Civic Intelligence

Norman Economic Development Coalition Inc

990 • Fiscal year 2021 • EIN 73-1503907

Jul 01, 2020 to Jun 30, 2021 • Filed on Dec 05, 2022

Organization ProfileSELECTNORMAN.COM

View Organization Page

424 W Main StNorman, OK 73069

(405) 573-1900

Siviq Scores

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

Liabilities / Assets

9th percentile

0.01x

Higher debt load relative to assets than 9% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

9th percentile

0.02x

Higher debt load relative to revenue than 9% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Net Margin

99th percentile

85%

Higher net margin than 99% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

10th percentile

$75,853

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Asset Growth

3rd percentile

-15%

Faster asset growth than 3% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

98th percentile

409%

Faster revenue growth than 98% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets9th percentile

Assets

Down

$10,589,213

Down $1,798,255 (-15%) from 2020

Net Assets

Up

$10,502,812

Up $2,941,083 (+39%) from 2020

Liabilities

Down

$86,401

Down $4,739,338 (-98%) from 2020

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin99th percentile

Revenue

Up

$3,499,437

Up $2,811,280 (+409%) from 2020

Expenses

Down

$527,104

Down $189,399 (-26%) from 2020

Net Income

Up

$2,972,333

Up $3,000,679 (+10586%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

2021

Assets$10,589,213
Liabilities$86,401
Net Assets$10,502,812
Open 2021 Filing

Operations Trend

Revenue Growth98th percentile

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

2021

Revenue$3,499,437
Expenses$527,104
Net Income$2,972,333
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Dec 5, 2022
Return Version
2020v4.0
Gross Receipts
$9,493,262
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
Savings and Temporary Cash Investments-$3,179,564-
Cash and Non-Interest-Bearing Accounts$281,089$1,180,402▲ $899,313
Land, Buildings, and Equipment, Net$258,304$1,125,838▲ $867,534
Other Notes and Loans Receivable, Net$934,000--
Accounts Receivable$2,532--
Prepaid Expenses and Deferred Charges$1,007$839▼ $168
Total Assets$12,387,468$10,589,213▼ $1,798,255
Other Assets Total$10,910,536$5,102,570▼ $5,807,966
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,734,580--
Deferred Revenue$62,500$62,500→ $0
Accounts Payable and Accrued Expenses$28,659$23,901▼ $4,758
Total Liabilities$4,825,739$86,401▼ $4,739,338
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,561,729$10,502,812▲ $2,941,083
Total Net Assets Fund Balance$7,561,729$10,502,812▲ $2,941,083
Total Liabilities and Net Assets / Fund Balance$12,387,468$10,589,213▼ $1,798,255

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$735,273$13,401$748,674
Other Land Buildings$224,895$56,224$281,119
Land$163,207-$163,207
Equipment$2,463$5,593$8,056
Other Assets Org$1,820--
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Maureen HammondPresident/ceFT$73,403$2,450$75,853
Daniel SchemmInterm PresiFT$25,577$3,837$29,414

Board Members and Trustees

NameTitle
Patrick GraceChair of the
Lawrence MckinneyPresident/ce
Dan QuinnVice Chairpe
Brian RuttmanBoard Member
Darrel PyleBoard Member
Darry StacyBoard Member
David NimmoBoard Member
Jim AdairBoard Member
John WoodsBoard Member
Mandy HawsBoard Member
Matt ClouseBoard Member
Mike FowlerBoard Member
Richie SplittBoard Member
Sean BaumanBoard Member
Vicki DavisBoard Member
Anil GollahalliMember at La
Casey VinyardMember at La
Revenue and Support

Revenue Composition

Contributions and Grants
$25,000
Program Service Revenue
$500,000
Investment Income
$2,840,799
Other Revenue
$133,638
All Other Contributions
$25,000
Change in Net Assets
$2,972,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$280,211
Salaries, Compensation, and Employee Benefits$246,893
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$134,172
Other Salaries and Wages---$67,111
Interest---$39,587
Depreciation Depletion---$28,141
Fees for Services Accounting---$24,775
Fees for Services Other---$24,120
Fees for Services Legal---$23,895
Other Employee Benefits---$23,462
Office Expenses---$20,805
Occupancy---$16,976
Payroll Taxes---$15,197
Advertising---$10,582
Insurance---$9,806
Travel---$9,353
Pension Plan Contributions---$6,951
Other Expenses---$5,000
Conferences and Meetings---$3,164
All Other Expenses---$4
Total Functional Expenses$0$0$0$527,104
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
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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, Page 6, Part VI, Line 11B

“The president & ceo reviews the 990 prior to filing. In addition, the 990 is made available to the executive committee for their review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“Members who have an identifiable conflict of interest recuse themselves and leave the room when discussions related to the conflict take place.”

Form 990, Page 6, Part VI, Line 15A

“All compensation matters related to the president & ceo are evaluated and approved by the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“All compensation matters related to employees are reviewed and approved by the president & ceo.”

Form 990, Page 6, Part VI, Line 19

“Norman economic development coalition makes its governing documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Norman Economic Development Coaliti
EIN
73-1503907
Phone
4055731900
Address
424 W MAIN ST, NORMAN, OK 73069

Signing Officer

Name
Lawrence Mckinney
Title
President/CEO
Phone
4055731900
Signed
2022-12-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lawrence Mckinney
Formed
1996
Legal Domicile
Ok
Voting Board Members
16
Independent Board Members
16
Employees
4
Volunteers
16

Preparer

Firm
Gray Blodgett & Company Pllc
Address
629 24TH AVE SW, NORMAN, OK 73069-3912
Preparer
C Janese Shepard
Phone
4053605533
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IRS990/LessRentalExpensesGrp/RealAmt036593
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0IMPROVING THE QUALITY OF LIFE OF NORMAN RESIDENTS THROUGH THE CREATION AND RETENTION OF JOBS.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OccupancyGrp/TotalAmt016976
IRS990/OfficeExpensesGrp/TotalAmt020805
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt010910536
IRS990/OtherAssetsTotalGrp/EOYAmt05102570
IRS990/OtherEmployeeBenefitsGrp/TotalAmt023462
IRS990/OtherExpensesGrp/Desc0PROPERTY TAX
IRS990/OtherExpensesGrp/Desc1CONTRACT LABOR
IRS990/OtherExpensesGrp/Desc2LICENSES & PERMITS
IRS990/OtherExpensesGrp/Desc3GREATER OKC PARTNERSHIPS
IRS990/OtherExpensesGrp/TotalAmt033224
IRS990/OtherExpensesGrp/TotalAmt122650
IRS990/OtherExpensesGrp/TotalAmt28129
IRS990/OtherExpensesGrp/TotalAmt35000
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IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueTotalAmt0152131
IRS990/OtherSalariesAndWagesGrp/TotalAmt067111
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0934000
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/TotalAmt015197
IRS990/PensionPlanContributionsGrp/TotalAmt06951
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01007
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0839
IRS990/PrincipalOfficerNm0LAWRENCE MCKINNEY
IRS990/PriorPeriodAdjustmentsAmt0-31250
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0541900
IRS990/ProgramServiceRevenueGrp/Desc0CONTRACT SERVICES
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IRS990/PYOtherRevenueAmt024618
IRS990/PYProgramServiceRevenueAmt0500000
IRS990/PYRevenuesLessExpensesAmt0-28346
IRS990/PYSalariesCompEmpBnftPaidAmt0176250
IRS990/PYTotalExpensesAmt0716503
IRS990/PYTotalRevenueAmt0688157
IRS990/ReconcilationRevenueExpnssAmt02972333
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0-18493
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03179564
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0735273
IRS990ScheduleD/BuildingsGrp/DepreciationAmt013401
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0748674
IRS990ScheduleD/EquipmentGrp/BookValueAmt02463
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05593
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt08056
IRS990ScheduleD/LandGrp/BookValueAmt0163207
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0163207
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt05100750
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11820
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LAND HELD FOR RESALE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEPOSITS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0224895
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt056224
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0281119
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01125838
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05102570
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT & CEO REVIEWS THE 990 PRIOR TO FILING. IN ADDITION, THE 990 IS MADE AVAILABLE TO THE EXECUTIVE COMMITTEE FOR THEIR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS WHO HAVE AN IDENTIFIABLE CONFLICT OF INTEREST RECUSE THEMSELVES AND LEAVE THE ROOM WHEN DISCUSSIONS RELATED TO THE CONFLICT TAKE PLACE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL COMPENSATION MATTERS RELATED TO THE PRESIDENT & CEO ARE EVALUATED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL COMPENSATION MATTERS RELATED TO EMPLOYEES ARE REVIEWED AND APPROVED BY THE PRESIDENT & CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NORMAN ECONOMIC DEVELOPMENT COALITION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt010589213
IRS990/TotalAssetsGrp/BOYAmt012387468
IRS990/TotalAssetsGrp/EOYAmt010589213
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt025000
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04825739
IRS990/TotalLiabilitiesEOYAmt086401
IRS990/TotalLiabilitiesGrp/BOYAmt04825739
IRS990/TotalLiabilitiesGrp/EOYAmt086401
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07561729
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt010502812
IRS990/TotalOtherCompensationAmt06287
IRS990/TotalProgramServiceRevenueAmt0500000
IRS990/TotalReportableCompFromOrgAmt098980
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03474437
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03499437
IRS990/TotalVolunteersCnt016
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt012387468
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010589213
IRS990/TravelGrp/TotalAmt09353
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0424 W MAIN ST
IRS990/USAddress/CityNm0NORMAN
IRS990/USAddress/StateAbbreviationCd0OK
IRS990/USAddress/ZIPCd073069
IRS990/VotingMembersGoverningBodyCnt016
IRS990/VotingMembersIndependentCnt016
IRS990/WebsiteAddressTxt0SELECTNORMAN.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LAWRENCE MCKINNEY

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,589,213
Liabilities
$86,401
Net assets
$10,502,812
Revenue
$3,499,437
Expenses
$527,104
Net income
$2,972,333
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