Lubbock Economic Development Alliance Inc
- Assets
- $61.6m
- Revenue
- $12.7m
- Investments
- $0.0
- Employees
- 14
- Location
- Lubbock, TX
- Founding
- 01/2005
- Data as of
- 09/2023
- EIN
- 90-0183669
Organization Overview
Lubbock Economic Development Alliance Inc is located in Lubbock, TX. The organization was established in 2005. 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 09/2023, Lubbock Economic Development Alliance Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lubbock Economic Development Alliance Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Lubbock Economic Development Alliance Inc generated $12.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $6.1m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lubbock Economic Development Alliance Inc has awarded 201 individual grants totaling $18,687,484. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC GROWTH BY CREATING HIGH QUALITY JOBS, INVESTING IN NEW CAPITAL IMPROVEMENTS, RETAINING AND EXPANDING EXISTING BUSINESSES AND ENHANCING LUBBOCK'S QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEDA EXPERIENCED A TREMENDOUS AMOUNT OF INTEREST FROM COMPANIES ACROSS THE COUNTRY. LEDA CONTINUED ITS WORK WITH LEPRINO FOODS AS THEY BEGAN CONSTRUCTION ON A $1 BILLION+ CHEESE MANUFACTURING FACILITY EMPLOYING OVER 670 INDIVIDUALS IN LUBBOCK. THIS PROJECT IS THE SINGLE LARGEST PRIVATE CAPITAL INVESTMENT IN THE HISTORY OF LUBBOCK. LEDA ALSO ENTERED INTO A CONTRACT WITH PLANT AGRICULTURAL SYSTEMS TO BRING GREENHOUSE HYPRONICS AGRICULTURE TO LUBBOCK FOR THE PRODUCTION OF LEAFY AND VINE VEGETABLES. OVER A PERIOD OF 10 YEARS, THE PLANT HAS PLANS TO GROW TO A TOTAL OF 13 ONE MILLION SQUARE FOOT GREENHOUSES THAT WILL EMPLOY UP TO 975 PEOPLE. THE SELECTION OF LUBBOCK FOR THESE COMPANIES HAS REQUIRED LEDA TO EXTEND THE ROADS AND UTILITIES IN EAST LUBBOCK TO SUPPORT THE GROWTH OF THE LUBBOCK ECONOMY IN THAT AREA OF THE CITY. IN ADDITION TO THESE FOOD PRODUCTION COMPANIES LOCATED IN EAST LUBBOCK, DURALINE, LLC, A MANUFACTURER OF HDPE FIBER OPTICS CABLE, CONTRACTED WITH LEDA TO CREATE 141 NEW JOBS AND INVEST $52 MILLION IN A BUILDING AND EQUIPMENT AT LUBBOCK BUSINESS PARK. LEDA'S WORKFORCE TRAINING EFFORTS PROVIDED NEW TECHNICAL TRAINING EQUIPMENT TO AREA SCHOOL DISTRICTS TO TRAIN THEIR STUDENTS TO BE READY TO ENTER THE JOB MARKET UPON GRADUATION AND LEDA CONTINUES TO INVEST SIGNIFICANT RESOURCES TO AREA SECONDARY SCHOOLS TO ENSURE THAT HIGH SCHOOL STUDENTS ARE PREPARED TO EITHER CONTINUE THEIR EDUCATION OR TO BE QUALIFIED TO OBTAIN GOOD-PAYING JOBS UPON GRADUATION. INTEREST IN BUSINESS EXPANSION TO LUBBOCK REMAINS STRONG AND THE LEDA SALES TEAM CONTINUES TO MEET WITH NATIONAL AND INTERNATIONAL COMPANIES TO CONSIDER EXPANSION INTO THE LUBBOCK MARKET. LEDA AND LUBBOCK ARE POISED TO MAKE SIGNIFICANT STRIDES IN SECURING A STRONG WORK ENVIRONMENT IN LUBBOCK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Cate Chairman | OfficerTrustee | 2 | $0 |
James Conwright Vice Chairman | OfficerTrustee | 1 | $0 |
Barry Orr 1022 - 1122 Director | Trustee | 1 | $0 |
Suzann Kirby 1022 - 1122 Director | Trustee | 1 | $0 |
John Opperman Director | Trustee | 1 | $0 |
Matthew Bumstead 1022 - 1122 Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rink's Lease Service Inc Construction Services | 9/29/23 | $1,575,291 |
Parkhill Smith & Cooper Engineering Services | 9/29/23 | $992,902 |
Turfmaster Irrigation & Landscaping Construction Services | 9/29/23 | $726,700 |
West Texas Paving Inc Construction Services | 9/29/23 | $374,901 |
Utility Contractors Of America Construction Services | 9/29/23 | $697,409 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,000,000 |
| Government grants | $10,712,216 |
| 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 | $11,712,216 |
| Total Program Service Revenue | $56,430 |
| Investment income | $867,346 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $89,216 |
| Net Gain/Loss on Asset Sales | $2,485 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,728,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,635,571 |
| 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. | $854,735 |
| Compensation of current officers, directors, key employees. | $213,684 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $414,979 |
| Pension plan accruals and contributions | $49,816 |
| Other employee benefits | $58,208 |
| Payroll taxes | $108,891 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $293,412 |
| Fees for services: Accounting | $21,573 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,671 |
| Advertising and promotion | $541,794 |
| Office expenses | $29,257 |
| Information technology | $40,524 |
| Royalties | $0 |
| Occupancy | $287,227 |
| Travel | $111,987 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,422 |
| Interest | $865,537 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $285,605 |
| Insurance | $27,580 |
| All other expenses | $0 |
| Total functional expenses | $6,099,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $32,820,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,676,335 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,824,378 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,244,946 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $61,566,582 |
| Accounts payable and accrued expenses | $505,890 |
| Grants payable | $34,527,800 |
| Deferred revenue | $4,445,067 |
| Tax-exempt bond liabilities | $12,675,000 |
| 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 | $16,032,572 |
| Total liabilities | $68,186,329 |
| 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 | -$6,619,747 |
| Total liabilities and net assets/fund balances | $61,566,582 |
Grants Awarded
Over the last fiscal year, Lubbock Economic Development Alliance Inc has awarded $1,535,314 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
BAYER CROP SCIENCE PURPOSE: ECONOMIC DEVELOPMENT | $244,000 |
BVLBP2 PURPOSE: ECONOMIC DEVELOPMENT | $5,681 |
BAYER TRAIT RESEARCH PURPOSE: ECONOMIC DEVELOPMENT | $373,367 |
CORTEVA PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
COVENANT MEDICAL CENTER PURPOSE: EQUIPMENT NEEDS | $7,500 |
DENVER CITY ISD PURPOSE: EQUIPMENT NEEDS | $9,061 |