Texas Economic Development Corporation

Analysis

Texas Economic Development Corporation is a registered charity in United States, based in Austin, TX. It received its IRS tax-exemption ruling in May 1993, 33 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Texas Economic Development Corporation reported income of $5.9m and spending of $3.1m, leaving 48% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.2m to $5.9m (+42%), an average of +9.2% a year. The sharpest change came in the year to December 2023, when income rose by 63%. Over the whole period it spent 71% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Texas Economic Development Corporation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 95th percentile within TX. Charities of a similar size with the same main cause include Maryland Association of Non-Profit Organizations Inc ($5.9m), Chesterfield-Marlboro Counties Economic Opportunity Council Inc ($5.9m) and Lark Enterprises Inc ($5.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 0.3% of the total. Compensation of current officers, directors and key employees was $804k (26% of expenses). Other salaries and wages came to $477k. At year end it held assets of $9.8m against liabilities of $684k, net assets of $9.2m. It reported 9 employees.