Economic Development Corporation
- Assets
- $3.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 12
- Location
- Hobbs, NM
- Founding
- 07/1964
- Data as of
- 06/2024
- EIN
- 85-0164863
Organization Overview
Economic Development Corporation is located in Hobbs, NM. The organization was established in 1964. 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 06/2024, Economic Development Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 06/2024, Economic Development Corporation generated $1.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $1.2m during the year ending 06/2024. While expenses have increased by 3.5% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING AND MARKETING ASSETS OF LEA COUNTY TO ATTRACT CAPITAL INVESTMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING ECOMONIC DEVELOPMENT AND DIVERSIFICATION FOR LEA COUNTY, NM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Grassham President | OfficerTrustee | 40 | $163,475 |
Bill Richards Chair | OfficerTrustee | 1 | $0 |
Gary Schubert Chair Elect | OfficerTrustee | 1 | $0 |
Russell Doss Past Chair | OfficerTrustee | 1 | $0 |
Sam Spencer Treasurer | OfficerTrustee | 1 | $0 |
James Lackey Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $219,100 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $105,351 |
| 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 | $324,451 |
| Total Program Service Revenue | $1,139,804 |
| Investment income | $65,308 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,612 |
| 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 | $1,554,450 |
| 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. | $163,475 |
| Compensation of current officers, directors, key employees. | $32,695 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $203,946 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $44,480 |
| Payroll taxes | $31,017 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $161,891 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,387 |
| Advertising and promotion | $338,195 |
| Office expenses | $33,294 |
| Information technology | $37,551 |
| Royalties | $0 |
| Occupancy | $6,330 |
| Travel | $8,760 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $23,285 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,173 |
| Insurance | $9,041 |
| All other expenses | $9,004 |
| Total functional expenses | $1,249,954 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,552,986 |
| Savings and temporary cash investments | $298,077 |
| Pledges and grants receivable | $1,549,540 |
| Accounts receivable, net | $125,311 |
| 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 | $395,835 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,921,749 |
| Accounts payable and accrued expenses | $1,468,797 |
| 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 | $369,138 |
| Total liabilities | $1,837,935 |
| Net assets without donor restrictions | $1,824,007 |
| Net assets with donor restrictions | $259,807 |
| 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 | $3,921,749 |