Civic Intelligence

Galveston Economic Development Partnership Inc

990 • Fiscal year 2019 • EIN 76-0582349

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 09, 2020

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

47th percentile

0.00x

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

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

47th percentile

0.00x

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

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Net Margin

28th percentile

-5.9%

Higher net margin than 28% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Top Officer Pay

98th percentile

$138,901

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 45.6% of source-year revenue.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Asset Growth

10th percentile

-32%

Faster asset growth than 10% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

61st percentile

5.8%

Faster revenue growth than 61% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets47th percentile

Assets

Down

$37,795

Down $18,110 (-32%) from 2018

Net Assets

Down

$37,795

Down $18,110 (-32%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin28th percentile

Revenue

Up

$304,760

Up $16,810 (+5.8%) from 2018

Expenses

Down

$322,870

Down $28,335 (-8.1%) from 2018

Net Income

Up

-$18,110

Up $45,145 (+71%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth10th 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

2019

Assets$37,795
Liabilities$0
Net Assets$37,795
Open 2019 Filing

Operations Trend

Revenue Growth61st 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

2019

Revenue$304,760
Expenses$322,870
Net Income-$18,110
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 9, 2020
Return Version
2019v5.1
Gross Receipts
$304,760
Mission and Program Overview

Mission

Promote and develop economic development activities

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$52,027$32,560▼ $19,467
Cash and Non-Interest-Bearing Accounts$3,832$4,945▲ $1,113
Land, Buildings, and Equipment, Net$46$15▼ $31
Total Assets$55,905$37,795▼ $18,110
Other Assets Total$0$275▲ $275
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$55,905$37,795▼ $18,110
Total Net Assets Fund Balance$55,905$37,795▼ $18,110
Total Liabilities and Net Assets / Fund Balance$55,905$37,795▼ $18,110

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$15$94,040$94,055
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jeff SjostromExec DirectorFT$138,901$138,901

Board Members and Trustees

NameTitle
Vj TramonteChairman
Keith BassetVice Chairman
Bill ColtzerDirector
Chad CarsonDirector
David CallenderDirector
Fred RaschkeDirector
Gale BurkettDirector
Howie BentleyDirector
Jason FarmerDirector
Jayson LevyDirector
Jim PozziDirector
Jimmy RasmusssenDirector
Johnny SmeccaDirector
Keith PalmerDirector
Kelly DeshaunDirector
Leonard HaleDirector
Leonard WoosleyDirector
Marie RobbDirector
Maureen PattonDirector
Shrub KempnerDirector
Terrilyn Tarlton-shannonDirector
Theresa ElliottDirector
Todd SullivanDirector
John KelsoSecretary
William RiderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$300,825
Investment Income
$405
Other Revenue
$3,530
Change in Net Assets
$-18,110
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$235,941
Other Expenses$86,929
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$138,901--$138,901
Other Salaries and Wages$65,953--$65,953
Other Employee Benefits$15,554--$15,554
Payroll Taxes$15,533--$15,533
All Other Expenses$6,021--$6,021
Office Expenses$3,943--$3,943
Fees for Services Accounting-$3,259-$3,259
Insurance-$3,240-$3,240
Other Expenses$2,305--$2,305
Conferences and Meetings-$2,115-$2,115
Travel$952--$952
Depreciation Depletion$31--$31
Total Functional Expenses$314,256$8,614$0$322,870
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 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
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
2020-09-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fred Raschke
Formed
1998
Legal Domicile
TX
Voting Board Members
25
Independent Board Members
25
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/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt24TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt25CHAIRMAN
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01998
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt025
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0304760
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt025
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt03240
IRS990/InsuranceGrp/TotalAmt03240
IRS990/InvestmentIncomeGrp/ExclusionAmt0405
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0405
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt094040
IRS990/LandBldgEquipBasisNetGrp/BOYAmt046
IRS990/LandBldgEquipBasisNetGrp/EOYAmt015
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/NetAssetsOrFundBalancesBOYAmt055905
IRS990/NetAssetsOrFundBalancesEOYAmt037795
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt055905
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt037795
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ProgramServicesAmt03943
IRS990/OfficeExpensesGrp/TotalAmt03943
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt0275
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt015554
IRS990/OtherEmployeeBenefitsGrp/TotalAmt015554
IRS990/OtherExpensesGrp/Desc0SUMMIT EXPENSES
IRS990/OtherExpensesGrp/Desc1MARKETING
IRS990/OtherExpensesGrp/Desc2TELEPHONE
IRS990/OtherExpensesGrp/Desc3SUBSCRIPTIONS
IRS990/OtherExpensesGrp/ProgramServicesAmt056702
IRS990/OtherExpensesGrp/ProgramServicesAmt15194
IRS990/OtherExpensesGrp/ProgramServicesAmt23167
IRS990/OtherExpensesGrp/ProgramServicesAmt32305
IRS990/OtherExpensesGrp/TotalAmt056702
IRS990/OtherExpensesGrp/TotalAmt15194
IRS990/OtherExpensesGrp/TotalAmt23167
IRS990/OtherExpensesGrp/TotalAmt32305
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISC. REFUNDS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt03530
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt03530
IRS990/OtherRevenueTotalAmt03530
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt065953
IRS990/OtherSalariesAndWagesGrp/TotalAmt065953
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt015533
IRS990/PayrollTaxesGrp/TotalAmt015533
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0FRED RASCHKE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0813910
IRS990/ProgramServiceRevenueGrp/BusinessCd1611430
IRS990/ProgramServiceRevenueGrp/Desc0MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/Desc1ECONOMIC DEVELOPMENT S
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0183500
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1117325
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0183500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1117325
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt089668
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0428
IRS990/PYOtherExpensesAmt0121783
IRS990/PYOtherRevenueAmt079
IRS990/PYProgramServiceRevenueAmt0197775
IRS990/PYRevenuesLessExpensesAmt0-63255
IRS990/PYSalariesCompEmpBnftPaidAmt0229422
IRS990/PYTotalExpensesAmt0351205
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0287950
IRS990/ReconcilationRevenueExpnssAmt0-18110
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt052027
IRS990/SavingsAndTempCashInvstGrp/EOYAmt032560
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt015
IRS990ScheduleD/EquipmentGrp/DepreciationAmt094040
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt094055
IRS990ScheduleD/TotalBookValueLandBuildingsAmt015
IRS990/ScheduleJRequiredInd00
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/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt055905
IRS990/TotalAssetsEOYAmt037795
IRS990/TotalAssetsGrp/BOYAmt055905
IRS990/TotalAssetsGrp/EOYAmt037795
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt08614
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0314256
IRS990/TotalFunctionalExpensesGrp/TotalAmt0322870
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$37,795
Liabilities
$0
Net assets
$37,795
Revenue
$304,760
Expenses
$322,870
Net income
-$18,110
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