LAFAYETTE, Ind. — LSB Financial Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank, FSB, today reported quarterly earnings of $477,000 or $0.31 diluted earnings per share compared to $457,000 or $0.29 diluted earnings per share a year earlier. Year-to-date earnings were $681,000 or $0.44 diluted earnings per share compared to $989,000 or $0.64 per share for the comparable period in 2010. We believe the fundamentals of the bank are strong. The largest positive impact on our income comes from low market interest rates which translated into a $579, 000 increase in our net interest margin year-to-date and a $163,000 increase for the quarter, primarily because of lower interest rates on deposits and borrowings. The largest negative impact continues to come from the provision for loan losses which was $952,000 over last year for the first six months and $210,000 higher for the quarter.
Randolph F. Williams, president and CEO stated, “Despite additional credit related expenses, including the increased loan loss provision, OREO write downs and appraisal driven value adjustments on non-performing loans, this quarter represents our sixth straight profitable quarter. Additionally, we increased capital, improved our net interest margin, and further built up our loan loss reserves.”
Williams noted, “The bank continues to benefit from lower interest rates in the economy which have resulted in an increase in our net interest margin from 3.54% for the six months ended June 30, 2010 to 3.96% for the same period in 2011. Additionally, we have kept expenses virtually unchanged for the first six months of 2011, increasing only $27,000 over the first six months of 2010. Expenses for the second quarter were $149,000 lower than the first quarter of 2010. We have done this through targeted expense control rather than the reductions in staff that we so frequently see in the mega banks. Our people are critical to attracting and maintaining customer relationships that are at the heart of the traditional community bank model.”
Williams continued, “An area that continues to plague nearly all banks to some extent is problem loans. At June 30, 2011, our non-performing assets (loans and OREO properties) totaled $21.3 million or 5.92% of total assets, up from the $19.3 million or 5.18% at the end of 2010. We are encouraged by our success in selling bank properties during the quarter. We have reduced our level of OREO to $130,000 compared $1.2 million at the start of this year. While we continually work to reduce problem loan balances, as a community bank we believe that there is little to be gained from routinely putting borrowers on a track to foreclosure at the first sign of delinquency. Of the $21.2 million of problem loans we held on our books at June 30, 2011, nearly 50% of these borrowers continued to make payments and $3.6 million of those are actually paid current. In the meantime we will continue to work with our borrowers to bring about the best possible outcome. To recognize potential losses in our loan portfolio, we have added $1.9 million to our reserve for loan losses in the first six months of 2011, compared to $899,000 for the first six months of 2010. The contribution to this reserve for the quarter was $675,000 compared to $465,000 last year in the second quarter. This brings our reserve to $7.0 million or 2.20% of total loans compared to $5.3 million and 1.65% at December 31, 2010. This equates to 33.2% of our non-performing loans, up from 29.0% last year at the same time. We believe this amount will be adequate to cover losses based on our q! uarterly evaluation and loan mix.”
The bank continues to maintain a strong capital base with a Tier I capital ratio of 10.09% at June 30, 2011 compared to 9.57% at December 31, 2010. Mr. Williams stated, “There is considerable uncertainty about where the economy is headed, both nationally and to a lesser extent here in Greater Lafayette. We believe that the combination of our continued profitability, a $7.0 million loan loss reserve and over 10.00% capital should be adequate to allow us to work through the issues presented by this struggling economy.”
“The Company will refrain from paying a quarterly cash dividend again this quarter,” Williams stated. “Because the new banking regulations are expected to address and likely revise capital levels for banks, we believe it is prudent to use our earnings to build our capital levels to make sure the bank continues on a firm capital foundation.”
The closing market price of LSB stock on August 3, 2011 was $15.40 per share as reported by the Nasdaq Global Market.
|LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
|Selected balance sheet data:||Six months ended
June 30, 2011
December 31, 2010
|Cash and due from banks||$10,061||$10,593|
|Interest bearing deposits||3,283||2,980|
|Loans held for sale||1,342||2,265|
|Net portfolio loans||311,644||320,810|
|Allowance for loan losses||7,028||5,343|
|Premises and equipment, net||6,192||6,116|
|Federal Home Loan Bank stock, at cost||3,185||3,583|
|Bank owned life insurance||6,348||6,264|
|Advances from Federal Home Loan Bank||18,000||22,500|
|Book value per share||$23.37||$22.90|
|Equity / assets||10.09%||9.57%|
|Total shares outstanding||1,554,275||1,553,525|
|Asset quality data:|
|Loans past due 90 days still on accrual||790||676|
|Other real estate / assets owned||130||1,214|
|Total non-performing assets||21,286||19,260|
|Non-performing assets / total assets||5.92%||5.18%|
|Allowance for loan losses / non-performing loans||33.22%||29.61%|
|Allowance for loan losses / non-performing assets||33.02%||27.74%|
|Allowance for loan losses / total loans||2.20%||1.65%|
|Loans charged off (quarter-to-date and year-to-date, respectively)||$204||$1,382|
|Recoveries on loans previously charged off||38||229|
|Three months ended June 30,||Six months ended June 30,|
|Selected operating data:||2011||2010||2011||2010|
|Total interest income||$4,358||$4,721||$8,834||$9,393|
|Total interest expense||1,046||1,572||2,157||3,295|
|Net interest income||3,312||3,149||6,677||6,098|
|Provision for loan losses||675||465||1,851||899|
|Net interest income after provision||2,637||2,684||4,826||5,199|
|Deposit account service charges||319||397||611||764|
|Gain on sale of mortgage loans||226||92||390||177|
|Gain(loss) on sale of available-for-sale securities||2||0||2||0|
|Gain(loss) on sale OREO||(311)||(228)||(336)||(261)|
|Other non-interest income||278||283||538||558|
|Total non-interest income||514||544||1,205||1,238|
|Salaries and benefits||1,372||1,349||2,782||2,641|
|Occupancy and equipment, net||268||326||596||665|
|FDIC Insurance Premium||134||164||318||323|
|Total non-interest expense||2,410||2,559||5,000||4,973|
|Income before income taxes||741||669||1,031||1,464|
|Income tax expense||264||212||350||475|
|Weighted average number of diluted shares||1,556,146||1,553,538||1,556,525||1,553,525|
|Diluted earnings per share||$0.31||$0.29||$0.44||$0.64|
|Return on average equity||5.27%||5.31%||3.78%||5.77%|
|Return on average assets||0.53%||0.48%||0.35%||0.53%|
|Average earning assets||$333,808||$347,658||$336,854||$344,570|
|Net interest margin||3.97%||3.62%||3.96%||3.54%|
LAFAYETTE, Ind. -– There are still opportunities for discretionary and field of interest grant funding from The Community Foundation of Greater Lafayette this year, but the deadline to apply for these grants is approaching.
For information about these and other grant opportunities, go to www.cfglaf.org.
The Community Foundation of Greater Lafayette, established in 1970, serves the Tippecanoe County area. Its mission is to inspire, nurture, and practice philanthropy, stewardship, and leadership in the communities served. More than 125 charitable funds totaling $30 million in assets make up The Community Foundation. During its history over $13 million has been granted to not-for-profit organizations in Greater Lafayette. In 2010, 69 nonprofit organizations received grants, and 48 individuals received scholarships totaling $636,221 in 2010. Many grants were for those one-time capital expenses that nonprofits struggle to fund and desperately need. An Annual Report is available electronically.
For additional information, visit www.cfglaf.org or call (765) 742-9078.
LAFAYETTE, Ind. — The Taste of Tippecanoe is now accepting press kits and promotional material from musicians who would like to perform at the 31st Annual Taste of Tippecanoe. Press kits will be accepted until September 12, 2011.
The Taste of Tippecanoe is an annual fundraising event for the Tippecanoe Arts Federation. The Tippecanoe Arts Federation is the umbrella organization and arts council for 14 counties in North Central Indiana. The TASTE highlights various genres of music to an audience of nearly 40,000.
Performers in all genres of music will be considered and local and regional musicians are strongly encouraged to apply. TASTE 2012 will be held on Saturday, June 16, 2012.
If you have an interest in performing at the 2012 Taste, please submit a press kit (recording, photo if possible, a short biography, references, and contact information including e-mail) to:
Electronic press kits will be considered but you must submit a written request to perform. Electronic press kits should be e-mailed to email@example.com.
LAFAYETTE, Ind. — Few seats remain for the first Lafayette Digital Media Conference to be held on Tuesday, August 2 at University Plaza in West Lafayette.
The panel for the LDMC reads like a who’s-who in local technology. Nine professionals from diverse industries will join community members for an afternoon of networking and conversations on digital media trends.
The conference is scheduled to run from 1:00p – 6:00p on Tuesday, August 2nd in Suite 1/Grand Ballroom of the University Plaza Hotel at 3001 Northwestern Ave. Tickets for this event are free of charge, but seating is limited and less than 40 tickets remain. Seats can be reserved online at http://lafayettech.com/LDMC11
The focus of the Digital Media Conference is on the growth and subsequent localization of social media and how this impacts small and medium-sized businesses. Discussions will cover web-based tools like Facebook, Twitter, LinkedIn, Yelp, Foursquare, etc. as well as digital devices and smartphones that can be used to leverage communications, education and facilitate business.
Conference participants will learn from experts about how this technology can enhance their bottom-line, and panelists will share how they have successfully integrated social media into their marketing and customer engagement.
“I chose to participate in this event because I think it is important to share knowledge to help others do better and be better,” said Scott Wise. His own business has benefited because of the support and knowledge of others, he said. And, through this conference, he hopes to continue the “pay-it-forward” trend.
Patrick Nycz said his clients frequently ask questions about social media. At the conference, he hopes to share the questions a company or brand should be asking as they consider moving toward a social media engagement.
Event sponsors also represent many sectors in Greater Lafayette:
INDIANAPOLIS, Ind. — Eli Lilly and Company (NYSE: LLY) will announce its financial results for the second quarter of 2011 on Thursday, July 21, 2011. Lilly will also conduct a conference call on that day with the investment community and media to further detail the company’s financial performance.
The conference call will be held from 9:00 a.m. to 10:00 a.m. EDT. Investors, media and the general public can access a live webcast of the conference call through a link that will be posted on Lilly’s website at www.lilly.com. The webcast of the conference call will be available for replay through August 19, 2011.
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world’s most urgent medical needs. Additional information about Lilly is available at www.lilly.com. F-LLY
LAFAYETTE, Ind. — The Tippecanoe Arts Federation, in partnership with the Athens of Indiana Arts Studios & Gallery, is hosting “Social Media Marketing Tools for Artists”, July 20 at 6:00pm. Part of the Regions Bank Technical Assistance Workshops: this workshop will be presented by Dr. Mihaela Vorvoreanu, a social media researcher and assistant professor at Purdue University.
Dr. Vorvoreanu will provide a framework for creating a social media marketing strategy and illustrate it with examples of best practices. She will introduce artists in all areas of the arts to some of the most popular social media and instructs them on their potential for building relationships with important audiences. ” ‘Professor V’ is a fun, gifted, and approachable speaker with genuine passion for the social media culture,” states Paige Sharp, Tippecanoe Arts Federation’s Arts Education & Regional Services Director.
The workshop is free to Tippecanoe Arts Federation Individual Artists and Athens of Indiana Arts Studios & Gallery members and $10 for non-members. The workshop will be held at the Crawfordsville Public Library, 205 Washington St, Room C, Crawfordsville.
Registration is required by July 14th.
For more information or to register, contact Paige Sharp at firstname.lastname@example.org or 765-423-2787.
WASHINGTON, DC — The Internal Revenue Service has announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes the vast majority of these organizations are defunct, but it also announced special steps to help any existing organizations to apply for reinstatement of their tax-exempt status.
Congress passed the Pension Protection Act (PPA) in 2006, requiring most tax-exempt organizations to file an annual information return or notice with the IRS. For small organizations, the law imposed a filing requirement for the first time in 2007. In addition, the law automatically revokes the tax-exempt status of any organization that does not file required returns or notices for three consecutive years.
Some of the organizations that have lost their tax-exempt status in Greater Lafayette include:
|Taxpayer Name||Address||City||Zip Code||Sub Section Code||Date of Revocation|
|ALPHA KAPPA PSI INDIANA INC, PI OMEGA CHAPTER||128 MEMORIAL HALL 605 STEWART CNTR||WEST LAFAYETTE||47906-0000||07||10/15/2010|
|ABC INC||1934 W CRESCENT DR||CRAWFORDSVLLE||47933-8938||03||05/15/2010|
|ABIDING PLACE MINISTRIES INC||5304 S 900 E||LAFAYETTE||47905-9397||03||05/15/2010|
|ALPHA EPSILON DELTA, 52 INDIANA BETA PURDUE UNIV DEPT OF||915 W STATE ST||W LAFAYETTE||47907-2054||03||05/15/2010|
|AMERICAN BLACK WALNUT ASSOCIATION||1037 N 500 W||W LAFAYETTE||47906-9416||05||05/15/2010|
|AMERICAN BUSINESS WOMENS||900 ROSEMONT ST||LAFAYETTE||47909-2446||06||08/15/2010|
|AMERICAN CHEMICAL SOCIETY, CHEMICAL ED DIV||2225 S EARL AVE||LAFAYETTE||47905-2266||03||05/15/2010|
|AMERICAN GUILD OF ORGANISTS, 558 CRAWFORDSVILLE CHAPTER||RR 1 BOX 109||CRAWFORDSVLLE||47933-9604||03||05/15/2010|
|AMERICAN LEGION POST 0427 ROBERT||RR 2||CRAWFORDSVLLE||47933-9802||19||05/15/2010|
|ASSOCIATES TRUTH TEAM INC, BRENT WINTER||130 DETCHON CT||LAFAYETTE||47909-8145||00||05/15/2010|
|ASSOCIATION FOR RETARDED CITIZENS||818 LAZY LN||LAFAYETTE||47904-2722||03||05/15/2010|
|ASSOCIATION FOR USE OF NATIVE||871 SHAWNEE AVE||LAFAYETTE||47905-1455||03||05/15/2010|
|ASSOCIATION OF N R O T C COLLEGES||2000 PERRINE ST||LAFAYETTE||47904-1551||06||05/15/2010|
|ATHENIAN BOOSTER CLUB INC||PO BOX 415||CRAWFORDSVLLE||47933-0415||03||05/15/2010|
|ATO SCHOLARSHIP FUND CORPORATION||PO BOX 1497||LAFAYETTE||47902-1497||03||05/15/2010|
|BANKS OF THE WABASH INC||PO BOX 1253||LAFAYETTE||47902-1253||03||05/15/2010|
|BEN-HUR PRESERVATION INC||904 E JEFFERSON ST||CRAWFORDSVLLE||47933-2984||03||05/15/2010|
|BETHANY FARM INC||9211 E 800 N||LAFAYETTE||47905-9745||03||05/15/2010|
|BOONE-CLINTON ASSOCIATION OF LIFE||5501 IMPERIAL BLVD||CRAWFORDSVILLE||47933-9308||06||05/15/2010|
|CATHOLIC DAUGHTERS OF AMERICA 568||2371 MONDAVI BLVD||LAFAYETTE||47909-8439||08||10/15/2010|
|CENTRAL INDIANA HAMPSHIRE BREEDERS||400 BEN HUR DR||CRAWFORDSVLLE||47933-3306||05||05/15/2010|
|CFRC FOUNDATION INC||PO BOX 1186||LAFAYETTE||47902-1186||03||05/15/2010|
|CHIP PHI FRATERNITY INC, KAPPA ZETA CHAPTER||1051 DAVID ROSS RD||W LAFAYETTE||47906-2507||07||05/15/2010|
|CHRISTIAN SCIENCE ORG AT PURDUE||4701 N 140 W||W LAFAYETTE||47906-9748||03||05/15/2010|
|CHRISTIAN SERVICES INC||7505 N 75 E||W LAFAYETTE||47906-9658||03||05/15/2010|
|CITIZENS COMMITTEE ON ALCOHOLISM||2900 N RIVER RD||W LAFAYETTE||47906-3744||03||05/15/2010|
|CRAWFORDSVILLE JAYCEES INC||PO BOX 61||CRAWFORDSVLLE||47933-0061||04||10/15/2010|
|DARLINGTON COON HUNTERS CLUB INC||906 WAYNETOWN RD||CRAWFORDSVLLE||47933-8302||07||05/15/2010|
|DAY OF GRACE MINISTRIES INC||11118 E 675 N||W LAFAYETTE||47906-8004||03||05/15/2010|
|DELTA CHI FRATERNITY, PURDUE CHAPTER||501 RUSSELL ST||WEST LAFAYETTE||47906-2823||07||10/15/2010|
|DELTA THETA SIGMA FRATERNITY||321 VINE ST||W LAFAYETTE||47906-2930||07||05/15/2010|
|DIANA SKEET CLUB INC||67 LAFAYETTE BANK & TRUST BLDG||LAFAYETTE||47901-0000||07||05/15/2010|
|DIRECTION SERVICES OF TIPPECANOE, COUNTY INCFIRS||PO BOX 4234||LAFAYETTE||47903-4234||03||05/15/2010|
|DISPLACED WORKERS ASSISTANCE AGENCY||PO BOX 5867||LAFAYETTE||47903-5867||03||05/15/2010|
|EDUCATION FOR INDEPENDENCE INC||320 BECK LN||LAFAYETTE||47909-2843||03||05/15/2010|
|EDUCATIONAL RESOURCE BROKER INC||3610 WOODCLIFF DR||LAFAYETTE||47905-8835||03||05/15/2010|
|ELSTON MEMORIAL FOUNDATION||400 E WABASH AVE||CRAWFORDSVLLE||47933-2529||03||05/15/2010|
|EMBROIDERERS GUILD OF AMERICA INC, WABASH VALLEY CHAPTER||1700 LINDBERG RD APT 226||W LAFAYETTE||47906-7325||03||05/15/2010|
|EMPLOYEES RECREATION ASSOCIATION||3701 STATE ROAD 26 E||LAFAYETTE||47905-4808||04||05/15/2010|
|FAIRFIELD ATHLETIC ASSOCIATION INC||US HWY 525||LAFAYETTE||47905-0000||04||05/15/2010|
|FAIRWAY CO-OP||359 VINE ST||W LAFAYETTE||47906-2957||07||05/15/2010|
|FLYING SOLO INC||4963 GRAYMARE LN||LAFAYETTE||47905-8260||03||05/15/2010|
|FRATERNAL ORDER OF POLICE, 136 PURDUE LODGE||205 S JISCHKE DR||W LAFAYETTE||47907-0000||08||05/15/2010|
|GABRIEL RAPHAEL MESSENGER INC||3327 HUMBOLDT ST||W LAFAYETTE||47906-7204||03||05/15/2010|
|GEORGE D SCARSETH SCHOLARSHIP FUND||112 W STADIUM AVE||W LAFAYETTE||47906-2751||03||05/15/2010|
|GEORGE WINTER COLLECTION||PO BOX 4981||LAFAYETTE||47903-4981||03||05/15/2010|
|GLACO INC||213 S 18TH ST||LAFAYETTE||47905-1131||03||05/15/2010|
|GLOBAL RELATIONSHIP SCHOLARSHIP||133 HIDEAWAY LN||W LAFAYETTE||47906-1201||03||05/15/2010|
|GOLD EXPRESS INC||2508 RAINBOW DR||LAFAYETTE||47904-2700||03||05/15/2010|
|GREATER LAFAYETTE CHAMBER OF||PO BOX 348||LAFAYETTE||47902-0348||03||05/15/2010|
|GREATER LAFAYETTE MEMORIAL SOCIETY||PO BOX 2155||W LAFAYETTE||47996-2155||04||05/15/2010|
|GREATER TIPPECANOE COUNTY JUNIOR||50 E 300 S||LAFAYETTE||47909-3544||03||05/15/2010|
|HARBOR HOPE & SUPPORT FOR GRIEVING||622 SOUTH ST APT 1||LAFAYETTE||47901-1478||03||05/15/2010|
|HEALTH INCORPORATED||PO BOX 234||LAFAYETTE||47902-0234||03||05/15/2010|
|HERITAGE DESIGN CONSORTIUM INC||308 MAIN ST SUITE 200||LAFAYETTE||47901-1352||03||05/15/2010|
|HIS MINISTRIES||2464 SYCAMORE LN APT 4||W LAFAYETTE||47906-1920||03||05/15/2010|
|HOOSIER PRAIRIE HERB SOCIETY||2119 OLD OAK DR||W LAFAYETTE||47906-9701||05||05/15/2010|
|HOPE FOR THE UNBORN INC||PO BOX 5005||LAFAYETTE||47903-5005||03||05/15/2010|
|HUTCHISON INSTITUTE FOR PREVENTION||8 N 3RD ST STE 201||LAFAYETTE||47901-1221||03||05/15/2010|
|IALS SCHOLARSHIP FUND||3109 DARBY LN||LAFAYETTE||47904-1607||03||09/15/2010|
|INDIANA ALL MORGAN HORSE SHOW INC||3320 E 200 N||LAFAYETTE||47905-7609||03||05/15/2010|
|INDIANA ARBORIST ASSOCIATION||2700 CAMBRIDGE ST||W LAFAYETTE||47906-1312||05||07/15/2010|
|INDIANA ASSOCIATION OF SOFT WATER||701 ERIE ST||LAFAYETTE||47904-2153||06||10/15/2010|
|INDIANA BLACK EXPO – GREATER||19 KINGFISHER CIR||LAFAYETTE||47909-8074||03||05/15/2010|
|INDIANA BRANCH OF THE AMERICAN||PURDUE UNIVERSITY||W LAFAYETTE||47907-1968||06||05/15/2010|
|INDIANA FEDERATION OF BUSINESS &||20 CENTER DR||CRAWFORDSVLLE||47933-3728||06||05/15/2010|
|INDIANBROOK HOMEOWNERS ASSOCIATION||3520 INDIANBROOK DR||LAFAYETTE||47909-3408||12||05/15/2010|
|INTERNATIONAL ASSOCIATION OF LIONS CLUBS||2230 LADOGA RD||CRAWFORDSVLLE||47933-3751||04||05/15/2010|
|IRON WORKERS LOCAL 379 BUILDING||701 ERIE ST||LAFAYETTE||47904-2153||02||05/15/2010|
|JEFFERSON ATHLETIC BOOSTER CLUB INC, JEFFREY J MCMINDES||1801 S 18TH ST||LAFAYETTE||47905-2011||03||05/15/2010|
|JENKS REST SENIOR CITIZENS||17 LORI LEE EST||LAFAYETTE||47905-4725||04||05/15/2010|
|KATHRYN ROSE WILSON WHITTINGTON||909 COTTAGE AVE||CRAWFORDVILLE||47933-1505||03||05/15/2010|
|KEY CLUB INTERNATIONAL, H84760 CRAWFORDSVILLE HIGH SCHOOL||1 W ATHENIAN DR||CRAWFORDSVLLE||47933-8253||04||05/15/2010|
|KIRSCHMAN MINISTRIES INC||3615 STARKS DR||LAFAYETTE||47909-7334||03||05/15/2010|
|LA FAYETTE JUNIOR WOMANS CLUB||3765 TULAROSA DR||LAFAYETTE||47905-4048||04||10/15/2010|
|LADOGA CEMETERY ASSO INC||PO BOX 873||CRAWFORDSVLLE||47933-0873||13||05/15/2010|
|LAFAYETTE AREA AQUATICS||3868 KENSINGTON DR||LAFAYETTE||47905-4163||03||05/15/2010|
|LAFAYETTE BRICKLAYERS||658 MAIN ST STE 212||LAFAYETTE||47901-1418||09||05/15/2010|
|LAFAYETTE CHAPTER INTERSTATE||1909 N 17TH ST||LAFAYETTE||47904-1406||07||05/15/2010|
|LAFAYETTE CITIZENS FOR DECENCY INC||926 N 19TH ST||LAFAYETTE||47904-2206||03||05/15/2010|
|LAFAYETTE HAIRDRESSERS AND||3052 CHINOOK LN||LAFAYETTE||47909-3178||06||05/15/2010|
|LAFAYETTE IBM CLUB||1215 POTTER DR||W LAFAYETTE||47906-1333||04||05/15/2010|
|LAFAYETTE JAYCEE CHARITABLE FUND||PO BOX 4||LAFAYETTE||47902-0004||03||10/15/2010|
|LAFAYETTE JAYCEES INC||PO BOX 5152||LAFAYETTE||47903-5152||04||10/15/2010|
|LAFAYETTE RECYCLING INC||PO BOX 2296||W LAFAYETTE||47996-2296||03||05/15/2010|
|LAFAYETTE SHEET METAL CONTRACTORS||PO BOX 61||LAFAYETTE||47902-0061||05||05/15/2010|
|LAFAYETTE SOCCER CLUB INC||3751 SHENANDOAH DR||LAFAYETTE||47905-4044||04||05/15/2010|
|LAFAYETTE STROKE CLUB||249 E STATE ST||W LAFAYETTE||47906-3222||03||05/15/2010|
|LOEB STADIUM RENOVATION INC||PO BOX 5301||LAFAYETTE||47903-5301||03||05/15/2010|
|MARRIAGE BUILDERS OF WEST CENTRAL||PO BOX 1014||CRAWFORDSVLLE||47933-0693||03||05/15/2010|
|MASONIC TEMPLE ASSOCIATION||221 S WASHINGTON ST||CRAWFORDSVLLE||47933-2445||02||05/15/2010|
|MENTAL HEALTH ASSOCIATION IN, INDIANA INCT||915 COLUMBIA ST APT 1||LAFAYETTE||47901-1476||03||05/15/2010|
|MID-STATES SAFETY BENEFIT CLUB||510 S OAK ST||CRAWFORDSVLLE||47933-2973||04||05/15/2010|
|MIDWEST ALLIANCE||320 NORTH ST||W LAFAYETTE||47906-3529||04||05/15/2010|
|MILITARY ORDER OF THE COOTIE OF THE UNITED STA||ROYAL OAKS TRL PK 46||LAFAYETTE||47905-0000||04||05/15/2010|
|MILITARY ORDER OF THE COOTIE OF THE UNITED STATES2||14 ROYAL OAK ESTATES CT||LAFAYETTE||47909-9067||04||05/15/2010|
|MILLER ASSOCIATION OF PARENTS AND||700 S 4TH ST||LAFAYETTE||47905-1473||03||10/15/2010|
|MISSISSIPPI VALLEY CLASSIFIED||302 FERRY ST 3RD FLR||LAFAYETTE||47901-1185||06||05/15/2010|
|MONTGOMERY CO HOUSING DEVELOPMENT||103 N GREEN ST||CRAWFORDSVLLE||47933-1708||03||05/15/2010|
|MONTGOMERY COUNTY RIGHT TO LIFE||PO BOX 766||CRAWFORDSVLLE||47933-0766||04||05/15/2010|
|NATIONAL FEDERATED CRAFT, 94 LAFAYETTE||11 COUNTRY AIRE DR||LAFAYETTE||47905-8753||10||05/15/2010|
|NATIONAL SOCIETY OF PERSHING RIFLES||ARMORY PURDUE UNIVERSITY||WEST LAFAYETTE||47907-0000||07||10/15/2010|
|NEW FREEDOM MINISTRIES INC||5430 W 1100 SOUTH||LAFAYETTE||47909-9292||03||05/15/2010|
|NIKE PRESERVATION GROUP||475 MAPLE ST||W LAFAYETTE||47906-3066||03||05/15/2010|
|NO COMPUTER LEFT BEHIND INC||315 WAYNE AVE||CRAWFORDSVLLE||47933-1140||03||05/15/2010|
|NORTH WEST SOCCER CLUB INC||PO BOX 3891||W LAFAYETTE||47996-3891||03||05/15/2010|
|NORTHWEST TERRITORY WEA INDIAN||715 PARK AVE||LAFAYETTE||47904-3345||03||05/15/2010|
|ORCHARD HEIGHTS ASSOCIATION||3905 N ORCHARD CT||LAFAYETTE||47905-4481||04||05/15/2010|
|OTTERBEIN AFTER SCHOOL CHILD CARE||6603 PIN OAKS DR||W LAFAYETTE||47906-9226||03||05/15/2010|
|PASSION OF CHRIST MINISTRIES INC||2536 W 450 S||LAFAYETTE||47909-9255||03||05/15/2010|
|PHI GAMMA DELTA FRATERNITY, LAFAYETTE GRADUATE CHAPTER||2410 HAPPY HOLLOW RD E-10||W LAFAYETTE||47906-1724||07||05/15/2010|
|PROJECT A I D S LAFAYETTE INC||PO BOX 5375||LAFAYETTE||47903-5375||03||05/15/2010|
|PROMISE JAIL & PRISON MINISTRY||PO BOX 6736||LAFAYETTE||47903-6736||03||05/15/2010|
|PURCHAP HOUSE CORP C/O N CLAY||1051 DAVID ROSS RD||LAFAYETTE||47906-2507||02||10/15/2010|
|REBIRTH INC||302 BEN HUR BUILDING||CRAWFORDSVILLE||47933-0000||03||05/15/2010|
|RECONCILIATION INCORPORATED||1857 ALYDAR DR||W LAFAYETTE||47906-4680||03||06/15/2010|
|RITCHEY MANUFACTURING EDUCATION||3779 ASHLEY OAKS DR APT C||LAFAYETTE||47905-6021||03||05/15/2010|
|ROCK RIVER HOLDING COMPANY INC||PO BOX 21||CRAWFORDSVLLE||47933-0021||02||05/15/2010|
|ROUND THE FOUNTAIN ART FAIR INC||PO BOX 1134||LAFAYETTE||47902-1134||03||05/15/2010|
|SALON NATIONAL LA BOUTIQUE DES HUIT||RR 4||CRAWFORDSVLLE||47933-9804||04||09/15/2010|
|SARAH DUNCAN EDUCATIONAL COUNCIL||619 FERRY ST||LAFAYETTE||47901-1143||03||05/15/2010|
|SCHOOLHOUSE PARTNERS EDUCATION||1281 WIN HENTSCHEL BLVD||W LAFAYETTE||47906-4182||03||05/15/2010|
|SHEET METAL WORKERS MID-STATES||323 COLUMBIA ST||LAFAYETTE||47901-1315||09||05/15/2010|
|SIDEWALK MINISTRIES CORP||151 W 625 S||LAFAYETTE||47909-8959||03||05/15/2010|
|SIGMA DELTA TAU SOCIETY, ALPHA EPSILON CHAPTER||PURDUE UNIV STEWART CTR BOX 727||WEST LAFAYETTE||47907-0000||07||05/15/2010|
|SIGMA GAMMA EPSILON, ALPHA PHI||PURDUE UNIVERSITY||WEST LAFAYETTE||47907-0000||07||05/15/2010|
|SOMMER METALCRAFT CORPORATION||PO BOX 688||CRAWFORDSVLLE||47933-0688||09||09/15/2010|
|STAR CITY CORVETTES INC||PO BOX 8213||LAFAYETTE||47903-8213||07||05/15/2010|
|STEEL GRIP EMPLOYEES CREDIT UNION||1115 SAGAMORE PKWY S||LAFAYETTE||47905-4977||14||05/15/2010|
|THE INDIANA FLOWER GROWERS||PURDUE UNIVERSITY DEPT OF HORT||W LAFAYETTE||47907-0000||05||05/15/2010|
|THETA DELTA CHI INC||415 S WASHINGTON ST||CRAWFORDSVLLE||47933-2853||07||05/15/2010|
|TIPPECAKNEES||1105 HOLLY DR||LAFAYETTE||47909-3023||00||05/15/2010|
|TIPPECANOE COUNTY COOPERATIVE, EXTENSION BOARD||9919 E 1000 S||CLARKS HILL||47930-9245||03||05/15/2010|
|TIPPECANOE COUNTY HOTEL & MOTEL||201 FRONTAGE RD||LAFAYETTE||47905-4613||06||05/15/2010|
|TIPPECANOE COUNTY RIGHT TO LIFE||2207 CONCORD RD B||LAFAYETTE||47909-2705||04||05/15/2010|
|TWIN OAKS HOUSING CORPORATION||1510 SOUTHSIDE DR||CRAWFORDSVLLE||47933-3661||03||05/15/2010|
|UNDER CONSTRUCTION MINISTRIES||4413 JACKSON HWY||W LAFAYETTE||47906-9201||03||05/15/2010|
|VISITING NURSE HEALTH SERVICE INC||635 S EARL AVE STE 3||LAFAYETTE||47904-3210||03||05/15/2010|
|VOLUNTEERS IN PROBATION INC||PO BOX 326||LAFAYETTE||47902-0326||03||05/15/2010|
|WAINWRIGHT ATHLETIC BOOSTER CLUV||923 N WAGON WHEEL TRL||LAFAYETTE||47909-3646||03||10/15/2010|
|WALNUT COUNCIL FOUNDATION INC||1011 N 725 W||W LAFAYETTE||47906-9431||03||05/15/2010|
|WEA TOWNSHIP||4345 WEA RIDGE RD||LAFAYETTE||47909-9057||04||05/15/2010|
|WEST CENTRAL INDIANA ASSOCIATION OF||302 E MARKET||CRAWFORDSVILLE||47933-1839||06||10/15/2010|
|WEST LAFAYETTE SAGAMORE LIONS CLUB, CHARITABLE INTEREST||PO BOX 711||LAFAYETTE||47902-0711||03||05/15/2010|
|WESTCHESTER ESTATES RESIDENTS||548 WESTCHESTER LANE EAST DRIVE||LAFAYETTE||47905-2849||04||05/15/2010|
|WILDCAT CREEK FEDERATION INC||2943 HARDING RD||LAFAYETTE||47905-9431||04||10/15/2010|
|WISE LIVING MINISTRIES INC||5108 STABLE DR||LAFAYETTE||47905-7680||03||05/15/2010|
|WOODLAND INDIAN CULTURAL EDUCATION||2413 WALLACE AVE||LAFAYETTE||47904-3149||03||05/15/2010|
|YOUTH ESTEEM SANCTUARY INC||3551 EISENHOWER RD||LAFAYETTE||47905-4108||03||05/15/2010|
For several years, the IRS has made an extensive effort to inform organizations of the changes in the law through multiple outreach and education avenues, including mailing more than 1 million notices to organizations that had not filed. In addition, last year the IRS published a list of at-risk groups and gave smaller organizations an additional five months to file required notices and come into compliance. About 50,000 organizations filed during this extension period. Overall, the IRS believes the vast majority of small tax-exempt organizations are now in compliance with the 2006 law.
“During the past several years, the IRS has gone the extra mile to help make tax-exempt groups aware of their legal filing requirement and allow them additional time to file,” IRS Commissioner Doug Shulman said. “Still, we realize there may be some legitimate organizations, especially very small ones, that were unaware of their new filing requirement. We are taking additional steps for these groups to maintain their tax-exempt status without jeopardizing their operations or harming their donors.”
As part of this, the IRS issued guidance today on how organizations can apply for reinstatement of their tax-exempt status, including retroactive reinstatement. In addition, the IRS announced transition relief for certain small tax-exempt organizations – those with annual gross receipts of $50,000 or less for 2010 – that were made subject to the new “postcard” filing under the PPA. The relief allows eligible small organizations to regain their tax-exempt status retroactive to the date of revocation and pay a reduced application fee of $100 rather than the typical $400 or $850 fee. Full details are available in Notice 2011-43, Notice 2011-44 and Revenue Procedure 2011-36, issued today.
If an organization appears on the list of organizations whose tax-exempt status has been automatically revoked it is because IRS records indicate the organization had a filing requirement and did not file the required returns or notices for 2007, 2008 and 2009.
The list of organizations whose tax-exempt status has been revoked for failing to meet their filing requirement, which will be available on the IRS website at www.IRS.gov, includes each organization’s name, Employer Identification Number (EIN) and last known address. It is searchable by state. It also includes the effective date of the automatic revocation and the date it was posted to the list. The IRS will update the list monthly to include additional organizations that lose their tax-exempt status.
The vast majority of tax-exempt groups file their required returns and are unaffected by the revocation listing. In addition, the IRS believes the vast majority of the newly revoked groups are no longer in existence and need to be removed from the tax-exempt listing as the 2006 law requires.
This listing should have little, if any, impact on donors who previously made deductible contributions to auto-revoked organizations because donations made prior to the publication of an organization’s name on the list remain tax-deductible. Going forward, however, organizations that are on the auto-revocation list that do not receive reinstatement are no longer eligible to receive tax-deductible contributions, and any income they receive may be taxable.
Publication on the list of organizations whose tax-exempt status has been revoked serves as notice to donors and others that they may no longer rely on a prior listing in IRS Publication 78, Cumulative List of Organizations, as an indication of an organization’s tax-exempt status or its eligibility to receive tax-deductible contributions. An updated version of Publication 78 with current listings will be published on the IRS website later this week. Nor can donors rely on an IRS determination letter issued to the organization prior to the date of automatic revocation.
Existing organizations that seek to have their tax-exempt status reinstated must complete an application and pay a user fee regardless of whether they were originally required to file such an application. More information on the reinstatement process, including retroactive reinstatement, can be found on IRS.gov.
WASHINGTON, DC — The Internal Revenue Service has announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
“This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices,” said IRS Commissioner Doug Shulman. “We are taking this step so the reimbursement rate will be fair to taxpayers.”
While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2011-40 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Mileage Rate Changes
|Purpose||Rates 1/1 through 6/30/11||Rates 7/1 through 12/31/11|
WASHINGTON, DC — The Internal Revenue Service has announced that interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter. The rates will be:
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.
The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate during April 2011 to take effect May 1, 2011, based on daily compounding.
Revenue Ruling 2011-12, announcing the rates of interest, appeared in Internal Revenue Bulletin No. 2011-26, dated June 27, 2011.
WEST LAFAYETTE, Ind. — A Purdue agricultural economist expects Indiana farmland values to keep rising this year, continuing a trend that has seen them increase by 270 percent since 1985.
Farmland increased in value by 12 percent last year. In June 2010, the average price for an acre of land in Indiana was $4,419. With the strong prices in place since last fall, Craig Dobbins expects values to increase significantly.
“When you buy a capital asset, you are buying future income,” said Dobbins, who explained that the three main factors driving farmland values are income, interest rates and the growth rate of annual income.
Income has a positive relationship to farmland value. Farm income – what is left after subtracting all costs except land from the overall revenue – has increased greatly with strong commodity prices.
While commodity prices have increased with ethanol production, rising farm input costs need to be watched and have cut into farms’ total income, Dobbins said.
“In 2009, petroleum costs went way up and fertilizer costs hit $1,000 per ton, which was higher than we ever imagined,” he said. “This squeezed crop production margins. Farmland values didn’t increase as much and, in some cases, small declines occurred.”
Interest rates also drive farmland value because low interest rates make it easier to pay for a capital asset like land and make alternative investments less attractive.
“This is one area that a lot of people are talking about, as interest rates peaked in the 1980s and have been coming down ever since,” Dobbins said. “That’s helped increase farmland value, but zero is the bottom on interest rates, so it’s likely that they will at least flatten out.”
Dobbins said that with a growing world population and increased demand, many expect the growth rate of annual incomes to continue to be strong. Better crop genetics, tillage systems and weed control have led to increased yields and increased income.
Many other factors influence farmland prices, such as location and potential development. But, with the greatly decreased housing market of recent years, Dobbins said the movement of farmland into residential developments has slowed dramatically.
Far more people are interested in buying farmland than selling it, Dobbins said. Although it appears likely that farmland values will continue to increase, he advised farmers to be cautious with all purchase and sales decisions.
“Current farmland values are not excessive, but this is all based on the idea that expectations of strong farmland income, low interest rates and a continued growth in farmland income will be realized,” Dobbins said. “Sometimes expectations, even widely held expectations, are not realized. When this happens, there can be significant downward adjustments in farmland values. Farmers need to carefully budget through any decision to buy land.”
For additional information on farmland values, view the paper and video materials developed by the Purdue Center for Commercial Agriculture at http://www.agecon.purdue.edu/commercialag/progevents/landvalueswebinar.html