Form 990 for tax year 2022

Totals

Total revenue

$10,379,213

Total expenses

$8,854,597

Contributions and grants received

$9,990,622

Grants paid

$3,080,668

Program service revenue

$47,746

Investment income

$340,845

Other revenue

$0

Total assets, end of year

$12,882,396

Total liabilities, end of year

$1,407,525

Net assets or fund balances, end of year

$11,474,871

Program services expenses (Part IX)

$7,411,115

Management and general expenses

$1,443,482

Fundraising expenses

$0

Program service expenses (Part III)

$7,411,115

Program services were 83.7% 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.

Mission and programs · 2022

• IN 2022-2023 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 IT'S 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.

  Expenses $7,411,115 · Grants $3,080,668 · Revenue $47,746

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

Listed in Part VII

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

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

• LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE

  $1,000,000

  TO ASSIST WITH BUSINESS DEVELOPMENT IN THE COMMUNITY

• TEXAS TECH UNIVERSITY

  $425,000

  TO HELP FUND THE SCHOOL'S INNOVATION AND RESEARCH PARK.

• CAVENDER REAL ESTATE OF LUBBOCK III LLC

  $125,000

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• METRO TOWERS HOUSING

  $125,000

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• RAMAR COMMUNICATIONS

  $125,000

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• THE BETTY CONDRA SCHOOL FOR EDUCATION INNOVATION

  $125,000

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• DISCOVERY HEALTHCARE

  $98,810

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• LUBBOCK EXPERIENCE INC (DBA LCAF)

  $75,000

  TO ASSIST WITH THE DEVELOPMENT OF THE ARTS COMMUNITY

• JAC ENTERPRISES LLC

  $63,794

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

• RESIDE LUBBOCK LLC

  $41,357

  TO ASSIST WITH COSTS OF BUILDING UPDATES AND RENOVATIONS.

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.

• LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE

  501(C)(4) · ECONOMIC DEVELOPMENT · TX

  Directly controlled by CITY OF LUBBOCK

• LUBBOCK EXPERIENCE INC

  501(C)(3) · ECONOMIC DEVELOPMENT · TX

  Directly controlled by CITY OF LUBBOCK

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.

Provenance

Return type

form_990

Tax year

2022

Filed

14 June 2024

IRS schema version

2022v5.0

Source object

202432089349301103

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.