Greater Brownsville Incentives Corporation
- Assets
- $37.6m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 11
- Location
- Brownsville, TX
- Founding
- 08/1992
- Data as of
- 09/2023
- EIN
- 74-2628588
Organization Overview
Greater Brownsville Incentives Corporation is located in Brownsville, 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, Greater Brownsville Incentives Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Brownsville Incentives 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, Greater Brownsville Incentives Corporation generated $8.7m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $4.1m during the year ending 09/2023. 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 ACT ON BEHALF OF THE CITIZENS OF BROWNSVILLE TEXAS TO PROMOTE AND ENHANCE ECONOMIC AND INDUSTRIAL DEVELOPMENT OF THE AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GREATER BROWNSVILLE INCENTIVES CORPORATION ENTERED INTO AN AGREEMENT WITH VALLEY INITIATIVE FOR DEVELOPMENT AND ADVANCEMENT(VIDA) VIDA ASSISTS LOW INCOME, UNEMPLOYED OR UNDEREMPLOYED RESIDENTS OF THE RIO GRANDE VALLEY OBTAIN THE EDUCATION AND TRAINING NEED TO SECURE A HIGH SKILLED, BETTER WAGED JOBS.
THE GREATER BROWNSVILLE INCENTIVES CORPORATION ENTERED INTO A PERFORMANCE AGREEMENT WITH MVP PLASTICS, SA. MVP PLASTICS HAS COMMITTED TO CREATING AND RETAINING NEW JOBS WITH AN AVERAGE PAY OF $15.00 PER HOUR PLUS FRINGED BENEFITS
THE GREATER BROWSNVILLE INCENTIVES CORPORATION ENTERED INTO A MEMORANDUM OF UNDERSTANDING WITH WORKFORCE SOLUTIONS CAMERON AND TEXAS SOUTHMOST COLLEGE FOR A HIGH DEMAND JOB TRAINING MATCHING GRANT. WORKFORCE SOLUTIONS IN PARTNERSHIP WITH TEXAS SOUTHMOST COLLEGE HAS COMMITTED FOR THE CREATION OF A PATIENT CARE TECHNICIAN PROGRAM TO ASSIST UP TO 33 BROWNSVILLE RESIDENTS TO RECEIVE TRAINING AS PATIENT CARE TECHNICIANS AND JOB PLACEMENT AT BROWNSVILLE HOSPITALS UPON COMPLETION OF PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Cowen Chairman | Trustee | 1 | $0 |
Ankjaer Jensen Vice Chairman | Trustee | 1 | $0 |
Gerardo Gonzalez Treasurer | Trustee | 1 | $0 |
Joe Hinojosa Secretary | Trustee | 1 | $0 |
Liliana Elizondo Board Member | Trustee | 1 | $0 |
Anna Oquin Board Member | Trustee | 1 | $0 |
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 | $7,293,855 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,293,855 |
| Total Program Service Revenue | $0 |
| Investment income | $899,442 |
| 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 | $8,749,232 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $711,500 |
| 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. | $496,683 |
| Compensation of current officers, directors, key employees. | $496,683 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $133,432 |
| Payroll taxes | $37,993 |
| Fees for services: Management | $53,348 |
| Fees for services: Legal | $5,195 |
| 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 | $0 |
| Advertising and promotion | $44,572 |
| Office expenses | $88,775 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $74,307 |
| Travel | $4,187 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $78,762 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $104,214 |
| Insurance | $931 |
| All other expenses | $104,620 |
| Total functional expenses | $4,137,451 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $376,432 |
| Savings and temporary cash investments | $22,169,084 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,235,944 |
| 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 | $0 |
| Net Land, buildings, and equipment | $13,854,108 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $37,635,568 |
| Accounts payable and accrued expenses | $394,963 |
| Grants payable | $0 |
| Deferred revenue | $50,000 |
| 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 | $444,963 |
| Net assets without donor restrictions | $33,979,605 |
| Net assets with donor restrictions | $3,211,000 |
| 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 | $37,635,568 |
Grants Awarded
Over the last fiscal year, Greater Brownsville Incentives Corporation has awarded $711,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
VIDA PURPOSE: JOB CREATION CREDIT EDUTR | $300,000 |
MVP PLASTICS SA LLC PURPOSE: JOB CREATION CREDIT | $165,000 |
NATIONAL ELECTRIC COIL COM PURPOSE: JOB CREATION CREDIT | $96,500 |
WORKFORCE SOLUTION CAMERON PURPOSE: JOB TRAINING PROJECTS | $150,000 |