Oklahoma City Economic Development Foundation Inc
- Assets
- $2.6m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Oklahoma City, OK
- Founding
- 07/1981
- Data as of
- 12/2022
- EIN
- 73-1123147
Organization Overview
Oklahoma City Economic Development Foundation Inc is located in Oklahoma City, OK. The organization was established in 1981. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, 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. Oklahoma City Economic Development Foundation 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 12/2022, Oklahoma City Economic Development Foundation Inc generated $2.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $3.0m during the year ending 12/2022. While expenses have increased by 6.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE NEW JOBS AND PAYROLL IN THE OKLAHOMA CITY REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION HAS ENTERED INTO THREE PROFESSIONAL SERVICES AGREEMENT WITH THE CITY OF OKLAHOMA CITY. THE FIRST CONTRACT IS UTILIZED TO PROMOTE, FOSTER, AND DEVELOP A POSITIVE BUSINESS CLIMATE TO ENHANCE AND EXPAND ECONOMIC DEVELOPMENT ACTIVITIES IN OKLAHOMA CITY. THE SECOND CONTRACT RELATES TO SERVICES RELATING TO THE ESTABLISHMENT OF THE OKLAHOMA CITY FILM & CREATIVE INDUSTRIES OFFICE. THIS OFFICE WILL CULTIVATE THE GROWTH OF THE FILM, MUSIC AND OTHER CREATIVE AND SUPPORT INDUSTRIES WITHIN OKLAHOMA CITY. THE THIRD CONTRACT IS AN AGREEMENT THAT PROVIDES ARPA RECOVERY FUNDS TO FUND TOURISM RECOVERY PROGRAM.
THE FOUNDATION HAS RECEIVED TWO GRANTS FROM THE DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION. GRANT 1 RELATES TO THE BUILD BACK BETTER REGIONAL CHALLENGE AND GRANT 2 RELATES TO THE OKLAHOMA BIOTECH INNOVATION CLUSTER COLLABORATIVE.
THE FOUNDATION PARTNERS WITH THE OKLAHOMA CITY CHAMBER ON VARIOUS PROGRAMS WITH THE MOST SIGNIFICANT BEING THE FORWARD OKLAHOMA CITY PROGRAM. FORWARD OKLAHOMA CITY IS A FIVE YEAR ECONOMIC DEVELOPMENT PROGRAM DESIGNED TO MEET SPECIFIC NEEDS AND OVERCOME OBSTACLES TO QUALITY JOB GROWTH. EFFORTS PRIMARILY FOCUS ON (1) MARKETING THE CITY OF OKLAHOMA CITY AS A RELOCATION SITE TO EXPAND THE LOCAL JOB BASE, (2) ENHANCING THE LOCAL K-12 EDUCATION OPPORTUNITIES, (3) ADDRESSING TALENT RETENTION AND ATTRACTION, AND (4) OTHER MISCELLANEOUS PROGRAMS THAT SUPPORT ECONOMIC DEVELOPMENT EFFORTS.
THE GREATER OKLAHOMA CITY PARTNERSHIP WAS ORGANIZED TO WORK WITH THE TEN COUNTY REGION TO PROMOTE VARIOUS ECONOMIC DEVELOPMENT PROGRAMS IN THE GREATER OKLAHOMA CITY REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Williams Roy President & CEO | OfficerTrustee | 1 | $0 |
Trauschke Sean Chair Of The Board | OfficerTrustee | 1 | $0 |
Hart John Treasurer | OfficerTrustee | 1 | $0 |
Rainbolt David Corporate Secretary | OfficerTrustee | 1 | $0 |
Hahn Steve V.c. - Membership | OfficerTrustee | 1 | $0 |
Hatfield Judy V.c. - Military & Aerospace | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $363,035 |
| All other contributions, gifts, grants, and similar amounts not included above | $470,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $833,035 |
| Total Program Service Revenue | $1,800,099 |
| Investment income | $8,519 |
| 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 | $2,641,653 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $632,000 |
| 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 | $100,000 |
| Fees for services: Legal | $5,310 |
| Fees for services: Accounting | $12,117 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $698,919 |
| Advertising and promotion | $325,778 |
| Office expenses | $4,187 |
| Information technology | $294,649 |
| Royalties | $0 |
| Occupancy | $16,278 |
| Travel | $66,972 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $147,838 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,163 |
| Insurance | $1,319 |
| All other expenses | $0 |
| Total functional expenses | $3,041,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,190,911 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $534,085 |
| 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 | $189,001 |
| Net Land, buildings, and equipment | $646,123 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,560,120 |
| Accounts payable and accrued expenses | $111,432 |
| Grants payable | $0 |
| Deferred revenue | $1,135,852 |
| 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 | $1,247,284 |
| Net assets without donor restrictions | $794,687 |
| Net assets with donor restrictions | $518,149 |
| 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 | $2,560,120 |