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Nonprofiteer
← MARKET LUBBOCK ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MARKET LUBBOCK ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$9,439,371
Total expenses
$9,221,057
Contributions and grants received
$8,947,622
Grants paid
$3,093,748
Program service revenue
$21,953
Investment income
$469,796
Other revenue
$0
Total assets, end of year
$12,675,101
Total liabilities, end of year
$981,916
Net assets or fund balances, end of year
$11,693,185
Program services expenses (Part IX)
$7,689,590
Management and general expenses
$1,531,467
Fundraising expenses
$0
Program service expenses (Part III)
$7,689,590

Program services were 83.4% 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)

    $8,941,622

  • 1f · All other contributions, gifts and grants

    $6,000

  • 2a · Program service revenue: TICKET SALES

    total $17,198 · related or exempt $17,198

  • 2b · Program service revenue: PROMOTIONAL ITEMS

    total $4,755 · related or exempt $4,755

  • 3 · Investment income

    total $469,796 · excluded $469,796

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,071,063 · program services $3,071,063

  • 2 · Grants to domestic individuals

    total $22,685 · program services $22,685

  • 7 · Other salaries and wages

    total $1,240,817 · program services $930,613 · management and general $310,204

  • 8 · Pension plan contributions

    total $57,004 · program services $42,753 · management and general $14,251

  • 9 · Other employee benefits

    total $87,148 · program services $65,361 · management and general $21,787

  • 10 · Payroll taxes

    total $62,552 · program services $46,914 · management and general $15,638

  • 11b · Fees: legal

    total $44,813 · program services $33,610 · management and general $11,203

  • 11c · Fees: accounting

    total $21,175 · program services $15,881 · management and general $5,294

  • 11g · Fees: other

    total $5,000 · program services $3,750 · management and general $1,250

  • 12 · Advertising and promotion

    total $2,401,801 · program services $1,801,351 · management and general $600,450

  • 13 · Office expenses

    total $36,574 · program services $27,792 · management and general $8,782

  • 14 · Information technology

    total $182,677 · program services $137,008 · management and general $45,669

  • 16 · Occupancy

    total $172,728 · program services $129,546 · management and general $43,182

  • 17 · Travel

    total $6,561 · program services $4,921 · management and general $1,640

  • 19 · Conferences, conventions and meetings

    total $712,134 · program services $534,100 · management and general $178,034

  • 22 · Depreciation, depletion and amortization

    total $64,703 · program services $64,703

  • 23 · Insurance

    total $12,723 · program services $9,542 · management and general $3,181

  • 24a · Other expenses: INCENTIVES AND SPECIAL

    total $695,456 · program services $521,592 · management and general $173,864

  • 24b · Other expenses: MISCELLANEOUS

    total $323,443 · program services $226,405 · management and general $97,038

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,940,335 · end of year $7,101,804

  • 2 · Savings and temporary cash investments

    beginning of year $1,777,207 · end of year $4,267,567

  • 3 · Pledges and grants receivable

    beginning of year $2,012,044 · end of year $1,124,342

  • 8 · Inventories for sale or use

    beginning of year $51,983 · end of year $54,774

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

    $368,873

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

    $322,006

  • 10c · Land, buildings and equipment, net

    beginning of year $100,827 · end of year $46,867

  • 15 · Other assets

    beginning of year $0 · end of year $79,747

  • 17 · Accounts payable and accrued expenses

    beginning of year $248,849 · end of year $114,642

  • 18 · Grants payable

    beginning of year $1,158,676 · end of year $867,274

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $11,474,871 · end of year $11,693,185

Mission and programs · 2023

Mission

TO ENHANCE AND ENCOURAGE ECONOMIC DEVELOPMENT AND JOB CREATION AND FACILITATE THE DEVELOPMENT OF NEW INDUSTRIES. MANAGE AND OVERSEE THE OPERATIONS OF VISIT LUBBOCK AND FOREIGN TRADE ZONE 260. VISIT LUBBOCK ENCOMPASSES THE OPERATIONS OF THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS.

  • IN 2023-2024 MARKET LUBBOCK, INC. CONTINUED TO WORK WITH THE CITY OF LUBBOCK TO STRENGTHEN AND ENCOURAGE INVESTMENT IN DOWNTOWN LUBBOCK AND OTHER MAJOR BUSINESS CORRIDORS IN EAST, NORTH AND CENTRAL LUBBOCK. MARKET LUBBOCK INCREASED ITS EFFORTS TO INCREASE AWARENESS OF LUBBOCK AS A GREAT PLACE TO WORK, LIVE AND PLAY THROUGH TARGETED MARKETING EFFORTS AND CONTINUED TO PARTNER WITH THE CITY AND TEXAS TECH UNIVERSITY THROUGH THE EFFORTS SUCH AS THE TTU INNOVATION HUB AND GRANTS TO LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE TO BRING ECONOMIC DEVELOPMENT AND QUALITY OF LIFE TO THE CITY. VISIT LUBBOCK, THROUGH THE CONVENTION AND VISITORS BUREAU AND LUBBOCK SPORTS, CONTRACTED WITH MEETING PLANNERS, CONVENTION ORGANIZERS AND SPORTS EVENT ORGANIZERS TO BRING CONVENTIONS AND EVENTS TO LUBBOCK THAT PRODUCE A STRONG ECONOMIC IMPACT TO OUR COMMUNITY BY BRINGING VISITORS TO STAY IN HOTELS, EAT AT RESTAURANTS AND SHOP AT LUBBOCK BUSINESSES. LUBBOCK SPORTS HELPED TO BRING 7 EVENTS TO LUBBOCK THAT HAD BETWEEN 3,000 AND 4,500 PARTICIPANTS.

    Expenses $7,689,590 · Grants $3,093,748 · Revenue $21,953

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JAMES CONWRIGHT

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • SARAH BEVERS

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JOHN OPPERMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CHRIS CARPENTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • HENRY PATEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SONNY GARZA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • WALTER CATHEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • BLAKE WOMBLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MELISSA COLLIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • BRETT CATE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • LORI RICE-SPEARMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JOHN OSBORNE

    CEO

    Total calculated
    $405,825
    From this org
    $0
    From related orgs
    $372,272
    Other
    $33,553
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $272,166 related
    Bonus
    $0 + $85,706 related
    Other
    $0 + $14,400 related
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $18,303 related
    Filer's total
    $0 + $405,825 related

  • JANA JOHNSTON

    CFO/COO

    Total calculated
    $228,431
    From this org
    $0
    From related orgs
    $208,423
    Other
    $20,008
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,515 related
    Bonus
    $0 + $31,908 related
    Other
    $0
    Deferred
    $0 + $10,476 related
    Nontaxable benefits
    $0 + $9,532 related
    Filer's total
    $0 + $228,431 related

  • CHRISTINE ALLEN

    VICE PRESIDENT

    Total calculated
    $154,879
    From this org
    $0
    From related orgs
    $128,852
    Other
    $26,027
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $105,495 related
    Bonus
    $0 + $23,357 related
    Other
    $0
    Deferred
    $0 + $7,459 related
    Nontaxable benefits
    $0 + $18,568 related
    Filer's total
    $0 + $154,879 related

  • CAROLYN ROWLEY

    DIRECTOR OF BUSINESS RETEN

    Total calculated
    $144,013
    From this org
    $0
    From related orgs
    $126,310
    Other
    $17,703
    Hours/week
    20 + 20 related

  • KATHERINE WHITE

    DIRECTOR OF MARKETING & CO

    Total calculated
    $133,712
    From this org
    $0
    From related orgs
    $126,737
    Other
    $6,975
    Hours/week
    20 + 20 related

  • JORGE QUIRINO

    DIRECTOR OF DOWNTOWN & SPE

    Total calculated
    $142,918
    From this org
    $0
    From related orgs
    $127,581
    Other
    $15,337
    Hours/week
    20 + 20 related

  • ROBERT HARRISON

    DIRECTOR OF SPORTS

    Total calculated
    $131,363
    From this org
    $117,396
    From related orgs
    $0
    Other
    $13,967
    Hours/week
    40

  • AMY ZIENTEK

    DIRECTOR OF TOURISM

    Total calculated
    $129,447
    From this org
    $114,677
    From related orgs
    $0
    Other
    $14,770
    Hours/week
    40

  • DAVID RUSHING

    DIRECTOR OF RECRUITMENT

    Total calculated
    $155,454
    From this org
    $0
    From related orgs
    $148,420
    Other
    $7,034
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $148,420 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,386 related
    Nontaxable benefits
    $0 + $648 related
    Filer's total
    $0 + $155,454 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MLI INTERNATIONAL CONSULTING INC

    C · ECONOMIC DEVELOPMENT · TX · 100% owned · share of income $17,500 · share of assets $303

    Directly controlled by MARKET LUBBOCK ECONOMIC DEVELOPMENT CORP

Provenance

Return type
form_990
Tax year
2023
Filed
18 June 2025
IRS schema version
2023v6.0
Source object
202521819349301102

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