Civic Intelligence

Texas Economic Development Council Inc

990 • Fiscal year 2014 • EIN 74-2053921

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 17, 2015

Organization ProfileWWW.TEXASEDC.ORG

View Organization Page

1011 San Jacinto No 650Austin, TX 78701

(512) 480-8432

Siviq Scores

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

Liabilities / Assets

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

10th percentile

0.00x

Higher debt load relative to revenue than 10% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Net Margin

79th percentile

13%

Higher net margin than 79% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

50th percentile

$138,749

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Asset Growth

90th percentile

30%

Faster asset growth than 90% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

93rd percentile

39%

Faster revenue growth than 93% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$885,081

Up $202,428 (+30%) from 2013

Net Assets

Up

$885,004

Up $202,394 (+30%) from 2013

Liabilities

Up

$77

Up $34 (+79%) from 2013

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin79th percentile

Revenue

Up

$1,597,103

Up $445,470 (+39%) from 2013

Expenses

Up

$1,394,709

Up $194,342 (+16%) from 2013

Net Income

Up

$202,394

Up $251,128 (+515%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $502,877Liabilities 2010: $68Net Assets 2010: $502,8092010Assets 2011: $600,903Liabilities 2011: $57Net Assets 2011: $600,8462011Assets 2012: $731,359Liabilities 2012: $15Net Assets 2012: $731,3442012Assets 2013: $682,653Liabilities 2013: $43Net Assets 2013: $682,6102013Assets 2014: $885,081Liabilities 2014: $77Net Assets 2014: $885,0042014Assets 2015: $611,020Liabilities 2015: $79Net Assets 2015: $610,9412015Assets 2016: $763,890Liabilities 2016: $78Net Assets 2016: $763,8122016Assets 2017: $944,155Liabilities 2017: $78Net Assets 2017: $944,0772017Assets 2018: $939,092Liabilities 2018: $120Net Assets 2018: $938,9722018Assets 2019: $1,148,039Liabilities 2019: $168Net Assets 2019: $1,147,8712019Assets 2020: $1,568,989Liabilities 2020: $357Net Assets 2020: $1,568,6322020Assets 2021: $1,628,241Liabilities 2021: $163Net Assets 2021: $1,628,0782021Assets 2022: $1,417,760Liabilities 2022: $395Net Assets 2022: $1,417,3652022Assets 2023: $1,924,721Liabilities 2023: $2,058Net Assets 2023: $1,922,6632023Assets 2024: $2,060,339Liabilities 2024: $1,151Net Assets 2024: $2,059,1882024

Highlighted filing

2014

Assets$885,081
Liabilities$77
Net Assets$885,004
Open 2014 Filing

Operations Trend

Revenue Growth93rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,002,6722010Expenses 2011: $1,093,1482011Revenue 2012: $1,243,775Expenses 2012: $1,113,277Net Income 2012: $130,4982012Revenue 2013: $1,151,633Expenses 2013: $1,200,367Net Income 2013: -$48,7342013Revenue 2014: $1,597,103Expenses 2014: $1,394,709Net Income 2014: $202,3942014Revenue 2015: $1,753,834Expenses 2015: $2,027,897Net Income 2015: -$274,0632015Revenue 2016: $1,915,709Expenses 2016: $1,762,838Net Income 2016: $152,8712016Revenue 2017: $1,869,790Expenses 2017: $1,689,525Net Income 2017: $180,2652017Revenue 2018: $1,760,611Expenses 2018: $1,765,716Net Income 2018: -$5,1052018Revenue 2019: $2,059,416Expenses 2019: $1,850,517Net Income 2019: $208,8992019Revenue 2020: $1,734,269Expenses 2020: $1,313,508Net Income 2020: $420,7612020Revenue 2021: $1,677,100Expenses 2021: $1,617,654Net Income 2021: $59,4462021Revenue 2022: $2,054,832Expenses 2022: $2,265,545Net Income 2022: -$210,7132022Revenue 2023: $2,627,993Expenses 2023: $2,122,695Net Income 2023: $505,2982023Revenue 2024: $2,775,559Expenses 2024: $2,639,034Net Income 2024: $136,5252024

Highlighted filing

2014

Revenue$1,597,103
Expenses$1,394,709
Net Income$202,394
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 17, 2015
Return Version
2014v5.0
Gross Receipts
$1,597,103
Mission and Program Overview

Mission

Development of economic and employment opportunities in texas. Tedc provides information educational & legislative services to its members in order to foster expansion of existing industry location of new firms and development of strategies that promote a positive business climate in texas.

To promote business commerce, job growth and economic development in texas

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$533,613$517,456▼ $16,157
Cash and Non-Interest-Bearing Accounts$145,340$363,925▲ $218,585
Prepaid Expenses and Deferred Charges$3,700$3,700→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$682,653$885,081▲ $202,428
Liabilities
Accounts Payable and Accrued Expenses$43$77▲ $34
Total Liabilities$43$77▲ $34
Net Assets / Fund Balance
Unrestricted Net Assets$516,828$501,664▼ $15,164
Temporarily Rstr Net Assets$165,782$383,340▲ $217,558
Total Net Assets Fund Balance$682,610$885,004▲ $202,394
Total Liabilities and Net Assets / Fund Balance$682,653$885,081▲ $202,428

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$45,005-
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Carlton SchwabPresidentFT$138,749$138,749

Board Members and Trustees

NameTitle
Mike RosaChair
John OsborneChair-elect
Rusty BrockmanImmediate Past Chair
Fred WelchVice Chair
Tom LongVice Chair
Karen DicksonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,569,026
Investment Income
$217
Other Revenue
$27,860
Change in Net Assets
$202,394

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,597,103
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,597,103
Total Revenue per Form 990
$1,597,103
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,047,881
Salaries, Compensation, and Employee Benefits$346,828
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Conferences and Meetings---$382,107
Other Salaries and Wages---$306,677
All Other Expenses---$98,434
Occupancy---$48,824
Insurance---$37,672
Other Expenses---$35,968
Payroll Taxes---$22,526
Other Employee Benefits---$17,625
Fees for Services Accounting---$11,656
Travel---$7,430
Information Technology---$5,480
Total Functional Expenses$0$0$0$1,394,709

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,394,709
Total Expenses per Audited Statements$1,394,709
Total Expenses per Form 990$1,394,709
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Yes
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$31,000
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
55-5555555Austin, TX$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Part VI, Section A, Line 6

“The non profit corporation has dues paying members.”

Form 990, Part VI, Section B, Line 11

“The executive committee reviews a copy of the return prepared for filing and has a chance to comment or ask questions about the return before it is filed.”

Form 990, Part VI, Section B, Line 12C

“Board members and key employees are reminded at various board meetings of the conflict of interest policy and ask to discuss or disclose any potential conflicts that may exist.”

Form 990, Part VI, Section B, Line 15

“The executive committee reviews comparable salary data from various sources to guide the approved salary amounts for the organizations employees.”

Form 990, Part VI, Section C, Line 19

“Interested persons may call or write the phone number or address listed in the 990 and request a copy of the organizations governing documents, conflict of interest statement and financial statements.”

Filing and Contact Details

Filer

Filer Name
Texas Economic Development Council Inc
EIN
74-2053921
Phone
5124808432
Address
1011 SAN JACINTO NO 650, AUSTIN, TX 78701

Signing Officer

Name
Carlton Schwab
Title
President
Phone
5124808432
Signed
2015-08-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carlton Schwab
Formed
1961
Legal Domicile
TX
Voting Board Members
30
Independent Board Members
30
Employees
5
Volunteers
0

Preparer

Firm
John M Vail Pc CPA
Address
4131 SPICEWOOD SPRINGS RD B-1, AUSTIN, TX 78759
Preparer
John M Vail CPA Pc
Phone
5127949111
Raw XML Appendix346 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt5IMMEDIATE PAST CHAIR
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IRS990/FSAuditedInd01
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IRS990/GrantsToIndividualsInd00
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IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I-A, LINE 1:
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IRS990ScheduleD/TotalExpensesPerForm990Amt01394709
IRS990ScheduleD/TotalRevenuePerForm990Amt01597103
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01597103
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01394709
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE NON PROFIT CORPORATION HAS DUES PAYING MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE EXECUTIVE COMMITTEE REVIEWS A COPY OF THE RETURN PREPARED FOR FILING AND HAS A CHANCE TO COMMENT OR ASK QUESTIONS ABOUT THE RETURN BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS AND KEY EMPLOYEES ARE REMINDED AT VARIOUS BOARD MEETINGS OF THE CONFLICT OF INTEREST POLICY AND ASK TO DISCUSS OR DISCLOSE ANY POTENTIAL CONFLICTS THAT MAY EXIST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE EXECUTIVE COMMITTEE REVIEWS COMPARABLE SALARY DATA FROM VARIOUS SOURCES TO GUIDE THE APPROVED SALARY AMOUNTS FOR THE ORGANIZATIONS EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INTERESTED PERSONS MAY CALL OR WRITE THE PHONE NUMBER OR ADDRESS LISTED IN THE 990 AND REQUEST A COPY OF THE ORGANIZATIONS GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd01
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0165782
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0383340
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0682653
IRS990/TotalAssetsEOYAmt0885081
IRS990/TotalAssetsGrp/BOYAmt0682653
IRS990/TotalAssetsGrp/EOYAmt0885081
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt01394709
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt043
IRS990/TotalLiabilitiesEOYAmt077
IRS990/TotalLiabilitiesGrp/BOYAmt043
IRS990/TotalLiabilitiesGrp/EOYAmt077
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0682610
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0885004
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0112215
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0112215
IRS990/TotalProgramServiceRevenueAmt01569026
IRS990/TotalReportableCompFromOrgAmt0138749
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01597103
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01597103
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0682653
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0885081
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt07430
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0516828
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0501664
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01011 SAN JACINTO NO 650
IRS990/USAddress/CityNm0AUSTIN
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd078701
IRS990/VotingMembersGoverningBodyCnt030
IRS990/VotingMembersIndependentCnt030
IRS990/WebsiteAddressTxt0WWW.TEXASEDC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CARLTON SCHWAB
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05124808432
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-08-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TEXAS ECONOMIC DEVELOPMENT COUNCIL INC
ReturnHeader/Filer/BusinessNameControlTxt0TEXA
ReturnHeader/Filer/EIN0742053921
ReturnHeader/Filer/PhoneNum05124808432
ReturnHeader/Filer/USAddress/AddressLine1Txt01011 SAN JACINTO NO 650
ReturnHeader/Filer/USAddress/CityNm0AUSTIN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd078701
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0742723044
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JOHN M VAIL PC CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04131 SPICEWOOD SPRINGS RD B-1
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AUSTIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd078759
ReturnHeader/PreparerPersonGrp/PhoneNum05127949111
ReturnHeader/PreparerPersonGrp/PreparationDt02015-08-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN M VAIL CPA PC
ReturnHeader/ReturnTs02015-08-17T10:15:35-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$885,081
Liabilities
$77
Net assets
$885,004
Revenue
$1,597,103
Expenses
$1,394,709
Net income
$202,394
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.06$0.00$2.06$2.78$2.64$0.14
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.92$0.00$1.92$2.63$2.12$0.51
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.00$1.42$2.05$2.27$0.21
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.63$0.00$1.63$1.68$1.62$0.06
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.57$0.00$1.57$1.73$1.31$0.42
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.15$0.00$1.15$2.06$1.85$0.21
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.00$0.94$1.76$1.77$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.00$0.94$1.87$1.69$0.18
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.76$0.00$0.76$1.92$1.76$0.15
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.61$0.00$0.61$1.75$2.03$0.27
2014Detailed filing. Detailed filing data is available for this year.$0.89$0.00$0.89$1.60$1.39$0.20
2013Detailed filing. Detailed filing data is available for this year.$0.68$0.00$0.68$1.15$1.20$0.05
2012Summary only. Only limited summary data is available for this year.$0.73$0.00$0.73$1.24$1.11$0.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.00$0.60$1.09
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.00$0.50$1.00