Civic Intelligence

Economic Development Corporation

EIN 74-2588704 • 501(c)6 • Weslaco, TX

View Organization Page

Profile

The economic development corporation's primary purpose is to enhance economic and industrial activities for the city of weslaco. Its main focus is in retaining and expanding existing business, and attracting new business and enhancing community assets; which infuses new dollars into the local economy.

275 S Kansas BlvdWeslaco, TX 78596

www.weslacoedc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

65th percentile

0.40x

Higher debt load relative to assets than 65% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

1.77x

Higher debt load relative to revenue than 93% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2023

Net Margin

92nd percentile

47%

Higher net margin than 92% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

7th percentile

$96,700

Higher top officer pay than 7% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

501(c)6 • $25M-$50M nonprofits • Source year 2023

Asset Growth

95th percentile

84%

Faster asset growth than 95% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

92nd percentile

73%

Faster revenue growth than 92% of similar nonprofits.

501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$37,567,810

Up $17,166,171 (+84%) from 2022

Liabilities

Up

$15,133,475

Up $13,109,853 (+648%) from 2022

Net Assets

Up

$22,434,335

Up $4,056,318 (+22%) from 2022

Operations
Liabilities / Revenue93rd percentileNet Margin92nd percentile

Revenue

Up

$8,559,382

Up $3,602,792 (+73%) from 2022

Expenses

Up

$4,503,064

Up $644,065 (+17%) from 2022

Net Income

Up

$4,056,318

Up $2,958,727 (+270%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth95th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2010: $9,789,793Liabilities 2010: $7,157,573Net Assets 2010: $2,632,2202010Assets 2011: $10,184,153Liabilities 2011: $7,468,525Net Assets 2011: $2,715,6282011Assets 2012: $10,872,069Liabilities 2012: $7,826,767Net Assets 2012: $3,045,3022012Assets 2013: $10,563,655Liabilities 2013: $7,498,957Net Assets 2013: $3,064,6982013Assets 2014: $10,409,177Liabilities 2014: $6,369,627Net Assets 2014: $4,039,5502014Assets 2015: $9,636,325Liabilities 2015: $5,404,605Net Assets 2015: $4,231,7202015Assets 2016: $10,285,171Liabilities 2016: $4,686,343Net Assets 2016: $5,598,8282016Assets 2017: $11,048,606Liabilities 2017: $4,043,851Net Assets 2017: $7,004,7552017Assets 2018: $13,157,905Liabilities 2018: $3,253,565Net Assets 2018: $9,904,3402018Assets 2019: $12,938,711Liabilities 2019: $1,177,552Net Assets 2019: $11,761,1592019Assets 2020: $14,877,035Liabilities 2020: $1,002,837Net Assets 2020: $13,874,1982020Assets 2021: $20,272,081Liabilities 2021: $2,991,655Net Assets 2021: $17,280,4262021Assets 2022: $20,401,639Liabilities 2022: $2,023,622Net Assets 2022: $18,378,0172022Assets 2023: $37,567,810Liabilities 2023: $15,133,475Net Assets 2023: $22,434,3352023

Highlighted filing

2023

Assets$37,567,810
Liabilities$15,133,475
Net Assets$22,434,335
Open 2023 Filing

Operations Trend

Revenue Growth92nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0Expenses 2010: $2,425,8182010Expenses 2011: $2,514,5832011Expenses 2012: $2,625,2722012Expenses 2013: $2,806,3332013Revenue 2014: $3,099,449Expenses 2014: $2,071,066Net Income 2014: $1,028,3832014Revenue 2015: $3,185,089Expenses 2015: $2,012,407Net Income 2015: $1,172,6822015Revenue 2016: $3,159,241Expenses 2016: $1,792,133Net Income 2016: $1,367,1082016Revenue 2017: $3,301,044Expenses 2017: $1,895,117Net Income 2017: $1,405,9272017Revenue 2018: $4,778,724Expenses 2018: $1,879,139Net Income 2018: $2,899,5852018Revenue 2019: $4,110,124Expenses 2019: $2,253,305Net Income 2019: $1,856,8192019Revenue 2020: $4,379,507Expenses 2020: $2,266,468Net Income 2020: $2,113,0392020Revenue 2021: $4,628,585Expenses 2021: $2,717,537Net Income 2021: $1,911,0482021Revenue 2022: $4,956,590Expenses 2022: $3,858,999Net Income 2022: $1,097,5912022Revenue 2023: $8,559,382Expenses 2023: $4,503,064Net Income 2023: $4,056,3182023

Highlighted filing

2023

Revenue$8,559,382
Expenses$4,503,064
Net Income$4,056,318
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$37,567,810
Liabilities
$15,133,475
Net assets
$22,434,335
Revenue
$8,559,382
Expenses
$4,503,064
Net income
$4,056,318
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$37.6$15.1$22.4$8.56$4.50$4.06
2022Detailed filing. Detailed filing data is available for this year.$20.4$2.02$18.4$4.96$3.86$1.10
2021Detailed filing. Detailed filing data is available for this year.$20.3$2.99$17.3$4.63$2.72$1.91
2020Detailed filing. Detailed filing data is available for this year.$14.9$1.00$13.9$4.38$2.27$2.11
2019Detailed filing. Detailed filing data is available for this year.$12.9$1.18$11.8$4.11$2.25$1.86
2018Detailed filing. Detailed filing data is available for this year.$13.2$3.25$9.90$4.78$1.88$2.90
2017Detailed filing. Detailed filing data is available for this year.$11.0$4.04$7.00$3.30$1.90$1.41
2016Detailed filing. Detailed filing data is available for this year.$10.3$4.69$5.60$3.16$1.79$1.37
2015Detailed filing. Detailed filing data is available for this year.$9.64$5.40$4.23$3.19$2.01$1.17
2014Detailed filing. Detailed filing data is available for this year.$10.4$6.37$4.04$3.10$2.07$1.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.6$7.50$3.06$2.81
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.9$7.83$3.05$2.63
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.2$7.47$2.72$2.51
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.79$7.16$2.63$2.43
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Apr 15, 2024
Return Version
2022v5.0
Gross Receipts
$9,842,763
Mission and Program Overview

Mission

The economic development corporation's primary purpose is to enhance economic and industrial activities for the city of weslaco. Its main focus is in retaining and expanding existing business, and attracting new business and enhancing community assets; which infuses new dollars into the local economy.

The economic development corporation's primary purpose is to enhance economic and industrial activities for the city of weslaco.its most significant activities are in providing incentives to existing businesses and new businesses and enhancing community assets

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use$5,817,232$18,268,268▲ $12,451,036
Savings and Temporary Cash Investments-$5,235,190-
Land, Buildings, and Equipment, Net$4,352,576$4,212,963▼ $139,613
Cash and Non-Interest-Bearing Accounts$7,212,854$3,778,372▼ $3,434,482
Pledges and Grants Receivable-$1,500,000-
Intangible Assets-$467,156-
Other Notes and Loans Receivable, Net$362,340$414,723▲ $52,383
Accounts Receivable$6,641$34,840▲ $28,199
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$20,401,639$37,567,810▲ $17,166,171
Other Assets Total$2,649,996$3,656,298▲ $1,006,302
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,570,428$12,954,194▲ $11,383,766
Accounts Payable and Accrued Expenses$148,194$1,217,012▲ $1,068,818
Other Liabilities-$962,269-
Tax Exempt Bond Liabilities$305,000--
Total Liabilities$2,023,622$15,133,475▲ $13,109,853
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,705,441$18,221,374▲ $4,515,933
Net Assets With Donor Restrictions$4,672,576$4,212,961▼ $459,615
Total Net Assets Fund Balance$18,378,017$22,434,335▲ $4,056,318
Total Liabilities and Net Assets / Fund Balance$20,401,639$37,567,810▲ $17,166,171

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$4,137,805$853,500$4,991,305
Equipment$75,157$162,579$237,736
Land$1-$1
Other Assets Org$2,444,031--
Compensation and Service Providers
Top Officer Pay7th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Steven M ValdezMemberFT$96,700$96,700

Board Members and Trustees

NameTitle
Joe D OlivarezPresident
Benita ValadezVice President
Sandra Charlton CPA-
Fred PerezMember
Kristopher M GarciaMember
Jerry GonzalezSecretary
Juan Jose Serrano JrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,500,000
Program Service Revenue
$5,154,115
Investment Income
$1,341,024
Other Revenue
$564,243
Change in Net Assets
$4,056,318

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,559,382
Total Revenue per Audited Statements
$8,559,382
Total Revenue per Form 990
$8,559,382
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,086,144
Other Expenses$1,019,792
Salaries, Compensation, and Employee Benefits$397,128
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,076,574--$3,076,574
Other Salaries and Wages$181,099$50,072-$231,171
Fees for Services Legal$149,062$39,511-$188,573
Depreciation Depletion$148,578--$148,578
Advertising$103,848--$103,848
Current Officers, Directors, Trustees, and Key Employees$72,525$24,175-$96,700
Interest-$77,294-$77,294
Fees for Services Other$62,529--$62,529
Payroll Taxes$22,094$6,468-$28,562
Office Expenses$11,672$11,672-$23,344
Other Employee Benefits$17,558$5,140-$22,698
Information Technology$10,718$10,718-$21,436
Occupancy$15,721$4,587-$20,308
Travel$12,746$5,734-$18,480
Pension Plan Contributions$13,498$4,499-$17,997
Fees for Services Accounting$7,300$6,750-$14,050
Insurance$12,672$981-$13,653
Other Expenses$58,043$11,571-$11,571
Grants to Domestic Individuals$9,570--$9,570
Conferences and Meetings$2,154$310-$2,464
All Other Expenses$990$368-$1,358
Total Functional Expenses$4,243,214$259,850$0$4,503,064

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,503,064
Total Expenses per Audited Statements$4,503,064
Total Expenses per Form 990$4,503,064
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Glaziers Beer & BeverageDallas, TX-Economic Incentive$2,250,000
City of WeslacoWeslaco, TX-Economic Incentive$333,282
Shops at N Bridge LLCSan Antonio, TX-Economic Incentive$97,407
Clever Foods & SupplementsWeslaco, TX-Economic Incentives$83,050
VidaWeslaco, TX-General Operations$70,000
Z&l Enterprises IncWeslaco, TX-Economic Incentives$63,442
Clean Label LLCWeslaco, TX-Economic Incentives$45,313
South Texas CollegeMcallen, TX-Economic Incentives$36,000
Ol Re Holdings LLCPlano, TX-Economic Incentive$32,000
De Figs Weslaco LLCWeslaco, TX-Economic Incentives$22,628
Ted SunderlandWeslaco, TX-Economic Incentives$15,000
Gabo TX DevelopmentsMcallen, TX-Economic Incentives$10,000
Advantage Healthcare ConsultWeslaco, TX-Economic Incentives$9,624
Kapal Equipment LLCWeslaco, TX-Economic Incentive$8,828
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Payable Utrgv-cic$962,267
Rounding$2

Bond Issues

BondIssuerIssuedIssue PricePurpose
AWeslaco Edc2012-12-20-REFUNDING BOND ISSUE

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$2,870,000--$105,000
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7B

“City of weslaco reserves the right to appoint/approve the board of members and the executive director, also they approve the budget and expenditures that exceed certain threshold.”

Form 990, Part VI, Section B, Line 11B

“The 990 form was initially provided to the accountant and executive director for their review. Additionally the return was presented to the board on their monthly board meeting.”

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

“Each board member sign conflict of interest policy prior to serving in the board.”

Form 990, Part VI, Section C, Line 19

“Citizens from the community are provided governing documents, conflict of interest policy and financial statement upon request.”

Filing and Contact Details

Filer

Filer Name
Economic Development Corporation
EIN
74-2588704
Phone
9569690838
Address
275 S KANSAS BLVD, WESLACO, TX 78596

Signing Officer

Name
Steven M Valdez
Title
Executive Director
Signed
2024-04-15
Discuss with paid preparer
Yes

Organization Details

Formed
1990
Legal Domicile
TX
Voting Board Members
6
Independent Board Members
6
Employees
7

Preparer

Firm
Garcia & Pena Cpas
Address
301 W 4TH ST, WESLACO, TX 78596
Preparer
Manuel B Garcia CPA
Phone
9569691433
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

“Other program services 4: general administration expense $243,682interest on long-term debt $ 77,293 total $320,975”

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IRS990/MissionDesc0THE ECONOMIC DEVELOPMENT CORPORATION'S PRIMARY PURPOSE IS TO ENHANCE ECONOMIC AND INDUSTRIAL ACTIVITIES FOR THE CITY OF WESLACO. ITS MAIN FOCUS IS IN RETAINING AND EXPANDING EXISTING BUSINESS, AND ATTRACTING NEW BUSINESS AND ENHANCING COMMUNITY ASSETS; WHICH INFUSES NEW DOLLARS INTO THE LOCAL ECONOMY.
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IRS990/ProgSrvcAccomActy3Grp/Desc0PROMOTION AND DEVELOPMENT: COMMUNITY WORKFORCE TRAINING OF $6,916 AND GENERAL ADVERTISEMENT TO ATTRACT VISITORS TO THE CITY OF WESLACO BUSINESS DISTRICT AND INDUSTRIAL PARK.
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