Economic Development Corporation Of Weslaco
- Assets
- $20.4m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 7
- Location
- Weslaco, TX
- Founding
- 03/1992
- Data as of
- 09/2022
- EIN
- 74-2588704
Organization Overview
Economic Development Corporation Of Weslaco is located in Weslaco, TX. The organization was established in 1992. 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 09/2022, Economic Development Corporation Of Weslaco employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Corporation Of Weslaco 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 09/2022, Economic Development Corporation Of Weslaco generated $5.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $3.9m during the year ending 09/2022. While expenses have increased by 9.7% per year over the past 7 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 2015, Economic Development Corporation Of Weslaco has awarded 107 individual grants totaling $6,705,472. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ECONOMIC DEVELOPMENT CORPORATION'S PRIMARY PURPOSE IS TO ENHANCE ECONOMIC AND INDUSTRIAL ACTIVITIES FOR THE CITY OF WESLACO.ITS MOST SIGNIFICANT ACTIVITIES ARE IN PROVIDING INCENTIVES TO EXISTING BUSINESSES AND NEW BUSINESSES AND ENHANCING COMMUNITY ASSETS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT - MAINTENANCE OF INDUSTRIAL PARK BUILDINGS, ROADWAYS, SIGNS AND CITY'S INFRASTRUCTURE MAINTENANCE AND LANDSCAPING, INCLUDING DEPRECIATION EXPENSE OF $160,856
ECONOMIC DEVELOPMENT IS THE PURPOSEFUL INTERVENTION BY AN ENTITY TO ENCOURAGE PRIVATE INVESTMENT IN A SPECIFIC LOCATION WHEN IT OTHERWISE MIGHT NOT HAVE BEEN MADE. THAT ENCOURAGEMENT OFTEN REPRESENTS PUBLIC ASSISTANCE WITH A FINANCIAL VALUE AND IS POPULARLY REFERRED TO AS AN INCENTIVE OR INDUCEMENT. EDC PROVIDES LOANS/ GRANTS TO VARIOUS BUSINESSES FOR CREATING OF JOBS THROUGH RECRUITING NEW INDUSTRY AND/OR EXISTING COMPANIES RELOCATING AND/OR EXPANDING.
GENERAL ADMINISTRATION EXPENSE $173,567INTEREST ON LONG-TERM DEBT $103,379 TOTAL $276,946
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven M Valdez | 40 | $97,625 | |
Juan Jose Serrano Jr Vice President | OfficerTrustee | 4 | $0 |
Benita Valadez President | OfficerTrustee | 4 | $0 |
Fred Perez Member | OfficerTrustee | 4 | $0 |
Sandra Charlton CPA Treasurer | OfficerTrustee | 4 | $0 |
Joe D Olivarez Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $4,788,959 |
| Investment income | $111,307 |
| 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 | $4,956,590 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $646,786 |
| Grants and other assistance to domestic individuals. | $24,442 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $97,625 |
| Compensation of current officers, directors, key employees. | $24,406 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $198,098 |
| Pension plan accruals and contributions | $7,455 |
| Other employee benefits | $19,846 |
| Payroll taxes | $24,239 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,072 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $69,108 |
| Advertising and promotion | $93,830 |
| Office expenses | $25,283 |
| Information technology | $13,278 |
| Royalties | $0 |
| Occupancy | $23,748 |
| Travel | $8,862 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,352 |
| Interest | $103,379 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $160,856 |
| Insurance | $14,895 |
| All other expenses | $18,061 |
| Total functional expenses | $3,858,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,212,854 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,641 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $362,340 |
| Inventories for sale or use | $5,817,232 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,352,576 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,649,996 |
| Total assets | $20,401,639 |
| Accounts payable and accrued expenses | $148,194 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $305,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,570,428 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,023,622 |
| Net assets without donor restrictions | $13,705,441 |
| Net assets with donor restrictions | $4,672,576 |
| 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 | $20,401,639 |
Grants Awarded
Over the last fiscal year, Economic Development Corporation Of Weslaco has awarded $646,786 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
DOMAIN DEVELOPMENT CORP PURPOSE: ECONOMIC INCENTIVE | $116,666 |
CITY OF WESLACO PURPOSE: ECONOMIC INCENTIVE | $100,000 |
Z&L ENTERPRISES INC PURPOSE: ECONOMIC INCENTIVES | $54,442 |
CLEAN LABEL LLC PURPOSE: ECONOMIC INCENTIVES | $45,313 |
R&L LOZANO LEASING LTD PURPOSE: ECONOMIC INCENTIVES | $44,508 |
CLEVER FOODS & SUPPLEMENTS PURPOSE: ECONOMIC INCENTIVE | $40,550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Frazier Revitalization Inc Dallas, TX | $12,774,298 | $14,569,658 |
Corpus Christi Area Convention And Tourist Bureau Inc Corpus Christi, TX | $2,305,137 | $5,577,829 |
Edinburg Economic Development Corporation Edinburg, TX | $67,135,031 | $9,281,578 |
Market Lubbock Economic Development Corporation Lubbock, TX | $8,726,484 | $8,303,064 |
Lubbock Economic Development Alliance Inc Lubbock, TX | $29,508,777 | $13,680,218 |
Northwest Arkansas Economic Development District Inc Harrison, AR | $3,285,809 | $5,390,544 |
Mcallen Economic Development Corporation Mcallen, TX | $25,789,547 | $5,490,638 |
Greater Brownsville Incentives Corporation Brownsville, TX | $32,068,237 | $6,507,551 |