Austin Economic Development Cor
- Assets
- $379.8k
- Revenue
- $811.4k
- Investments
- $0.0
- Employees
- 1
- Location
- Austin, TX
- Founding
- Data as of
- 09/2022
- EIN
- 86-1446893
Organization Overview
Austin Economic Development Cor is located in Austin, TX. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Austin Economic Development Cor is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE AUSTIN ECONOMIC DEVELOPMENT CORPORATION STEWARDS PUBLIC AND PRIVATE REAL ESTATE ASSETS TO CREATE INCLUSIVE COMMUNITY BENEFITS AND EQUITABLE ECONOMIC OUTCOMES FOR AUSTIN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN OCTOBER 2020, RECOGNIZING THE INCREASING PRESSURES OF RISING REAL ESTATE PRICES ON AFFORDABILITY, EQUITY, AND THE CITY'S ICONIC VENUES AND SMALL BUSINESSES, THE CITY OF AUSTIN CREATED AUSTIN ECONOMIC DEVELOPMENT CORPORATION. AEDC IS A PUBLIC REAL ESTATE DEVELOPER, WORKING FOR PURPOSE INSTEAD OF PROFITS. AEDC CAN SPEED THE PACE OF THE PUBLIC RESPONSE TO DECREASING AFFORDABILITY AND EQUITY BY MOVING AT THE PACE OF THE MARKET TO BLEND THE BEST OF PUBLIC AND PRIVATE DEAL MAKING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David H Steinwedell Chair | OfficerTrustee | 3 | $0 |
Carl Settles Vice Chair | OfficerTrustee | 2 | $0 |
Sylnovia Holt-Rabb Treasurer | OfficerTrustee | 2 | $0 |
Xavier Pena Secretary | OfficerTrustee | 2 | $0 |
Rosie Truelove Immediate Past Board President | OfficerTrustee | 2 | $0 |
Tina Cannon Board Member | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $811,442 |
| 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 | $811,442 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $811,442 |
| 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. | $444,520 |
| Compensation of current officers, directors, key employees. | $66,678 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,627 |
| Pension plan accruals and contributions | $28,462 |
| Other employee benefits | $25,425 |
| Payroll taxes | $40,771 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,030 |
| Fees for services: Accounting | $5,920 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $131,132 |
| Advertising and promotion | $0 |
| Office expenses | $4,242 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,445 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,766 |
| All other expenses | $0 |
| Total functional expenses | $820,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $289,412 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $90,421 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $379,833 |
| Accounts payable and accrued expenses | $102,259 |
| Grants payable | $0 |
| Deferred revenue | $286,225 |
| 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 | $388,484 |
| Net assets without donor restrictions | -$8,651 |
| 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 | $379,833 |