Gainesville Economic Development Corporation
- Assets
- $7.5m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Gainesville, TX
- Founding
- 10/1999
- Data as of
- 09/2021
- EIN
- 75-2706606
Organization Overview
Gainesville Economic Development Corporation is located in Gainesville, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gainesville 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 09/2021, Gainesville Economic Development Corporation generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $631.5k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (13.9%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ECONOMIC DEVELOPMENT INCENTIVES AND ASSISTANCE TO BUSINESSES AND INDUSTRIES WITHIN THE CITY OF GAINESVILLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ECONOMIC DEVELOPMENT INCENTIVES AND ASSISTANCE TO BUSINESSES AND INDUSTRIES WITHIN THE CITY OF GAINESVILLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Audrey Schroyer Executive Dir. | Trustee | 40 | $95,365 |
Ray Nichols Director | Officer | 0 | $0 |
Ryan Morris President | Officer | 0 | $0 |
Will Presson Vice President | Officer | 0 | $0 |
Shelton Medlock Director | Officer | 0 | $0 |
Mary Jo Dollar Director | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,208,656 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,149 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,212,805 |
| Total Program Service Revenue | $0 |
| Investment income | $2,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $135,149 |
| 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 | $1,357,421 |
| 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. | $95,365 |
| Compensation of current officers, directors, key employees. | $19,073 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,856 |
| Pension plan accruals and contributions | $18,037 |
| Other employee benefits | $18,163 |
| Payroll taxes | $10,021 |
| 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 | $10,188 |
| Advertising and promotion | $31,544 |
| Office expenses | $1,926 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,246 |
| Travel | $1,345 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,767 |
| Interest | $31,316 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $128,781 |
| Insurance | $10,006 |
| All other expenses | $7,784 |
| Total functional expenses | $631,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,850,913 |
| Savings and temporary cash investments | $1,551,388 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $244,783 |
| 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 | $3,790,217 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,415 |
| Total assets | $7,466,716 |
| Accounts payable and accrued expenses | $42,279 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $923,640 |
| 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 | $201,653 |
| Total liabilities | $1,167,572 |
| Net assets without donor restrictions | $6,299,144 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $7,466,716 |
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| Organization Name | Assets | Revenue |
|---|---|---|
Central Arkansas Development Council Benton, AR | $22,711,775 | $63,852,394 |
Manned Space Flight Education Foundation Incorporated Houston, TX | $76,743,192 | $45,013,359 |
New Orleans & Company New Orleans, LA | $100,855,624 | $31,406,983 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Frazier Revitalization Inc Dallas, TX | $12,774,298 | $14,569,658 |
Corpus Christi Area Convention And Tourist Bureau Inc Corpus Christi, TX | $2,305,137 | $5,577,829 |
Edinburg Economic Development Corporation Edinburg, TX | $67,135,031 | $9,281,578 |
Market Lubbock Economic Development Corporation Lubbock, TX | $8,726,484 | $8,303,064 |
Lubbock Economic Development Alliance Inc Lubbock, TX | $29,508,777 | $13,680,218 |