Tri-City Development Council
- Assets
- $3.0m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 7
- Location
- Kennewick, WA
- Founding
- 09/1964
- Data as of
- 12/2023
- EIN
- 91-6053966
Organization Overview
Tri-City Development Council is located in Kennewick, WA. The organization was established in 1964. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Tri-City Development Council employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tri-City Development Council 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, Tri-City Development Council generated $2.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 6.2% 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.
Since 2017, Tri-City Development Council has awarded 26 individual grants totaling $3,432,980. 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
IT IS THE MISSION OF TRIDEC TO IMPROVE THE ECONOMIC HEALTH OF THE TRI-CITIES AREA.TO ACHIEVE THIS MISSION, TRIDEC PROMOTES ECONOMIC DIVERSIFICATION, FACILITATES JOB CREATION AND RETENTION, PURSUES NEW FEDERAL MISSIONS TO SUPPORT STABILITY IN FEDERALLY FUNDED OPERATIONS AND ADVOCATES AND LEADS THE TRI-CITIES COMMUNITY ON ISSUES OF ECONOMIC IMPORTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT OF THE TRI-CITIES (PASCO, KENNEWICK, RICHLAND, & WEST RICHLAND) AND THE SURROUNDING AREAS OF SOUTHEASTERN WASHINGTON STATE THROUGH PROMOTION, RECRUITMENT, AND DIVERSIFICATION OF THE ECONOMIC BASE. IMPROVEMENT OF ECONOMIC CONDITIONS AND BUSINESS OPPORTUNITIES TO ALMOST 300 MEMBERS. DIRECT CONTACTS WITH MULTIPLE COMPANIES WITHIN TARGETED INDUSTRIES TO RECRUIT NEW INDUSTRY AND FOSTER ECONOMIC DEVELOPMENT TO FURTHER DIVERSIFY THE LOCAL ECONOMY. PARTICIPATED IN MULTIPLE TRADE AND INDUSTRIAL DEVELOPMENT ACTIVITIES INCLUDING TRADE SHOWS, CONFERENCES, DIRECT AND INDIRECT BUSINESS RECRUITMENT. RESPONDED TO MANY DIRECT INQUIRIES FROM BUSINESSES SEEKING INFORMATION ON THE LOCAL AREA INCLUDING LABOR FORCE, POTENTIAL SITE SELECTION AND OTHER RELEVANT MARKET DATA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karl Dye President & CEO | Officer | 52 | $205,876 |
Sandra Haynes Chair | OfficerTrustee | 4 | $0 |
Steven Ashby Director | OfficerTrustee | 1 | $0 |
Eric Pearson Past Chair | OfficerTrustee | 2 | $0 |
Kate Lampson Hanford | OfficerTrustee | 1 | $0 |
Luis Ojeda Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vail International Auction / Whse Rent | 12/30/19 | $123,305 |
K & L Gates Llp Legal/consulting | 12/30/19 | $103,871 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,478,074 |
| 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 | $1,478,074 |
| Total Program Service Revenue | $946,084 |
| Investment income | $42,651 |
| 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 | $2,466,809 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,591,071 |
| 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. | $199,227 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $431,187 |
| Pension plan accruals and contributions | $31,521 |
| Other employee benefits | $79,238 |
| Payroll taxes | $82,885 |
| Fees for services: Management | $11,120 |
| Fees for services: Legal | $22,506 |
| Fees for services: Accounting | $4,500 |
| Fees for services: Lobbying | $103,072 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,962 |
| Office expenses | $9,693 |
| Information technology | $50,615 |
| Royalties | $0 |
| Occupancy | $67,826 |
| Travel | $39,496 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,598 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,018 |
| All other expenses | $0 |
| Total functional expenses | $2,822,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $370,642 |
| Savings and temporary cash investments | $1,941,984 |
| 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 | $3,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $684,541 |
| Total assets | $3,000,612 |
| Accounts payable and accrued expenses | $393,535 |
| 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 | $393,535 |
| Net assets without donor restrictions | $1,779,494 |
| Net assets with donor restrictions | $827,583 |
| 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 | $3,000,612 |
Grants Awarded
Over the last fiscal year, Tri-City Development Council has awarded $1,591,071 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
ATI SPECIALTY ALLOYS & COMPON PURPOSE: STRATEGIC RESERVE GRANT | $250,000 |
ATLAS AGRO PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
BENTON CITY REVITALATION PURPOSE: ECONOMIC DEVELOPMENT | $9,000 |
CHICA DORADA FASHION LLC PURPOSE: ADO DISASTER RELIEF | $56,952 |
DARIGOLD INC PURPOSE: ECONOMIC DEVELOPMENT | $250,000 |
OCO INC PURPOSE: STRATEGIC RESERVE GRANT | $180,037 |