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Madison County Economic Development Corporation

Not tax-deductible

Madisonville, TX501(c)(6)Community Development EIN 74-2859317Revenue $49K in FY2023

On file with the IRSPo Box 1392, 77864-1392 · Madisonville, TXTax-exempt since Mar 1999

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Promote Economic Development in Madison County.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

Before you give

FY2023 · 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
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 2
filings with a surplus
Average deficit $2K a year · 5% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Cash reserves
111 mo
of spending, in cash
Looks good: 111.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$687
0.2% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$49K
+92% vs prior year
Spent
$38K
Net assets
$353K
By yearFY2021–FY2023
Revenue
$49K
FY2023▲ +92%
Tap a bar for its year
Revenue by fiscal year
FY2021$25K
FY2023$49K
Expenses
$38K
FY2023▼ -6%
Tap a bar for its year
Expenses by fiscal year
FY2021$40K
FY2023$38K
Net assets
$353K
FY2023▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2021$348K
FY2023$353K

From the FY2023 Form 990 (year ending September 2023) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Mar 1999.

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

Who runs it and what they're paid

18 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Dave Ward
President
$0Pt VII · Sec A
Camilla Viator
Vice President
$0Pt VII · Sec A
Jake Cain
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Madison County Economic Development Corporation 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 local businesses and creates jobs to strengthen Madison County's economy.

Questions for Madison County Economic Development Corporation

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Provided by the organization

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1 program · in their own filed words · FY2022
01

N/A

The organization was established by local governmental entities to provide economic development to the community.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$49K
Ln 12
Gifts and grantsLn 1h$29K
Other incomeLn 4–11$19K
Investment incomeLn 3$714
Money outPt IX
$38K
Ln 25
Owns and owesPt X
$353K
net assets · Ln 32
Cash and savingsLn 1–2$351K
Total assetsLn 16$354K
LiabilitiesLn 26$687
PeoplePt VI, VII
18
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$29K
Investment incomeLn 3$714
Other incomeLn 4–11$19K
Total revenueLn 12$49K
Assets in detailPt X, end of year
CashLn 1$150K
SavingsLn 2$201K
Cash and savings togetherLn 1–2$351K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$354K
LiabilitiesLn 26$687
Net assetsLn 32$353K
OperationsPt I, VI
EmployeesI 51
VolunteersI 60
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 FY23End FY23
Cash and savingsLn 1–2$333K$351K
Land, buildings, equipmentLn 10c$2K$0
Total assetsLn 16$343K$354K
LiabilitiesLn 26$510$687
Net assetsLn 32$342K$353K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of disqualified personsLn 6$17K
Payroll taxesLn 10$1K
Accounting feesLn 11c$4K
Other fees for servicesLn 11g$685
Advertising and promotionLn 12$580
Office expensesLn 13$4K
OccupancyLn 16$3K
Depreciation, depletion and amortizationLn 22$2K
InsuranceLn 23$1K
Other expenses (24a–d)Ln 24$4K
Total functional expensesLn 25$38K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $49K$38K$11K$353K 990 PDF
FY2022 Not on file
FY2021 $25K$40K−$15K$348K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $48,729 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $26,000$29,000
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $372$714
I-11 Other revenuePrior year $0$19,015
I-12 Total revenuePrior year $26,372$48,729
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $12,988$18,768
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $19,085$19,038
I-18 Total expensesPrior year $32,073$37,806
I-19 Revenue less expensesPrior year −$5,701$10,923
Part VI · Governance 13 of 13 board members independent, 4 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $48,729 across 4 lines filed
Lines not itemized here account for $19,015 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$29,000
VIII-1h Total contributions, gifts and grants$29,000
VIII-3 Investment incomeUnrelated business $714$714
VIII-12 Total revenueRelated to mission $19,015 · Unrelated business $714 · Excluded from tax $0$48,729
Part IX · Statement of functional expenses $37,806 across 10 lines filed
IX-6 Pay of disqualified persons$17,376
IX-10 Payroll taxes$1,392
IX-11c Accounting fees$3,765
IX-11g Other fees for services$685
IX-12 Advertising and promotion$580
IX-13 Office expenses$4,325
IX-16 Occupancy$2,833
IX-22 Depreciation, depletion and amortization$1,500
IX-23 Insurance$1,135
IX-24 Other expenses (24a–d)$4,215
IX-25 Total functional expenses$37,806
Part X · Balance sheet $354,096 assets, 8 lines filed
Asset lines not itemized here account for $3,195; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $132,737$150,136
X-2 Savings and temporary cash investmentsStart of year $200,294$200,765
X-10c Land, buildings and equipment, netStart of year $1,500$0
X-16 Total assetsStart of year $342,996$354,096
X-25 Other liabilitiesStart of year $510$687
X-26 Total liabilitiesStart of year $510$687
X-32 Total net assets or fund balancesStart of year $342,486$353,409
X-33 Total liabilities and net assetsStart of year $342,996$354,096
Part XI · Reconciliation of net assets $353,409 net assets at year end
XI-1 Total revenue$48,729
XI-2 Total expenses$37,806
XI-3 Revenue less expenses$10,923
XI-4 Net assets at start of year$342,486
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$353,409

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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