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Nonprofiteer
← TULSA ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by TULSA ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$14,471,175
Total expenses
$3,024,030
Contributions and grants received
$12,218,198
Grants paid
$192,988
Program service revenue
$860,456
Investment income
$1,224,762
Other revenue
$167,759
Total assets, end of year
$54,942,497
Total liabilities, end of year
$13,999,578
Net assets or fund balances, end of year
$40,942,919
Program services expenses (Part IX)
$2,472,894
Management and general expenses
$551,136
Fundraising expenses
$0
Program service expenses (Part III)
$2,472,894

Program services were 81.8% 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)

    $3,028,592

  • 1f · All other contributions, gifts and grants

    $9,189,606

  • 2a · Program service revenue: FEE INCOME

    total $860,456 · related or exempt $860,456

  • 3 · Investment income

    total $1,318,851 · related or exempt $1,311,498 · excluded $7,353

  • 6a · Gross rents

    real property $280,791

  • 6b · Less rental expenses

    real property $173,532

  • 6c · Rental income or loss

    real property $107,259

  • 6d · Net rental income or loss

    total $107,259 · excluded $107,259

  • 7a · Gross sales of assets other than inventory

    securities $5,581

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

    securities $6,920 · other assets $92,750

  • 7c · Gain or loss

    securities -$1,339 · other assets -$92,750

  • 7d · Net gain or loss

    total -$94,089 · excluded -$94,089

  • 11a · Other revenue: LAND EASEMENTS

    total $60,500 · excluded $60,500

  • 11e · Other revenue, total

    $60,500

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $192,988 · program services $192,988

  • 5 · Compensation of officers, directors and key employees

    total $239,167 · program services $181,156 · management and general $58,011

  • 7 · Other salaries and wages

    total $861,175 · program services $754,828 · management and general $106,347

  • 8 · Pension plan contributions

    total $21,047 · program services $21,047

  • 9 · Other employee benefits

    total $92,583 · program services $71,008 · management and general $21,575

  • 10 · Payroll taxes

    total $78,080 · program services $58,786 · management and general $19,294

  • 11b · Fees: legal

    total $300 · program services $300

  • 11c · Fees: accounting

    total $79,633 · program services $79,633

  • 11g · Fees: other

    total $237,699 · program services $126,875 · management and general $110,824

  • 12 · Advertising and promotion

    total $35,411 · program services $27,495 · management and general $7,916

  • 13 · Office expenses

    total $27,687 · program services $21,403 · management and general $6,284

  • 14 · Information technology

    total $49,562 · program services $40,640 · management and general $8,922

  • 16 · Occupancy

    total $76,385 · program services $53,469 · management and general $22,916

  • 17 · Travel

    total $59,473 · program services $41,631 · management and general $17,842

  • 19 · Conferences, conventions and meetings

    total $780 · management and general $780

  • 20 · Interest

    total $131,187 · program services $21,831 · management and general $109,356

  • 22 · Depreciation, depletion and amortization

    total $335,583 · program services $290,509 · management and general $45,074

  • 23 · Insurance

    total $22,543 · program services $18,461 · management and general $4,082

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $446,001 · program services $446,001

  • 24b · Other expenses: MISCELLANEOUS

    total $26,230 · program services $14,317 · management and general $11,913

  • 24c · Other expenses: EQUIPMENT RENTAL

    total $7,948 · program services $7,948

  • 24d · Other expenses: POSTAGE AND PRINTING

    total $2,596 · program services $2,596

  • 24e · All other expenses

    total -$28 · program services -$28

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,724,218 · end of year $10,023,227

  • 2 · Savings and temporary cash investments

    beginning of year $181,563 · end of year $204,892

  • 4 · Accounts receivable

    beginning of year $1,933,940 · end of year $3,084,175

  • 7 · Other notes and loans receivable

    beginning of year $22,036,332 · end of year $28,325,476

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,937 · end of year $1,075

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

    $16,060,426

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

    $3,091,458

  • 10c · Land, buildings and equipment, net

    beginning of year $8,324,093 · end of year $12,968,968

  • 11 · Investments: publicly traded securities

    beginning of year $325,513 · end of year $333,984

  • 15 · Other assets

    beginning of year $3,226 · end of year $700

  • 17 · Accounts payable and accrued expenses

    beginning of year $659,654 · end of year $2,161,368

  • 19 · Deferred revenue

    beginning of year $795,443 · end of year $115,580

  • 23 · Secured mortgages and notes payable

    beginning of year $10,592,669 · end of year $11,722,630

  • 25 · Other liabilities

    beginning of year $2,277 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $17,619,491 · end of year $9,022,918

  • 28 · Net assets with donor restrictions

    beginning of year $11,865,288 · end of year $31,920,001

Mission and programs · 2024

Mission

TBDC WAS FOUNDED IN 1979 AS TULSA ECONOMIC DEVELOPMENT CORPORATION, AN ORGANIZATION CHARGED WITH PROMOTING AND SUSTAINING SMALL BUSINESS GROWTH IN TULSA.

Activities or mission (Part I)

TEDC WAS FOUNDED IN 1979 AS TULSA ECONOMIC DEVELOPMENT CORPORATION, AN ORGANIZATION CHARGED WITH PROMOTING AND SUSTAINING SMALL BUSINESS GROWTH IN TULSA.

  • TEDC RECEIVES FUNDING FROM THE U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT'S CDBG PROGRAM AS A CITY OF TULSA SUB-RECIPIENT, WHICH INCLUDES REIMBURSEMENTS FOR PROJECT DELIVERY COSTS.

    Expenses $763,833

  • SBA MICROLOANS - TEDC HAS BORROWED FUNDS FROM THE SMALL BUSINESS ADMINISTRATION (SBA) AT BELOW MARKET INTEREST RATES. TEDC LOANS THE FUNDS TO QUALIFYING BUSINESSES AT MARKET RATES OF INTEREST AND IS LIABLE FOR THE LOANS FROM THE SBA REGARDLESS OF WHETHER THE LOAN PARTICIPANT REPAYS THE LOAN. THE SBA REQUIRES CERTAIN RESTRICTED CASH BALANCES TO BE MAINTAINED. THE AVERAGE LOAN SIZE UNDER THIS PROGRAM IS APPROXIMATELY $10,000 WITH A MAXIMUM LOAN OF $50,000.

    Expenses $209,062

  • SAVING OUR HOMES INITIATIVE (SOHI) - SOHI IS A SHORT-TERM PROGRAM DEVELOPED IN COLLABORATION WITH THE CITY OF TULSA TO ASSIST IN CLEARING HOME TITLES OR PAYING PROPERTY TAX (UP TO $4,000) FOR ELIGIBLE LOW INCOME HOUSEHOLDS ACROSS THE CITY OF TULSA. TEDC CONNECTS HOUSEHOLDS WITH TFEC WHO OFFERS FREE FINANCIAL CONSELING SESSIONS TO IMPROVE FINANCIAL OUTCOMES.

    Expenses $279,750 · Grants $192,988

  • Expenses $1,220,249

As filed on the 2024 return.

Listed in Part VII

  • Shella Bowlin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Gilbert Gerst

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Cassia Carr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Marilyn Morris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Kenneth Quigley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Gil Eacret

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Javier Gamarra

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joyce McClellan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • David Easton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Matt King

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • James Sanchez

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Shanann Passley

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Cindy Baker

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Rose Washington

    EXECUTIVE DIRECTOR

    Total calculated
    $232,036
    From this org
    $215,000
    From related orgs
    $0
    Other
    $17,036
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $195,000
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,036
    Filer's total
    $232,036

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 committee
  • 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
  • 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

No itemized grants to organizations on this return.

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.

  • OA LL LLC

    LEVERAGE LENDER · OK · 95% owned · controlled entity

    Directly controlled by TULSA ECONOMIC DEVELOPMENT CORPORATION

  • OASIS GROCERY REALTY LLC

    REAL ESTATE DEVELOPER · OK · 100% owned · controlled entity

    Directly controlled by TULSA ECONOMIC DEVELOPMENT CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
8 July 2026
IRS schema version
2024v5.5
Source object
202611899349300331

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