Civic Intelligence

Texas Economic Development Council Inc

990 • Fiscal year 2020 • EIN 74-2053921

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 30, 2021

1601 Rio Grande No 455Austin, TX 78701

(512) 480-8432

Siviq Scores

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

Liabilities / Assets

11th percentile

0.00x

Higher debt load relative to assets than 11% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

11th percentile

0.00x

Higher debt load relative to revenue than 11% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Net Margin

85th percentile

24%

Higher net margin than 85% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

71st percentile

$206,961

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 11.9% of source-year revenue.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2020

Asset Growth

90th percentile

37%

Faster asset growth than 90% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

35th percentile

-16%

Faster revenue growth than 35% of similar nonprofits.

2020 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,568,989

Up $420,950 (+37%) from 2019

Net Assets

Up

$1,568,632

Up $420,761 (+37%) from 2019

Liabilities

Up

$357

Up $189 (+113%) from 2019

Revenue

Down

$1,734,269

Down $325,147 (-16%) from 2019

Expenses

Down

$1,313,508

Down $537,009 (-29%) from 2019

Net Income

Up

$420,761

Up $211,862 (+101%) from 2019

Historical Trend

Balance Sheet Trend

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

2020

Assets$1,568,989
Liabilities$357
Net Assets$1,568,632

Operations Trend

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

2020

Revenue$1,734,269
Expenses$1,313,508
Net Income$420,761
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 30, 2021
Return Version
2020v4.1
Gross Receipts
$1,734,269
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$819,369$871,555▲ $52,186
Cash and Non-Interest-Bearing Accounts$322,568$691,332▲ $368,764
Prepaid Expenses and Deferred Charges$6,102$6,102→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$1,148,039$1,568,989▲ $420,950
Liabilities
Accounts Payable and Accrued Expenses$168$357▲ $189
Total Liabilities$168$357▲ $189
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$840,998$880,965▲ $39,967
Net Assets With Donor Restrictions$306,873$687,667▲ $380,794
Total Net Assets Fund Balance$1,147,871$1,568,632▲ $420,761
Total Liabilities and Net Assets / Fund Balance$1,148,039$1,568,989▲ $420,950

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$45,005-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Carlton SchwabPresidentFT$191,772$15,189$206,961

Board Members and Trustees

NameTitle
Dale FowlerChair
Karen DicksonImmediate Past Chair
Greg SimsVice Chair
Ray DunlapVice Chair
Wesley BurnettVice Chair
Susan Mazarakes-gillTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,649,327
Investment Income
$256
Other Revenue
$84,686
Change in Net Assets
$420,761

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,734,269
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,734,269
Total Revenue per Form 990
$1,734,269
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$817,327
Salaries, Compensation, and Employee Benefits$496,181
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$423,647
Conferences and Meetings---$185,471
Occupancy---$90,562
All Other Expenses---$72,376
Insurance---$45,692
Other Employee Benefits---$42,883
Other Expenses---$31,500
Payroll Taxes---$29,651
Information Technology---$10,667
Fees for Services Accounting---$5,119
Travel---$4,761
Fees for Services Legal---$1,561
Total Functional Expenses$0$0$0$1,313,508

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,313,508
Total Expenses per Audited Statements$1,313,508
Total Expenses per Form 990$1,313,508
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$29,500
Section 527 Activity Spending$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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, Part VI, Section B, Line 11B

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 organization's 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
1601 RIO GRANDE NO 455, AUSTIN, TX 78701

Signing Officer

Name
Carlton Schwab
Title
President
Phone
5124808432
Signed
2021-09-30
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
Michelle Musick CPA
Address
4131 SPICEWOOD SPRINGS RD B-1, AUSTIN, TX 78759
Preparer
Michelle Musick CPA
Phone
5127840506
Raw XML Appendix370 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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IRS990ScheduleD/RevenueSubtotalAmt01734269
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt01313508
IRS990ScheduleD/TotalRevenuePerForm990Amt01734269
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01734269
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01313508
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0191772
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt015189
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CARLTON SCHWAB
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0206961
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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/ExplanationTxt1BOARD 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/ExplanationTxt2THE EXECUTIVE COMMITTEE REVIEWS COMPARABLE SALARY DATA FROM VARIOUS SOURCES TO GUIDE THE APPROVED SALARY AMOUNTS FOR THE ORGANIZATION'S EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3INTERESTED 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 B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01148039
IRS990/TotalAssetsEOYAmt01568989
IRS990/TotalAssetsGrp/BOYAmt01148039
IRS990/TotalAssetsGrp/EOYAmt01568989
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt01313508
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0168
IRS990/TotalLiabilitiesEOYAmt0357
IRS990/TotalLiabilitiesGrp/BOYAmt0168
IRS990/TotalLiabilitiesGrp/EOYAmt0357
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01147871
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01568632
IRS990/TotalOtherCompensationAmt015189
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt065235
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt065235
IRS990/TotalProgramServiceRevenueAmt01649327
IRS990/TotalReportableCompFromOrgAmt0191772
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01734269
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01734269
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01148039
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01568989
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt04761
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01601 RIO GRANDE NO 455
IRS990/USAddress/CityNm0AUSTIN
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd078701
IRS990/VotingMembersGoverningBodyCnt030
IRS990/VotingMembersIndependentCnt030
IRS990/WebsiteAddressTxt0WWW.TEXASEDC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CARLTON SCHWAB
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05124808432
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-09-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TEXAS ECONOMIC DEVELOPMENT COUNCIL INC
ReturnHeader/Filer/BusinessNameControlTxt0TEXA
ReturnHeader/Filer/EIN0742053921
ReturnHeader/Filer/PhoneNum05124808432
ReturnHeader/Filer/USAddress/AddressLine1Txt01601 RIO GRANDE NO 455
ReturnHeader/Filer/USAddress/CityNm0AUSTIN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd078701
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0844889522
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MICHELLE MUSICK CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04131 SPICEWOOD SPRINGS RD B-1
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AUSTIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd078759
ReturnHeader/PreparerPersonGrp/PhoneNum05127840506
ReturnHeader/PreparerPersonGrp/PreparationDt02021-09-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHELLE MUSICK CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-09-30T12:54:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CARLTON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SCHWAB
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

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
2020Detailed filing. Detailed filing data is available for this year.$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
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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