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Nonprofiteer
← OKLAHOMA CITY ECONOMIC DEVELOPMENT FOUNDATION INC

Form 990 for tax year 2022

Filed by OKLAHOMA CITY ECONOMIC DEVELOPMENT FOUNDATION INC.

Totals

Total revenue
$2,641,653
Total expenses
$3,041,815
Contributions and grants received
$833,035
Grants paid
$632,000
Program service revenue
$1,800,099
Investment income
$8,519
Other revenue
$0
Total assets, end of year
$2,560,120
Total liabilities, end of year
$1,247,284
Net assets or fund balances, end of year
$1,312,836
Program services expenses (Part IX)
$2,817,060
Management and general expenses
$224,755
Fundraising expenses
$0
Program service expenses (Part III)
$2,817,060

Program services were 92.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $363,035

  • 1f · All other contributions, gifts and grants

    $470,000

  • 2a · Program service revenue: CONTRACT REVENUE

    total $1,622,154 · related or exempt $1,622,154

  • 2b · Program service revenue: RENTAL INCOME

    total $100,000 · related or exempt $100,000

  • 2c · Program service revenue: MEMBERSHIP DUES

    total $60,445 · related or exempt $60,445

  • 2d · Program service revenue: PROGRAM & ACTIVITY

    total $17,500 · related or exempt $17,500

  • 3 · Investment income

    total $8,519 · excluded $8,519

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $632,000 · program services $632,000

  • 11a · Fees: management

    total $100,000 · management and general $100,000

  • 11b · Fees: legal

    total $5,310 · program services $5,310

  • 11c · Fees: accounting

    total $12,117 · management and general $12,117

  • 11g · Fees: other

    total $698,919 · program services $698,919

  • 12 · Advertising and promotion

    total $325,778 · program services $325,778

  • 13 · Office expenses

    total $4,187 · program services $3,309 · management and general $878

  • 14 · Information technology

    total $294,649 · program services $294,649

  • 16 · Occupancy

    total $16,278 · management and general $16,278

  • 17 · Travel

    total $66,972 · program services $66,972

  • 19 · Conferences, conventions and meetings

    total $147,838 · program services $147,838

  • 22 · Depreciation, depletion and amortization

    total $69,163 · management and general $69,163

  • 23 · Insurance

    total $1,319 · management and general $1,319

  • 24a · Other expenses: SPONSOR & EVENT SUPPORT

    total $579,550 · program services $554,550 · management and general $25,000

  • 24b · Other expenses: OTHER EXPENSES

    total $49,592 · program services $49,592

  • 24c · Other expenses: EVENT PRODUCTION

    total $38,143 · program services $38,143

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $916,560 · end of year $1,190,911

  • 4 · Accounts receivable

    beginning of year $352,536 · end of year $534,085

  • 9 · Prepaid expenses and deferred charges

    beginning of year $135,301 · end of year $189,001

  • 10a · Land, buildings and equipment: cost or other basis

    $2,181,239

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,535,116

  • 10c · Land, buildings and equipment, net

    beginning of year $715,286 · end of year $646,123

  • 17 · Accounts payable and accrued expenses

    beginning of year $124,970 · end of year $111,432

  • 19 · Deferred revenue

    beginning of year $281,715 · end of year $1,135,852

  • 27 · Net assets without donor restrictions

    beginning of year $920,490 · end of year $794,687

  • 28 · Net assets with donor restrictions

    beginning of year $792,508 · end of year $518,149

Mission and programs · 2022

Mission

TO CREATE NEW JOBS AND PAYROLL IN THE OKLAHOMA CITY REGION.

  • THE FOUNDATION HAS ENTERED INTO THREE PROFESSIONAL SERVICES AGREEMENT WITH THE CITY OF OKLAHOMA CITY. THE FIRST CONTRACT IS UTILIZED TO PROMOTE, FOSTER, AND DEVELOP A POSITIVE BUSINESS CLIMATE TO ENHANCE AND EXPAND ECONOMIC DEVELOPMENT ACTIVITIES IN OKLAHOMA CITY. THE SECOND CONTRACT RELATES TO SERVICES RELATING TO THE ESTABLISHMENT OF THE OKLAHOMA CITY FILM & CREATIVE INDUSTRIES OFFICE. THIS OFFICE WILL CULTIVATE THE GROWTH OF THE FILM, MUSIC AND OTHER CREATIVE AND SUPPORT INDUSTRIES WITHIN OKLAHOMA CITY. THE THIRD CONTRACT IS AN AGREEMENT THAT PROVIDES ARPA RECOVERY FUNDS TO FUND TOURISM RECOVERY PROGRAM.

    Expenses $1,417,144 · Revenue $1,417,144

  • THE FOUNDATION PARTNERS WITH THE OKLAHOMA CITY CHAMBER ON VARIOUS PROGRAMS WITH THE MOST SIGNIFICANT BEING THE FORWARD OKLAHOMA CITY PROGRAM. FORWARD OKLAHOMA CITY IS A FIVE YEAR ECONOMIC DEVELOPMENT PROGRAM DESIGNED TO MEET SPECIFIC NEEDS AND OVERCOME OBSTACLES TO QUALITY JOB GROWTH. EFFORTS PRIMARILY FOCUS ON (1) MARKETING THE CITY OF OKLAHOMA CITY AS A RELOCATION SITE TO EXPAND THE LOCAL JOB BASE, (2) ENHANCING THE LOCAL K-12 EDUCATION OPPORTUNITIES, (3) ADDRESSING TALENT RETENTION AND ATTRACTION, AND (4) OTHER MISCELLANEOUS PROGRAMS THAT SUPPORT ECONOMIC DEVELOPMENT EFFORTS.

    Expenses $932,000 · Grants $632,000 · Revenue $305,000

  • THE GREATER OKLAHOMA CITY PARTNERSHIP WAS ORGANIZED TO WORK WITH THE TEN COUNTY REGION TO PROMOTE VARIOUS ECONOMIC DEVELOPMENT PROGRAMS IN THE GREATER OKLAHOMA CITY REGION.

    Expenses $104,881 · Revenue $77,955

  • THE FOUNDATION HAS RECEIVED TWO GRANTS FROM THE DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION. GRANT 1 RELATES TO THE BUILD BACK BETTER REGIONAL CHALLENGE AND GRANT 2 RELATES TO THE OKLAHOMA BIOTECH INNOVATION CLUSTER COLLABORATIVE.

    Expenses $363,035

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILLIAMS ROY

    PRESIDENT & CEO

    Total calculated
    $664,952
    From this org
    $0
    From related orgs
    $614,635
    Other
    $50,317
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $413,625 related
    Bonus
    $0 + $201,010 related
    Other
    $0
    Deferred
    $0 + $35,700 related
    Nontaxable benefits
    $0 + $14,617 related
    Filer's total
    $0 + $664,952 related

  • TRAUSCHKE SEAN

    CHAIR OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • HART JOHN

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • RAINBOLT DAVID

    CORPORATE SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • HAHN STEVE

    V.C. - MEMBERSHIP

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • HATFIELD JUDY

    V.C. - MILITARY & AEROSPACE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • HOOPER RHONDA

    V.C. - BUSINESS/ECONOMIC INCLUSION

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • KRIEGER BRADLEY

    V.C - GOVERNMENT RELATIONS

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • LANCE BILL

    V.C. - PARTNERSHIP DEVELOPMENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MCDANIEL TOM

    V.C. - MAPS 3 DEVELOPMENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MEYER JENNY LOVE

    V.C. - MARKETING & COMMUNICATIONS

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MUNCRIEF RICK

    V.C. - FORWARD OKLAHOMA CITY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • NICHOLS J LARRY

    V.C. - STRATEGIC PLANNING

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ROSE TERESA

    V.C. - EDUCATION & MAPS 4

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SHIRLEY NATALIE

    V.C. - CONVENTION & VISITOR DEVELOPMENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SHORTRIDGE W KENT

    V.C. - ECONOMIC DEVELOPMENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • BENNETT CLAYTON

    V.C. - STRATEGIC PLANNING

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DENNY BARBARA L

    CFO/VP OF OPERATIONS

    Total calculated
    $260,860
    From this org
    $0
    From related orgs
    $239,655
    Other
    $21,205
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,693 related
    Bonus
    $0 + $47,962 related
    Other
    $0
    Deferred
    $0 + $14,701 related
    Nontaxable benefits
    $0 + $6,504 related
    Filer's total
    $0 + $260,860 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE GREATER OKLAHOMA CITY CHAMBER OF COMMERCE, INC. REVIEWS COMPENSATION IS BENCHMARKED TO OTHER CHAMBERS' RESPECTIVE STAFF LEVELS IN PEER CITIES BY SENDING SURVEYS. COMPENSATION HAS ALSO BEEN REVIEWED BY COMPENSATION STUDIES.
PART I, LINE 4
THE GREATER OKLAHOMA CITY CHAMBER OF COMERCE, INC. PROVIDES A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN TO ITS PRESIDENT & CEO, ROY WILLIAMS. NO AMOUNTS BECAME VESTED OR WERE PAID OUT IN 2022.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202303189349314075

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