Temple Economic Development Corporation
- Assets
- $53.0m
- Revenue
- $25.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Temple, TX
- Founding
- 05/1989
- Data as of
- 09/2022
- 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 09/2022, 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 09/2022, Temple Economic Development Corporation generated $25.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 40.7% each year . All expenses for the organization totaled $2.5m during the year ending 09/2022. While expenses have increased by 4.6% 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
ECONOMIC DEVELOPMENT AND JOB CREATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT AND JOB CREATION
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adrian Cannady President | Officer | 40 | $317,000 |
Bryan Daniel Rz Chair | OfficerTrustee | 0 | $0 |
Steve Wright Ex-Officio | OfficerTrustee | 0 | $0 |
Gary Schmidt Chairman | OfficerTrustee | 0 | $0 |
Tyler Johnson Treasurer | OfficerTrustee | 0 | $0 |
John Howe Vice Chairman | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,499,347 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,740,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,239,347 |
| Total Program Service Revenue | $0 |
| Investment income | $88,940 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,389 |
| 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 | $25,893,208 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $93,118 |
| 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. | $448,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $219,222 |
| Pension plan accruals and contributions | $52,119 |
| Other employee benefits | $62,222 |
| Payroll taxes | $34,860 |
| 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 | $45,088 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,509 |
| Travel | $1,831 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,601 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,379 |
| Insurance | $2,671 |
| All other expenses | $116,055 |
| Total functional expenses | $2,548,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,196,296 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,229,560 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,439,068 |
| Prepaid expenses and deferred charges | $2,301,980 |
| Net Land, buildings, and equipment | $4,853,921 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $53,020,825 |
| Accounts payable and accrued expenses | $6,776 |
| Grants payable | $0 |
| Deferred revenue | $2,983,645 |
| 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 | $3,443,283 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,692 |
| Total liabilities | $6,436,396 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $13,468,085 |
| Paid-in or capital surplus, or land, building, or equipment fund | $33,116,344 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $53,020,825 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Association Of Realtors Austin, TX | $94,503,864 | $29,443,210 |
Arlington Convention & Visitors Bureau Inc Arlington, TX | $3,519,065 | $16,656,136 |
Promotional Products Association International Irving, TX | $24,269,680 | $12,861,271 |
Greater Oklahoma City Chamber Of Commerce Oklahoma City, OK | $12,639,674 | $12,068,118 |
Chamber Of Commerce Metropolitan Tulsa Tulsa, OK | $9,253,345 | $10,228,951 |
Fort Worth Convention And Visitors Bureau Fort Worth, TX | $6,320,777 | $12,812,000 |
Austin Convention And Visitors Bureau Inc Austin, TX | $8,364,471 | $6,830,186 |
Texas Municipal League Austin, TX | $8,928,481 | $7,134,656 |
Greater Austin Chamber Of Commerce Austin, TX | $7,488,664 | $6,719,729 |
San Antonio Economic Development Foundation San Antonio, TX | $4,503,315 | $6,901,379 |
Abilene Chamber Of Commerce Abilene, TX | $4,194,863 | $4,866,648 |
Greater New Orleans Inc New Orleans, LA | $2,019,283 | $4,542,927 |