Civic Intelligence

Norman Economic Development Coalition Inc

990 • Fiscal year 2018 • EIN 73-1503907

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 14, 2018

128 E Main StreetNorman, OK 73069

(405) 360-5533

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

82nd percentile

0.56x

Higher debt load relative to assets than 82% of similar nonprofits.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

9.87x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2018

Net Margin

4th percentile

-40%

Higher net margin than 4% of similar nonprofits.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

19th percentile

$197,918

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 22.0% of source-year revenue.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2018

Asset Growth

35th percentile

-1.6%

Faster asset growth than 35% of similar nonprofits.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

2nd percentile

-74%

Faster revenue growth than 2% of similar nonprofits.

2018 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Assets

Down

$15,859,023

Down $259,386 (-1.6%) from 2017

Net Assets

Down

$6,996,261

Down $360,717 (-4.9%) from 2017

Liabilities

Up

$8,862,762

Up $101,331 (+1.2%) from 2017

Revenue

Down

$897,959

Down $2,615,533 (-74%) from 2017

Expenses

Up

$1,258,676

Up $335,101 (+36%) from 2017

Net Income

Down

-$360,717

Down $2,950,634 (-114%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2011: $9,231,895Liabilities 2011: $7,956,172Net Assets 2011: $1,275,7232011Assets 2012: $9,410,319Liabilities 2012: $7,952,089Net Assets 2012: $1,458,2302012Assets 2013: $9,146,999Liabilities 2013: $7,469,195Net Assets 2013: $1,677,8042013Assets 2014: $12,240,300Liabilities 2014: $9,547,200Net Assets 2014: $2,693,1002014Assets 2015: $15,406,007Liabilities 2015: $10,374,099Net Assets 2015: $5,031,9082015Assets 2016: $15,757,554Liabilities 2016: $10,990,493Net Assets 2016: $4,767,0612016Assets 2017: $16,118,409Liabilities 2017: $8,761,431Net Assets 2017: $7,356,9782017Assets 2018: $15,859,023Liabilities 2018: $8,862,762Net Assets 2018: $6,996,2612018Assets 2019: $13,079,947Liabilities 2019: $5,489,872Net Assets 2019: $7,590,0752019Assets 2020: $12,387,468Liabilities 2020: $4,825,739Net Assets 2020: $7,561,7292020Assets 2021: $10,589,213Liabilities 2021: $86,401Net Assets 2021: $10,502,8122021Assets 2022: $11,149,889Liabilities 2022: $92,228Net Assets 2022: $11,057,6612022Assets 2023: $11,594,377Liabilities 2023: $97,889Net Assets 2023: $11,496,4882023Assets 2024: $11,978,903Liabilities 2024: $291,735Net Assets 2024: $11,687,1682024

Highlighted filing

2018

Assets$15,859,023
Liabilities$8,862,762
Net Assets$6,996,261

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,161,801Expenses 2011: $1,052,893Net Income 2011: $108,9082011Expenses 2012: $1,045,9772012Expenses 2013: $936,3572013Revenue 2014: $2,036,540Expenses 2014: $1,021,244Net Income 2014: $1,015,2962014Revenue 2015: $3,017,044Expenses 2015: $998,946Net Income 2015: $2,018,0982015Revenue 2016: $873,318Expenses 2016: $1,138,165Net Income 2016: -$264,8472016Revenue 2017: $3,513,492Expenses 2017: $923,575Net Income 2017: $2,589,9172017Revenue 2018: $897,959Expenses 2018: $1,258,676Net Income 2018: -$360,7172018Revenue 2019: $1,497,347Expenses 2019: $903,533Net Income 2019: $593,8142019Revenue 2020: $688,157Expenses 2020: $716,503Net Income 2020: -$28,3462020Revenue 2021: $3,499,437Expenses 2021: $527,104Net Income 2021: $2,972,3332021Revenue 2022: $1,287,549Expenses 2022: $484,684Net Income 2022: $802,8652022Revenue 2023: $1,649,929Expenses 2023: $1,211,102Net Income 2023: $438,8272023Revenue 2024: $1,464,453Expenses 2024: $1,273,773Net Income 2024: $190,6802024

Highlighted filing

2018

Revenue$897,959
Expenses$1,258,676
Net Income-$360,717
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 14, 2018
Return Version
2017v2.2
Gross Receipts
$1,027,995
Mission and Program Overview

Mission

Promotion of Economic Development

Improving the quality of life of Norman residents through the creation and retention of jobs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,460,584$3,317,096▼ $143,488
Cash and Non-Interest-Bearing Accounts$354,990$211,390▼ $143,600
Accounts Receivable$240$28,559▲ $28,319
Prepaid Expenses and Deferred Charges$2,105$2,288▲ $183
Total Assets$16,118,409$15,859,023▼ $259,386
Other Assets Total$12,300,490$12,299,690▼ $800
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,472,530$8,702,450▲ $229,920
Accounts Payable and Accrued Expenses$56,490$97,812▲ $41,322
Deferred Revenue$232,411$62,500▼ $169,911
Total Liabilities$8,761,431$8,862,762▲ $101,331
Net Assets / Fund Balance
Unrestricted Net Assets$7,356,978$6,996,261▼ $360,717
Total Net Assets Fund Balance$7,356,978$6,996,261▼ $360,717
Total Liabilities and Net Assets / Fund Balance$16,118,409$15,859,023▼ $259,386

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,015,258$859,803-
Other Land Buildings$281,119--
Land$16,207--
Equipment$4,512$3,544-
Other Assets Org$1,820--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason P SmithPresident and CEOFT$160,000$37,918$197,918

Board Members and Trustees

NameTitle
Dan QuinnChairperson
Mike FowlerVice Chairman
Anil GollahalliCore Board Member
Jane BowenCore Board Member
Scott MartinCore Board Member
Steve LewisCore Board Member
Casey VinyardMember at Large
Daniel PullinMember at Large
Patrick GraceMember at Large
Chris KuwitzkySecretaryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$292,380
Program Service Revenue
$500,000
Investment Income
$1,556
Other Revenue
$104,023
All Other Contributions
$292,380
Change in Net Assets
$-360,717

Audited Revenue Reconciliation

Revenue per Audited Statements
$897,959
Revenue Not Reported on Form 990
$130,036
Total Revenue per Audited Statements
$1,027,995
Total Revenue per Form 990
$897,959
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$907,873
Salaries, Compensation, and Employee Benefits$350,803
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$401,257--$401,257
Current Officers, Directors, Trustees, and Key Employees-$197,918-$197,918
Other Expenses$164,486$5,000-$164,486
Depreciation Depletion$106,445$1,566-$108,011
Other Salaries and Wages-$99,615-$99,615
Advertising$98,109--$98,109
Other Employee Benefits-$35,540-$35,540
Fees for Services Accounting-$24,545-$24,545
Travel-$23,026-$23,026
Occupancy-$18,087-$18,087
Payroll Taxes-$17,730-$17,730
All Other Expenses$5,362$9,456-$14,818
Office Expenses$4,914$5,597-$10,511
Fees for Services Legal$6,475$1,904-$8,379
Conferences and Meetings$7,480--$7,480
Fees for Services Other-$6,075-$6,075
Insurance-$3,299-$3,299
Total Functional Expenses$809,318$449,358$0$1,258,676

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,388,712
Expenses per Audited Statements$1,258,676
Total Expenses per Form 990$1,258,676
Expenses Not Reported on Form 990$130,036
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

The Executive Director reviews the 990 prior to filing. In addition, the 990 is made available to the Board members for their review prior to filing.

CEO executive director top management comp Part VI line 15A

All compenstation matters related to the Executive Director are evaluated and approved by the Board of Directors

Other officer or key employee compensation Part VI line 15B

All compensation matters related to employees are reviewed and approved by the Board of Directors.

Governing documents etc available to public Part VI line 19

Norman Economic Development Corporation makes its governing documents available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Norman Economic Development Coaliti
EIN
73-1503907
Address
128 E Main Street, Norman, OK 73069

Signing Officer

Name
Jason P Smith
Title
President and C
Phone
4055731900
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason P Smith
Formed
1996
Legal Domicile
Ok
Voting Board Members
10
Independent Board Members
10
Employees
3

Preparer

Firm
dwg inc
Address
1912 N Drexel Blvd, Oklahoma City, OK 73107
Preparer
Louise Leslie
Phone
4059490189
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IRS990/OtherExpensesGrp/TotalAmt014790
IRS990/OtherExpensesGrp/TotalAmt15000
IRS990/OtherExpensesGrp/TotalAmt2164486
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other income
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt080096
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt080096
IRS990/OtherRevenueTotalAmt080096
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt099615
IRS990/OtherSalariesAndWagesGrp/TotalAmt099615
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt017730
IRS990/PayrollTaxesGrp/TotalAmt017730
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt02105
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02288
IRS990/PrincipalOfficerNm0Jason P Smith
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0Contract Services
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0500000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0500000
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02871868
IRS990/PYInvestmentIncomeAmt01417
IRS990/PYOtherExpensesAmt0572464
IRS990/PYOtherRevenueAmt0140207
IRS990/PYProgramServiceRevenueAmt0500000
IRS990/PYRevenuesLessExpensesAmt02589917
IRS990/PYSalariesCompEmpBnftPaidAmt0351111
IRS990/PYTotalExpensesAmt0923575
IRS990/PYTotalRevenueAmt03513492
IRS990/ReconcilationRevenueExpnssAmt0-360717
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt023927
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03015258
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0859803
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt03875061
IRS990ScheduleD/EquipmentGrp/BookValueAmt04512
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03544
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt08056
IRS990ScheduleD/ExpensesNotReportedAmt0130036
IRS990ScheduleD/ExpensesSubtotalAmt01258676
IRS990ScheduleD/LandGrp/BookValueAmt016207
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt016207
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt011578870
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1719000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt21820
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Land Held for Resale
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Notes Receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Deposits
IRS990ScheduleD/OtherExpensesIncludedAmt0130036
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0281119
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt0281119
IRS990ScheduleD/OtherRevenueAmt0130036
IRS990ScheduleD/RevenueNotReportedAmt0130036
IRS990ScheduleD/RevenueSubtotalAmt0897959
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03317096
IRS990ScheduleD/TotalBookValueOtherAssetsAmt012299690
IRS990ScheduleD/TotalExpensesPerForm990Amt01258676
IRS990ScheduleD/TotalRevenuePerForm990Amt0897959
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01027995
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01388712
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0160000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount032000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt05918
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Jason P Smith
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President and CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0197918
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Executive Director reviews the 990 prior to filing. In addition, the 990 is made available to the Board members for their review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All compenstation matters related to the Executive Director are evaluated and approved by the Board of Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All compensation matters related to employees are reviewed and approved by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Norman Economic Development Corporation makes its governing documents available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0OK
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt016118409
IRS990/TotalAssetsEOYAmt015859023
IRS990/TotalAssetsGrp/BOYAmt016118409
IRS990/TotalAssetsGrp/EOYAmt015859023
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt0292380
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0449358
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0809318
IRS990/TotalFunctionalExpensesGrp/TotalAmt01258676
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08761431
IRS990/TotalLiabilitiesEOYAmt08862762
IRS990/TotalLiabilitiesGrp/BOYAmt08761431
IRS990/TotalLiabilitiesGrp/EOYAmt08862762
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07356978
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06996261
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0809318
IRS990/TotalProgramServiceRevenueAmt0500000
IRS990/TotalReportableCompFromOrgAmt0197918
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0605579
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0897959
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt016118409
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt015859023
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt023026
IRS990/TravelGrp/TotalAmt023026
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt07356978
IRS990/UnrestrictedNetAssetsGrp/EOYAmt06996261
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Jason P Smith
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President and C
ReturnHeader/BusinessOfficerGrp/PhoneNum04055731900
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Norman Economic Development Coaliti
ReturnHeader/Filer/BusinessNameControlTxt0NORM
ReturnHeader/Filer/EIN0731503907
ReturnHeader/Filer/USAddress/AddressLine1Txt0128 E Main Street
ReturnHeader/Filer/USAddress/CityNm0Norman
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OK
ReturnHeader/Filer/USAddress/ZIPCd073069
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0D578262287CCB386BE6448F5BCEE98BBA7982A6E
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0D578262287CCB386BE6448F5BCEE98BBA7982A6E
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId07337072019059uhkv1t3
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02019-02-28
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt024.249.100.70
ReturnHeader/FilingSecurityInformation/IPDt02019-02-28

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$12.0$0.29$11.7$1.46$1.27$0.19
2023Detailed filing. Detailed filing data is available for this year.$11.6$0.10$11.5$1.65$1.21$0.44
2022Detailed filing. Detailed filing data is available for this year.$11.1$0.09$11.1$1.29$0.48$0.80
2021Detailed filing. Detailed filing data is available for this year.$10.6$0.09$10.5$3.50$0.53$2.97
2020Detailed filing. Detailed filing data is available for this year.$12.4$4.83$7.56$0.69$0.72$0.03
2019Detailed filing. Detailed filing data is available for this year.$13.1$5.49$7.59$1.50$0.90$0.59
2018Detailed filing. Detailed filing data is available for this year.$15.9$8.86$7.00$0.90$1.26$0.36
2017Detailed filing. Detailed filing data is available for this year.$16.1$8.76$7.36$3.51$0.92$2.59
2016Detailed filing. Detailed filing data is available for this year.$15.8$11.0$4.77$0.87$1.14$0.26
2015Detailed filing. Detailed filing data is available for this year.$15.4$10.4$5.03$3.02$1.00$2.02
2014Detailed filing. Detailed filing data is available for this year.$12.2$9.55$2.69$2.04$1.02$1.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.15$7.47$1.68$0.94
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.41$7.95$1.46$1.05
2011Summary only. Only limited summary data is available for this year.$9.23$7.96$1.28$1.16$1.05$0.11