Matagorda Co Economic Development Corporation
- Assets
- $772.7k
- Revenue
- $153.5k
- Investments
- $508.7k
- Employees
- 1
- Location
- Bay City, TX
- Founding
- 03/1995
- Data as of
- 12/2023
- EIN
- 76-0455833
Organization Overview
Matagorda Co Economic Development Corporation is located in Bay City, TX. The organization was established in 1995. 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. Matagorda Co Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Matagorda Co Economic Development Corporation generated $153.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $230.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ENCOURAGE & PROMOTE ECONOMIC DEVELOPMENT IN OR NEAR MATAGORDA COUNTY, TEXAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MCEDC PROVIDED ECONOMIC DEVELOPMENT PROMOTION RECRUITMENT, AND SERVICES TO MANY BUSINESSES IN 2021. MCEDC HOSTED AT LEAST 9 COMPANIES FOR SITE VISITS THROUGHOUT THE YEAR AND RESPONDED TO 11 REQUESTS FOR INFORMATION AND/PROPOSALS FROM COMPANIES ACROSS THE U.S. AND ABROAD. MCEDC ALSO SUPPORTED TAX ABABTEMENT APPLICATIONS FOR 5 COMPANIES IN 2021. AT THE END OF 2021, MATAGORDA COUNTY EDC PRESENTED ITS FINDINGS AND RECOMMENDATIONS FOR A BRAND NEW ECONOMIC DEVELOPMENT STRATEGIC PLAN. THE PLAN OFFERS A BLUEPRINT FOR MOVING FORWARD AND IMPROVING CONDITIONS FOR ECONOMIC DEVELOPMENT IN ALL AREAS OF MATAGORDA COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bobby Seiferman President | OfficerTrustee | $0 | |
Kandas Graham Vice Preside | OfficerTrustee | $0 | |
Mitch Thames Secretary | OfficerTrustee | $0 | |
George Harrison Treasurer | OfficerTrustee | $0 | |
Sue Milberger Director | Trustee | $0 | |
Karen Restivo Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $600 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $135,800 |
| 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 | $136,400 |
| Total Program Service Revenue | $0 |
| Investment income | $12,376 |
| 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 | $153,463 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,220 |
| Pension plan accruals and contributions | $3,000 |
| Other employee benefits | $13,076 |
| Payroll taxes | $7,713 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,529 |
| Office expenses | $6,662 |
| Information technology | $1,750 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,332 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,980 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,234 |
| Insurance | $2,844 |
| All other expenses | $2,644 |
| Total functional expenses | $230,266 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $169,308 |
| Savings and temporary cash investments | $1,140 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $42,442 |
| Investments—publicly traded securities | $51,077 |
| Investments—other securities | $508,703 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $772,670 |
| Accounts payable and accrued expenses | $2,318 |
| 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 | $2,318 |
| 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 | $770,352 |
| Total liabilities and net assets/fund balances | $772,670 |