Pueblo Economic Development Corp
- Assets
- $619.9k
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 5
- Location
- Pueblo, CO
- Founding
- 02/1982
- Data as of
- 12/2021
- EIN
- 84-0857804
Organization Overview
Pueblo Economic Development Corp is located in Pueblo, CO. The organization was established in 1982. 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 12/2021, Pueblo Economic Development Corp employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pueblo Economic Development Corp 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 12/2021, Pueblo Economic Development Corp generated $1.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.3%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.8%) per year over the past 7 years. 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
OUR MISSION IS TO ATTRACT, RETAIN, AND EXPAND PRIMARY JOBS FOR THE PUEBLO COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST THE CITY OF PUEBLO IN LOCATING NEW PRIMARY JOBS TO PUEBLO, THE FACILITIES FOR WHICH ARE FUNDED BY THE CITY'S 1/2 CENT SALES TAX FUND. RECRUITMENT OF PRIMARY JOBS IS FUNDED BY GRANTS FROM THE CITY OF PUEBLO, PUEBLO COUNTY, AND BY MEMBERS DUES.
PEDCO PROVIDES FACILITIES MANAGEMENT. IT OPERATES AN INCUBATOR FACILITY FUNDED BY A DEPARTMENT OF COMMERCE EDA GRANT TO PROVIDE NEW BUSINESSES WITH TEMPORARY FACILITIES AND SUPPORT SERVICES. PEDCO ALSO MANAGES FOR THE CITY OF PUEBLO AND PUEBLO COUNTY VARIOUS BUILDINGS AND LEASES THAT ARE FACILITIES FOR EMPLOYERS MOVING TO PUEBLO THAT HAVE CREATED PRIMARY JOBS. THE FACILITIES ARE TYPICALLY FUNDED FROM THE CITY'S 1/2 CENT SALES TAX FUND WITH OVERSITE BY THE PEDCO FOUNDATION INC., A RELATED ORGANIZATION, OR BY PUEBLO ECONOMIC DEVELOPMENT FOUNDATION, ANOTHER TAX EXEMPT ENTITY. THIS ACTIVITY IS FURTHER SUBSIDIZED FROM MEMBERS DUES REVENUE.
MANAGING A COOPERATIVE AGREEMENT UNDER THE VET-BIZ INTIATIVE NATIONAL INITIATIVE SUSTAINEMT (VINS) PROGRAM WITH ARMY RESEARCH LABS TO CONDUCT RESEARCH AND DEVELOPMENT PARTS NEEDED FOR THE AGING MILITARY INVENTORY USING THE COLD SPRAY TECHNOLOGY. THIS IS IN PURSUIT OF THE VINS MISSION OF CREATING PRIMARY JOB OPPORTUNITIES FOR VETERANS. THE VINS PROGRAM SEEKS TO ALLEVIATE THIS ISSUE BY DEVELOPING TECHNICAL REPAIR PROCESSES AND IDENTIFY VETERAN OWNED BUSINESSES THAT QUALIFY TO SUPPLY THESE LOW-VOLUME PART ORDERS. THIS PROGRAM SAVES THE MILITARY FROM THE NEED TO PUCHASE EXTREMELY EXPENSIVE PARTS OR BEING FORCED TO REPLACE INVENTORY WHILE CREATING JOB OPPORTUNITIES FOR SMALLER COMPANIES. AS A RESULT OF THIS COOPERATIVE AGREEMENT, PEDCO WILL EXTEND THESE JOB OPPORTUNITIES TO LOCAL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Shaw President | Officer | 50 | $141,047 |
Ashley Valdez Board Chair | OfficerTrustee | 5 | $0 |
Dominic Gallina Chair Elect | OfficerTrustee | 5 | $0 |
Scott Rob Past Chair | OfficerTrustee | 5 | $0 |
Reg Rudolph Treasurer | OfficerTrustee | 5 | $0 |
Bob Leach Secretary | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sikorsky Aircraft Corporation Engineering Services | 12/30/17 | $116,524 |
Faraday Technology Inc Engineering Services | 12/30/17 | $199,763 |
South Dakota School Of Mines & Technology Engineering Services | 12/30/17 | $126,384 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $283,345 |
| Fundraising events | $0 |
| Related organizations | $75,000 |
| Government grants | $300,000 |
| 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 | $658,345 |
| Total Program Service Revenue | $356,781 |
| Investment income | $2,792 |
| 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 | $1,017,918 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $141,047 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $314,442 |
| Pension plan accruals and contributions | $24,974 |
| Other employee benefits | $28,478 |
| Payroll taxes | $36,812 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,587 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,480 |
| Advertising and promotion | $145,800 |
| Office expenses | $45,435 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $134,065 |
| Travel | $7,227 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $197 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,000 |
| Insurance | $13,632 |
| All other expenses | $10,786 |
| Total functional expenses | $1,037,203 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,937 |
| Savings and temporary cash investments | $219,443 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,072 |
| 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 | $9,150 |
| Net Land, buildings, and equipment | $52,256 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $619,858 |
| Accounts payable and accrued expenses | $92,113 |
| 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 | $392,199 |
| Other liabilities | $9,484 |
| Total liabilities | $493,796 |
| Net assets without donor restrictions | $103,806 |
| Net assets with donor restrictions | $22,256 |
| 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 | $619,858 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Pueblo Economic Development Corp has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Pedco Foundation Inc Pueblo, CO PURPOSE: CREATE A PIPELINE OF ENTRY-LEVEL MANUFACTURING JOBS THAT COULD COMPLIMENT PEDCO'S RECRUITING WITHIN THE ENTERPRISE ZONE. | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Salt Lake Salt Lake City, UT | $7,092,794 | $14,927,768 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Region 10 League For Economic Assistance & Planning Inc Montrose, CO | $16,331,779 | $8,034,942 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |
Wichita Convention & Tourism Bureau Wichita, KS | $3,697,930 | $5,439,635 |
South Central Kansas Economic Development District Inc Sckedd Bel Aire, KS | $6,963,572 | $7,360,259 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
I2e Inc Oklahoma City, OK | $27,869,803 | $5,344,576 |
Partnership For Economic Innovation Tempe, AZ | $1,809,665 | $4,093,737 |
Albuquerque Convention & Visitors Bureau Inc Albuquerque, NM | $3,028,509 | $4,018,411 |