Texas Econmic Development Council Inc
- Assets
- $1.6m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 6
- Location
- Austin, TX
- Founding
- 01/1980
- Data as of
- 12/2021
- EIN
- 74-2053921
Organization Overview
Texas Econmic Development Council Inc is located in Austin, TX. The organization was established in 1980. According to its NTEE Classification (C03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Environment and related organizations. As of 12/2021, Texas Econmic Development Council Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Econmic Development Council Inc 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 12/2021, Texas Econmic Development Council Inc generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE BUSINESS COMMERCE, JOB GROWTH AND ECONOMIC DEVELOPMENT IN TEXAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT OF ECONOMIC AND EMPLOYMENT OPPORTUNITIES IN TEXAS. TEDC PROVIDES INFORMATION EDUCATIONAL & LEGISLATIVE SERVICES TO ITS MEMBERS IN ORDER TO FOSTER EXPANSION OF EXISTING INDUSTRY LOCATION OF NEW FIRMS AND DEVELOPMENT OF STRATEGIES THAT PROMOTE A POSITIVE BUSINESS CLIMATE IN TEXAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlton Schwab President | Officer | 40 | $207,543 |
Wesley Burnett Incoming Board Chair | OfficerTrustee | 0.5 | $0 |
Kent Sharp Treasurer | OfficerTrustee | 0.5 | $0 |
Greg Sims Chair | OfficerTrustee | 0.5 | $0 |
Dale Fowler Immediate Past Chair | OfficerTrustee | 0.5 | $0 |
Susan Mazarakes-Gill Vice Chair | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $49,042 |
| 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 | $49,042 |
| Total Program Service Revenue | $1,516,847 |
| Investment income | $384 |
| 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 | $1,677,100 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $445,423 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $42,742 |
| Payroll taxes | $30,455 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,669 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $2,824 |
| Royalties | $0 |
| Occupancy | $79,671 |
| Travel | $3,675 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $373,440 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $44,653 |
| All other expenses | $22,098 |
| Total functional expenses | $1,617,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $614,757 |
| Savings and temporary cash investments | $1,007,382 |
| 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 | $6,102 |
| 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 | $1,628,241 |
| Accounts payable and accrued expenses | $163 |
| 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 | $163 |
| Net assets without donor restrictions | $1,101,446 |
| Net assets with donor restrictions | $526,632 |
| 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 | $1,628,241 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Assoc Of Professional Landmen Inc Fort Worth, TX | $45,737,646 | $6,130,751 |
New Mexico Association Of Soil And Water Conservation Districts Carlsbad, NM | $948,917 | $5,349,942 |
Texas Land Title Association Inc Austin, TX | $5,518,591 | $5,018,963 |
Association Of Water Board Directors Incorporated Houston, TX | $3,716,575 | $2,091,965 |
Texas Econmic Development Council Inc Austin, TX | $1,628,241 | $1,677,100 |
East Shore Community Association Katy, TX | $897,223 | $2,156,507 |
Oklahoma Association Of Conservation Districts Incorporate Oklahoma City, OK | $148,116 | $646,037 |
Texas Floodplain Managementassociation Leander, TX | $919,241 | $920,514 |
Big Bend Natural History Association Inc Big Bend National Park, TX | $1,018,341 | $626,230 |
Gulf Coast Cogeneration Association Inc Cedar Park, TX | $712,895 | $742,778 |
Texas Mining And Reclamation Association Cedar Park, TX | $322,089 | $414,185 |
North American Process Technology Alliance Napta Deer Park, TX | $445,016 | $355,825 |