Victoria Economic Development Corporation
- Assets
- $686.6k
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Victoria, TX
- Founding
- 12/1982
- Data as of
- 12/2023
- EIN
- 74-2215322
Organization Overview
Victoria Economic Development Corporation is located in Victoria, TX. The organization was established in 1982. 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 12/2023, Victoria Economic Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Victoria 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 12/2023, Victoria Economic Development Corporation generated $1.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $962.3k during the year ending 12/2023. While expenses have increased by 6.2% per year over the past 9 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
TO PROMOTE ECONOMIC GROWTH & DIVERSIFICATION OF THE LOCAL ECONOMY BY LOCATING NEW BUSINESS AND RETENTION OF EXISTING BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING THE REGIONS' ECONOMIC EXPANSION & THE RETENTION OF EXISTING BUSINESSES.
TO PROMOTE THE REGIONS' ECONOMIC EXPANSION AND THE RETENTION OF EXISTING BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Whitaker Chairman | OfficerTrustee | $0 | |
Jon New Vice Chairma | OfficerTrustee | $0 | |
Mike Olson Secretary | OfficerTrustee | $0 | |
Vee Strauss Treasurer | OfficerTrustee | $0 | |
Nancy Garner Past Chair | Trustee | $0 | |
Bobby Jacob Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $880,450 |
| 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 | $880,450 |
| Total Program Service Revenue | $129,600 |
| Investment income | $25,557 |
| 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 | $1,035,607 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $442,408 |
| Pension plan accruals and contributions | $23,361 |
| Other employee benefits | $49,368 |
| Payroll taxes | $30,597 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,210 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $205,431 |
| Office expenses | $12,479 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $43,977 |
| Travel | $13,431 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,909 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,660 |
| All other expenses | $22,881 |
| Total functional expenses | $962,324 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,731 |
| Savings and temporary cash investments | $626,105 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,333 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,452 |
| Total assets | $686,621 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $25,000 |
| Total liabilities | $25,000 |
| Net assets without donor restrictions | $661,621 |
| 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 | $686,621 |