The Economic Development Corporation Of Weslaco
- Assets
- $37.6m
- Revenue
- $8.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Weslaco, TX
- Founding
- 03/1992
- Data as of
- 09/2023
- EIN
- 74-2588704
Organization Overview
The Economic Development Corporation Of Weslaco is located in Weslaco, TX. The organization was established in 1992. 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 09/2023, Economic Development Corporation Of Weslaco employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Corporation Of Weslaco 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, Economic Development Corporation Of Weslaco generated $8.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.6% each year . All expenses for the organization totaled $4.5m during the year ending 09/2023. While expenses have increased by 13.2% 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.
Since 2015, Economic Development Corporation Of Weslaco has awarded 136 individual grants totaling $10,529,334. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ECONOMIC DEVELOPMENT CORPORATION'S PRIMARY PURPOSE IS TO ENHANCE ECONOMIC AND INDUSTRIAL ACTIVITIES FOR THE CITY OF WESLACO.ITS MOST SIGNIFICANT ACTIVITIES ARE IN PROVIDING INCENTIVES TO EXISTING BUSINESSES AND NEW BUSINESSES AND ENHANCING COMMUNITY ASSETS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT IS THE PURPOSEFUL INTERVENTION BY AN ENTITY TO ENCOURAGE PRIVATE INVESTMENT IN A SPECIFIC LOCATION WHEN IT OTHERWISE MIGHT NOT HAVE BEEN MADE. THAT ENCOURAGEMENT OFTEN REPRESENTS PUBLIC ASSISTANCE WITH A FINANCIAL VALUE AND IS POPULARLY REFERRED TO AS AN INCENTIVE OR INDUCEMENT. EDC PROVIDES LOANS/ GRANTS TO VARIOUS BUSINESSES FOR CREATING OF JOBS THROUGH RECRUITING NEW INDUSTRY AND/OR EXISTING COMPANIES RELOCATING AND/OR EXPANDING.
PROPERTY MANAGEMENT - MAINTENANCE OF INDUSTRIAL PARK BUILDINGS, ROADWAYS, SIGNS AND CITY'S INFRASTRUCTURE MAINTENANCE AND LANDSCAPING, INCLUDING DEPRECIATION EXPENSE OF $148,578
PROMOTION AND DEVELOPMENT: COMMUNITY WORKFORCE TRAINING OF $6,916 AND GENERAL ADVERTISEMENT TO ATTRACT VISITORS TO THE CITY OF WESLACO BUSINESS DISTRICT AND INDUSTRIAL PARK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven M Valdez | 40 | $96,700 | |
Kristopher M Garcia Member | Trustee | 2 | $0 |
Joe D Olivarez Member | Trustee | 2 | $0 |
Jerry Gonzalez President | Trustee | 2 | $0 |
Fred Perez Secretary | OfficerTrustee | 4 | $0 |
Juan Jose Serrano Jr Member | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,500,000 |
| 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 | $1,500,000 |
| Total Program Service Revenue | $5,154,115 |
| Investment income | $237,805 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,103,219 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,559,382 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,076,574 |
| Grants and other assistance to domestic individuals. | $9,570 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $96,700 |
| Compensation of current officers, directors, key employees. | $24,175 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $231,171 |
| Pension plan accruals and contributions | $17,997 |
| Other employee benefits | $22,698 |
| Payroll taxes | $28,562 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $188,573 |
| Fees for services: Accounting | $14,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $62,529 |
| Advertising and promotion | $103,848 |
| Office expenses | $23,344 |
| Information technology | $21,436 |
| Royalties | $0 |
| Occupancy | $20,308 |
| Travel | $18,480 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,464 |
| Interest | $77,294 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $148,578 |
| Insurance | $13,653 |
| All other expenses | $1,358 |
| Total functional expenses | $4,503,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,778,372 |
| Savings and temporary cash investments | $5,235,190 |
| Pledges and grants receivable | $1,500,000 |
| Accounts receivable, net | $34,840 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $414,723 |
| Inventories for sale or use | $18,268,268 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,212,963 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $467,156 |
| Other assets | $3,656,298 |
| Total assets | $37,567,810 |
| Accounts payable and accrued expenses | $1,217,012 |
| 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 | $12,954,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $962,269 |
| Total liabilities | $15,133,475 |
| Net assets without donor restrictions | $18,221,374 |
| Net assets with donor restrictions | $4,212,961 |
| 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 | $37,567,810 |
Grants Awarded
Over the last fiscal year, The Economic Development Corporation Of Weslaco has awarded $3,076,574 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
ADVANTAGE HEALTHCARE CONSULT PURPOSE: ECONOMIC INCENTIVES | $9,624 |
CITY OF WESLACO PURPOSE: ECONOMIC INCENTIVE | $333,282 |
CLEVER FOODS & SUPPLEMENTS PURPOSE: ECONOMIC INCENTIVES | $83,050 |
CLEAN LABEL LLC PURPOSE: ECONOMIC INCENTIVES | $45,313 |
DE FIGS WESLACO LLC PURPOSE: ECONOMIC INCENTIVES | $22,628 |
GABO TX DEVELOPMENTS PURPOSE: ECONOMIC INCENTIVES | $10,000 |