Mcallen Economic Development Corporation
- Assets
- $26.9m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 18
- Location
- Mcallen, TX
- Founding
- 09/1971
- Data as of
- 09/2022
- 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 09/2022, 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 09/2022, Mcallen Economic Development Corporation generated $6.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $4.9m during the year ending 09/2022. While expenses have increased by 3.9% per year over the past 7 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 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Freeland Chairman | Trustee | 4 | $0 |
Alma Ortega-Johnson Treasurer | Trustee | 1 | $0 |
Dr Pablo Tagle III Vice-Chairman | Trustee | 1 | $0 |
Brian Disque Director | Trustee | 1 | $0 |
Dr Cayetano Barrera Director | Trustee | 1 | $0 |
Jason Leal Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Protrans International Inc | 9/29/18 | $180,000 |
Valley Metro Security Security Services | 9/29/18 | $109,380 |
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 | $5,951,571 |
| Investment income | $16,893 |
| 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 | $6,280,082 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $395,618 |
| 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. | $390,859 |
| Compensation of current officers, directors, key employees. | $101,918 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $728,805 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $84,273 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,941 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,952 |
| Office expenses | $67,530 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,104 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,867 |
| Interest | $210,050 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $731,715 |
| Insurance | $231,850 |
| All other expenses | $303,808 |
| Total functional expenses | $4,863,493 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,742,156 |
| Savings and temporary cash investments | $1,078,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $235,627 |
| 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 | $207,060 |
| Net Land, buildings, and equipment | $19,586,748 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,850,174 |
| Accounts payable and accrued expenses | $880,117 |
| Grants payable | $0 |
| Deferred revenue | $107,446 |
| 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 | $5,381,564 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,369,127 |
| Net assets without donor restrictions | $20,481,047 |
| 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 | $26,850,174 |
Grants Awarded
Over the last fiscal year, Mcallen Economic Development Corporation has awarded $145,344 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FTZ INTERMODAL INC PURPOSE: TO PROMOTE ECONOMIC DEVELOPMENT | $100,000 |
MCALLEN ECONOMIC DEVELOPMENT PURPOSE: To Support economic development | $45,344 |