Texas Economic Development Corporation
- Assets
- $6.8m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 6
- Location
- Austin, TX
- Founding
- 05/1993
- Data as of
- 12/2021
- EIN
- 74-2619492
Organization Overview
Texas Economic Development Corporation is located in Austin, TX. The organization was established in 1993. 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 12/2021, Texas Economic Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Texas Economic Development Corporation generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. While expenses have increased by 2.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE TEXAS ECONOMIC DEVELOPMENT CORPORATION, TXEDC, WAS ESTABLISHED TO MARKET AND PROMOTE TEXAS AS A PREMIER BUSINESS STATE; AND TO FACILITATE THE LOCATION, EXPANSION, AND RETENTION OF DOMESTIC AND INTERNATIONAL BUSINESS INVESTMENT IN THE STATE. TXEDC IS FUNDED THROUGH PRIVATE CONTRIBUTIONS BY BUSINESSES, ORGANIZATIONS AND INDIVIDUALS INTERESTED IN THE PROMOTION OF BUSINESS, ECONOMIC DEVELOPMENT, AND JOB CREATION IN THE STATE OF TEXAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MARKETS TEXAS IN A DYNAMIC AND COMPETITIVE MANNER THROUGH PROMOTION OF ECONOMIC DEVELOPMENT AND JOB CREATION IN TEXAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Allen President & CEO | Officer | 40 | $594,800 |
Michael Chrobak Executive VP | Officer | 40 | $246,582 |
Christin Evans Development Office | 40 | $228,000 | |
Walter Buchholtz Dir. Of Operations | 40 | $159,250 | |
Adriana Cruz Ex Officio | Officer | 0 | $0 |
Drayton Mclane Chairman | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Atx Air Services Gbbj Holdings Llc Airline Service | 12/30/16 | $101,044 |
The Grammer Group Fundraising Service | 12/30/16 | $111,036 |
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 | $3,335,167 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,335,167 |
| Total Program Service Revenue | $28,525 |
| Investment income | $1,279 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $3,364,971 |
| 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. | $896,615 |
| Compensation of current officers, directors, key employees. | $98,628 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $490,000 |
| Pension plan accruals and contributions | $53,306 |
| Other employee benefits | $100,229 |
| Payroll taxes | $66,216 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $50,408 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $228,850 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $188,827 |
| 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 | $20,736 |
| Insurance | $0 |
| All other expenses | $43,389 |
| Total functional expenses | $2,418,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,663,199 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $45,312 |
| Net Land, buildings, and equipment | $42,089 |
| Investments—publicly traded securities | $4,011,373 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,337 |
| Total assets | $6,772,310 |
| Accounts payable and accrued expenses | $304,253 |
| Grants payable | $0 |
| Deferred revenue | $2,463 |
| 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 | $2,932 |
| Total liabilities | $309,648 |
| Net assets without donor restrictions | $6,462,662 |
| 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 | $6,772,310 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Texas Economic Development Corporation has recieved totaling $265,000.
| Awarding Organization | Amount |
|---|---|
Greater Houston Community Foundation Houston, TX PURPOSE: COMMUNITY DEVELOPMENT | $150,000 |
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $50,000 |
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $50,000 |
Greater Fort Worth Real Estate Council Inc Fort Worth, TX PURPOSE: SUPPORT FOR TEDC AND BRINGING BUSINESS TO FORT WORTH | $5,000 |
Greater Fort Worth Real Estate Council Inc Fort Worth, TX PURPOSE: SUPPORT FOR TEDC AND BRINGING BUSINESS TO FORT WORTH | $5,000 |
Greater Fort Worth Real Estate Council Inc Fort Worth, TX PURPOSE: SUPPORT FOR TEDC AND BRINGING BUSINESS TO FORT WORTH | $5,000 |
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 |