Marble Falls Economic Development Corporation
- Assets
- $33.8m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Marble Falls, TX
- Founding
- 05/1993
- Data as of
- 09/2023
- EIN
- 74-2637990
Organization Overview
Marble Falls Economic Development Corporation is located in Marble Falls, TX. The organization was established in 1993. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Marble Falls 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, Marble Falls Economic Development Corporation generated $4.6m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $1.9m during the year ending 09/2023. While expenses have increased by 4.6% per year over the past 5 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.
Since 2019, Marble Falls Economic Development Corporation has awarded 73 individual grants totaling $1,585,694. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT AND SUPPORT BUSINESS AND ECONOMIC DEVELOPMENT IN THE MARBLE FALLS AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS IMPROVEMENT GRANT (BIG) PROGRAM - TO PROVIDE ASSISTANCE TO LOCAL BUSINESSES IN IMPROVING THEIR PROPERTIES. THE PURPOSE OF THIS PROGRAM IS TO PROMOTE THE EXPANSION AND DEVELOPMENT OF NEW AND EXISTING BUSINESS ENTERPRISES WITHIN THE CITY OF MARBLE FALLS, TEXAS, AND TO IMPROVE THE APPEARANCE AND VISUAL CHARACTER OF THE COMMUNITY. THE EDC WILL PROVIDE 10% IN MATCHING FUNDS, VIA REIMBURSEMENT, TO BUSINESSES WHO ARE SEEKING TO IMPROVE OR EXPAND THEIR COMMERCIAL PROPERTIES. THE MAXIMUM GRANT IS $10,000 PER APPLICANT, AND THE MINIMUM EXPENDITURE TO BE CONSIDERED FOR THE PROGRAM IS $5,000. THE APPLICATION PERIOD FOR THIS GRANT WILL REMAIN OPEN UNTIL FUNDING HAS BEEN EXHAUSTED; OR UNTIL THE EDC DETERMINES THAT ITS PROGRAM GOALS HAVE BEEN SATISFIED.
COMMUNITY LEVERAGE PROGRAM - TO PROVIDE MATCHING FUNDS TO ORGANIZATIONS THAT ARE UNDERTAKING WORTHWHILE PROJECTS IN THE COMMUNITY. PROJECTS THAT ENHANCE OUR QUALITY OF PLACE, IMPROVE THE OVERALL WELL-BEING OF THE CITY, AND MAXIMIZE RESOURCES WILL BE THE TYPES OF PROJECTS THAT ATTRACT THE ATTENTION AND SUPPORT OF THE EDC.IN THE PAST, THE EDC HAS PROVIDED COMMUNITY LEVERAGE FUNDING TO SUPPORT THE COLLEGE TO CAREERS WORKFORCE DEVELOPMENT INITIATIVE, ARTS PROJECTS, AND PARK IMPROVEMENTS, INCLUDING THE HIKE-AND-BIKE TRAIL SYSTEM, THE EXPANSION OF THE SOCCER FIELDS, AND MORE. THE EDC HAS ALLOCATED $100,000 ANNUALLY FOR THE COMMUNITY LEVERAGE PROGRAM.THE EDC IS THE SOLE AND FINAL AUTHORITY IN DETERMINING PROJECT ELIGIBILITY FOR FUNDING.
WORKFORCE DEVELOPMENT INITIATIVE - FUNDS ALLOCATED FOR THE WORKFORCE DEVELOPMENT INITIATIVE WERE MATCHING FUNDS THROUGH THE TEXAS WORKFORCE COMMISSION'S HIGH DEMAND JOB TRAINING GRANT PROGRAM. THROUGH A CONSORTIUM COMPRISED OF THE EDC, THE MARBLE FALLS INDEPENDENT SCHOOL DISTRICT, CENTRAL TEXAS COLLEGE, AND WORKFORCE NETWORK, INC., CERTIFICATIONS WERE GRANTED IN PLUMBING, ELECTRICAL, MEDICAL, AND ACCOUNTING TRADES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Reitz President | OfficerTrustee | 4 | $0 |
Mark Mayfield Vice President | OfficerTrustee | 4 | $0 |
Christina Mcdonald City Secretary Secretary | OfficerTrustee | 4 | $0 |
Jeff Lazenby Director Of Finance Treasurer 4/7/21 To Presen | Trustee | 4 | $0 |
Richard Westerman Director 6/2/21 To 6/6/23 | Trustee | 2 | $0 |
Dee Haddock Director 6/6/23 To 5/21/24 | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $30,270 |
| 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 | $30,270 |
| Total Program Service Revenue | $3,614,427 |
| Investment income | $974,415 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $510 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,619,622 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $294,622 |
| Grants and other assistance to domestic individuals. | $25,689 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $192,480 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,819 |
| Pension plan accruals and contributions | $14,797 |
| Other employee benefits | $1,739 |
| Payroll taxes | $17,792 |
| Fees for services: Management | $45,705 |
| Fees for services: Legal | $7,807 |
| Fees for services: Accounting | $3,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $800 |
| Advertising and promotion | $73,272 |
| Office expenses | $3,758 |
| Information technology | $1,959 |
| Royalties | $0 |
| Occupancy | $55,087 |
| Travel | $4,525 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,127 |
| Interest | $509,449 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $375,626 |
| Insurance | $5,699 |
| All other expenses | $151,464 |
| Total functional expenses | $1,878,466 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,607,603 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $608,629 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $528,478 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $75 |
| Net Land, buildings, and equipment | $11,078,763 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $33,823,548 |
| Accounts payable and accrued expenses | $56,898 |
| 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 | $0 |
| Other liabilities | $13,375,000 |
| Total liabilities | $13,431,898 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $20,391,650 |
| 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 | $33,823,548 |
Grants Awarded
Over the last fiscal year, Marble Falls Economic Development Corporation has awarded $205,887 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
WORKFORCE NETWORK INC PURPOSE: COMMUNITY LEVERAGE GRANT | $120,037 |
JBMB PROPERTIES PURPOSE: BUSINESS IMPROVEMENT GRANT | $10,000 |
EDUCATION SERVICE CENTER REGION 13 PURPOSE: BUSINESS IMPROVEMENT GRANT | $10,000 |
MARBLE FALLS FMC LLC PURPOSE: BUSINESS IMPROVEMENT GRANT | $10,000 |
TX TEE BOX LLC PURPOSE: BUSINESS IMPROVEMENT GRANT | $10,000 |
R COCKRELL ENTERPRISES LLC PURPOSE: RECRUITMENT/RETENTION | $11,850 |