Killeen Economic Development Corporation
- Assets
- $9.6m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Killeen, TX
- Founding
- 09/1991
- Data as of
- 09/2023
- EIN
- 74-2594957
Organization Overview
Killeen Economic Development Corporation is located in Killeen, TX. The organization was established in 1991. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Killeen 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, Killeen Economic Development Corporation generated $2.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $1.7m during the year ending 09/2023. While expenses have increased by 2.1% 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
TO PROMOTE ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MATCHING SCHOLARSHIP FUNDS GENERATED IN THE COMMUNITY AND TO BE USED FOR THE CONSTRUCTION OF THE NATIONAL MOUNTED WARFARE MUSUEM
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Connell Executive Director | Trustee | 0.5 | $0 |
Jessica Gonzalez City Rep | Trustee | 0.3 | $0 |
Michael Boyd City Rep | Trustee | 0 | $0 |
Debbie Nash-King City Rep | Trustee | 0 | $0 |
Randy Sutton President | OfficerTrustee | 0.3 | $0 |
Jose Guzman Kif Rep | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $725,054 |
| 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 | $725,054 |
| Total Program Service Revenue | $359,602 |
| Investment income | $247,168 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,125,883 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,552,550 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $143,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $566,200 |
| Fees for services: Legal | $4,471 |
| Fees for services: Accounting | $975 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,512 |
| Travel | $0 |
| 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 | $218,087 |
| Insurance | $62,090 |
| All other expenses | $0 |
| Total functional expenses | $1,688,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $366,430 |
| Savings and temporary cash investments | $6,014,003 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $304,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,880,292 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,564,725 |
| Accounts payable and accrued expenses | $2,441 |
| Grants payable | $0 |
| Deferred revenue | $203,091 |
| 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 | $0 |
| Total liabilities | $205,532 |
| Net assets without donor restrictions | $9,359,193 |
| 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 | $9,564,725 |
Grants Awarded
Over the last fiscal year, Killeen Economic Development Corporation has awarded $143,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS A&M UNIVERSITY-CENTRAL TEXAS FOUNDATION PURPOSE: TO PROVIDE MATCHING SCHOLARSHIP FUNDS GENERATED IN THE COMMUNITY | $100,000 |
FORT HOOD REGION ECONOMIC DEVELOPMENT FOUNDATON PURPOSE: TO BE USED TO PROVIDE SUPPORT TO EDUCATIONAL, COMMUNITY, AND BUSINESS LEADERS | $43,000 |