Killeen Economic Development Corporation
- Assets
- $9.8m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Killeen, TX
- Founding
- 09/1991
- Data as of
- 09/2021
- EIN
- 74-2594957
Organization Overview
Killeen Economic Development Corporation is located in Killeen, TX. The organization was established in 1991. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Killeen Economic Development Corporation 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 09/2021, Killeen Economic Development Corporation generated $2.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.6m during the year ending 09/2021. While expenses have increased by 10.9% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MATCHING SCHOLARSHIP FUNDS GENERATED IN THE COMMUNITY AND TO BE USED FOR THE CONSTRUCTION OF THE NATIONAL MOUNTED WARFARE MUSUEM
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karl Green Secretary | OfficerTrustee | 0.3 | $0 |
Bobby Hoxworth Treasurer | OfficerTrustee | 0.3 | $0 |
Randy Sutton Vice President | OfficerTrustee | 0.3 | $0 |
Mayor Jose Segarra City Rep | Trustee | 0 | $0 |
Debbie Nash-King City Rep | Trustee | 0 | $0 |
Tad Dorrah Kif Rep | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $725,054 |
| 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 | $725,054 |
| Total Program Service Revenue | $555,699 |
| Investment income | $2,315 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $823,689 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,118,011 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,600,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $543,200 |
| Fees for services: Legal | $3,770 |
| Fees for services: Accounting | $8,026 |
| 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 | $0 |
| Royalties | $0 |
| Occupancy | $2,831 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,382 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $205,902 |
| Insurance | $19,046 |
| All other expenses | $0 |
| Total functional expenses | $2,646,569 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,551,008 |
| Savings and temporary cash investments | $3,733,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $184,107 |
| 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 | $4,350,551 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,819,595 |
| Accounts payable and accrued expenses | $14,966 |
| Grants payable | $0 |
| Deferred revenue | $17,274 |
| 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 | $1,269,525 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,301,765 |
| Net assets without donor restrictions | $8,517,830 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $9,819,595 |
Grants Awarded
Over the last fiscal year, Killeen Economic Development Corporation has awarded $1,600,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Copperas Cove, TX PURPOSE: TO BE USED FOR THE CONSTRUCTION OF THE NATIONAL MOUNTED WARFARE MUSUEM | $1,500,000 |
TEXAS A&M UNIVERSITY-CENTRAL TEXAS FOUNDATION PURPOSE: TO PROVIDE MATCHING SCHOLARSHIP FUNDS GENERATED IN THE COMMUNITY | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Association Of Realtors Austin, TX | $94,503,864 | $29,443,210 |
Arlington Convention & Visitors Bureau Inc Arlington, TX | $3,519,065 | $16,656,136 |
Promotional Products Association International Irving, TX | $24,269,680 | $12,861,271 |
Greater Oklahoma City Chamber Of Commerce Oklahoma City, OK | $12,639,674 | $12,068,118 |
Chamber Of Commerce Metropolitan Tulsa Tulsa, OK | $9,253,345 | $10,228,951 |
Fort Worth Convention And Visitors Bureau Fort Worth, TX | $6,320,777 | $12,812,000 |
Austin Convention And Visitors Bureau Inc Austin, TX | $8,364,471 | $6,830,186 |
Texas Municipal League Austin, TX | $8,928,481 | $7,134,656 |
Greater Austin Chamber Of Commerce Austin, TX | $7,488,664 | $6,719,729 |
San Antonio Economic Development Foundation San Antonio, TX | $4,503,315 | $6,901,379 |
Abilene Chamber Of Commerce Abilene, TX | $4,194,863 | $4,866,648 |
Greater New Orleans Inc New Orleans, LA | $2,019,283 | $4,542,927 |