Taxes, which requires extensive disclosures about uncertain income tax positions. This standard seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to income taxes. The Foundation evaluates any uncertain tax positions using the provision of ASC 450, Contingencies. Accordingly, a loss contingency is recognized when it is probable that a liability has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. The Foundation does not believe that it engaged in any activity that would result in an uncertain tax position. As a result, management does not believe that any uncertain tax positions currently exist, and no loss contingency has been recognized in the accompanying financial statements. The Foundation?s policy is to record any income tax related penalties and interest incurred as operating expense. There were no income tax related penalties or interest included in the accompanying financial statements. Federal and state income tax statutes dictate that tax returns filed in any of the three previous reporting periods remain open to examination. Currently, the Foundation has no open examination with either the Internal Revenue Service or state taxing authorities. false GOLF TOURNAMENT 41100 41100 39243 TURKEY HUNT 18450 18450 17509 59550 59550 56752 56752 2798 X false X false false false ALAN CASE PRESIDENT 156000 156000 Part I, Line 1a: Relevant information in regards to selections on 1a. THERE IS NOT A WRITTEN POLICY, BUT ALL COMPANION TRAVEL IS FOR THE BENEFIT OF THE NONPROFIT PURPOSE AND IS APPROVED BY THE EXECUTIVE COMMITTEE Part I, Line 1b: Reason for not following policy regarding payment provisions for expenses Form 990, Part VI, Line 11b: Form 990 Review Process THE GOVERNING BOARD'S EXECUTIVE COMMITTEE WILL REVIEW THE FORM 990, AND APPROVE PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management THE BUDGET COMMITTEE APPROVES ANY SALARY INCREASES WHEN CREATING THE BUDGET AND THEN THE BUDGET IS PRESENTED TO THE ENTIRE BOARD FOR APPROVAL Form 990, Part VI, Line 19: Other Organization Documents Publicly Available TAX RETURN AND AUDITED FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.