The Woodlands Area Economic Development Partnership
- Assets
- $1.3m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 4
- Location
- The Woodlands, TX
- Founding
- 05/2016
- Data as of
- 08/2023
- EIN
- 47-4960672
Organization Overview
The Woodlands Area Economic Development Partnership is located in The Woodlands, TX. The organization was established in 2016. 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. As of 08/2023, Woodlands Area Economic Development Partnership employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodlands Area Economic Development Partnership 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 08/2023, Woodlands Area Economic Development Partnership generated $1.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $1.0m during the year ending 08/2023. While expenses have increased by 12.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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 MISSION OF THE WOODLANDS AREA ECONOMIC DEVELOPMENT PARTNERSHIP (EDP) IS TO PROMOTE THE ECONOMIC DEVELOPMENT OF THE WOODLANDS AREA THROUGH THE RETENTION AND GROWTH OF EXISTING BUSINESSES, AND THE RECRUITMENT OF NEW BUSINESSES THAT CAN BRING OPPORTUNITIES TO THE AREA. THE EDP'S PROGRAM OF WORK IS DIVIDED INTO THREE AREAS OF EMPHASIS: BUSINESS RECRUITMENT, BUSINESS RETENTION AND EXPANSION, AND GOVERNMENTAL RELATIONS. THE EDP COORDINATES RESOURCES AND FACILITATES ACCESS TO INCENTIVES TO RELOCATING AND EXPANDING BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS RECRUITMENT: THE BUSINESS RECRUITMENT PROGRAM FOCUSES ITS RECRUITMENT RESOURCES ON TARGET INDUSTRIES THAT CAN BENEFIT FROM OUR AREA'S ASSETS AND MATCH THE ECONOMIC DEVELOPMENT VISION OF OUR COMMUNITY. RECRUITMENT IS ACCOMPLISHED THROUGH KEY RELATIONSHIPS WITH LEAD GENERATORS, SUCH AS SITE CONSULTANTS, THE OFFICE OF THE GOVERNOR, COMMERCIAL REAL ESTATE BROKERS, AND DEVELOPERS. IN ADDITION, EDP ACTIVELY PARTICIPATES IN TRADE MISSIONS GLOBALLY. THIS HELPS BRING JOB GROWTH AND ECONOMIC VITALITY TO THE WOODLANDS AREA.
MEMBER PROGRAMS: EDP HOSTS SIGNATURE EVENTS TO ALLOW FOR MEMBERS TO BUILD RELATIONSHIPS WITH EXECUTIVE LEVEL BUSINESS LEADERS AND TO KEEP MEMBERS INFORMED ON IMPORTANT ISSUES FACING BUSINESSES TODAY. THESE INCLUDE EVENTS HELD MONTHLY, QUARTERLY, AND ANNUALLY.
BUSINESS RETENTION & EXPANSION: BUSINESS RETENTION & EXPANSION (BR&E) IS AN ECONOMIC DEVELOPMENT STRATEGY OF PROACTIVELY CONNECTING WITH EXISTING BUSINESSES TO UNDERSTAND AND RESPOND TO LOCAL BUSINESS NEEDS. BR&E IS A MAJOR FOCUS OF THE ORGANIZATION AS MOST JOB GROWTH IN A COMMUNITY COMES FROM EXISTING BUSINESSES. THE ORGANIZATION CONDUCTS MONTHLY BUSINESS RETENTION VISITS WITH LOCAL EMPLOYERS TO KEEP ITS PULSE ON THE BUSINESS COMMUNITY AND ITS ACTIVITIES OF GROWTH OR RETRACTION OF ITS WORKFORCE.
OUTREACH: THE OUTREACH DEPARTMENT IS A RESOURCE TO THE BUSINESS COMMUNITY AND PROVIDES INSIGHT, MAKES INTRODUCTIONS AND ASSIST COMPANIES WITH THEIR BUSINESS DEVELOPMENT INITIATIVES. OUTREACH ENGAGEMENTS INCLUDE SUPPORTING LOCAL COMPANIES THAT REFLECT OUR COMMUNITY'S UNMATCHED QUALITY OF LIFE THAT ATTRACTS CORPORATE RELOCATIONS AND EXPANSIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Strong Board Member | Trustee | 1.5 | $0 |
Bart Griffith Board Member | Trustee | 1.5 | $0 |
Dawn Candy Board Member | Trustee | 1.5 | $0 |
Bret Strong Board Member | Trustee | 1.5 | $0 |
Bryan Valencia Board Member | Trustee | 1.5 | $0 |
Christin Allphin Chairman | OfficerTrustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $767,565 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $2,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $767,565 |
| Total Program Service Revenue | $270,090 |
| Investment income | $4,768 |
| 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 | $1,042,423 |
| 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. | $347,308 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,684 |
| Pension plan accruals and contributions | $21,257 |
| Other employee benefits | $57,468 |
| Payroll taxes | $32,997 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,685 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,083 |
| Office expenses | $25,426 |
| Information technology | $12,180 |
| Royalties | $0 |
| Occupancy | $105,926 |
| Travel | $9,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,680 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,394 |
| Insurance | $7,619 |
| All other expenses | $13,934 |
| Total functional expenses | $1,005,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $808,823 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,800 |
| 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 | $8,375 |
| Net Land, buildings, and equipment | $23,621 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $398,045 |
| Total assets | $1,268,664 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $26,363 |
| 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 | $417,352 |
| Total liabilities | $443,715 |
| Net assets without donor restrictions | $590,037 |
| Net assets with donor restrictions | $234,912 |
| 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 | $1,268,664 |