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Nonprofiteer
← MARBLE FALLS ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by MARBLE FALLS ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$4,619,622
Total expenses
$1,878,466
Contributions and grants received
$30,270
Grants paid
$320,311
Program service revenue
$3,614,427
Investment income
$974,925
Other revenue
$0
Total assets, end of year
$33,823,548
Total liabilities, end of year
$13,431,898
Net assets or fund balances, end of year
$20,391,650
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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)

    $30,270

  • 2a · Program service revenue: SALES TAX REVENUE

    total $3,576,136 · related or exempt $3,576,136

  • 2b · Program service revenue: INTEREST REVENUE

    total $23,317 · related or exempt $23,317

  • 2c · Program service revenue: FICKETT CENTER RENTAL

    total $14,974 · related or exempt $14,974

  • 3 · Investment income

    total $974,415 · excluded $974,415

  • 7a · Gross sales of assets other than inventory

    other assets $510

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $510

  • 7d · Net gain or loss

    total $510 · related or exempt $510

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $294,622

  • 2 · Grants to domestic individuals

    total $25,689

  • 5 · Compensation of officers, directors and key employees

    total $192,480

  • 7 · Other salaries and wages

    total $84,819

  • 8 · Pension plan contributions

    total $14,797

  • 9 · Other employee benefits

    total $1,739

  • 10 · Payroll taxes

    total $17,792

  • 11a · Fees: management

    total $45,705

  • 11b · Fees: legal

    total $7,807

  • 11c · Fees: accounting

    total $3,250

  • 11g · Fees: other

    total $800

  • 12 · Advertising and promotion

    total $73,272

  • 13 · Office expenses

    total $3,758

  • 14 · Information technology

    total $1,959

  • 16 · Occupancy

    total $55,087

  • 17 · Travel

    total $4,525

  • 19 · Conferences, conventions and meetings

    total $8,127

  • 20 · Interest

    total $509,449

  • 22 · Depreciation, depletion and amortization

    total $375,626

  • 23 · Insurance

    total $5,699

  • 24a · Other expenses: RECRUITMENT AND RETENTI

    total $151,464

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,798,808 · end of year $21,607,603

  • 4 · Accounts receivable

    beginning of year $590,603 · end of year $608,629

  • 7 · Other notes and loans receivable

    beginning of year $656,396 · end of year $528,478

  • 9 · Prepaid expenses and deferred charges

    beginning of year $75 · end of year $75

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

    $19,021,128

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

    $7,942,365

  • 10c · Land, buildings and equipment, net

    beginning of year $11,239,419 · end of year $11,078,763

  • 17 · Accounts payable and accrued expenses

    beginning of year $199,807 · end of year $56,898

  • 25 · Other liabilities

    beginning of year $14,435,000 · end of year $13,375,000

  • 28 · Net assets with donor restrictions

    beginning of year $17,650,494 · end of year $20,391,650

Mission and programs · 2022

Mission

TO ATTRACT AND SUPPORT BUSINESS AND ECONOMIC DEVELOPMENT IN THE MARBLE FALLS AREA THROUGH STRATEGIC PLANNING, WORKFORCE TRAINING, AND MARKETING.

Activities or mission (Part I)

TO ATTRACT AND SUPPORT BUSINESS AND ECONOMIC DEVELOPMENT IN THE MARBLE FALLS AREA.

  • BUSINESS IMPROVEMENT GRANT (BIG) PROGRAM - TO PROVIDE ASSISTANCE TO LOCAL BUSINESSES IN IMPROVING THEIR PROPERTIES. THE PURPOSE OF THIS PROGRAM IS TO PROMOTE THE EXPANSION AND DEVELOPMENT OF NEW AND EXISTING BUSINESS ENTERPRISES WITHIN THE CITY OF MARBLE FALLS, TEXAS, AND TO IMPROVE THE APPEARANCE AND VISUAL CHARACTER OF THE COMMUNITY. THE EDC WILL PROVIDE 10% IN MATCHING FUNDS, VIA REIMBURSEMENT, TO BUSINESSES WHO ARE SEEKING TO IMPROVE OR EXPAND THEIR COMMERCIAL PROPERTIES. THE MAXIMUM GRANT IS $10,000 PER APPLICANT, AND THE MINIMUM EXPENDITURE TO BE CONSIDERED FOR THE PROGRAM IS $5,000. THE APPLICATION PERIOD FOR THIS GRANT WILL REMAIN OPEN UNTIL FUNDING HAS BEEN EXHAUSTED; OR UNTIL THE EDC DETERMINES THAT ITS PROGRAM GOALS HAVE BEEN SATISFIED.

  • COMMUNITY LEVERAGE PROGRAM - TO PROVIDE MATCHING FUNDS TO ORGANIZATIONS THAT ARE UNDERTAKING WORTHWHILE PROJECTS IN THE COMMUNITY. PROJECTS THAT ENHANCE OUR QUALITY OF PLACE, IMPROVE THE OVERALL WELL-BEING OF THE CITY, AND MAXIMIZE RESOURCES WILL BE THE TYPES OF PROJECTS THAT ATTRACT THE ATTENTION AND SUPPORT OF THE EDC.IN THE PAST, THE EDC HAS PROVIDED COMMUNITY LEVERAGE FUNDING TO SUPPORT THE COLLEGE TO CAREERS WORKFORCE DEVELOPMENT INITIATIVE, ARTS PROJECTS, AND PARK IMPROVEMENTS, INCLUDING THE HIKE-AND-BIKE TRAIL SYSTEM, THE EXPANSION OF THE SOCCER FIELDS, AND MORE. THE EDC HAS ALLOCATED $100,000 ANNUALLY FOR THE COMMUNITY LEVERAGE PROGRAM.THE EDC IS THE SOLE AND FINAL AUTHORITY IN DETERMINING PROJECT ELIGIBILITY FOR FUNDING.

  • WORKFORCE DEVELOPMENT INITIATIVE - FUNDS ALLOCATED FOR THE WORKFORCE DEVELOPMENT INITIATIVE WERE MATCHING FUNDS THROUGH THE TEXAS WORKFORCE COMMISSION'S HIGH DEMAND JOB TRAINING GRANT PROGRAM. THROUGH A CONSORTIUM COMPRISED OF THE EDC, THE MARBLE FALLS INDEPENDENT SCHOOL DISTRICT, CENTRAL TEXAS COLLEGE, AND WORKFORCE NETWORK, INC., CERTIFICATIONS WERE GRANTED IN PLUMBING, ELECTRICAL, MEDICAL, AND ACCOUNTING TRADES.

As filed on the 2022 return.

Listed in Part VII

  • STEVE REITZ

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • MARK MAYFIELD

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • CHRISTINA MCDONALD CITY SECRETARY

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • JEFF LAZENBY DIRECTOR OF FINANCE

    TREASURER 4/7/21 TO PRESEN

    Total calculated
    $0
    Hours/week
    4

  • RICHARD WESTERMAN

    DIRECTOR 6/2/21 TO 6/6/23

    Total calculated
    $0
    Hours/week
    2

  • DEE HADDOCK

    DIRECTOR 6/6/23 TO 5/21/24

    Total calculated
    $0
    Hours/week
    2

  • LINDSAY PLANTE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JUDY MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JOHN PACKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHRISTIAN FLETCHER

    EXECUTIVE DIRECTOR

    Total calculated
    $179,476
    From this org
    $146,836
    From related orgs
    $0
    Other
    $32,640
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,836
    Bonus
    $0
    Other
    $0
    Deferred
    $21,012
    Nontaxable benefits
    $11,628
    Filer's total
    $179,476

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 3
THE CITY OF MARBLE FALLS SETS THE SALARY FOR THE EXECUTIVE DIRECTOR. SALARY SURVEYS ARE USED AS PART OF THIS PROCESS.

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

Provenance

Return type
form_990
Tax year
2022
Filed
3 August 2024
IRS schema version
2022v5.0
Source object
202432259349302178

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