Tulsa Economic Development Corporation
- Assets
- $33.9m
- Revenue
- $33.0m
- Investments
- $373.8k
- Employees
- 10
- Location
- Tulsa, OK
- Founding
- 04/1981
- Data as of
- 09/2021
- EIN
- 73-1084819
Organization Overview
Tulsa Economic Development Corporation is located in Tulsa, OK. The organization was established in 1981. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Tulsa Economic Development Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tulsa Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Tulsa Economic Development Corporation generated $33.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 53.9% each year . All expenses for the organization totaled $55.4m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Tulsa Economic Development Corporation has awarded 687 individual grants totaling $56,026,186. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TEDC PROMOTES AND SUSTAINS SMALL BUSINESS GROWTH IN TULSA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), TULSA COUNTY COMMISSIONERS HAVE VOTED TO FUND THE TULSA COUNTY BUSINESS RESET PROGRAM PROVIDING ECONOMIC SUPPORT TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS IN THE FORM OF FORGIVABLE LOANS AND GRANTS, RESPECTIVELY. ELIGIBLE BUSINESSES ARE THOSE SUFFERING FROM OR ADJUSTING TO INTERRUPTIONS CAUSED BY GOVERNMENT-MANDATED CLOSURES DUE TO THE PANDEMIC. ELIGIBLE NON-PROFITS ARE THOSE ADDRESSING THE NEEDS OF INDIVIDUALS AND FAMILIES EXPERIENCING COVID-19-RELATED HARDSHIPS. NON-PROFITS THAT DO NOT PROVIDE DIRECT SERVICES BUT HAVE ALSO EXPERIENCED ECONOMIC INJURY, ARE ALSO ELIGIBLE. TULSA ECONOMIC DEVELOPMENT CORPORATION LAUNCHED AND ADMINISTERED THE TULSA COUNTY BUSINESS RESET PROGRAM.
TEDC RECEIVES FUNDING FROM THE U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT'S CDBG PROGRAM AS A CITY OF TULSA SUB-RECIPIENT, WHICH INCLUDES REIMBURSEMENTS FOR PROJECT DELIVERY COSTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rose Washington Executive Direc | Officer | 50 | $180,000 |
Cynthia Baker Treasurer & Finance Committee Chair | OfficerTrustee | 0.5 | $0 |
Gilbert Gerst Development Personnel Committee Chair | OfficerTrustee | 0.5 | $0 |
Marilyn Morris Loan Committee Chair | OfficerTrustee | 0.5 | $0 |
Joyce Mcclellan Director | OfficerTrustee | 0.5 | $0 |
Cassia Carr Board President & Chair | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,153,318 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,107,068 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,260,386 |
| Total Program Service Revenue | $0 |
| Investment income | $344,892 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $124,920 |
| Net Gain/Loss on Asset Sales | -$5,075 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,973,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $52,099,393 |
| 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. | $214,017 |
| Compensation of current officers, directors, key employees. | $64,205 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $615,928 |
| Pension plan accruals and contributions | $7,271 |
| Other employee benefits | $66,954 |
| Payroll taxes | $57,706 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $295,383 |
| Fees for services: Accounting | $95,243 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,162 |
| Fees for services: Other | $583,772 |
| Advertising and promotion | $158,884 |
| Office expenses | $32,807 |
| Information technology | $130,256 |
| Royalties | $0 |
| Occupancy | $30,099 |
| Travel | $4,670 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,231 |
| Interest | $4,112 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $361,677 |
| Insurance | $18,610 |
| All other expenses | $451,496 |
| Total functional expenses | $55,444,671 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,893,318 |
| Savings and temporary cash investments | $4,068,686 |
| Pledges and grants receivable | $1,138,584 |
| Accounts receivable, net | $7,087 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,800,489 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $534 |
| Net Land, buildings, and equipment | $8,399,339 |
| Investments—publicly traded securities | $130,782 |
| Investments—other securities | $373,810 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,039,096 |
| Total assets | $33,851,725 |
| Accounts payable and accrued expenses | $47,673 |
| Grants payable | $0 |
| Deferred revenue | $2,840,981 |
| 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 | $7,681,501 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $787,987 |
| Total liabilities | $11,358,142 |
| Net assets without donor restrictions | $10,675,373 |
| Net assets with donor restrictions | $11,818,210 |
| 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 | $33,851,725 |
Grants Awarded
Over the last fiscal year, Tulsa Economic Development Corporation has awarded $50,879,041 in support to 615 organizations.
| Grant Recipient | Amount |
|---|---|
CATHOLIC CHARITIES OF EASTERN OKLAHOMA PURPOSE: Mitigate the effects of COVID-19 related hardships | $940,130 |
Tulsa, OK PURPOSE: Mitigate the effects of COVID-19 related hardships | $829,605 |
Tulsa, OK PURPOSE: Mitigate the effects of COVID-19 related hardships | $700,000 |
Tulsa, OK PURPOSE: Mitigate the effects of COVID-19 related hardships | $459,515 |
THE SALVATION ARMY PURPOSE: Mitigate the effects of COVID-19 related hardships | $375,000 |
Tulsa, OK PURPOSE: Mitigate the effects of COVID-19 related hardships | $353,600 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Tulsa Economic Development Corporation has recieved totaling $1,732,000.
| Awarding Organization | Amount |
|---|---|
George Kaiser Family Foundation Tulsa, OK PURPOSE: Entrepreneurial Development Education | $1,000,000 |
George Kaiser Family Foundation Tulsa, OK PURPOSE: General Operations | $290,000 |
Tulsa Community Foundation Tulsa, OK PURPOSE: GENERAL OPERATIONS | $127,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $90,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $90,000 |
George Kaiser Family Foundation Tulsa, OK PURPOSE: COVID-19 Emergency Response | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tulsa Economic Development Corporation Tulsa, OK | $33,851,725 | $32,973,039 |
Liftfund Inc San Antonio, TX | $95,784,141 | $59,155,631 |
Dreamspring Albuquerque, NM | $203,163,761 | $25,298,598 |
Peoplefund Austin, TX | $66,108,373 | $14,535,836 |
Houston Business Development Inc Houston, TX | $15,684,831 | $3,620,643 |
Dallas-Fort Worth Minority Supplier Development Council Inc Dallas, TX | $2,296,676 | $2,035,236 |
Technology Entrepreneur Center Inc St Louis, MO | $14,793,185 | $1,740,629 |
Community Certified Development Corporation Houston, TX | $1,043,060 | $1,562,471 |
South Central Ozark Council Of Governments Pomona, MO | $2,561,241 | $1,014,983 |
Foundation For Black Entrepreneurship Denver, CO | $394,455 | $1,255,984 |
Exponential Impact Colorado Springs, CO | $3,022,764 | $1,129,971 |
Civico Denver, CO | $298,946 | $905,043 |