Edinburg Economic Development Corporation
- Assets
- $67.1m
- Revenue
- $9.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Edinburg, TX
- Founding
- 04/1992
- Data as of
- 09/2021
- EIN
- 74-2609452
Organization Overview
Edinburg Economic Development Corporation is located in Edinburg, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Edinburg Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Edinburg Economic Development Corporation generated $9.3m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $5.3m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT OF EDINBURG, TEXAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMPANIES WERE CONTRACTED WITH THE PROPOSAL TO LOCATE, ENHANCE ECONOMIC DEVELEOPMENT IN EDINBURG, TEXAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Garza City Manager | Officer | $0 | |
Blanca Davila Executive Di | Officer | 40 | $0 |
Daniel Diaz Secretary | Trustee | $0 | |
Roland Gomez Vice-Preside | Trustee | $0 | |
Hiren Govind President | Trustee | $0 | |
Veronica Gonzales Director | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
City Of Edinburg Administrative | 9/29/21 | $4,067,492 |
Oceangate Investments Development | 9/29/21 | $500,000 |
First Hartford Realty Development | 9/29/21 | $200,000 |
Vantage Ventures Ltd Development | 9/29/21 | $102,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $7,713,014 |
| Investment income | $710,873 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $847,691 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,281,578 |
| 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. | $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 | $1,000,000 |
| 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 | $228,607 |
| Advertising and promotion | $135,658 |
| Office expenses | $5,332 |
| Information technology | $278 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $500 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,570,958 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,686 |
| Insurance | $0 |
| All other expenses | $24,960 |
| Total functional expenses | $5,273,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,983,868 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,094,996 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,640,004 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,416,163 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $67,135,031 |
| Accounts payable and accrued expenses | $790,515 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $49,445,000 |
| Other liabilities | $0 |
| Total liabilities | $50,235,515 |
| Net assets without donor restrictions | $16,899,516 |
| 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 | $67,135,031 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Frazier Revitalization Inc Dallas, TX | $12,774,298 | $14,569,658 |
Corpus Christi Area Convention And Tourist Bureau Inc Corpus Christi, TX | $2,305,137 | $5,577,829 |
Edinburg Economic Development Corporation Edinburg, TX | $67,135,031 | $9,281,578 |
Market Lubbock Economic Development Corporation Lubbock, TX | $8,726,484 | $8,303,064 |
Lubbock Economic Development Alliance Inc Lubbock, TX | $29,508,777 | $13,680,218 |
Northwest Arkansas Economic Development District Inc Harrison, AR | $3,285,809 | $5,390,544 |
Mcallen Economic Development Corporation Mcallen, TX | $25,789,547 | $5,490,638 |
Greater Brownsville Incentives Corporation Brownsville, TX | $32,068,237 | $6,507,551 |