Temple Economic Development Corporation
- Assets
- $54.7m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 4
- Location
- Temple, TX
- Founding
- 05/1989
- Data as of
- 09/2023
- EIN
- 74-2504998
Organization Overview
Temple Economic Development Corporation is located in Temple, TX. The organization was established in 1989. 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 09/2023, Temple Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Temple 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 09/2023, Temple Economic Development Corporation generated $3.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $2.2m during the year ending 09/2023. While expenses have increased by 2.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT AND JOB CREATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT AND JOB CREATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judy Morales Director | Trustee | 0 | $0 |
Bryan Daniel Rz Chair | OfficerTrustee | 0 | $0 |
Tim Davis Director | Trustee | 0 | $0 |
Bo Harvey Director | Trustee | 0 | $0 |
Thomas Baird Director | Trustee | 0 | $0 |
Steve Wright Ex-Officio | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,676,060 |
| 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 | $2,676,060 |
| Total Program Service Revenue | $0 |
| Investment income | $446,950 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$20,514 |
| 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 | $3,102,496 |
| 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. | $328,390 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $217,794 |
| Pension plan accruals and contributions | $51,398 |
| Other employee benefits | $64,479 |
| Payroll taxes | $33,416 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $86,284 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,338 |
| Travel | $2,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $54,495 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,832 |
| Insurance | $4,258 |
| All other expenses | $231,026 |
| Total functional expenses | $2,228,248 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,045,350 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,707,646 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $27,032,001 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,888,493 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,673,490 |
| Accounts payable and accrued expenses | $79,168 |
| Grants payable | $0 |
| Deferred revenue | $3,716,550 |
| 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 | $3,383,642 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $35,453 |
| Total liabilities | $7,214,813 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $11,565,913 |
| Paid-in or capital surplus, or land, building, or equipment fund | $35,892,764 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $54,673,490 |