Tulsa Economic Development Corporation
- Assets
- $30.3m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 26
- Location
- Tulsa, OK
- Founding
- 04/1981
- Data as of
- 09/2023
- EIN
- 73-1084819
Organization Overview
Tulsa Economic Development Corporation is located in Tulsa, OK. The organization was established in 1981. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Tulsa Economic Development Corporation employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tulsa Economic Development Corporation 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, Tulsa Economic Development Corporation generated $5.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $5.0m during the year ending 09/2023. While expenses have increased by 16.5% 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.
Since 2020, Tulsa Economic Development Corporation has awarded 689 individual grants totaling $56,051,186. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TEDC WAS FOUNDED IN 1979 AS TULSA ECONOMIC DEVELOPMENT CORPORATION, AN ORGANIZATION CHARGED WITH PROMOTING AND SUSTAINING SMALL BUSINESS GROWTH IN TULSA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TEDC RECEIVES FUNDING FROM THE U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT'S CDBG PROGRAM AS A CITY OF TULSA SUB-RECIPIENT, WHICH INCLUDES REIMBURSEMENTS FOR PROJECT DELIVERY COSTS.
TEDC RECEIVES FUNDING FROM THE U.S. DEPARTMENT OF THE TREASURY VIA THE CDFI RAPID RESPONSE PROGRAM FOR PROVIDING GRANTS TO DELIVER IMMEDIATE ASSISTANCE IN COMMUNITIES IMPACTED BY THE COVID-19 PANDEMIC. THE FUNDING INCLUDES REIMBURSEMENTS FOR PROJECT DELIVERY COSTS.
TEDC'S ENTREPRENEURIAL DEVELOPMENT AND EDUCATION NETWORK (EDEN) OFFERS IMMERSIVE COURSES DESIGNED TO PROVIDE INFORMATION, TIPS, EXERCISES AND TOOLS TO HELP INDIVIDUALS DEVELOP BUSINESS IDEAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Shaw Director | Trustee | 0.5 | $0 |
Cindy Baker Treasurer | OfficerTrustee | 0.5 | $0 |
Gilbert Gerst Director | Trustee | 0.5 | $0 |
Cassia Carr Director | Trustee | 0.5 | $0 |
Matt King President | OfficerTrustee | 0.5 | $0 |
Marilyn Morris Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,158,502 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,880,847 |
| Noncash contributions included in lines 1a–1f | $2,220,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,039,349 |
| Total Program Service Revenue | $239,420 |
| Investment income | $600,350 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $124,235 |
| Net Gain/Loss on Asset Sales | -$349 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,003,005 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,243,309 |
| 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. | $187,128 |
| Compensation of current officers, directors, key employees. | $56,138 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $755,184 |
| Pension plan accruals and contributions | $20,164 |
| Other employee benefits | $126,021 |
| Payroll taxes | $72,397 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,254 |
| Fees for services: Accounting | $33,060 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $497,182 |
| Advertising and promotion | $140,563 |
| Office expenses | $12,334 |
| Information technology | $46,839 |
| Royalties | $0 |
| Occupancy | $54,871 |
| Travel | $57,613 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,209 |
| Interest | $113,630 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $358,735 |
| Insurance | $21,286 |
| All other expenses | $5,447 |
| Total functional expenses | $5,036,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,905,782 |
| Savings and temporary cash investments | $159,035 |
| Pledges and grants receivable | $202,500 |
| Accounts receivable, net | $175,040 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,814,079 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49 |
| Net Land, buildings, and equipment | $7,786,099 |
| Investments—publicly traded securities | $297,402 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,865 |
| Other assets | $1,104 |
| Total assets | $30,345,955 |
| Accounts payable and accrued expenses | $563,483 |
| Grants payable | $0 |
| Deferred revenue | $3,047,725 |
| 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 | $8,447,701 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,865 |
| Total liabilities | $12,063,774 |
| Net assets without donor restrictions | $5,245,297 |
| Net assets with donor restrictions | $13,036,884 |
| 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 | $30,345,955 |
Grants Awarded
Over the last fiscal year, Tulsa Economic Development Corporation has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TULSA'S FUTURE INC PURPOSE: 2022 Tulsa's Future: Acceleration | $10,000 |
VFW POST 3077 PURPOSE: Mitigate the effects of COVID-19 related hardships | $15,000 |