Greater Austin Economic Development Corporation
- Assets
- $5.2m
- Revenue
- $3.9m
- Investments
- $768.4k
- Employees
- 0
- Location
- Austin, TX
- Founding
- 04/2004
- Data as of
- 12/2021
- EIN
- 20-0192975
Organization Overview
Greater Austin Economic Development Corporation is located in Austin, TX. The organization was established in 2004. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Austin Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Greater Austin Economic Development Corporation generated $3.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $2.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPPORTUNITY AUSTIN IS A REGIONAL ECONOMIC DEVELOPMENT INITIATIVE AIMED AT FOSTERING JOB-CREATING INVESTMENT ACROSS THE AUSTIN REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPPORTUNITY AUSTIN INVESTS IN A PORTFOLIO OF INITIATIVES THAT SUPPORT JOB CREATION,EMPLOYABILITY, AND ECONOMIC OPPORTUNITIES FOR ALL. IT SERVES AS A CATALYST IN THEIDENTIFICATION, EVALUATION, AND PURSUIT OF OPPORTUNITIES THAT PROMOTE AND SUPPORT:(1) AN ECONOMY THAT IS INCLUSIVE AND INNOVATIVE,(2) A WORKFORCE THAT IS EDUCATED AND EMPLOYED, AND(3) COMMUNITIES THAT ARE AFFORDABLE AND ACCESSIBLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Farmer Chair | OfficerTrustee | 1 | $0 |
Casey Dobson Vice Chair | OfficerTrustee | 1 | $0 |
James Dyess Treasurer | OfficerTrustee | 1 | $0 |
Matthew Dow Gc/asst Sec | OfficerTrustee | 1 | $0 |
Laura Huffman Pres/sec | OfficerTrustee | 1 | $0 |
Kerry Hall Past Chair | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ray Marshall Center Consulting | 12/30/21 | $150,000 |
Austin Partners In Education Consulting | 12/30/21 | $200,000 |
Greater Austin Chamber Of Commerce Contract Services | 12/30/21 | $1,161,893 |
Onelogos Consulting | 12/30/21 | $140,100 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $528,807 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $528,807 |
| Total Program Service Revenue | $3,412,820 |
| Investment income | $3,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,944,758 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,842 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,782,127 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $97,936 |
| Royalties | $0 |
| Occupancy | $262,713 |
| Travel | $125,087 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,495 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,326 |
| All other expenses | $5,801 |
| Total functional expenses | $2,615,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,128,903 |
| Savings and temporary cash investments | $514,135 |
| Pledges and grants receivable | $870 |
| Accounts receivable, net | $744,296 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,929 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $768,383 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,172,516 |
| Accounts payable and accrued expenses | $310,943 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $310,943 |
| Net assets without donor restrictions | $4,789,273 |
| Net assets with donor restrictions | $72,300 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,172,516 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Greater Austin Economic Development Corporation has recieved totaling $546,257.
| Awarding Organization | Amount |
|---|---|
Quality Of Life Foundation Of Austin Inc Austin, TX PURPOSE: Education Initiatives | $526,257 |
The Real Estate Council Of Austin Austin, TX PURPOSE: OPERATIONAL SUPPORT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wi-Fi Alliance Austin, TX | $27,634,772 | $19,782,142 |
Greater Houston Partnership Inc Houston, TX | $22,962,720 | $19,728,312 |
Bbb Serving The Heart Of Texas Austin, TX | $13,203,011 | $18,551,696 |
Visit San Antonio San Antonio, TX | $11,429,570 | $19,048,365 |
Clean Gulf Associates Inc New Orleans, LA | $10,070,698 | $12,457,251 |
Meeting Professionals International Dallas, TX | $6,166,822 | $11,031,821 |
Dallas Regional Chamber Dallas, TX | $15,269,996 | $9,505,789 |
Brazos Pilots Association Freeport, TX | $5,263,034 | $10,473,577 |
American Agape Foundation Inc San Antonio, TX | $56,717,465 | $7,832,495 |
Salesmanship Club Of Dallas Dallas, TX | $14,081,869 | $8,485,267 |
United Brotherhood Of Carpenters And Joiners Of America Metairie, LA | $27,400,853 | $8,587,017 |
Texas Oil And Gas Association Inc Austin, TX | $10,912,231 | $6,947,737 |