Civic Intelligence

Galveston Economic Development Partnership Inc

990 • Fiscal year 2021 • EIN 76-0582349

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 27, 2022

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

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

45th percentile

0.00x

Higher debt load relative to revenue than 45% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Net Margin

30th percentile

-4.2%

Higher net margin than 30% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Top Officer Pay

98th percentile

$143,482

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 48.0% of source-year revenue.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Asset Growth

15th percentile

-18%

Faster asset growth than 15% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

40th percentile

-4.6%

Faster revenue growth than 40% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets47th percentile

Assets

Down

$57,212

Down $12,292 (-18%) from 2020

Net Assets

Down

$57,069

Down $12,435 (-18%) from 2020

Liabilities

Up

$143

Up $143 from 2020

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin30th percentile

Revenue

Down

$298,949

Down $14,549 (-4.6%) from 2020

Expenses

Up

$311,384

Up $29,597 (+11%) from 2020

Net Income

Down

-$12,435

Down $44,146 (-139%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth15th 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

2021

Assets$57,212
Liabilities$143
Net Assets$57,069
Open 2021 Filing

Operations Trend

Revenue Growth40th 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

2021

Revenue$298,949
Expenses$311,384
Net Income-$12,435
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 27, 2022
Return Version
2021v4.2
Gross Receipts
$298,949
Mission and Program Overview

Mission

Promote and develop economic development activities

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$9,445$49,172▲ $39,727
Savings and Temporary Cash Investments$60,059$5,790▼ $54,269
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$69,504$57,212▼ $12,292
Other Assets Total$0$2,250▲ $2,250
Liabilities
Other Liabilities$0$143▲ $143
Total Liabilities$0$143▲ $143
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$69,504$57,069▼ $12,435
Total Net Assets Fund Balance$69,504$57,069▼ $12,435
Total Liabilities and Net Assets / Fund Balance$69,504$57,212▼ $12,292

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$94,055$94,055
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jeff SjostromExec DirectorFT$143,482$143,482

Board Members and Trustees

NameTitle
Keith BassetChairman
Vj TramontePast Chairman
Myles SheltonVice Chairman
Bill ColtzerDirector
Darrell CarneyDirector
Fred RaschkeDirector
Gale BurkettDirector
Howie BentleyDirector
Jason FarmerDirector
Jayson LevyDirector
Jim PozziDirector
Jimmy RasmusssenDirector
Johnny SmeccaDirector
Keith PalmerDirector
Leonard HaleDirector
Leonard WoosleyDirector
Marie RobbDirector
Maureen PattonDirector
Shrub KempnerDirector
Stephanie WigginsDirector
Todd ScottDirector
Todd SullivanDirector
Victor PiersonDirector
John KelsoSecretary
William RiderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$246,950
Investment Income
$49
Other Revenue
$51,950
Change in Net Assets
$-12,435
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$218,865
Other Expenses$92,519
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$143,482--$143,482
Other Salaries and Wages$45,460--$45,460
Other Employee Benefits$15,276--$15,276
Payroll Taxes$14,647--$14,647
All Other Expenses$8,435--$8,435
Insurance-$3,605-$3,605
Other Expenses$2,546$1,331-$2,546
Fees for Services Accounting-$2,308-$2,308
Conferences and Meetings-$1,144-$1,144
Total Functional Expenses$272,746$38,638$0$311,384
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes Payable$143
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
2022-06-27
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
4
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/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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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/TitleTxt22SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt23TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt24VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt25PAST CHAIRMAN
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01998
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt025
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0298949
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt025
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt03605
IRS990/InsuranceGrp/TotalAmt03605
IRS990/InvestmentIncomeGrp/ExclusionAmt049
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt049
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt03
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt094055
IRS990/LandBldgEquipBasisNetGrp/BOYAmt00
IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
IRS990/LandBldgEquipCostOrOtherBssAmt094055
IRS990/LegalDomicileStateCd0TX
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt05800
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt05800
IRS990/MissionDesc0PROMOTE AND DEVELOP ECONOMIC DEVELOPMENT ACTIVITIES
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt069504
IRS990/NetAssetsOrFundBalancesEOYAmt057069
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt069504
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt057069
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt02250
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt015276
IRS990/OtherEmployeeBenefitsGrp/TotalAmt015276
IRS990/OtherExpensesGrp/Desc0SUMMIT EXPENSES
IRS990/OtherExpensesGrp/Desc1CONTRACT CONSULTANT
IRS990/OtherExpensesGrp/Desc2TELEPHONE
IRS990/OtherExpensesGrp/Desc3WEBINAR EXPENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt030250
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11331
IRS990/OtherExpensesGrp/ProgramServicesAmt040137
IRS990/OtherExpensesGrp/ProgramServicesAmt12763
IRS990/OtherExpensesGrp/ProgramServicesAmt22546
IRS990/OtherExpensesGrp/TotalAmt040137
IRS990/OtherExpensesGrp/TotalAmt130250
IRS990/OtherExpensesGrp/TotalAmt24094
IRS990/OtherExpensesGrp/TotalAmt32546
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0143
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0PPP FORGIVEN LOAN
IRS990/OtherRevenueMiscGrp/Desc1WEBINAR SPONSORSHIP
IRS990/OtherRevenueMiscGrp/Desc2DEV GUIDE AD
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt034400
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt17500
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt24250
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt034400
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt17500
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt24250
IRS990/OtherRevenueTotalAmt051950
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt045460
IRS990/OtherSalariesAndWagesGrp/TotalAmt045460
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt014647
IRS990/PayrollTaxesGrp/TotalAmt014647
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0FRED RASCHKE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0813910
IRS990/ProgramServiceRevenueGrp/BusinessCd1611430
IRS990/ProgramServiceRevenueGrp/Desc0MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/Desc1ECONOMIC DEVELOPMENT S
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0150500
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt196450
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0150500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt196450
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt050000
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0311
IRS990/PYOtherExpensesAmt044095
IRS990/PYOtherRevenueAmt010351
IRS990/PYProgramServiceRevenueAmt0252836
IRS990/PYRevenuesLessExpensesAmt031711
IRS990/PYSalariesCompEmpBnftPaidAmt0237692
IRS990/PYTotalExpensesAmt0281787
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0313498
IRS990/ReconcilationRevenueExpnssAmt0-12435
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt060059
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05790
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt094055
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt094055
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0143
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYROLL TAXES PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt0143
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/TotalAssetsBOYAmt069504
IRS990/TotalAssetsEOYAmt057212

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$57,212
Liabilities
$143
Net assets
$57,069
Revenue
$298,949
Expenses
$311,384
Net income
-$12,435
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)6 • <$500k nonprofits