Civic Intelligence

Norman Economic Development Coalition Inc

990 • Fiscal year 2020 • EIN 73-1503907

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 12, 2020

Organization ProfileN/A
PO Box 5387Norman, OK 73070

(405) 360-5533

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.39x

Higher debt load relative to assets than 72% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

7.01x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Net Margin

24th percentile

-4.1%

Higher net margin than 24% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

12th percentile

$110,060

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 16.0% of source-year revenue.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2020

Asset Growth

18th percentile

-5.3%

Faster asset growth than 18% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-54%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Down

$12,387,468

Down $692,479 (-5.3%) from 2019

Net Assets

Down

$7,561,729

Down $28,346 (-0.4%) from 2019

Liabilities

Down

$4,825,739

Down $664,133 (-12%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin24th percentile

Revenue

Down

$688,157

Down $809,190 (-54%) from 2019

Expenses

Down

$716,503

Down $187,030 (-21%) from 2019

Net Income

Down

-$28,346

Down $622,160 (-105%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth18th 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

2020

Assets$12,387,468
Liabilities$4,825,739
Net Assets$7,561,729
Open 2020 Filing

Operations Trend

Revenue Growth6th 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

2020

Revenue$688,157
Expenses$716,503
Net Income-$28,346
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 12, 2020
Return Version
2019v5.1
Gross Receipts
$729,953
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
Other Notes and Loans Receivable, Net$62,000$934,000▲ $872,000
Cash and Non-Interest-Bearing Accounts$121,939$281,089▲ $159,150
Land, Buildings, and Equipment, Net$273,043$258,304▼ $14,739
Accounts Receivable$38,727$2,532▼ $36,195
Prepaid Expenses and Deferred Charges-$1,007-
Total Assets$13,079,947$12,387,468▼ $692,479
Other Assets Total$12,584,238$10,910,536▼ $1,673,702
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,378,783$4,734,580▼ $644,203
Deferred Revenue$62,500$62,500→ $0
Accounts Payable and Accrued Expenses$48,589$28,659▼ $19,930
Total Liabilities$5,489,872$4,825,739▼ $664,133
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,590,075$7,561,729▼ $28,346
Total Net Assets Fund Balance$7,590,075$7,561,729▼ $28,346
Total Liabilities and Net Assets / Fund Balance$13,079,947$12,387,468▼ $692,479

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$238,951$42,168-
Land$16,207--
Equipment$3,146$4,910-
Other Assets Org$1,820--
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Maureen HammondPresidentCEOFT$105,860$4,200$110,060

Board Members and Trustees

NameTitle
1 GraceChaireman of the Board
Dan QuinnVice Chairperson
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 Large
Casey VinyardMember at Large
Revenue and Support

Revenue Composition

Contributions and Grants
$120,000
Program Service Revenue
$500,000
Investment Income
$43,539
Other Revenue
$24,618
All Other Contributions
$120,000
Change in Net Assets
$-28,346

Audited Revenue Reconciliation

Revenue per Audited Statements
$688,157
Revenue Not Reported on Form 990
$41,796
Total Revenue per Audited Statements
$729,953
Total Revenue per Form 990
$688,157
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$540,253
Salaries, Compensation, and Employee Benefits$176,250
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$259,132$-19-$259,113
Current Officers, Directors, Trustees, and Key Employees-$95,500-$95,500
Other Salaries and Wages-$48,762-$48,762
Other Expenses$41,560$576-$41,560
Advertising$11,522$26,955-$38,477
All Other Expenses-$36,462-$36,462
Fees for Services Other-$35,608-$35,608
Fees for Services Legal$6,140$24,560-$30,700
Office Expenses$17,600$9,196-$26,796
Fees for Services Accounting$3,648$19,602-$23,250
Other Employee Benefits-$15,055-$15,055
Depreciation Depletion$14,056$683-$14,739
Occupancy-$12,434-$12,434
Payroll Taxes-$10,783-$10,783
Travel-$7,270-$7,270
Pension Plan Contributions-$6,150-$6,150
Insurance-$4,030-$4,030
Conferences and Meetings$103$3,815-$3,918
Total Functional Expenses$353,761$362,742$0$716,503

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$758,299
Expenses per Audited Statements$716,503
Total Expenses per Form 990$716,503
Expenses Not Reported on Form 990$41,796
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 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.”

Conflict of interest policy compliance Part VI line 12C

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

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
PO Box 5387, Norman, OK 73070

Signing Officer

Name
Patrick Grace
Title
Board Chairpers
Phone
4055731900
Signed
2020-11-12
Discuss with paid preparer
No

Organization Details

Formed
1996
Legal Domicile
Ok
Voting Board Members
17
Independent Board Members
17
Employees
3
Volunteers
15

Preparer

Firm
dwg inc
Address
1912 N Drexel Blvd, Oklahoma City, OK 73107
Preparer
David W Gandall CFE CPA
Phone
4059490189
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IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chaireman of the Board
IRS990/Form990PartVIISectionAGrp/TitleTxt16PresidentCEO
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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/OfficeExpensesGrp/TotalAmt026796
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IRS990/OtherExpensesGrp/Desc0Sooner Centurians
IRS990/OtherExpensesGrp/Desc1Greater OKC Partnership
IRS990/OtherExpensesGrp/Desc2Strategic Plan
IRS990/OtherExpensesGrp/Desc3Property tax
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt048762
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt010783
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt04910
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IRS990ScheduleD/ExpensesSubtotalAmt0716503
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IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt016207
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11820
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deposits
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IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0238951
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt042168
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IRS990ScheduleD/RevenueNotReportedAmt041796
IRS990ScheduleD/RevenueSubtotalAmt0688157
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0258304
IRS990ScheduleD/TotalBookValueOtherAssetsAmt010910536
IRS990ScheduleD/TotalExpensesPerForm990Amt0716503
IRS990ScheduleD/TotalRevenuePerForm990Amt0688157
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0758299
IRS990/ScheduleJRequiredInd0false
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/ExplanationTxt1Members that have an identifiable conflict of interest recuse themselves and leave the room when discusions related to the conflict take place.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All compenstation matters related to the Executive Director are evaluated and approved by the Board of Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3All compensation matters related to employees are reviewed and approved by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Norman 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/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt013079947
IRS990/TotalAssetsEOYAmt012387468

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,387,468
Liabilities
$4,825,739
Net assets
$7,561,729
Revenue
$688,157
Expenses
$716,503
Net income
-$28,346
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