Fort Worth Local Development Corporation
- Assets
- $9.2m
- Revenue
- $227.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Worth, TX
- Founding
- 03/1989
- Data as of
- 09/2023
- 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 09/2023, Fort Worth Local Development Corporation generated $227.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $1.3m during the year ending 09/2023. 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
2023
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. UNDER THE TEXAS DEVELOPMENT CORPORATION ACT BY THE AUTHORITY OF THE FORT WORTH CITY COUNCIL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 AND MODERATE INCOME NEIGHBORHOODS TO ENSURE FUTURE DESIREABLE DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos Flores Trustee | Trustee | 1 | $0 |
Michael Crane Trustee | Trustee | 1 | $0 |
Charles Lauersdorf Trustee | Trustee | 1 | $0 |
Jared Williams Trustee | Trustee | 1 | $0 |
Macy Hill Trustee | Trustee | 1 | $0 |
Chris Nettles 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 | $4,000 |
| Investment income | $157,918 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $65,321 |
| 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 | $227,239 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $121,155 |
| 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 | $228,800 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $317,603 |
| Advertising and promotion | $536,551 |
| Office expenses | $0 |
| Information technology | $38,000 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,021 |
| All other expenses | $0 |
| Total functional expenses | $1,301,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,296,608 |
| Savings and temporary cash investments | $7,767,370 |
| 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 | $144,655 |
| Total assets | $9,208,633 |
| Accounts payable and accrued expenses | $3,150 |
| 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 | $3,150 |
| Net assets without donor restrictions | $9,205,483 |
| 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 | $9,208,633 |
Grants Awarded
Over the last fiscal year, Fort Worth Local Development Corporation has awarded $121,155 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FORT WORTH HISPANIC CHAMBER OF COMMERCE INC PURPOSE: MAIN STREET PILOT PROGRAM GRANT | $45,000 |
SOUTHEAST FORT WORTH INC PURPOSE: MAIN STREET PILOT PROGRAM GRANT | $45,000 |
NATIONAL MAIN STREET CENTER INC PURPOSE: MAIN STREET PILOT PROGRAM GRANT | $31,155 |