Corpus Christi Regional Economic Development Corporation
- Assets
- $1.0m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 6
- Location
- Corpus Christi, TX
- Founding
- 08/1988
- Data as of
- 07/2023
- EIN
- 74-2424224
Organization Overview
Corpus Christi Regional Economic Development Corporation is located in Corpus Christi, TX. The organization was established in 1988. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 07/2023, Corpus Christi Regional Economic Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corpus Christi Regional 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 07/2023, Corpus Christi Regional Economic Development Corporation generated $1.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $1.5m during the year ending 07/2023. 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
PROMOTION OF BUSINESS AND ECONOMIC DEVELOPMENT IN THE CORPUS CHRISTI AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARKETING AND ATTRACTION - PORTION OF OUR PROGRAM DESIGNED TO EXPAND AND ENHANCE THE REGION'S ECONOMIC BASE BY MARKETING THE AREA TO BUSINESSES AND DEVELOPERS INTERESTED IN RELOCATING OR EXPANDING CURRENT OR FUTURE OPERATIONS.
A TARGETED INDUSTRY STUDY SURVEY WAS CONDUCTED TO EVALUATE THE TEXAS COASTAL BEND REGION FOR EXISTING RESOURCES, SERVICES AND PERSONNEL SKILL SETS AND MATCH THEM WITH INDUSTRIES AND BUSINESSES WHICH WOULD BENEFIT FROM RELOCATION OR EXPANSION. THE SURVEY ALSO HIGHLIGHTED NEW AND EXPANDING INDUSTRIES THAT WOULD REQUIRE CRITICAL INVESTMENT INTO AREAS TO ATTRACT THESE INDUSTRIES TO THE COASTAL BEND. THE RESULTS OF THIS SURVEY WAS SHARED WITH REGION GOVERNMENT AND BUSINESS LEADERS TO HELP THEM PLAN AND INVEST RESOURCES FURTHER ECONOMIC GROWTH FOR THE COASTAL BEND
INVESTOR RELATIONS - DESIGNED TO ENCOURAGE INCREASED DISCRETIONARY CONTRIBUTIONS TO FURTHER THE GOALS AND OBJECTIVES OF OUR ORGANIZATION. CREATED A RESEARCH GROUP TO COLLECT AND PUBLISH USEFUL INFORMATION FOR BUSINESSES CONCERNING CURRENT ISSUES IMPACTING THE ECONOMY. EXAMPLES OF THIS INCLUDED INFORMATION RELATED TO HURRICANE DISASTERS AND THE COVID PANDEMIC. THIS INFORMATION WAS BROADCASTED VIA DIFFERENT TYPES OF MEDIA INCLUDING WEBINARS, ZOOM MEETINGS, PUBLIC SPEAKING EVENTS, EMAILS AND WEBSITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Guilfoyle Director | Trustee | 1 | $0 |
Chris Hamilton Past Chair | OfficerTrustee | 1 | $0 |
Robert Blair Director | Trustee | 1 | $0 |
Philip Ramirez Secretary | OfficerTrustee | 1 | $0 |
Adam Phillippi Director | Trustee | 1 | $0 |
Judith Talavera Bdac Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $649,926 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,198,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,211 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,858,137 |
| Total Program Service Revenue | $0 |
| Investment income | $971 |
| 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 | $1,859,108 |
| 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. | $225,877 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $471,512 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $39,498 |
| Other employee benefits | $169,639 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,990 |
| Fees for services: Accounting | $45,388 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,607 |
| Advertising and promotion | $0 |
| Office expenses | $20,051 |
| Information technology | $24,268 |
| Royalties | $0 |
| Occupancy | $57,832 |
| Travel | $20,562 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,545 |
| Insurance | $4,032 |
| All other expenses | $57,069 |
| Total functional expenses | $1,505,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $880,162 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $32,302 |
| 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 | $75,084 |
| Net Land, buildings, and equipment | $21,589 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $18,000 |
| Other assets | $0 |
| Total assets | $1,027,137 |
| Accounts payable and accrued expenses | $19,467 |
| Grants payable | $0 |
| Deferred revenue | $298,862 |
| 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 | $39,075 |
| Total liabilities | $357,404 |
| Net assets without donor restrictions | $0 |
| 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 | $669,733 |
| Total liabilities and net assets/fund balances | $1,027,137 |