Tyler Economic Development Council
- Assets
- $9.5m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 8
- Location
- Tyler, TX
- Founding
- 11/1989
- Data as of
- 09/2022
- EIN
- 75-2254467
Organization Overview
Tyler Economic Development Council is located in Tyler, TX. The organization was established in 1989. 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 09/2022, Tyler Economic Development Council employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tyler Economic Development Council 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 09/2022, Tyler Economic Development Council generated $1.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $1.1m during the year ending 09/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT ECONOMIC DEVELOPMENT OF GREATER TYLER AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EXEMPT PURPOSE OF TEDC, INC. IS TO ATTRACT NEW INDUSTRY TO TYLER, TX AND THE SURROUNDING AREA AND TO ENCOURAGE GROWTH WITHIN EXISTING BUSINESSES. THIS PURPOSE HAS BEEN ACHIEVED BY NUMEROUS CONTACTS WITH POTENTIAL NEW BUSINESSES AND VISITS TO THE TYLER AREA BY REPRESENTATIVES OF THESE BUSINESSES.ESTIMATED VALUE OF DONATED SERVICES IS $2,500 DURING THE FISCAL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Martinez President | Trustee | 40 | $236,853 |
Joe Woelkers At Large | OfficerTrustee | 1 | $0 |
Taylor Burns Re Comm. Chair | OfficerTrustee | 1 | $0 |
Mike Thomas Director | Trustee | 1 | $0 |
Lee Gibson Finance Chair | OfficerTrustee | 1 | $0 |
James Murphy Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $341,453 |
| All other contributions, gifts, grants, and similar amounts not included above | $388,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $729,703 |
| Total Program Service Revenue | $0 |
| Investment income | $100,035 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $37,991 |
| Net Gain/Loss on Asset Sales | $940,417 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,848,779 |
| 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. | $237,930 |
| Compensation of current officers, directors, key employees. | $30,060 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $263,078 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $108,026 |
| Payroll taxes | $36,413 |
| Fees for services: Management | $0 |
| 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 | $123,983 |
| Advertising and promotion | $33,348 |
| Office expenses | $19,289 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,062 |
| Travel | $21,484 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,019 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,912 |
| Insurance | $5,432 |
| All other expenses | $41,782 |
| Total functional expenses | $1,110,883 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $344,507 |
| Savings and temporary cash investments | $458,022 |
| Pledges and grants receivable | $7,500 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $400,356 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,501 |
| Net Land, buildings, and equipment | $3,364,839 |
| Investments—publicly traded securities | $4,823,068 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $82,890 |
| Total assets | $9,493,683 |
| Accounts payable and accrued expenses | $40,627 |
| 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 | $23,557 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $64,184 |
| Net assets without donor restrictions | $8,534,338 |
| Net assets with donor restrictions | $895,161 |
| 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 | $9,493,683 |