Civic Intelligence

Galveston Economic Development Partnership Inc

990 • Fiscal year 2017 • EIN 76-0582349

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 13, 2018

Organization ProfileWWW.GEDP.ORG
P O Box 8029Galveston, TX 77553-8029

(409) 770-0216

Siviq Scores

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

Liabilities / Assets

87th percentile

0.35x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)6 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

89th percentile

0.28x

Higher debt load relative to revenue than 89% of similar nonprofits.

2017 filings • 501(c)6 • <$500k nonprofits • Source year 2017

Net Margin

9th percentile

-30%

Higher net margin than 9% of similar nonprofits.

2017 filings • 501(c)6 • <$500k nonprofits • Source year 2017

Top Officer Pay

98th percentile

$135,017

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 57.3% of source-year revenue.

2017 filings • 501(c)6 • <$500k nonprofits • Source year 2017

Asset Growth

37th percentile

-3.3%

Faster asset growth than 37% of similar nonprofits.

2017 filings • 501(c)6 • <$500k nonprofits • Annualized from 2016 to 2017

Revenue Growth

10th percentile

-32%

Faster revenue growth than 10% of similar nonprofits.

2017 filings • 501(c)6 • <$500k nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$184,160

Down $6,362 (-3.3%) from 2016

Net Assets

Down

$119,160

Down $71,362 (-37%) from 2016

Liabilities

Up

$65,000

Up $65,000 from 2016

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin9th percentile

Revenue

Down

$235,625

Down $111,460 (-32%) from 2016

Expenses

Down

$306,987

Down $71,613 (-19%) from 2016

Net Income

Down

-$71,362

Down $39,847 (-126%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

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

$300K$200K$100K$0Assets 2010: $173,924Liabilities 2010: $0Net Assets 2010: $173,9242010Assets 2011: $201,056Liabilities 2011: $0Net Assets 2011: $201,0562011Assets 2012: $279,901Liabilities 2012: $0Net Assets 2012: $279,9012012Assets 2013: $181,892Liabilities 2013: $0Net Assets 2013: $181,8922013Assets 2014: $259,198Liabilities 2014: $0Net Assets 2014: $259,1982014Assets 2015: $222,037Liabilities 2015: $0Net Assets 2015: $222,0372015Assets 2016: $190,522Liabilities 2016: $0Net Assets 2016: $190,5222016Assets 2017: $184,160Liabilities 2017: $65,000Net Assets 2017: $119,1602017Assets 2018: $55,905Liabilities 2018: $0Net Assets 2018: $55,9052018Assets 2019: $37,795Liabilities 2019: $0Net Assets 2019: $37,7952019Assets 2020: $69,504Liabilities 2020: $0Net Assets 2020: $69,5042020Assets 2021: $57,212Liabilities 2021: $143Net Assets 2021: $57,0692021Assets 2022: $60,988Liabilities 2022: $3,010Net Assets 2022: $57,9782022Assets 2023: $45,894Liabilities 2023: $0Net Assets 2023: $45,8942023Assets 2024: $78,983Liabilities 2024: $19,523Net Assets 2024: $59,4602024Assets 2025: $40,609Liabilities 2025: $34,383Net Assets 2025: $6,2262025

Highlighted filing

2017

Assets$184,160
Liabilities$65,000
Net Assets$119,160
Open 2017 Filing

Operations Trend

Revenue Growth10th percentile

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

$600K$400K$200K$0-$200KRevenue 2010: $249,085Expenses 2010: $242,426Net Income 2010: $6,6592010Revenue 2011: $308,708Expenses 2011: $281,575Net Income 2011: $27,1332011Revenue 2012: $493,171Expenses 2012: $414,326Net Income 2012: $78,8452012Revenue 2013: $207,733Expenses 2013: $305,742Net Income 2013: -$98,0092013Revenue 2014: $428,129Expenses 2014: $350,823Net Income 2014: $77,3062014Revenue 2015: $320,263Expenses 2015: $357,424Net Income 2015: -$37,1612015Revenue 2016: $347,085Expenses 2016: $378,600Net Income 2016: -$31,5152016Revenue 2017: $235,625Expenses 2017: $306,987Net Income 2017: -$71,3622017Revenue 2018: $287,950Expenses 2018: $351,205Net Income 2018: -$63,2552018Revenue 2019: $304,760Expenses 2019: $322,870Net Income 2019: -$18,1102019Revenue 2020: $313,498Expenses 2020: $281,787Net Income 2020: $31,7112020Revenue 2021: $298,949Expenses 2021: $311,384Net Income 2021: -$12,4352021Revenue 2022: $261,566Expenses 2022: $260,657Net Income 2022: $9092022Revenue 2023: $269,883Expenses 2023: $281,967Net Income 2023: -$12,0842023Revenue 2024: $306,449Expenses 2024: $292,884Net Income 2024: $13,5652024Revenue 2025: $250,030Expenses 2025: $303,263Net Income 2025: -$53,2332025

Highlighted filing

2017

Revenue$235,625
Expenses$306,987
Net Income-$71,362
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 13, 2018
Return Version
2017v2.3
Gross Receipts
$235,625
Mission and Program Overview

Mission

Promote and develop economic development activities

Promote and develop econcomic development activities

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$185,958$178,295▼ $7,663
Cash and Non-Interest-Bearing Accounts$2,648$5,788▲ $3,140
Land, Buildings, and Equipment, Net$1,916$77▼ $1,839
Total Assets$190,522$184,160▼ $6,362
Liabilities
Mortgage Notes Payable Secured by Investment Property-$65,000-
Total Liabilities$0$65,000▲ $65,000
Net Assets / Fund Balance
Unrestricted Net Assets$190,522$119,160▼ $71,362
Total Net Assets Fund Balance$190,522$119,160▼ $71,362
Total Liabilities and Net Assets / Fund Balance$190,522$184,160▼ $6,362

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$77$93,978$94,055
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeff SjostromExec DirectorFT$128,417$6,600$135,017

Board Members and Trustees

NameTitle
Vic PiersonChairman
Vj TramonteVice Chairman
David CallerDirector
Gale BurkettDirector
Howie BentleyDirector
Jason FarmerDirector
Jim PozziDirector
Jimmy RasmusssenDirector
John KelsoDirector
Johnny SmeccaDirector
Keith BassetDirector
Keith PalmerDirector
Kelly DeshaunDirector
Leonard HaleDirector
Leonard WoosleyDirector
Marie RobbDirector
Maureen PattonDirector
Shrub KempnerDirector
Todd SullivanDirector
Gwen WagnerSecretary
William RiderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$226,550
Investment Income
$741
Other Revenue
$8,334
Change in Net Assets
$-71,362
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$243,121
Other Expenses$63,866
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$128,417--$128,417
Other Salaries and Wages$58,201$25,000-$83,201
Payroll Taxes$14,636$1,913-$16,549
Other Employee Benefits$14,954--$14,954
All Other Expenses$12,125--$12,125
Occupancy$4,403--$4,403
Insurance$2,042$1,180-$3,222
Other Expenses$3,189$3,174-$3,174
Office Expenses$1,587$1,002-$2,589
Fees for Services Accounting-$2,238-$2,238
Depreciation Depletion$1,839--$1,839
Advertising$1,250--$1,250
Travel$1,215--$1,215
Interest$544--$544
Total Functional Expenses$272,480$34,507$0$306,987
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Organization is structured by members”

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

“Officers are elected by membership”

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

“Reviewed by authorized signer before mailing”

Form 990, Part VI, Section C, Line 19

“Made available upon request”

Filing and Contact Details

Filer

Filer Name
Galveston Economic Development
EIN
76-0582349
Phone
4097700216
Address
P O BOX 8029, GALVESTON, TX 77553-8029

Signing Officer

Name
Jeff Sjostrom
Title
Executive Director
Phone
4097700216
Signed
2018-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fred Raschke
Formed
1998
Legal Domicile
TX
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
0

Preparer

Firm
Ham Langston & Brezina Llp
Address
1011 TREMONT STREET, GALVESTON, TX 77550
Preparer
William C Ansell CPA
Phone
4097659311
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt077
IRS990/LandBldgEquipCostOrOtherBssAmt094055
IRS990/LegalDomicileStateCd0TX
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROMOTE AND DEVELOP ECONOMIC DEVELOPMENT ACTIVITIES
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt065000
IRS990/NetAssetsOrFundBalancesBOYAmt0190522
IRS990/NetAssetsOrFundBalancesEOYAmt0119160
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt04403
IRS990/OccupancyGrp/TotalAmt04403
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01002
IRS990/OfficeExpensesGrp/ProgramServicesAmt01587
IRS990/OfficeExpensesGrp/TotalAmt02589
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt014954
IRS990/OtherEmployeeBenefitsGrp/TotalAmt014954
IRS990/OtherExpensesGrp/Desc0DEVELOPER DAY EXPENSES
IRS990/OtherExpensesGrp/Desc1MISC
IRS990/OtherExpensesGrp/Desc2MEETING EXP
IRS990/OtherExpensesGrp/Desc3BANK SERVICE FEES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03174
IRS990/OtherExpensesGrp/ProgramServicesAmt016893
IRS990/OtherExpensesGrp/ProgramServicesAmt111185
IRS990/OtherExpensesGrp/ProgramServicesAmt23189
IRS990/OtherExpensesGrp/TotalAmt016893
IRS990/OtherExpensesGrp/TotalAmt111185
IRS990/OtherExpensesGrp/TotalAmt23189
IRS990/OtherExpensesGrp/TotalAmt33174
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISC. REFUNDS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt08334
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt08334
IRS990/OtherRevenueTotalAmt08334
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt025000
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt058201
IRS990/OtherSalariesAndWagesGrp/TotalAmt083201
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01913
IRS990/PayrollTaxesGrp/ProgramServicesAmt014636
IRS990/PayrollTaxesGrp/TotalAmt016549
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0FRED RASCHKE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0813910
IRS990/ProgramServiceRevenueGrp/BusinessCd1611430
IRS990/ProgramServiceRevenueGrp/Desc0MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/Desc1ECONOMIC DEVELOPMENT S
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0141300
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt185250
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0141300
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt185250
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0703
IRS990/PYOtherExpensesAmt0117248
IRS990/PYOtherRevenueAmt02907
IRS990/PYProgramServiceRevenueAmt0343475
IRS990/PYRevenuesLessExpensesAmt0-31515
IRS990/PYSalariesCompEmpBnftPaidAmt0261352
IRS990/PYTotalExpensesAmt0378600
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0347085
IRS990/ReconcilationRevenueExpnssAmt0-71362
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0185958
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0178295
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt077
IRS990ScheduleD/EquipmentGrp/DepreciationAmt093978
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt094055
IRS990ScheduleD/TotalBookValueLandBuildingsAmt077
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0128417
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount06600
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JEFF SJOSTROM
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXEC DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0135017
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION IS STRUCTURED BY MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS ARE ELECTED BY MEMBERSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEWED BY AUTHORIZED SIGNER BEFORE MAILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MADE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0190522
IRS990/TotalAssetsEOYAmt0184160
IRS990/TotalAssetsGrp/BOYAmt0190522
IRS990/TotalAssetsGrp/EOYAmt0184160
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt034507
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0272480
IRS990/TotalFunctionalExpensesGrp/TotalAmt0306987
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt065000
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt065000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0190522
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0119160
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0272480
IRS990/TotalProgramServiceRevenueAmt0226550
IRS990/TotalReportableCompFromOrgAmt0135017
IRS990/TotalRevenueGrp/ExclusionAmt0741

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$184,160
Liabilities
$65,000
Net assets
$119,160
Revenue
$235,625
Expenses
$306,987
Net income
-$71,362
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.41$0.34$0.06$2.50$3.03$0.53
2024Detailed filing. Detailed filing data is available for this year.$0.79$0.20$0.59$3.06$2.93$0.14
2023Detailed filing. Detailed filing data is available for this year.$0.46$0.00$0.46$2.70$2.82$0.12
2022Detailed filing. Detailed filing data is available for this year.$0.61$0.03$0.58$2.62$2.61$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.57$0.00$0.57$2.99$3.11$0.12
2020Detailed filing. Detailed filing data is available for this year.$0.70$0.00$0.70$3.13$2.82$0.32
2019Detailed filing. Detailed filing data is available for this year.$0.38$0.00$0.38$3.05$3.23$0.18
2018Detailed filing. Detailed filing data is available for this year.$0.56$0.00$0.56$2.88$3.51$0.63
2017Detailed filing. Detailed filing data is available for this year.$1.84$0.65$1.19$2.36$3.07$0.71
2016Detailed filing. Detailed filing data is available for this year.$1.91$0.00$1.91$3.47$3.79$0.32
2015Detailed filing. Detailed filing data is available for this year.$2.22$0.00$2.22$3.20$3.57$0.37
2014Detailed filing. Detailed filing data is available for this year.$2.59$0.00$2.59$4.28$3.51$0.77
2013Detailed filing. Detailed filing data is available for this year.$1.82$0.00$1.82$2.08$3.06$0.98
2012Summary only. Only limited summary data is available for this year.$2.80$0.00$2.80$4.93$4.14$0.79
2011Summary only. Only limited summary data is available for this year.$2.01$0.00$2.01$3.09$2.82$0.27
2010Summary only. Only limited summary data is available for this year.$1.74$0.00$1.74$2.49$2.42$0.07