Henderson Economic Development Corporation
- Assets
- $14.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 2
- Location
- Henderson, TX
- Founding
- 12/1993
- Data as of
- 09/2023
- EIN
- 75-2504486
Organization Overview
Henderson Economic Development Corporation is located in Henderson, TX. The organization was established in 1993. 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 09/2023, Henderson Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Henderson 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 09/2023, Henderson Economic Development Corporation generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $574.3k 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
PROMOTE ECONOMIC GROWTH AND CREATION OF JOBS
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS DEVELOPMENT ACTIVITIES JOB CREATION INFRASTRUCTURE FOR CITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Clary Exec Director | Officer | 40 | $0 |
Wf Garmon III President | OfficerTrustee | 3 | $0 |
Raymond Michell Vice President | OfficerTrustee | 3 | $0 |
Paul Morris Treasurer | OfficerTrustee | 3 | $0 |
Joe Sorrells Secretary | OfficerTrustee | 3 | $0 |
Noble Welch Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,274,947 |
| 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 | $2,274,947 |
| Total Program Service Revenue | $0 |
| Investment income | $188,228 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,800 |
| Net Gain/Loss on Asset Sales | $318,811 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,794,786 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $72,378 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $138,553 |
| Compensation of current officers, directors, key employees. | $138,553 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $113,783 |
| Pension plan accruals and contributions | $3,958 |
| Other employee benefits | $8,495 |
| Payroll taxes | $4,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,460 |
| Fees for services: Accounting | $10,590 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $59,874 |
| Office expenses | $9,975 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $550 |
| Travel | $8,684 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,650 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,500 |
| All other expenses | $91,627 |
| Total functional expenses | $574,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,312,965 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $372,024 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $722,553 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,520,280 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,927,822 |
| Accounts payable and accrued expenses | $109,325 |
| 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 | $109,325 |
| Net assets without donor restrictions | $14,818,497 |
| 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 | $14,927,822 |
Grants Awarded
Over the last fiscal year, Henderson Economic Development Corporation has awarded $1,546,794 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF HENDERSON PURPOSE: CIVIC CENTER&INDUSTRIAL PARK | $1,317,794 |
MTC CORRECTIONS PURPOSE: JOB CREATION | $120,000 |
CAPCO FABRICATORS PURPOSE: JOB CREATION | $100,000 |
FIBERGLASS CREATIONS PURPOSE: JOB CREATION | $9,000 |