Civic Intelligence

Carthage Economic Development Corp

EIN 75-2488443 • 501(c)3 • Carthage, TX

Profile

To benefit and accomplish public purposes for the city of carthage, texas, by promoting, assisting and enhancing economic development activities for the city as provided by the state of texas development corporation act of 1979, local government code, chapter 504.

PO Box 400Carthage, TX 75633

www.carthagetexas.com

Siviq Scores

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

Liabilities / Assets

19th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

93rd percentile

64%

Higher net margin than 93% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

89th percentile

$195,808

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 22.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

39th percentile

0.0%

Faster asset growth than 39% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

36th percentile

0.0%

Faster revenue growth than 36% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets19th percentile

Assets

Flat

$4,177,204

Flat from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Flat

$4,177,204

Flat from 2023

Operations
Liabilities / Revenue20th percentileNet Margin93rd percentile

Revenue

Flat

$891,960

Flat from 2023

Expenses

Flat

$316,855

Flat from 2023

Net Income

Flat

$575,105

Flat from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth39th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,000,322Liabilities 2011: $4,500Net Assets 2011: $995,8222011Assets 2012: $847,729Liabilities 2012: $14,756Net Assets 2012: $832,9732012Assets 2013: $784,996Liabilities 2013: $971Net Assets 2013: $784,0252013Assets 2014: $981,568Liabilities 2014: $0Net Assets 2014: $981,5682014Assets 2015: $1,280,488Liabilities 2015: $57,200Net Assets 2015: $1,223,2882015Assets 2016: $1,434,561Liabilities 2016: $0Net Assets 2016: $1,434,5612016Assets 2017: $1,324,563Liabilities 2017: $0Net Assets 2017: $1,324,5632017Assets 2018: $1,424,520Liabilities 2018: $0Net Assets 2018: $1,424,5202018Assets 2019: $1,682,960Liabilities 2019: $0Net Assets 2019: $1,682,9602019Assets 2020: $1,942,355Liabilities 2020: $0Net Assets 2020: $1,942,3552020Assets 2021: $2,432,203Liabilities 2021: $200,000Net Assets 2021: $2,232,2032021Assets 2022: $2,864,879Liabilities 2022: $0Net Assets 2022: $2,864,8792022Assets 2023: $4,177,204Liabilities 2023: $0Net Assets 2023: $4,177,2042023Assets 2024: $4,177,204Liabilities 2024: $0Net Assets 2024: $4,177,2042024

Highlighted filing

2024

Assets$4,177,204
Liabilities$0
Net Assets$4,177,204
Open 2024 Filing

Operations Trend

Revenue Growth36th percentile

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

$1.0M$500K$0-$500KRevenue 2011: $576,305Expenses 2011: $637,758Net Income 2011: -$61,4532011Revenue 2012: $552,427Expenses 2012: $783,209Net Income 2012: -$230,7822012Revenue 2013: $498,129Expenses 2013: $547,077Net Income 2013: -$48,9482013Revenue 2014: $521,507Expenses 2014: $323,964Net Income 2014: $197,5432014Revenue 2015: $518,901Expenses 2015: $277,181Net Income 2015: $241,7202015Revenue 2016: $451,432Expenses 2016: $240,159Net Income 2016: $211,2732016Revenue 2017: $445,906Expenses 2017: $555,904Net Income 2017: -$109,9982017Revenue 2018: $583,868Expenses 2018: $483,911Net Income 2018: $99,9572018Revenue 2019: $654,539Expenses 2019: $396,099Net Income 2019: $258,4402019Revenue 2020: $643,656Expenses 2020: $384,261Net Income 2020: $259,3952020Revenue 2021: $650,150Expenses 2021: $360,302Net Income 2021: $289,8482021Revenue 2022: $781,390Expenses 2022: $148,714Net Income 2022: $632,6762022Revenue 2023: $891,960Expenses 2023: $316,855Net Income 2023: $575,1052023Revenue 2024: $891,960Expenses 2024: $316,855Net Income 2024: $575,1052024

Highlighted filing

2024

Revenue$891,960
Expenses$316,855
Net Income$575,105
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,177,204
Liabilities
$0
Net assets
$4,177,204
Revenue
$891,960
Expenses
$316,855
Net income
$575,105
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.18$0.00$4.18$0.89$0.32$0.58
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.18$0.00$4.18$0.89$0.32$0.58
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.86$0.00$2.86$0.78$0.15$0.63
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.43$0.20$2.23$0.65$0.36$0.29
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.94$0.00$1.94$0.64$0.38$0.26
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.68$0.00$1.68$0.65$0.40$0.26
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.42$0.00$1.42$0.58$0.48$0.10
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.32$0.00$1.32$0.45$0.56$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.43$0.00$1.43$0.45$0.24$0.21
2015Detailed filing. Detailed filing data is available for this year.$1.28$0.06$1.22$0.52$0.28$0.24
2014Summary only. Only limited summary data is available for this year.$0.98$0.00$0.98$0.52$0.32$0.20
2013Summary only. Only limited summary data is available for this year.$0.78$0.00$0.78$0.50$0.55$0.05
2012Summary only. Only limited summary data is available for this year.$0.85$0.01$0.83$0.55$0.78$0.23
2011Summary only. Only limited summary data is available for this year.$1.00$0.00$1.00$0.58$0.64$0.06
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Jun 12, 2026
Return Version
2023v6.0
Gross Receipts
$891,960
Mission and Program Overview

Mission

To benefit and accomplish public purposes for the city of carthage, texas by promoting, assisting and enhancing economic development activities for the city as provided by the state of texas development corporation act of 1979, local government code, chapter 504.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$503,373$2,003,373▲ $1,500,000
Land, Buildings, and Equipment, Net$935,510$935,510→ $0
Cash and Non-Interest-Bearing Accounts$1,699,036$761,820▼ $937,216
Other Notes and Loans Receivable, Net$362,477$329,982▼ $32,495
Accounts Receivable$63,632$146,519▲ $82,887
Total Assets$3,564,028$4,177,204▲ $613,176
Liabilities
Accounts Payable and Accrued Expenses$46,499--
Total Liabilities$46,499$0▼ $46,499
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,517,529$4,177,204▲ $659,675
Total Net Assets Fund Balance$3,517,529$4,177,204▲ $659,675
Total Liabilities and Net Assets / Fund Balance$3,564,028$4,177,204▲ $613,176

Asset Categories

AssetBook ValueDepreciationBasis
Land$769,260-$769,260
Other Land Buildings$166,250$199,161$365,411
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Teresa DennardRecording SeFT$67,355$13,367$80,722
Stephen K WilliamsPresident-$39,453$7,830$47,283

Board Members and Trustees

NameTitle
Olin JoffrionChairman
Isha BrownDirector
John CookeDirector
Tate BarberDirector
Jerry HanszenSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$73,502
Other Revenue
$818,458
Change in Net Assets
$575,105

Audited Revenue Reconciliation

Revenue per Audited Statements
$891,960
Total Revenue per Audited Statements
$891,960
Total Revenue per Form 990
$891,960
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$184,291
Salaries, Compensation, and Employee Benefits$132,564
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$121,850--$121,850
Current Officers, Directors, Trustees, and Key Employees$53,405$53,404-$106,809
Advertising$50,280--$50,280
Pension Plan Contributions$7,477$7,477-$14,954
Payroll Taxes$5,401$5,400-$10,801
Travel$7,611--$7,611
Fees for Services Accounting-$4,000-$4,000
Office Expenses-$550-$550
Total Functional Expenses$246,024$70,831$0$316,855

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$316,855
Total Expenses per Audited Statements$316,855
Total Expenses per Form 990$316,855
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The corporation's president reviews the form 990 annually prior to filing the return.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, policies and financial statements are made available upon request and in accordance with the open records statutes of the state of texas.”

Filing and Contact Details

Filer

Filer Name
Carthage Economic Development Corp
EIN
75-2488443
Phone
9036933868
Address
PO BOX 400, CARTHAGE, TX 75633

Signing Officer

Name
Stephen K Williams
Title
President
Phone
9036933868
Signed
2026-06-12

Organization Details

Principal Officer
Stephen K Williams
Formed
1992
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
2

Preparer

Firm
James M Wolfe CPA
Address
309 W SABINE STE 6, CARTHAGE, TX 75633-2500
Preparer
James M Wolfe CPA
Phone
9036933700
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“The return is being amended to correctly report as a fiscal year end of 9/30/2024.”

FORM 990 - ORGANIZATION'S MISSION

“To benefit and accomplish public purposes for the city of carthage, texas by promoting, assisting and enhancing economic development activities for the city as provided by the state of texas development corporation act of 1979, local government code, chapter 504.”

Form 990, Part XI

“Line 8 - prior period adjustment was made by the auditor to accrue two months sales tax receivable. Prior years had only accrued one month.”

Raw XML Appendix388 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/TitleTxt1RECORDING SE
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0STEPHEN K WILLIAMS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE RETURN IS BEING AMENDED TO CORRECTLY REPORT AS A FISCAL YEAR END OF 9/30/2024.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TO BENEFIT AND ACCOMPLISH PUBLIC PURPOSES FOR THE CITY OF CARTHAGE, TEXAS BY PROMOTING, ASSISTING AND ENHANCING ECONOMIC DEVELOPMENT ACTIVITIES FOR THE CITY AS PROVIDED BY THE STATE OF TEXAS DEVELOPMENT CORPORATION ACT OF 1979, LOCAL GOVERNMENT CODE, CHAPTER 504.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CORPORATION'S PRESIDENT REVIEWS THE FORM 990 ANNUALLY PRIOR TO FILING THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST AND IN ACCORDANCE WITH THE OPEN RECORDS STATUTES OF THE STATE OF TEXAS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LINE 8 - PRIOR PERIOD ADJUSTMENT WAS MADE BY THE AUDITOR TO ACCRUE TWO MONTHS SALES TAX RECEIVABLE. PRIOR YEARS HAD ONLY ACCRUED ONE MONTH.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0CITY OF CARTHAGE TX
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1CARTHAGE IMPROVEMENT CORPORATION
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0AMOUNT REIMBURSED
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IRS990/WebsiteAddressTxt0WWW.CARTHAGETEXAS.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHEN K WILLIAMS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09036933868
ReturnHeader/BusinessOfficerGrp/SignatureDt02026-06-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CARTHAGE ECONOMIC DEVELOPMENT CORP
ReturnHeader/Filer/BusinessNameControlTxt0CART
ReturnHeader/Filer/EIN0752488443
ReturnHeader/Filer/PhoneNum09036933868
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 400
ReturnHeader/Filer/USAddress/CityNm0CARTHAGE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd075633
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0274832636
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JAMES M WOLFE CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0309 W SABINE STE 6
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CARTHAGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0756332500
ReturnHeader/PreparerPersonGrp/PhoneNum09036933700
ReturnHeader/PreparerPersonGrp/PreparationDt02026-02-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES M WOLFE CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02026-02-16T10:39:18-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-10-01
ReturnHeader/TaxPeriodEndDt02024-09-30
ReturnHeader/TaxYr02023

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