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Taylor Economic Development Corp FY2020 filing

Tax-deductible

Taylor, TX501(c)(3)Since 1994Community DevelopmentEIN 74-2719298Revenue $1.3M in FY2020

On file with the IRSPo Box 975, 76574-0975 · Taylor, TXTax-exempt since Apr 1995Publicly supported charity — 170(b)(1)(A)(vi)

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To promote and faciliate the Economic Development of the city of Taylor, TX

501(c)(3) charity; gifts are tax-deductible.
51¢ of each $1 spent went to programs.
$133K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists 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
5 of 5
filings with a surplus
Average surplus $2.4M a year · 60% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
51%
of spending
Worth a look: 51% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$133K
to officers and key staff · 15% of spending
Looks good: pay to officers and key staff is 15% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
40 mo
of spending, in cash
Looks good: 39.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$27K
0.8% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
Spent
$867K
To programs
51%
Net assets
$3.5M
By yearFY2020–FY2024
Revenue
$1.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3M
FY2021$1.6M
FY2022$2.4M
FY2023$6.4M
FY2024$7.9M
FY2024$14.6M
Expenses
$867K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$867K
FY2021$894K
FY2022$749K
FY2023$1.2M
FY2024$4.1M
FY2024$3.0M
Net assets
$3.5M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$3.5M
FY2021$4.3M
FY2022$5.9M
FY2023$11.1M
FY2024$14.9M
FY2024$26.4M

From the FY2020 Form 990 (year ending September 2020) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1995.

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

Where the money goes

51 cents of each dollar spent went to programs.

Program services 51% · $443K Management & general 49% · $425K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990; $133K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Mark Thomas
President/Ce
$133,106Pt VII · Sec A
Kelly Cmerek
Chairman
$0Pt VII · Sec A
Dwayne Ariola
Treasurer
$0Pt VII · Sec A
Betty Day
Director
$0Pt VII · Sec A
Joe Burgess
Director
$0Pt VII · Sec A
Sam Dowdy SR
Secretary
$0Pt VII · Sec A

Ben White’s $227K as President/Ce is at the 40th percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2024FY2021FY2020
Ben White$227,389$29,331——
Mark Thomas——$144,764$133,106

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 Taylor Economic Development Corp 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 15aNo

Programs and updates

Boosts Taylor, TX's economy through development initiatives and support.

Provided by the organization

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2 programs · $443K · in their own filed words · FY2019
01

Community and workforce development expenses

$312Kprogram expense
02

Marketing expenses in recruiting new business

$130Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$10K
Money outPt IX
$867K
Ln 25
Programscol B$443K
Managementcol C$425K
Owns and owesPt X
$3.5M
net assets · Ln 32
Cash and savingsLn 1–2$2.9M
Total assetsLn 16$3.6M
LiabilitiesLn 26$27K
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$10K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$2.9M
Cash and savings togetherLn 1–2$2.9M
Land, buildings, equipmentLn 10c$448K
Total assetsLn 16$3.6M
LiabilitiesLn 26$27K
Net assetsLn 32$3.5M
OperationsPt I, VI
EmployeesI 57
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$2.5M$2.9M
Land, buildings, equipmentLn 10c$429K$448K
Total assetsLn 16$3.2M$3.6M
LiabilitiesLn 26$29K$27K
Net assetsLn 32$3.1M$3.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$258K$258K
OccupancyLn 16$36K$36K
Other expenses (24a–d)Ln 24$573K$443K$130K
Total functional expensesLn 25$867K$443K$425K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $7.9M$4.1M$3.8M$14.9M 990 PDF
FY2023 $6.4M$1.2M$5.2M$11.1M 990 PDF
FY2022 $2.4M$749K$1.6M$5.9M 990 PDF
FY2021 $1.6M$894K$738K$4.3M 990 PDF
FY2020 Viewing $1.3M$867K$408K$3.5M 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 FY2020 990 (6 parts)
Part I · Summary $1,275,413 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$1,265,088
I-10 Investment income$10,325
I-11 Other revenue$0
I-12 Total revenue$1,275,413
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$258,342
I-16a Professional fundraising fees$0
I-17 Other expenses$608,784
I-18 Total expenses$867,126
I-19 Revenue less expenses$408,287
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,275,413 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,265,088$1,265,088
VIII-3 Investment incomeRelated to mission $10,325$10,325
VIII-12 Total revenueRelated to mission $1,275,413$1,275,413
Part IX · Statement of functional expenses $867,126 across 3 lines filed
IX-7 Other salaries and wagesManagement $258,342$258,342
IX-16 OccupancyManagement $35,792$35,792
IX-24 Other expenses (24a–d)Programs $442,601 · Management $130,391$572,992
IX-25 Total functional expensesPrograms $442,601 · Management $424,525 · Fundraising $0$867,126
Part X · Balance sheet $3,557,404 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $2,511,885$2,879,882
X-4 Accounts receivableStart of year $211,027$229,386
X-10c Land, buildings and equipment, netStart of year $428,512$448,136
X-16 Total assetsStart of year $3,151,424$3,557,404
X-17 Accounts payable and accrued expensesStart of year $29,188$26,881
X-26 Total liabilitiesStart of year $29,188$26,881
X-27 Net assets without donor restrictionsStart of year $3,122,236$3,530,523
X-32 Total net assets or fund balancesStart of year $3,122,236$3,530,523
X-33 Total liabilities and net assetsStart of year $3,151,424$3,557,404
Part XI · Reconciliation of net assets $3,530,523 net assets at year end
XI-1 Total revenue$1,275,413
XI-2 Total expenses$867,126
XI-3 Revenue less expenses$408,287
XI-4 Net assets at start of year$3,122,236
XI-10 Net assets at end of year$3,530,523

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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