Heart Of Texas Economic Development District Inc
- Assets
- $2.1m
- Revenue
- $231.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Waco, TX
- Founding
- 09/2004
- Data as of
- 09/2023
- EIN
- 27-0083125
Organization Overview
Heart Of Texas Economic Development District Inc is located in Waco, TX. The organization was established in 2004. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, 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. Heart Of Texas Economic Development District Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Heart Of Texas Economic Development District Inc generated $231.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $165.8k during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE EXEMPT PURPOSE OF THE HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT IS TO PROMOTE ECONOMIC GROWTH IN THE HEART OF TEXAS COUNCIL OF GOVERNMENTS REGION IN THE STATE OF TEXAS, TO INCREASE EMPLOYMENT OPPORTUNITIES FOR THE UNEMPLOYED AND UNDEREMPLOYED, TO ASSIST AND COORDINATE ECONOMIC DEVELOPMENT EFFORTS OF LOCAL GOVERNMENTS AND ORGANIZATIONS, TO DEVELOP A COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FOR THE REGION, TO CONDUCT OTHER ACTIVITIES SUPPORTING THE REGION'S ECONOMIC DEVELOPMENT GOALS AND OBJECTIVES, AND TO EXERCISE ALL OTHER RIGHTS AND POWERS GRANTED TO THE CORPORATION PURSUANT TO THE TEXAS NON-PROFIT CORPORATION ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF BUILDINGS - THE HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT (HOTEDD) PROVIDES BUILDINGS TO THE HEART OF TEXAS COUNCIL OF GOVERNMENTS (HOTCOG), WHICH IS A REGIONAL GOVERNMENTAL UNIT, AND TO HEART OF TEXAS WORKFORCE DEVELOPMENT, A TAX-EXEMPT ORGANIZATION LOCATED IN THE HOTCOG REGION. THIS ALLOWS THESE ORGANIZATIONS TO FURTHER THEIR EXEMPT PURPOSES OF PROMOTING ECONOMIC GROWTH IN THE HOTCOG REGION AND INCREASING EMPLOYMENT OPPORTUNITIES FOR THE UNEMPLOYED AND UNDEREMPLOYED, WHICH FOLLOW DIRECTLY IN LINE WITH HOTEDD'S EXEMPT PURPOSE.
PROVISION OF GRANTS - THE HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT SERVES AS A PASS-THROUGH ENTITY FOR EDA GRANT FUNDS.
PROVISION OF LOANS - THE REVOLVING LOAN PROGRAM IS A SOURCE OF FUNDING FOR BUSINESSES THAT ARE UNABLE TO OBTAIN CONVENTIONAL LOANS. LOAN PROGRAMS FOCUS ON SMALL AND EMERGING PRIVATE BUSINESS ENTERPRISES IN RURAL AREAS AND SMALL OR MICROENTERPRISE BUSINESS IN ELIGIBLE COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ignacio Vasquez Chair | OfficerTrustee | 0.5 | $0 |
Charles Eaton Vice Chair | OfficerTrustee | 0.5 | $0 |
Cindy Vanlandingham Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Jerry Baker Imm Past Chair | OfficerTrustee | 0.5 | $0 |
Russell Devorsky President | OfficerTrustee | 0.5 | $0 |
Jay Elliot Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $32,788 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,788 |
| Total Program Service Revenue | $18,480 |
| Investment income | $23,508 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $156,658 |
| 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 | $231,434 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $103,393 |
| 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 | $16,528 |
| Fees for services: Legal | $530 |
| Fees for services: Accounting | $9,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,964 |
| Office expenses | $247 |
| Information technology | $282 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $14,718 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,397 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,060 |
| All other expenses | $0 |
| Total functional expenses | $165,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $298,805 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $28,606 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,252,259 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $560,556 |
| Total assets | $2,140,226 |
| Accounts payable and accrued expenses | $0 |
| 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 | $716,932 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,166 |
| Total liabilities | $719,098 |
| Net assets without donor restrictions | $1,093,716 |
| Net assets with donor restrictions | $327,412 |
| 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 | $2,140,226 |
Grants Awarded
Over the last fiscal year, Heart Of Texas Economic Development District Inc has awarded $115,417 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HEART OF TEXAS COUNCIL OF GOVERNMENTS PURPOSE: EDA MATCHING FUNDS | $102,657 |
HEART OF TEXAS COUNCIL OF GOVERNMENTS PURPOSE: SMRF MATCHING FUNDS | $12,760 |