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Texas Economic Development Council INC

Not tax-deductible

Austin, TX501(c)(6)EIN 74-2053921

To promote business commerce, job growth and economic development in texas

$277K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $182K a year · 8% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$277K
to officers and key staff · 11% of spending
Looks good: pay to officers and key staff is 11% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1K
0.06% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
30
of 30 voting members
Looks good: 30 of 30 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.8M
+6% vs prior year
Spent
$2.6M
Net assets
$2.1M
By yearFY2020–FY2024
Revenue
$2.8M
FY2024▲ +6%
Revenue by fiscal year
FY2020$1.7M
FY2021$1.7M
FY2022$2.1M
FY2023$2.6M
FY2024$2.8M
Expenses
$2.6M
FY2024▲ +24%
Expenses by fiscal year
FY2020$1.3M
FY2021$1.6M
FY2022$2.3M
FY2023$2.1M
FY2024$2.6M
Net assets
$2.1M
FY2024▲ +7%
Net assets by fiscal year
FY2020$1.6M
FY2021$1.6M
FY2022$1.4M
FY2023$1.9M
FY2024$2.1M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1980.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

6 people listed on the 990; $277K paid to officers and key staff.

Part VII, Section A · reportable compensation
$277,115Pt VII · Sec A
Ray Dunlap
Past Chair
$0Pt VII · Sec A
Adrian Cannady
Vice Chair
$0Pt VII · Sec A
Susan Gill
Board Chair
$0Pt VII · Sec A
Kent Sharp
Incoming Board Chair
$0Pt VII · Sec A
Misty Mayo
Vice Chair
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Carlton Schwab$277,115$255,016$226,285$207,543$191,772

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Texas Economic Development Council INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promotes business, job growth, and economic development in Texas.

Provided by the organization

This section is blank until Texas Economic Development Council INC claims this page.

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1 program service, described in the organization's own filed words · FY2024.
01

Development of economic and employment opportunities in texas. Tedc provides information educational & legislative services to its members in order to foster expansion of existing industry location of new firms and development of strategies that promote a positive business climate in texas.

Pt IX · col B

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By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.8M
Ln 12
Fees for servicesLn 2g$2.5M
Other incomeLn 4–11$145K
Gifts and grantsLn 1h$58K
Money outPt IX
$2.6M
Ln 25
Owns and owesPt X
$2.1M
net assets · Ln 32
Cash and savingsLn 1–2$2.1M
Total assetsLn 16$2.1M
LiabilitiesLn 26$1K
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a30
IndependentVI 1b30
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$58K
Government grantsLn 1e$58K
Fees for servicesLn 2g$2.5M
Investment incomeLn 3$28K
Other incomeLn 4–11$145K
Total revenueLn 12$2.8M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$2.1M
Cash and savings togetherLn 1–2$2.1M
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$2.1M
LiabilitiesLn 26$1K
Net assetsLn 32$2.1M
OperationsPt I, VI
EmployeesI 58
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.9M$2.1M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$1.9M$2.1M
LiabilitiesLn 26$2K$1K
Net assetsLn 32$1.9M$2.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$726K
Other employee benefitsLn 9$44K
Payroll taxesLn 10$49K
Legal feesLn 11b$37
Accounting feesLn 11c$26K
Information technologyLn 14$8K
OccupancyLn 16$118K
TravelLn 17$21K
Conferences, conventions and meetingsLn 19$641K
InsuranceLn 23$67K
Other expenses (24a–d)Ln 24$826K
All other expensesLn 24e$113K
Total functional expensesLn 25$2.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $2.8M$2.6M$137K$2.1M 990 PDF
FY2023 $2.6M$2.1M$505K$1.9M 990 PDF
FY2022 $2.1M$2.3M−$211K$1.4M 990 PDF
FY2021 $1.7M$1.6M$59K$1.6M 990 PDF
FY2020 $1.7M$1.3M$421K$1.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $2,775,559 across 6 lines filed
VIII-1e Government grants$57,819
VIII-1h Total contributions, gifts and grants$57,819
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,545,441$2,545,441
VIII-3 Investment incomeRelated to mission $27,742$27,742
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $144,557$144,557
VIII-12 Total revenueRelated to mission $2,717,740 · Unrelated business $0 · Excluded from tax $0$2,775,559
Part IX · Statement of functional expenses $2,639,034 across 12 lines filed
IX-7 Other salaries and wages$726,177
IX-9 Other employee benefits$43,828
IX-10 Payroll taxes$48,643
IX-11b Legal fees$37
IX-11c Accounting fees$25,738
IX-14 Information technology$8,258
IX-16 Occupancy$118,149
IX-17 Travel$21,242
IX-19 Conferences, conventions and meetings$640,955
IX-23 Insurance$67,405
IX-24 Other expenses (24a–d)$826,052
IX-24e All other expenses$112,550
IX-25 Total functional expenses$2,639,034
Part X · Balance sheet $2,060,339 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $64$0
X-2 Savings and temporary cash investmentsStart of year $1,908,941$2,050,725
X-9 Prepaid expenses and deferred chargesStart of year $15,716$9,614
X-10c Land, buildings and equipment, netStart of year $0$0
X-16 Total assetsStart of year $1,924,721$2,060,339
X-17 Accounts payable and accrued expensesStart of year $2,058$1,151
X-26 Total liabilitiesStart of year $2,058$1,151
X-27 Net assets without donor restrictionsStart of year $1,451,744$1,549,937
X-28 Net assets with donor restrictionsStart of year $470,919$509,251
X-32 Total net assets or fund balancesStart of year $1,922,663$2,059,188
X-33 Total liabilities and net assetsStart of year $1,924,721$2,060,339
Part XI · Reconciliation of net assets $2,059,188 net assets at year end
XI-1 Total revenue$2,775,559
XI-2 Total expenses$2,639,034
XI-3 Revenue less expenses$136,525
XI-4 Net assets at start of year$1,922,663
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,059,188

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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