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Nonprofiteer
← METROPLEX ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by METROPLEX ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$3,285,083
Total expenses
$3,404,535
Contributions and grants received
$2,547,142
Grants paid
$183,000
Program service revenue
$545,514
Investment income
$12,605
Other revenue
$179,822
Total assets, end of year
$4,610,019
Total liabilities, end of year
$2,363,375
Net assets or fund balances, end of year
$2,246,644
Program services expenses (Part IX)
$3,398,809
Management and general expenses
$5,726
Fundraising expenses
$0
Program service expenses (Part III)
$3,398,809

Program services were 99.8% 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)

    $381,127

  • 1f · All other contributions, gifts and grants

    $2,166,015

  • 1g · Noncash contributions included above

    $64,800

  • 2a · Program service revenue: CONFERENCE REGISTRATIO

    total $545,514 · related or exempt $545,514

  • 3 · Investment income

    total $12,605 · excluded $12,605

  • 6a · Gross rents

    real property $179,535

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $179,535

  • 6d · Net rental income or loss

    total $179,535 · related or exempt $179,535

  • 8a · Fundraising events: gross income

    $287

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $287 · excluded $287

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $183,000 · program services $183,000

  • 5 · Compensation of officers, directors and key employees

    total $356,096 · program services $356,096

  • 7 · Other salaries and wages

    total $439,681 · program services $439,681

  • 8 · Pension plan contributions

    total $12,178 · program services $12,178

  • 9 · Other employee benefits

    total $100,419 · program services $100,419

  • 10 · Payroll taxes

    total $55,113 · program services $55,113

  • 11b · Fees: legal

    total $338 · program services $338

  • 11c · Fees: accounting

    total $169,572 · program services $169,572

  • 11g · Fees: other

    total $948,091 · program services $942,436 · management and general $5,655

  • 12 · Advertising and promotion

    total $420,472 · program services $420,472

  • 13 · Office expenses

    total $41,074 · program services $41,074

  • 14 · Information technology

    total $73,331 · program services $73,331

  • 16 · Occupancy

    total $83,506 · program services $83,506

  • 17 · Travel

    total $165,849 · program services $165,849

  • 22 · Depreciation, depletion and amortization

    total $29,232 · program services $29,232

  • 23 · Insurance

    total $21,569 · program services $21,569

  • 24a · Other expenses: HOSPITALITY

    total $192,267 · program services $192,267

  • 24b · Other expenses: EQUIPMENT RENTAL

    total $43,372 · program services $43,372

  • 24c · Other expenses: PROPERTY TAXES

    total $42,978 · program services $42,978

  • 24d · Other expenses: REGISTRATION SUPPLIES

    total $11,910 · program services $11,910

  • 24e · All other expenses

    total $14,487 · program services $14,416 · management and general $71

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,998,936 · end of year $946,140

  • 2 · Savings and temporary cash investments

    end of year $2,505,850

  • 4 · Accounts receivable

    beginning of year $253,823 · end of year $812,867

  • 9 · Prepaid expenses and deferred charges

    beginning of year $618 · end of year $618

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

    $451,066

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

    $267,660

  • 10c · Land, buildings and equipment, net

    beginning of year $212,638 · end of year $183,406

  • 15 · Other assets

    beginning of year $0 · end of year $161,138

  • 17 · Accounts payable and accrued expenses

    beginning of year $92,822 · end of year $156,548

  • 19 · Deferred revenue

    beginning of year $6,106 · end of year $2,205,726

  • 25 · Other liabilities

    beginning of year $991 · end of year $1,101

  • 27 · Net assets without donor restrictions

    beginning of year $2,366,096 · end of year $2,246,644

Mission and programs · 2023

Mission

TO ALLEVIATE POVERTY AND ITS EFFECTS ON THE LOCAL COMMUNITY AND TO PROVIDE EDUCATION. THE ORGANIZATION OPERATES AS A LOCAL ECONOMIC DEVELOPMENT CORPORATION, PROVIDING FUNDING TO LOCAL BUSINESSES, JOB TRAINING & EDUCATION, BUSINESS COUNSELING, COMMUNITY SERVICES, AND SIMILAR ACTIVITIES TO RELIEVE POVERTY IN ECONOMICALLY DEPRESSED AREAS.

  • TEXAS OFFENDERS RE-ENTRY INITIATIVE (TORI): TO AIDE AND ASSIST EX-OFFENDERS IN TRANSITIONING BACK INTO SOCIETY BY PROVIDING EMPLOYMENT TRAINING, COUNSELING AND PLACEMENT SERVICES AS WELL AS TRANSITIONAL HOUSING.

    Expenses $1,336,519

  • ECONOMIC DEVELOPMENT: BUSINESS NETWORK, CONFERENCES, AND PROJECTS THAT FACILITATE BUSINESS AND ECONOMIC GROWTH, JOB TRAINING AND EDUCATION, AND COMBAT COMMUNITY DETERIORATION.

    Expenses $192,132 · Revenue $725,049

  • GOOD SOIL: PROJECT MISSION IS TO INCREASE GENERATIONAL WEALTH AND EMPLOYMENT BY SUPPORTING AND NURTURING UNDER-RESOURCED ENTREPRENEURS.

    Expenses $1,870,158 · Grants $183,000

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

Listed in Part VII

  • Darwin Bruce

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Frank Dyer

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mark Jones

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Tina Naidoo

    TORI EXECUTIVE DIRECTOR

    Total calculated
    $183,234
    From this org
    $141,750
    From related orgs
    $0
    Other
    $41,484
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,750
    Bonus
    $0
    Other
    $0
    Deferred
    $8,505
    Nontaxable benefits
    $32,979
    Filer's total
    $183,234

  • Kelley Cornish

    CEO

    Total calculated
    $172,862
    From this org
    $136,923
    From related orgs
    $0
    Other
    $35,939
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,923
    Bonus
    $0
    Other
    $0
    Deferred
    $3,000
    Nontaxable benefits
    $32,939
    Filer's total
    $172,862

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

  • COMPLEX APPAREL LLC

    $100,000

    SEED CAPITAL GRANT

  • REIMAGINE TALENT CO

    $50,000

    SEED CAPITAL GRANT

  • D O D EXPRESS INC DBA DELIVERIES ON DEMAND

    $25,000

    SEED CAPITAL GRANT

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.

  • CAPELLA PARK REALTY CO

    C · REAL ESTATE · TX · 100% owned

    Directly controlled by METROPLEX ECONOMIC DEVELOPMENT CORP

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202423199349316967

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