Market Lubbock Economic Development Corporation
- Assets
- $8.7m
- Revenue
- $8.3m
- Investments
- $0.0
- Employees
- 23
- Location
- Lubbock, TX
- Founding
- 04/1999
- Data as of
- 09/2021
- EIN
- 75-2621353
Organization Overview
Market Lubbock Economic Development Corporation is located in Lubbock, TX. The organization was established in 1999. 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 09/2021, Market Lubbock Economic Development Corporation employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Market Lubbock Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Market Lubbock Economic Development Corporation generated $8.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $5.1m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Market Lubbock Economic Development Corporation has awarded 109 individual grants totaling $13,399,266. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE AND ENCOURAGE ECONOMIC DEVELOPMENT AND JOB CREATION AND FACILITATE THE DEVELOPMENT OF NEW INDUSTRIES. MANAGE AND OVERSEE THE OPERATIONS OF VISIT LUBBOCK AND FOREIGN TRADE ZONE 260. VISIT LUBBOCK ENCOMPASSES THE OPERATIONS OF THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2020-2021 MARKET LUBBOCK, INC. CONTINUED TO WORK WITH THE CITY OF LUBBOCK TO STRENGTHEN AND ENCOURAGE INVESTMENT IN DOWNTOWN LUBBOCK AND EAST LUBBOCK THROUGH A REIMBURSEMENT GRANT PROGRAM. MARKET LUBBOCK INCREASED IT'S EFFORTS TO INCREASE AWARENESS OF LUBBOCK AS A GREAT PLACE TO WORK, LIVE AND PLAY THROUGH TARGETED MARKETING EFFORTS AND CONTINUED TO PARTNER WITH THE CITY AND TEXAS TECH UNIVERSITY THROUGH THE EFFORTS SUCH AS THE TTU INNOVATION HUB AND GRANTS TO MCALISTER PARK TO BRING ECONOMIC DEVELOPMENT AND QUALITY OF LIFE TO THE CITY. VISIT LUBBOCK, THROUGH THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS, CONTRACTED WITH MEETING PLANNERS, CONVENTION ORGANIZERS AND SPORTS EVENT ORGANIZERS TO BRING CONVENTIONS AND EVENTS TO LUBBOCK THAT PRODUCE A STRONG ECONOMIC IMPACT TO OUR COMMUNITY BY BRINGING VISITORS TO STAY IN HOTELS, EAT AT RESTAURANTS AND SHOP AT LUBBOCK BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Orr Chairman | OfficerTrustee | 2 | $0 |
Brett Cate Vice Chairman | OfficerTrustee | 1 | $0 |
John Osborne CEO | Officer | 20 | $0 |
Kenny Mckay Vice President | Officer | 20 | $0 |
Jana Johnston Cfo/coo | Officer | 20 | $0 |
John Opperman Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ajr Media Group Advertising/marketing | 9/29/21 | $211,582 |
Madden Media Advertising/marketing | 9/29/21 | $243,683 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,196,883 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,689 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,224,572 |
| Total Program Service Revenue | $39,307 |
| Investment income | $39,185 |
| 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 | $8,303,064 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,095,149 |
| Grants and other assistance to domestic individuals. | $57,249 |
| 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 | $1,116,731 |
| Pension plan accruals and contributions | $50,725 |
| Other employee benefits | $112,995 |
| Payroll taxes | $56,155 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,783 |
| Fees for services: Accounting | $14,920 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,357,523 |
| Office expenses | $46,629 |
| Information technology | $67,840 |
| Royalties | $0 |
| Occupancy | $118,645 |
| Travel | $4,883 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $384,381 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,209 |
| Insurance | $11,016 |
| All other expenses | $0 |
| Total functional expenses | $5,059,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,956,243 |
| Savings and temporary cash investments | $1,727,415 |
| Pledges and grants receivable | $1,967,156 |
| 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 | $72,934 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,736 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,726,484 |
| Accounts payable and accrued expenses | $133,204 |
| Grants payable | $696,255 |
| 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 | $829,459 |
| Net assets without donor restrictions | $0 |
| 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 | $7,897,025 |
| Total liabilities and net assets/fund balances | $8,726,484 |
Grants Awarded
Over the last fiscal year, Market Lubbock Economic Development Corporation has awarded $1,079,422 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS TECH UNIVERSITY PURPOSE: TO HELP FUND THE SCHOOL'S INNOVATION AND RESEARCH PARK. | $400,000 |
CITY OF LUBBOCK PURPOSE: TO ASSIST WITH DOWNTOWN SAFETY PATROLS AND DOWNTOWN WEBSITE DEVELOPMENT. | $135,073 |
SOUTHERN STAR LUBBOCK LP PURPOSE: TO ASSIST WITH COSTS OF RENOVATION PROJECT THAT INCLUDES SITE DEMOLITION, MASONRY, STRUCTURAL STEEL, FRAMING, PLUMBING AND ELECTRICAL WORK. | $125,000 |
Lubbock, TX PURPOSE: TO ASSIST WITH THE DEVELOPMENT OF A CULTURAL ARTS FOUNDATION TO PROMOTE LUBBOCK ARTS AND ARTISTS IN TEXAS AND ACROSS THE COUNTRY. | $75,000 |
BAYER CROPSCIENCE LP- NOW BASF PURPOSE: TO ASSIST WITH COSTS OF RENOVATION PROJECT THAT INCLUDES SITE DEMOLITION, MASONRY, STRUCTURAL STEEL, FRAMING, PLUMBING AND ELECTRICAL WORK. | $50,000 |
WEST FAMILY HOSPITALITY GROUP PURPOSE: TO ASSIST WITH CAREER COUNSELING, JOB SEARCH ASSISTANCE, CAREER AND SUPPORT SERVICES AND JOB TRAINING. | $42,103 |
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 |