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Economic Development Corporation FY2023 filing

Not tax-deductible

Hobbs, NM501(c)(6)Mutual / membership EIN 85-0164863Revenue $1.8M in FY2023

On file with the IRSedclc.org200 E Broadway Ste A201, 88240-8425 · Hobbs, NMTax-exempt since Jul 1964

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Promoting and marketing assets of lea county to attract capital investment

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
72¢ of each $1 spent went to programs.
$156K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $348K a year · 22% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$156K
to officers and key staff · 12% of spending
Looks good: pay to officers and key staff is 12% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
15 mo
of spending, in cash
Looks good: 14.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$61K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
19
of 19 voting members
Looks good: 19 of 19 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.8M
+40% vs prior year
Spent
$1.3M
To programs
72%
Net assets
$1.8M
By yearFY2021–FY2025
Revenue
$1.8M
FY2023▲ +40%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.3M
FY2023$1.8M
FY2024$1.6M
FY2025$1.9M
Expenses
$1.3M
FY2023▲ +45%
Tap a bar for its year
Expenses by fiscal year
FY2021$891K
FY2023$1.3M
FY2024$1.2M
FY2025$1.6M
Net assets
$1.8M
FY2023▲ +77%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.0M
FY2023$1.8M
FY2024$2.1M
FY2025$2.3M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1964.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $926K Management & general 28% · $367K

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

19 people listed on the 990; $156K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$156,000Pt VII · Sec A
$0Pt VII · Sec A
Bill Richards
Chair Elect
$0Pt VII · Sec A
David Shaw
Past Chair
$0Pt VII · Sec A
Gary Schubert
Treasurer
$0Pt VII · Sec A
James Lackey
Secretary
$0Pt VII · Sec A
Ben Donahue
Director
$0Pt VII · Sec A
Karen Fili
Director
$0Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2021
Jennifer Grassham$170,352$163,475$156,000$52,499

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.

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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

Promote Lea County's assets to attract capital investment.

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1 program · $926K · in their own filed words · FY2022
01

Promoting ecomonic development and diversification for lea county, NM

$926Kprogram expense

By the numbers

The FY2023 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$1.8M
Ln 12
Fees for servicesLn 2g$1.3M
Gifts and grantsLn 1h$398K
Other incomeLn 4–11$26K
Money outPt IX
$1.3M
Ln 25
Programscol B$926K
Managementcol C$367K
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$1.6M
Total assetsLn 16$1.8M
LiabilitiesLn 26$61K
PeoplePt VI, VII
19
listed · VII A
PaidVII A1
Voting boardVI 1a19
IndependentVI 1b19
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$398K
Government grantsLn 1e$75K
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$18K
Other incomeLn 4–11$26K
Gains on assetsLn 7−$15K
Total revenueLn 12$1.8M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$276K
Cash and savings togetherLn 1–2$1.6M
Land, buildings, equipmentLn 10c$40K
Total assetsLn 16$1.8M
LiabilitiesLn 26$61K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 55
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$1.7M$1.6M
Land, buildings, equipmentLn 10c$44K$40K
Total assetsLn 16$2.6M$1.8M
LiabilitiesLn 26$1.3M$61K
Net assetsLn 32$1.3M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$156K$125K$31K
Other salaries and wagesLn 7$188K$147K$41K
Other employee benefitsLn 9$51K$41K$11K
Payroll taxesLn 10$28K$22K$6K
Accounting feesLn 11c$151K$120K$32K
Other fees for servicesLn 11g$70K$55K$15K
Advertising and promotionLn 12$431K$340K$90K
Office expensesLn 13$30K$11K$19K
Information technologyLn 14$40K$32K$8K
OccupancyLn 16$18K$18K
TravelLn 17$12K$6K$6K
Depreciation, depletion and amortizationLn 22$23K$23K
InsuranceLn 23$9K$7K$2K
Other expenses (24a–d)Ln 24$76K$13K$63K
All other expensesLn 24e$10K$8K$2K
Total functional expensesLn 25$1.3M$926K$367K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.9M$1.6M$247K$2.3M 990 PDF
FY2024 $1.6M$1.2M$304K$2.1M 990 PDF
FY2023 Viewing $1.8M$1.3M$472K$1.8M 990 PDF
FY2022 Not on file
FY2021 $1.3M$891K$370K$1.0M 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 J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $1,766,110 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $406,617$397,825
I-9 Program service revenuePrior year $892,452$1,324,594
I-10 Investment incomePrior year $1,504$18,155
I-11 Other revenuePrior year $40,047$25,536
I-12 Total revenuePrior year $1,340,620$1,766,110
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 $345,114$423,834
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $696,169$869,829
I-18 Total expensesPrior year $1,041,283$1,293,663
I-19 Revenue less expensesPrior year $299,337$472,447
Part VI · Governance 19 of 19 board members independent, 2 to look at
VI-1a Voting members of the governing body19
VI-1b Independent voting members19
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,766,110 across 9 lines filed
VIII-1b Membership dues$322,722
VIII-1e Government grants$75,103
VIII-1h Total contributions, gifts and grants$397,825
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,324,594$1,324,594
VIII-3 Investment incomeExcluded from tax $32,890$32,890
VIII-6 Net rental income or lossExcluded from tax $24,612$24,612
VIII-7 Net gain or loss on sales of assetsRelated to mission −$14,735−$14,735
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $924$924
VIII-12 Total revenueRelated to mission $1,310,783 · Unrelated business $0 · Excluded from tax $57,502$1,766,110
Part IX · Statement of functional expenses $1,293,663 across 15 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $124,800 · Management $31,200$156,000
IX-7 Other salaries and wagesPrograms $147,131 · Management $41,085$188,216
IX-9 Other employee benefitsPrograms $40,676 · Management $10,812$51,488
IX-10 Payroll taxesPrograms $22,223 · Management $5,907$28,130
IX-11c Accounting feesPrograms $119,684 · Management $31,815$151,499
IX-11g Other fees for servicesPrograms $55,075 · Management $14,640$69,715
IX-12 Advertising and promotionPrograms $340,129 · Management $90,414$430,543
IX-13 Office expensesPrograms $10,599 · Management $19,129$29,728
IX-14 Information technologyPrograms $31,949 · Management $8,493$40,442
IX-16 OccupancyManagement $18,034$18,034
IX-17 TravelPrograms $6,012 · Management $5,948$11,960
IX-22 Depreciation, depletion and amortizationManagement $22,800$22,800
IX-23 InsurancePrograms $6,999 · Management $1,860$8,859
IX-24 Other expenses (24a–d)Programs $13,443 · Management $62,802$76,245
IX-24e All other expensesPrograms $7,691 · Management $2,313$10,004
IX-25 Total functional expensesPrograms $926,411 · Management $367,252 · Fundraising $0$1,293,663
Part X · Balance sheet $1,840,220 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $847,308$1,323,438
X-2 Savings and temporary cash investmentsStart of year $879,437$275,565
X-3 Pledges and grants receivableStart of year $789,611$81,651
X-4 Accounts receivableStart of year $41,213$115,693
X-9 Prepaid expenses and deferred charges$3,750
X-10c Land, buildings and equipment, netStart of year $44,156$40,123
X-16 Total assetsStart of year $2,601,725$1,840,220
X-17 Accounts payable and accrued expensesStart of year $1,269,318$36,290
X-19 Deferred revenueStart of year $24,612$24,612
X-25 Other liabilitiesStart of year $924$0
X-26 Total liabilitiesStart of year $1,294,854$60,902
X-27 Net assets without donor restrictionsStart of year $1,200,264$1,558,611
X-28 Net assets with donor restrictionsStart of year $106,607$220,707
X-32 Total net assets or fund balancesStart of year $1,306,871$1,779,318
X-33 Total liabilities and net assetsStart of year $2,601,725$1,840,220
Part XI · Reconciliation of net assets $1,779,318 net assets at year end
XI-1 Total revenue$1,766,110
XI-2 Total expenses$1,293,663
XI-3 Revenue less expenses$472,447
XI-4 Net assets at start of year$1,306,871
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,779,318

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

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