Carthage Economic Development Corporation
- Assets
- $3.6m
- Revenue
- $958.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Carthage, TX
- Founding
- 02/1994
- Data as of
- 09/2023
- EIN
- 75-2488443
Organization Overview
Carthage Economic Development Corporation is located in Carthage, TX. The organization was established in 1994. 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. As of 09/2023, Carthage Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carthage 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 09/2023, Carthage Economic Development Corporation generated $958.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $305.8k during the year ending 09/2023. While expenses have increased by 3.1% per year over the past 8 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 BENEFIT AND ACCOMPLISH PUBLIC PURPOSES FOR THE CITY OF CARTHAGE, TEXAS, BY PROMOTING, ASSISTING AND ENHANCING ECONOMIC DEVELOPMENT ACTIVITIES FOR THE CITY AS PROVIDED BY THE STATE OF TEXAS DEVELOPMENT CORPORATION ACT OF 1979, LOCAL GOVERNMENT CODE, CHAPTER 504.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PURSUED ONGOING EFFORTS TO PROMOTE THE CITY OF CARTHAGE AS A BUSINESS DESTINATION AND TO SUPPORT THE OPERATIONS OF EXISTING BUSINESSES IN THE CARTHAGE COMMUNITY. DURING FY22, THE ORGANIZATION PURCHASED APPROXIMATELY 67 ACRES OF LAND FOR FUTURE DEVELOPMENT. THE ORGANIZATION ALSO ENTERED INTO AN AGREEMENT FOR THE SALE OF APPROXIMATELY 10 ACRES UPON WHICH A NEW BUILDING WOULD BE CONSTRUCTED TO THE BUYER'S SPECIFICATIONS; THIS PROJECT, VALUED AT APROXIMATELY 380,000, WILL BE FINANCED FOR THE BUSINESS OWNER BY THE ORGANIZATION OVER A 10-YEAR TERM.
IN PARTNERSHIP WITH THE CARTHAGE IMPROVEMENT CORPORATION, THE ORGANIZATION FUNDED A STRATEGIC PLAN TO RECRUIT COMMERCIAL BUSINESSES THAT WILL CREATE PRIMARY JOBS IN AND AROUND THE CITY OF CARTHAGE. THIS RECRUITMENT EFFORT IS ANTICIPATED TO CREATE ADDITIONAL JOBS WHICH WILL INCREASE SALES TAX AND PROPERTY TAX REVENUES WITHIN THE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen K Williams President | Officer | 4 | $37,216 |
Teresa Dennard Recording Se | Officer | 40 | $64,620 |
Tate Barber Director | Trustee | $0 | |
Isha Brown Director | Trustee | $0 | |
John Cooke Director | Trustee | $0 | |
Jerry Hanszen Secretary/tr | OfficerTrustee | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $42,701 |
| 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 | $958,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $128,709 |
| 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. | $101,836 |
| Compensation of current officers, directors, key employees. | $50,918 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $20,210 |
| Other employee benefits | $0 |
| Payroll taxes | $7,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,038 |
| Office expenses | $186 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,259 |
| 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 | $8,750 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $305,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,699,036 |
| Savings and temporary cash investments | $503,373 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,632 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $362,477 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $935,510 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,564,028 |
| Accounts payable and accrued expenses | $46,499 |
| 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 | $0 |
| Total liabilities | $46,499 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $3,517,529 |
| 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 | $3,564,028 |
Grants Awarded
Over the last fiscal year, Carthage Economic Development Corporation has awarded $145,753 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF CARTHAGE PURPOSE: ECONOMIC DEVELOPMENT | $120,920 |
SERSI LP DBA SMITH EQ RENTAL PURPOSE: ECONOMIC DEVELOPMENT | $24,833 |