Edinburg Economic Development Corporation
- Assets
- $57.4m
- Revenue
- $10.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Edinburg, TX
- Founding
- 04/1992
- Data as of
- 09/2023
- 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 09/2023, Edinburg Economic Development Corporation generated $10.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $4.2m during the year ending 09/2023. While expenses have increased by 1.9% per year over the past 6 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 OF EDINBURG, TEXAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMPANIES WERE CONTRACTED WITH THE PROPOSAL TO LOCATE AND ENHANCE ECONOMIC DEVELOPMENT IN EDINBURG, TEXAS.
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 |
|---|---|---|---|
Raudel Garza Executive Director | Officer | $170,506 | |
Veronica Gonzales President | Trustee | $0 | |
Raul Resendez Vice President | Trustee | $0 | |
Aaron Rivera Secretary | Trustee | $0 | |
Eddie Garza Treasurer | Trustee | $0 | |
Daniel Diaz Member | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Oceangate Investments Development | 9/29/21 | $500,000 |
City Of Edinburg Administrative | 9/29/21 | $4,067,492 |
Vantage Ventures Ltd Development | 9/29/21 | $102,000 |
First Hartford Realty Development | 9/29/21 | $200,000 |
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 | $9,184,192 |
| Investment income | $745,262 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $790,934 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,737,776 |
| 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. | $170,506 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,708 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $59,974 |
| Payroll taxes | $17,294 |
| Fees for services: Management | $500,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $80,551 |
| Advertising and promotion | $95,002 |
| Office expenses | $28,147 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $27,505 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,924 |
| Interest | $1,213,653 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,896 |
| Insurance | $39,779 |
| All other expenses | $78,118 |
| Total functional expenses | $4,240,085 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,243,606 |
| Savings and temporary cash investments | $0 |
| 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 | $13,367,203 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,588,045 |
| Net Land, buildings, and equipment | $7,462,480 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,695,444 |
| Total assets | $57,356,778 |
| Accounts payable and accrued expenses | $191,241 |
| Grants payable | $0 |
| Deferred revenue | $22,340 |
| 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 | $33,174,809 |
| Other liabilities | $367,950 |
| Total liabilities | $33,756,340 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $23,600,438 |
| 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 | $57,356,778 |