Nonprofit · EIN 74-2588704
THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO
Tax-exempt · WESLACO, TX 78596
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2023 | 990 | $8,559,382 | $4,503,064 | $4,056,318 | $37,567,810 | $15,133,475 | $22,434,335 |
Financial details: 990 for the year ended September 30, 2023
Revenue
- Contributions, gifts and grants
- $1,500,000
- of which government grants
- $1,500,000
- Program service revenue
- $5,154,115
- Investment income
- $1,341,024
- Net gain from sales of assets
- $1,103,219
- Other revenue
- $564,243
Expenses
- Grants and similar amounts paid
- $3,086,144
- Compensation of officers, directors and key employees
- $96,700
- Other salaries and wages
- $231,171
- Salaries, compensation and benefits (total)
- $397,128
- Professional fundraising fees
- $0
- Legal fees
- $188,573
- Accounting fees
- $14,050
- Occupancy
- $20,308
- Travel
- $18,480
- Depreciation
- $148,578
- Program services (functional)
- $4,243,214
- Management and general (functional)
- $259,850
Balance sheet and other
- Total assets, start of year
- $20,401,639
- Total assets, end of year
- $37,567,810
- Total liabilities, end of year
- $15,133,475
- Net assets, end of year
- $22,434,335
- Land, buildings and equipment
- $4,212,963
- Net assets without donor restrictions
- $18,221,374
- Net assets with donor restrictions
- $4,212,961
- Gross receipts
- $9,842,763
- Employees
- 7
- Year formed
- 1990
- State of legal domicile
- TX
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2023, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| STEVEN M VALDEZ | – | 40 | $96,700 |
| KRISTOPHER M GARCIA | MEMBER Trustee or director | 2 | $0 |
| JOE D OLIVAREZ | MEMBER Trustee or director | 2 | $0 |
| JERRY GONZALEZ | President Trustee or director | 2 | $0 |
| FRED PEREZ | Secretary Trustee or director, Officer | 4 | $0 |
| JUAN JOSE SERRANO JR | MEMBER Trustee or director, Officer | 4 | $0 |
| BENITA VALADEZ | Treasurer Trustee or director, Officer | 4 | $0 |
| SANDRA CHARLTON CPA | Vice President Trustee or director, Officer | 4 | $0 |
Address and contacts
- Address (IRS master file)
- 275 S KANSAS AVENUE SUITE A, WESLACO, TX 78596-6158
- Signed the 990
- STEVEN M VALDEZ, Executive Dir.
- Phone
- (956) 969-0838
- Website
- www.weslacoedc.com
- Return prepared by
- GARCIA & PENA CPAS
Mission
THE ECONOMIC DEVELOPMENT CORPORATION'S PRIMARY PURPOSE IS TO ENHANCE ECONOMIC AND INDUSTRIAL ACTIVITIES FOR THE CITY OF WESLACO. ITS MAIN FOCUS IS IN RETAINING AND EXPANDING EXISTING BUSINESS, AND ATTRACTING NEW BUSINESS AND ENHANCING COMMUNITY ASSETS; WHICH INFUSES NEW DOLLARS INTO THE LOCAL ECONOMY.
Program accomplishments
- ECONOMIC DEVELOPMENT IS THE PURPOSEFUL INTERVENTION BY AN ENTITY TO ENCOURAGE PRIVATE INVESTMENT IN A SPECIFIC LOCATION WHEN IT OTHERWISE MIGHT NOT HAVE BEEN MADE. THAT ENCOURAGEMENT OFTEN REPRESENTS PUBLIC ASSISTANCE WITH A FINANCIAL VALUE AND IS POPULARLY REFERRED TO AS AN INCENTIVE OR INDUCEMENT. EDC PROVIDES LOANS/ GRANTS TO VARIOUS BUSINESSES FOR CREATING OF JOBS THROUGH RECRUITING NEW INDUSTRY AND/OR EXISTING COMPANIES RELOCATING AND/OR EXPANDING.
- PROPERTY MANAGEMENT - MAINTENANCE OF INDUSTRIAL PARK BUILDINGS, ROADWAYS, SIGNS AND CITY'S INFRASTRUCTURE MAINTENANCE AND LANDSCAPING, INCLUDING DEPRECIATION EXPENSE OF $148,578
- PROMOTION AND DEVELOPMENT: COMMUNITY WORKFORCE TRAINING OF $6,916 AND GENERAL ADVERTISEMENT TO ATTRACT VISITORS TO THE CITY OF WESLACO BUSINESS DISTRICT AND INDUSTRIAL PARK.
What it must file and when
IRS records say it files Not required (state instrumentality). Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | Not on file |
| 2023 | September 30, 2024 | February 18, 2025 | Not on file |
IRS record
- EIN
- 74-2588704
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1992
- Accounting year ends
- September
- Files
- Not required (state instrumentality)
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $37,567,810
- Income (IRS master file)
- $9,842,763
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2023 | $8,559,382 | $4,503,064 | $37,567,810 | XML |
| 990 | September 2022 | $4,956,590 | $3,858,999 | $20,401,639 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 74-2588704).
Questions about THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO
- What is the EIN of THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO?
- The employer identification number (EIN) of THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO is 74-2588704.
- Is THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1992.
- Are donations to THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO file?
- Form Not required (state instrumentality).
- When is the next return of THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2023.
- Who are the officers and directors of THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO?
- The 990 for the year ended September 30, 2023 lists 8 people; 1 received compensation from the organization, the highest $96,700 (STEVEN M VALDEZ).
- How much revenue does THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO have?
- On its 990 for the year ended September 30, 2023 it reported revenue of $8,559,382, expenses of $4,503,064 and total assets of $37,567,810 at year end.
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All nonprofits in WESLACO · Texas · Community improvement and capacity building