Gainesville Economic Development Corporation
- Assets
- $9.6m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Gainesville, TX
- Founding
- 10/1999
- Data as of
- 09/2023
- 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 09/2023, Gainesville Economic Development Corporation generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.0m during the year ending 09/2023. 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 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 |
|---|---|---|---|
William Myers Executive Dir. | Trustee | 40 | $160,735 |
Ryan Morris President | Officer | 0 | $0 |
Jim Goldsworthy Director | Officer | 0 | $0 |
Lauri Johnson Director | Officer | 0 | $0 |
Mary Jo Dollar Secretary | Officer | 0 | $0 |
Martin Phillips Director | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,629,415 |
| All other contributions, gifts, grants, and similar amounts not included above | -$3,364 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,626,051 |
| Total Program Service Revenue | $0 |
| Investment income | $227,792 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $341,851 |
| Net Gain/Loss on Asset Sales | $533,259 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,728,953 |
| 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. | $160,735 |
| Compensation of current officers, directors, key employees. | $32,147 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,124 |
| Pension plan accruals and contributions | $34,880 |
| Other employee benefits | $17,059 |
| Payroll taxes | $18,542 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,479 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,317 |
| Advertising and promotion | $16,591 |
| Office expenses | $10,386 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | -$854 |
| Travel | $23,210 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,690 |
| Interest | $25,224 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,302 |
| Insurance | $13,486 |
| All other expenses | $18,183 |
| Total functional expenses | $1,013,691 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,259,426 |
| Savings and temporary cash investments | $1,107,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $300,913 |
| 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 | $1,816,691 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $145,964 |
| Total assets | $9,630,187 |
| Accounts payable and accrued expenses | $103,040 |
| 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 | $267,109 |
| Total liabilities | $370,149 |
| Net assets without donor restrictions | $9,260,038 |
| 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 | $9,630,187 |