Edinburg Economic Development Corporation in Edinburg, Texas (TX)

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Edinburg Economic Development Corporation
Employer Identification Number (EIN)742609452
Name of OrganizationEdinburg Economic Development Corporation
AddressPO BOX 1079, Edinburg, TX 78540-1079
ActivitiesArea development, redevelopment of renewal
SubsectionSocial Welfare Organization
Ruling Date04/1992
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period09/2013
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$31,809,922
Amount of Income$5,053,570
Form 990 Revenue Amount$5,030,243
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2013: $5,053,570
Edinburg Economic Development Corporation: 

 $5,053,570
Other organizations performing similar types of work: 

 $623,666

Assets in 2013: $31,809,922
This organization: 

 $31,809,922
Other organizations performing similar types of work: 

 $2,159,711

Expenses in 2012: $10,923,335
Edinburg Economic Development Corporation: 

 $10,923,335
Other organizations performing similar types of work: 

 $483,294

Income to expenses ratio in 2012: 0.5
This organization: 

 0.5
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 70.7%
This organization: 

 70.7%
Other organizations performing similar types of work: 

 25.8%

Grants share in income in 2012: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 28.9%

Financial snapshot ($)

Revenue for 2012

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$15,602,994
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$4,107,283
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$12,596
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$304,941
Gross rents (Real / Personal)$304,941 / $0
Less: rental expenses (Real / Personal)$0 / $0
Rental income or (loss) (Real / Personal)$304,941 / $0
Net gain from sales of assets other than inventory$1,151,283
Gross amount from sales of assets other than inventory (Securities / Other)$1,502,820 / $0
Less: cost or other basis and sales expenses (Securities / Other)$351,537 / $0
Gain or (loss) (Securities / Other)$1,151,283 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$10,026,891
Statement of Functional Expenses (for 2012)
Total functional expenses$10,923,335
Compensation of current officers, directors, trustees, and key employees$120,000
Other salaries and wages$177,820
Payroll taxes$0
Professional fundraising services$0
Other$10,625,515
Balance Sheet (for 2012)
Total assets$35,301,331
Total liabilities$18,338,616
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$17,873,862
Unsecured notes and loans payable to unrelated third parties$0
Other$464,754
Total net assets or fund balances$16,962,715
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:Not provided
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20032004200520062007
Total revenue$2,478,548$7,766,251$4,851,579$4,186,789$4,288,050
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0
Indirect public support$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0
Program service revenue including government fees and contracts$2,413,223$2,858,944$3,036,454$3,360,217$3,511,324
Membership dues and assessments$0$0$0$0$0
Interest on savings and temporary cash investments$48,267$94,363$121,449$107,384$90,990
Dividends and interest from securities$0$0$0$0$0
Net rental income or (loss)$1,631$-82,977$15,695$232,397$246,530
Gross rents$49,365$63,285$52,441$251,928$266,013
Less: rental expenses$47,734$146,262$36,746$19,531$19,483
Other investment income$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$2,375,921$1,677,981$486,675$434,871
Gross amount from sales of assets other than inventory$0$2,375,921$1,700,000$500,000$440,000
Less: cost or other basis and sales expenses$0$0$22,019$13,325$5,129
Net income or (loss) from special events and activities$0$0$0$0$0
Gross revenue$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0
Other revenue$15,427$2,520,000$0$116$4,335
Total expenses$2,797,695$3,787,431$7,992,167$2,719,545$6,294,240
Program services$2,628,517$3,619,534$7,805,661$2,527,758$4,447,233
Management and general$169,178$167,897$186,506$191,787$1,847,007
Fundraising$0$0$0$0$0
Payments to affiliates$0$0$0$0$0
Net assets or fund balances at end of year$3,718,691$7,697,731$4,557,143$6,118,690$4,112,500
Excess or (deficit) for the year$-319,147$3,978,820$-3,140,588$1,467,244$-2,006,190
Net assets or fund balances at beginning of year$4,037,838$3,718,691$7,697,731$4,557,143$6,118,690
Other changes in net assets or fund balances$0$220$0$94,303$0
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$6,294,240$4,447,233$1,847,007$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$148,829$104,181$44,648$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$128,512$89,958$38,554$0
Pension plan contributions not included above$27,777$19,444$8,333$0
Employee benefits not included above$0$0$0$0
Payroll taxes$20,885$14,619$6,266$0
Professional fundraising fees$0$0$0$0
Accounting fees$9,650$0$9,650$0
Legal fees$79,649$79,649$0$0
Supplies$18,564$12,995$5,569$0
Telephone$15,476$10,833$4,643$0
Postage and shipping$1,071$750$321$0
Occupancy$30,729$0$30,729$0
Equipment rental and maintenance$12,897$9,028$3,869$0
Printing and publications$0$0$0$0
Travel$34,086$34,086$0$0
Conferences, conventions, and meetings$3,071$3,071$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$5,763,044$4,068,619$1,694,425$0
Balance Sheets
20032004200520062007
Total assets$10,782,543$15,882,573$10,601,094$11,859,850$13,699,897
Cash - non-interest-bearing$741,825$760,393$517,380$1,749,401$847,858
Savings and temporary cash investments$2,366,418$6,363,394$3,638,506$3,744,570$2,509,340
Accounts receivable less allowance for doubtful accounts$439,778$519,223$532,311$646,212$779,659
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0
Grants receivable$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$375,968$210,463$123,819$116,107$130,814
Inventories for sale or use$0$0$0$0$0
Prepaid expenses and deferred charges$0$0$0$0$25,000
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$3,086,839$3,022,708$4,086,364$4,048,572$8,024,657
Investments - other$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$0$0$0$0$0
Other assets, including program-related investments$3,771,715$5,006,392$1,702,714$1,554,988$1,382,569
Total liabilities$7,063,852$8,184,842$6,043,951$5,741,160$9,587,397
Accounts payable and accrued expenses$93,186$43,627$138,477$137,601$180,170
Grants payable$0$0$0$0$0
Deferred revenue$0$0$4,281$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0
Mortgages and other notes payable$3,771,713$5,006,392$1,702,714$1,554,988$1,382,569
Other liabilities$3,198,953$3,134,823$4,198,479$4,048,571$8,024,658
Total liabilities and net assets/fund balances$10,782,543$15,882,573$10,601,094$11,859,850$13,699,897
Total net assets or fund balances$3,718,691$7,697,731$4,557,143$6,118,690$4,112,500
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20032004200520062007
Total revenue$2,478,548$7,766,251$4,851,579$4,186,789$4,288,050
Total revenue, gains, and other support per audited financial statements$2,478,548$7,766,251$4,851,579$3,719,645$4,288,050
Other expenses$0$0$0$32,856$0
Net unrealized gains on investments$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0
Other$0$0$0$32,856$0
Other revenue$0$0$0$500,000$0
Investment expenses$0$0$0$0$0
Other$0$0$0$500,000$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20032004200520062007
Total expenses$2,797,695$3,787,431$7,992,167$2,719,545$6,294,240
Total expenses and losses per audited financial statements$2,797,695$3,787,431$7,992,167$2,752,401$6,294,240
Other revenue$0$0$0$32,856$0
Donated services and use of facilities$0$0$0$0$0
Prior year adjustments$0$0$0$0$0
Losses$0$0$0$0$0
Other$0$0$0$32,856$0
Other expenses$0$0$0$0$0
Investment expenses$0$0$0$0$0
Other$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$133,168$15,661$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings5
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$337,520$3,950,530
Program service revenue
Program service revenue 1000000$000$0$17,351
Program service revenue 2000000$000$0$3,493,973
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$90,990$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$246,530$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$434,871
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$4,335
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
20022003200420052006
Total$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0
Membership fees received$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0
Other income$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Greater Houston Partnership Inc1200 Smith St Ste 700, Houston, TX 77002-4400TX1990-07$21,893,348
2Manned Space Flight Education Foundation Incorporated1601 Nasa Pkwy, Houston, TX 77058-3145TX1987-09$21,404,017
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4Edinburg Economic Development CorporationPO BOX 1079, Edinburg, TX 78540-1079TX1992-04$5,053,570
5Corpus Christi Area Convention And Tourist Bureau Inc101 N Shoreline Blvd Ste 430, Crp Christi, TX 78401-2825TX1957-08$4,926,921
6Economic Development Corporation Of Weslaco275 S Kansas Ste A, Weslaco, TX 78596-6158TX1992-03$4,909,257
7Greater Brownsville Incentives CorporationPO BOX 911, Brownsville, TX 78522-0911TX1992-08$4,412,691
8Marshall Economic Development CorpMarshall, TX 75671TX$1,653,542
9Killeen Economic Development Corporation1 Santa Fe Plaza Dr, Killeen, TX 76541-5258TX1991-09$1,507,864
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18Tyler Economic Development Council315 N Broadway Ave Ste 300, Tyler, TX 75702-5757TX1989-11$1,088,052
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Number of organizations performing similar types of work
Alaska7
Alabama4
Arkansas8
Arizona5
California16
Colorado7
Connecticut3
District of Columbia3
Delaware3
Florida7
Georgia2
Iowa13
Idaho2
Illinois10
Indiana11
Kansas5
Kentucky8
Louisiana11
Massachusetts4
Maryland9
Maine3
Michigan11
Minnesota5
Missouri5
Mississippi5
Montana3
North Carolina13
North Dakota2
Nebraska3
New Hampshire3
New Jersey8
New Mexico2
New York18
Ohio10
Oklahoma2
Oregon1
Pennsylvania39
South Carolina5
South Dakota4
Tennessee3
Texas25
Utah3
Virginia8
Vermont5
Washington6
Wisconsin12
West Virginia6
International1
Total349

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