Civic Intelligence

Norman Economic Development Coalition Inc

990 • Fiscal year 2022 • EIN 73-1503907

Jul 01, 2021 to Jun 30, 2022 • Filed on May 10, 2023

Organization ProfileSELECTNORMAN.COM

View Organization Page

424 W Main StNorman, OK 73069

(405) 573-1900

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$10,350,923

Down $238,290 (-2.3%) from 2021

Net Assets

Down

$10,254,796

Down $248,016 (-2.4%) from 2021

Liabilities

Up

$96,127

Up $9,726 (+11%) from 2021

Revenue And Expenses

Revenue

Down

$604,848

Down $2,894,589 (-83%) from 2021

Expenses

Up

$852,864

Up $325,760 (+62%) from 2021

Net Income

Down

-$248,016

Down $3,220,349 (-108%) from 2021

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 2022: $10,350,923Liabilities 2022: $96,127Net Assets 2022: $10,254,7962022Assets 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

2022

Assets$10,350,923
Liabilities$96,127
Net Assets$10,254,796
Open 2022 Filing

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 2022: $604,848Expenses 2022: $852,864Net Income 2022: -$248,0162022Revenue 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

2022

Revenue$604,848
Expenses$852,864
Net Income-$248,016
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 10, 2023
Return Version
2021v4.0
Gross Receipts
$636,219
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$1,125,838$2,800,043▲ $1,674,205
Savings and Temporary Cash Investments$3,179,564$2,470,341▼ $709,223
Cash and Non-Interest-Bearing Accounts$1,180,402$145,692▼ $1,034,710
Prepaid Expenses and Deferred Charges$839$6,839▲ $6,000
Total Assets$10,589,213$10,350,923▼ $238,290
Other Assets Total$5,102,570$4,928,008▼ $174,562
Liabilities
Deferred Revenue$62,500$73,747▲ $11,247
Accounts Payable and Accrued Expenses$23,901$22,380▼ $1,521
Total Liabilities$86,401$96,127▲ $9,726
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,502,812$10,254,796▼ $248,016
Total Net Assets Fund Balance$10,502,812$10,254,796▼ $248,016
Total Liabilities and Net Assets / Fund Balance$10,589,213$10,350,923▼ $238,290

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,272,830$31,270$2,304,100
Other Land Buildings$210,839$70,280$281,119
Land$163,207-$163,207
Equipment$119,144$12,334$131,478
Other Assets Org$1,820--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lawrence MckinneyPresident/ceFT$205,333$8,213$213,546
Lawrence MckinneyPresident/CEO-$205,333$8,213$213,546
Daniel SchemmInterm PresiFT$6,250$938$7,188

Board Members and Trustees

NameTitle
Patrick GraceChair of the
David NimmoVice Chairpe
Brian HolderreadBoard Member
Brian RuttmanBoard Member
Darrel PyleBoard Member
Scott MartinBoard Member
Casey VinyardMember at La
Jim AdairMember at La
Chuck ThompsonSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$28,000
Program Service Revenue
$457,503
Investment Income
$14,306
Other Revenue
$105,039
All Other Contributions
$28,000
Change in Net Assets
$-248,016
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$463,449
Salaries, Compensation, and Employee Benefits$389,415
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---$252,000
Office Expenses---$129,364
Other Salaries and Wages---$82,418
Occupancy---$78,201
Depreciation Depletion---$39,198
Advertising---$22,199
Payroll Taxes---$22,159
Other Employee Benefits---$21,288
Insurance---$17,870
Fees for Services Accounting---$14,225
Travel---$13,731
Pension Plan Contributions---$11,550
Fees for Services Legal---$8,870
Other Expenses---$8,816
All Other Expenses---$5,649
Conferences and Meetings---$4,464
Total Functional Expenses$0$0$0$852,864
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 reviews the 990 prior to filing. In addition, the 990 is made available to the board members 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 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
2023-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lawrence Mckinney
Formed
1996
Legal Domicile
Ok
Voting Board Members
9
Independent Board Members
9
Employees
3
Volunteers
9

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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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11820
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEPOSITS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0210839
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt070280
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0281119
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02766020
IRS990ScheduleD/TotalBookValueOtherAssetsAmt04928008
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt08213
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0LAWRENCE MCKINNEY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0213546
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT 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/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 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/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt010589213
IRS990/TotalAssetsEOYAmt010350923
IRS990/TotalAssetsGrp/BOYAmt010589213
IRS990/TotalAssetsGrp/EOYAmt010350923
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IRS990/TotalContributionsAmt028000
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt086401
IRS990/TotalLiabilitiesEOYAmt096127
IRS990/TotalLiabilitiesGrp/BOYAmt086401
IRS990/TotalLiabilitiesGrp/EOYAmt096127
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt010254796
IRS990/TotalOtherCompensationAmt09151
IRS990/TotalProgramServiceRevenueAmt0457503
IRS990/TotalReportableCompFromOrgAmt0211583
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0576848
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0604848
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt010589213
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010350923
IRS990/TravelGrp/TotalAmt013731
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0NORMAN
IRS990/USAddress/StateAbbreviationCd0OK
IRS990/USAddress/ZIPCd073069
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IRS990/VotingMembersIndependentCnt09
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LAWRENCE MCKINNEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum04055731900
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NORMAN ECONOMIC DEVELOPMENT COALITI
ReturnHeader/Filer/BusinessNameControlTxt0NORM
ReturnHeader/Filer/EIN0731503907
ReturnHeader/Filer/PhoneNum04055731900
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ReturnHeader/Filer/USAddress/CityNm0NORMAN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OK
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0731352810
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GRAY BLODGETT & COMPANY PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0629 24TH AVE SW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NORMAN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0730693912
ReturnHeader/PreparerPersonGrp/PhoneNum04053605533
ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0C JANESE SHEPARD
ReturnHeader/ReturnTs02023-05-11T12:11:20-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LAWRENCE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MCKINNEY
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,350,923
Liabilities
$96,127
Net assets
$10,254,796
Revenue
$604,848
Expenses
$852,864
Net income
-$248,016
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
2022Detailed filing. Detailed filing data is available for this year.$10.4$0.10$10.3$0.60$0.85$0.25
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