Market Lubbock Economic Development Corporation
- Assets
- $12.9m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 24
- Location
- Lubbock, TX
- Founding
- 04/1999
- Data as of
- 09/2023
- EIN
- 75-2621353
Organization Overview
Market Lubbock Economic Development Corporation is located in Lubbock, TX. The organization was established in 1999. 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, Market Lubbock Economic Development Corporation employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Market Lubbock Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Market Lubbock Economic Development Corporation generated $10.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $8.9m 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.
Since 2016, Market Lubbock Economic Development Corporation has awarded 114 individual grants totaling $13,827,479. 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 ENHANCE AND ENCOURAGE ECONOMIC DEVELOPMENT AND JOB CREATION AND FACILITATE THE DEVELOPMENT OF NEW INDUSTRIES. MANAGE AND OVERSEE THE OPERATIONS OF VISIT LUBBOCK AND FOREIGN TRADE ZONE 260. VISIT LUBBOCK ENCOMPASSES THE OPERATIONS OF THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022-2023 MARKET LUBBOCK, INC. CONTINUED TO WORK WITH THE CITY OF LUBBOCK TO STRENGTHEN AND ENCOURAGE INVESTMENT IN DOWNTOWN LUBBOCK AND OTHER MAJOR BUSINESS CORRIDORS IN EAST, NORTH AND CENTRAL LUBBOCK. MARKET LUBBOCK INCREASED IT'S EFFORTS TO INCREASE AWARENESS OF LUBBOCK AS A GREAT PLACE TO WORK, LIVE AND PLAY THROUGH TARGETED MARKETING EFFORTS AND CONTINUED TO PARTNER WITH THE CITY AND TEXAS TECH UNIVERSITY THROUGH THE EFFORTS SUCH AS THE TTU INNOVATION HUB AND GRANTS TO LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE TO BRING ECONOMIC DEVELOPMENT AND QUALITY OF LIFE TO THE CITY. VISIT LUBBOCK, THROUGH THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS, CONTRACTED WITH MEETING PLANNERS, CONVENTION ORGANIZERS AND SPORTS EVENT ORGANIZERS TO BRING CONVENTIONS AND EVENTS TO LUBBOCK THAT PRODUCE A STRONG ECONOMIC IMPACT TO OUR COMMUNITY BY BRINGING VISITORS TO STAY IN HOTELS, EAT AT RESTAURANTS AND SHOP AT LUBBOCK BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Cate Chairman | OfficerTrustee | 2 | $0 |
James Conwright Vice Chairman | OfficerTrustee | 1 | $0 |
Barry Orr 1022 - 1122 Director | Trustee | 1 | $0 |
Suzann Kirby 1022 - 1122 Director | Trustee | 1 | $0 |
John Opperman Director | Trustee | 1 | $0 |
Matthew Bumstead 1022 - 1122 Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Madden Media Advertising/marketing | 9/29/23 | $293,671 |
Ajr Media Group Advertising/marketing | 9/29/23 | $245,274 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,982,487 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,135 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,990,622 |
| Total Program Service Revenue | $47,746 |
| Investment income | $343,369 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,524 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,379,213 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,058,350 |
| Grants and other assistance to domestic individuals. | $22,318 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,273,235 |
| Pension plan accruals and contributions | $56,704 |
| Other employee benefits | $92,155 |
| Payroll taxes | $62,156 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,201 |
| Fees for services: Accounting | $18,076 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,087,997 |
| Office expenses | $35,364 |
| Information technology | $106,416 |
| Royalties | $0 |
| Occupancy | $129,961 |
| Travel | $18,644 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $747,921 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,743 |
| Insurance | $13,387 |
| All other expenses | $0 |
| Total functional expenses | $8,854,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,940,335 |
| Savings and temporary cash investments | $1,777,207 |
| Pledges and grants receivable | $2,012,044 |
| 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 | $51,983 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $100,827 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,882,396 |
| Accounts payable and accrued expenses | $248,849 |
| Grants payable | $1,158,676 |
| 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 | $1,407,525 |
| Net assets without donor restrictions | $0 |
| 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 | $11,474,871 |
| Total liabilities and net assets/fund balances | $12,882,396 |
Grants Awarded
Over the last fiscal year, Market Lubbock Economic Development Corporation has awarded $2,612,374 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
1114 TEXAS AVE LLC PURPOSE: TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS. | $22,005 |
ABERNATHY ISD PURPOSE: TO ASSIST WITH EQUIPMENT NEEDS FOR HIGH DEMAND JOB TRAINING CLASSES | $32,124 |
806 DEVELOPMENT LLC PURPOSE: TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS. | $36,873 |
CAVENDER REAL ESTATE OF LUBBOCK III LLC PURPOSE: TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS. | $125,000 |
DAVIS W SMITH PC PURPOSE: TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS. | $10,975 |
COVENANT PURPOSE: TO ASSIST WITH EQUIPMENT NEEDS FOR HIGH DEMAND JOB TRAINING CLASSES | $38,943 |