Fort Worth Local Development Corporation
- Assets
- $11.3m
- Revenue
- $9.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Worth, TX
- Founding
- 03/1989
- Data as of
- 09/2021
- EIN
- 75-2196027
Organization Overview
Fort Worth Local Development Corporation is located in Fort Worth, TX. The organization was established in 1989. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, 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. Fort Worth Local 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, Fort Worth Local Development Corporation generated $9.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 68.4% each year . All expenses for the organization totaled $2.2m during the year ending 09/2021. While expenses have increased by 26.1% 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
THE ORGANIZATION IS A NON-PROFIT INCORPORATED TO PROMOTE, SPONSOR, AND COORDINATE A WIDE RANGE OF ACTIVITIES CENTERED AROUND JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN THE CITY OF FORT WORTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY TAX AND FEES FOR MAINTENANCE FOR 50.4 ACRES OF INDUSTRIAL PROPERTIES OWNED. THIS PROPERTY IS USED FOR BOTH INCOME STREAM AND TO FOSTER ECONOMIC DEVELOPMENT OPPORTUNITY. ADDITIONAL EXPENSES INCURRED FOR MAINTENANCE OF 18.8 ACRES OF VACANT LAND WITH PARCELS RANGING FROM 1/10 TO 9.7 ACRES IN AREAS ZONED FOR LOW-DENSITY MIXED USE, COMMERCIAL RESTRICTED, AND LIGHT INDUSTRIAL USES. VACANT LAND PARCELS ARE IN LOW AND MODERATE INCOME NEIGHBORHOODS TO INSURE FUTURE DESIRABLE DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gyna M Bivens President | OfficerTrustee | 1 | $0 |
Cary Moon Vice President | OfficerTrustee | 1 | $0 |
Dennis Shingleton Secretary | OfficerTrustee | 1 | $0 |
Jared Williams Trustee | Trustee | 1 | $0 |
Brian Byrd Trustee | Trustee | 1 | $0 |
Mattie Parker Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Empire Roofing Inc Roof Repairs | 9/29/18 | $1,236,426 |
Mv Engineering Inc Construction & Improvements | 9/29/18 | $264,845 |
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 | $815,137 |
| Investment income | $22,699 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $22,342 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,253,632 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,133,213 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000,000 |
| 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 | $210,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,500 |
| Advertising and promotion | $27,222 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,553 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,424 |
| Insurance | $29,459 |
| All other expenses | $9,862 |
| Total functional expenses | $2,192,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,017,786 |
| Savings and temporary cash investments | $9,942,803 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $341,763 |
| Total assets | $11,302,352 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $11,302,352 |
| 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 | $11,302,352 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Martin Iberia Lafayette Parishes Community Action Agency Lafayette, LA | $1,628,921 | $19,226,376 |
El Paso Community Action Program Project Bravo Inc El Paso, TX | $2,433,349 | $16,653,742 |
Abilene Improvement Corporation Abilene, TX | $4,300,132 | $16,087,347 |
Waterloo Greenway Conservancy Austin, TX | $14,294,713 | $19,654,960 |
Avance Inc San Antonio, TX | $3,341,095 | $14,922,059 |
Northwest Arkansas Council Foundation Springdale, AR | $9,473,428 | $13,530,717 |
First Colony Community Services Association Inc Sugar Land, TX | $19,403,817 | $10,458,068 |
Community Council Of South Central Seguin, TX | $2,045,180 | $10,473,350 |
Downtown Dallas Inc Dallas, TX | $7,773,347 | $10,211,090 |
Lakewest Revitalization Foundation Inc Dallas, TX | $0 | $14,279 |
Mid-Delta Community Services Inc Helena, AR | $2,889,498 | $10,056,138 |
Communities Unlimited Inc Fayetteville, AR | $26,843,803 | $9,936,122 |