Mcallen Economic Development Corporation
- Assets
- $25.8m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 18
- Location
- Mcallen, TX
- Founding
- 09/1971
- Data as of
- 09/2021
- EIN
- 74-1547455
Organization Overview
Mcallen Economic Development Corporation is located in Mcallen, TX. The organization was established in 1971. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Mcallen Economic Development Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mcallen 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 09/2021, Mcallen Economic Development Corporation generated $5.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $4.7m during the year ending 09/2021. While expenses have increased by 4.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE, MANAGE, AND OPERATE THE MCALLEN FOREIGN TRADE ZONE AS A BUSINESS AND IN A MANNER CONSISTENT WITH CREATION OF JOBS AND ECONOMIC DEVELOPMENT FOR THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE AND MANAGE THE FOREIGN TRADE ZONE AND TO PROMOTE ECONOMIC DEVELOPMENT IN THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Partridge President | Officer | 20 | $217,704 |
Mark Garcia Executive Vice President | Officer | 20 | $0 |
Paul Moxley Chairman | Trustee | 4 | $0 |
Dr Cayetano Barrera Director | Trustee | 1 | $0 |
Commissioner Victor Seby Haddad Director | Trustee | 1 | $0 |
Bob Boggus Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Valley Metro Security Security Services | 9/29/18 | $109,380 |
Protrans International Inc | 9/29/18 | $180,000 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $5,196,173 |
| Investment income | $14,175 |
| 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 | $5,490,638 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $364,290 |
| 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. | $335,080 |
| Compensation of current officers, directors, key employees. | $91,344 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $839,101 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $82,263 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,873 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,175 |
| Office expenses | $180,619 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,438 |
| Interest | $228,814 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $727,913 |
| Insurance | $200,403 |
| All other expenses | $286,180 |
| Total functional expenses | $4,735,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,971,288 |
| Savings and temporary cash investments | $1,075,192 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $224,656 |
| 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 | $101,847 |
| Net Land, buildings, and equipment | $19,416,564 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $25,789,547 |
| Accounts payable and accrued expenses | $790,949 |
| Grants payable | $0 |
| Deferred revenue | $119,730 |
| 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 | $5,814,411 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,725,090 |
| Net assets without donor restrictions | $19,064,457 |
| Net assets with donor restrictions | $0 |
| 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 | $25,789,547 |
Grants Awarded
Over the last fiscal year, Mcallen Economic Development Corporation has awarded $145,344 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Mcallen, TX PURPOSE: TO PROMOTE ECONOMIC DEVELOPMENT | $100,000 |
Mcallen, TX PURPOSE: To Support economic development | $45,344 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Frazier Revitalization Inc Dallas, TX | $12,774,298 | $14,569,658 |
Corpus Christi Area Convention And Tourist Bureau Inc Corpus Christi, TX | $2,305,137 | $5,577,829 |
Edinburg Economic Development Corporation Edinburg, TX | $67,135,031 | $9,281,578 |
Market Lubbock Economic Development Corporation Lubbock, TX | $8,726,484 | $8,303,064 |
Lubbock Economic Development Alliance Inc Lubbock, TX | $29,508,777 | $13,680,218 |
Northwest Arkansas Economic Development District Inc Harrison, AR | $3,285,809 | $5,390,544 |
Mcallen Economic Development Corporation Mcallen, TX | $25,789,547 | $5,490,638 |
Greater Brownsville Incentives Corporation Brownsville, TX | $32,068,237 | $6,507,551 |