Nonprofit · EIN 85-0164863
ECONOMIC DEVELOPMENT CORPORATION
Tax-exempt · HOBBS, NM 88240
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $1,855,842 | $1,608,685 | $247,157 | $2,743,280 | $412,309 | $2,330,971 |
| June 30, 2024 | 990 | $1,554,450 | $1,249,954 | $304,496 | $3,921,749 | $1,837,935 | $2,083,814 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $519,355
- of which government grants
- $172,655
- Membership dues
- $346,700
- Program service revenue
- $1,262,159
- Investment income
- $49,716
- Net rental income
- $24,612
- Other revenue
- $24,612
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $170,352
- Other salaries and wages
- $220,187
- Salaries, compensation and benefits (total)
- $469,788
- Professional fundraising fees
- $0
- Accounting fees
- $65,680
- Occupancy
- $6,234
- Travel
- $12,855
- Depreciation
- $68,443
- Program services (functional)
- $1,091,309
- Management and general (functional)
- $517,376
Balance sheet and other
- Total assets, start of year
- $3,921,749
- Total assets, end of year
- $2,743,280
- Total liabilities, end of year
- $412,309
- Net assets, end of year
- $2,330,971
- Land, buildings and equipment
- $339,933
- Net assets without donor restrictions
- $1,943,564
- Net assets with donor restrictions
- $387,407
- Gross receipts
- $1,855,842
- Employees
- 9
- Volunteers
- 0
- Year formed
- 1963
- State of legal domicile
- NM
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 June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JENNIFER GRASSHAM | PRESIDENT Trustee or director, Officer | 40 | $170,352 |
| GARY SCHUBERT | CHAIR Trustee or director, Officer | 1 | $0 |
| BRADLEY BISHOP | CHAIR ELECT Trustee or director, Officer | 1 | $0 |
| BILL RICHARDS | PAST CHAIR Trustee or director, Officer | 1 | $0 |
| ALFONSO CISNEROS | TREASURER Trustee or director, Officer | 1 | $0 |
| RICHARD MARTIN | SECRETARY Trustee or director, Officer | 1 | $0 |
| ANDRIA HENKES | DIRECTOR Trustee or director | 1 | $0 |
| KALI BROWN | DIRECTOR Trustee or director | 1 | $0 |
| DAVID SHAW | DIRECTOR Trustee or director | 1 | $0 |
| DERRICK JONES | DIRECTOR Trustee or director | 1 | $0 |
| TINA TIFFANY | DIRECTOR Trustee or director | 1 | $0 |
| MICHAEL MARKSBERRY | DIRECTOR Trustee or director | 1 | $0 |
| JOHN PAUL HENDERSON | DIRECTOR Trustee or director | 1 | $0 |
| REBECCA JAMISON | DIRECTOR Trustee or director | 1 | $0 |
| STEVEN COX | DIRECTOR Trustee or director | 1 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JEREMY BAKER | DIRECTOR Trustee or director | 1 | $0 |
| SUSANA RODRIGUEZ | DIRECTOR Trustee or director | 1 | $0 |
| LISA HARDISON | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 19 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JENNIFER GRASSHAM | PRESIDENT Trustee or director, Officer | 40 | $163,475 |
| BILL RICHARDS | CHAIR Trustee or director, Officer | 1 | $0 |
| GARY SCHUBERT | CHAIR ELECT Trustee or director, Officer | 1 | $0 |
| RUSSELL DOSS | PAST CHAIR Trustee or director, Officer | 1 | $0 |
| SAM SPENCER | TREASURER Trustee or director, Officer | 1 | $0 |
| JAMES LACKEY | SECRETARY Trustee or director, Officer | 1 | $0 |
| BEN DONAHUE | DIRECTOR Trustee or director | 1 | $0 |
| KALI BROWN | DIRECTOR Trustee or director | 1 | $0 |
| DAVID SHAW | DIRECTOR Trustee or director | 1 | $0 |
| DAVID JIMENEZ | DIRECTOR Trustee or director | 1 | $0 |
| TINA TIFFANY | DIRECTOR Trustee or director | 1 | $0 |
| RICHARD MARTIN | DIRECTOR Trustee or director | 1 | $0 |
| JOHN PAUL HENDERSON | DIRECTOR Trustee or director | 1 | $0 |
| REBECCA JAMISON | DIRECTOR Trustee or director | 1 | $0 |
| TRES HICKS | DIRECTOR Trustee or director | 1 | $0 |
| BRADLEY BISHOP | DIRECTOR Trustee or director | 1 | $0 |
| ASHLEY KEGLEY | DIRECTOR Trustee or director | 1 | $0 |
| RACHEL SLADE | DIRECTOR Trustee or director | 1 | $0 |
| LISA HARDISON | DIRECTOR Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 200 E BROADWAY STE A201, HOBBS, NM 88240-8425
- Principal officer (990 for 2024)
- JENNIFER GRASSHAM, 200 E BROADWAY STE A201, HOBBS, NM 88240
- Signed the 990
- JENNIFER GRASSHAM, PRESIDENT
- Phone
- (575) 397-2039
- Website
- WWW.EDCLC.ORG
- Return prepared by
- WHITLEY PENN LLP
Mission
PROMOTING AND MARKETING ASSETS OF LEA COUNTY TO ATTRACT CAPITAL INVESTMENT
Program accomplishments
- PROMOTING ECOMONIC DEVELOPMENT AND DIVERSIFICATION FOR LEA COUNTY, NMExpenses $1,091,309
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 85-0164863
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1964
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $2,743,280
- Income (IRS master file)
- $1,855,842
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $1,855,842 | $1,608,685 | $2,743,280 | XML |
| 990 | June 2024 | $1,554,450 | $1,249,954 | $3,921,749 | XML |
| 990 | June 2023 | $1,766,110 | $1,293,663 | $1,840,220 | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | 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 85-0164863).
Questions about ECONOMIC DEVELOPMENT CORPORATION
- What is the EIN of ECONOMIC DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of ECONOMIC DEVELOPMENT CORPORATION is 85-0164863.
- Is ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1964.
- Are donations to ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does ECONOMIC DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ECONOMIC DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ECONOMIC DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended June 30, 2025 names JENNIFER GRASSHAM.
- Who are the officers and directors of ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended June 30, 2025 lists 18 people; 1 received compensation from the organization, the highest $170,352 (JENNIFER GRASSHAM, PRESIDENT).
- How much revenue does ECONOMIC DEVELOPMENT CORPORATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $1,855,842, expenses of $1,608,685 and total assets of $2,743,280 at year end.
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