HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT INC (EIN 270083125) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2003

Legal Domicile

Principal Officer

RUSSELL DEVORSKY

Phone

2542921800

Tax Period

2023-10-01 to 2024-09-30

HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT INC, founded in 2003, is a small nonprofit in the Community Improvement sector that reported $432K in total revenue in fiscal year 2023. Revenue surged 87% from the prior year, signaling strong growth momentum. The organization ran a surplus of $214K, a strong 50% operating margin.

Mission

THE EXEMPT PURPOSE OF THE HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT IS TO PROMOTE ECONOMIC GROWTH IN THE HEART OF TEXAS COUNCIL OF GOVERNMENTS REGION IN THE STATE OF TEXAS, TO INCREASE EMPLOYMENT OPPORTUNITIES FOR THE UNEMPLOYED AND UNDEREMPLOYED, TO ASSIST AND COORDINATE ECONOMIC DEVELOPMENT EFFORTS OF LOCAL GOVERNMENTS AND ORGANIZATIONS, TO DEVELOP A COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FOR THE REGION, TO CONDUCT OTHER ACTIVITIES SUPPORTING THE REGION'S ECONOMIC DEVELOPMENT GOALS AND OBJECTIVES, AND TO EXERCISE ALL OTHER RIGHTS AND POWERS GRANTED TO THE CORPORATION PURSUANT TO THE TEXAS NON-PROFIT CORPORATION ACT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $199,900

Program Service Revenue $42,509

Investment Income $33,263

Other Revenue $156,244

TOTAL REVENUE $431,916

Expense Breakdown

Grants Paid $110,520

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $130,816

Other Expenses $107,197

TOTAL EXPENSES $217,717

Year-over-Year Comparison

	2023	2022	Change
Revenue	$431,916	$231,434	+0.9%
Expenses	$217,717	$165,762	+0.3%
Net Income	$214,199	$65,672	+2.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLES EATON	CHAIR	0.50	Officer Director	$0	$0	$0
CINDY VANLANDINGHAM	VICE CHAIR	0.50	Officer Director	$0	$0	$0
DAVID DAVIS	SECRETARY/TREASURER	0.50	Officer Director	$0	$0	$0
RUSSELL DEVORSKY	PRESIDENT	0.50	Officer Director	$0	$0	$0
DAMARIS NEELEY	DIRECTOR	0.50	Director	$0	$0	$0
CALVIN REUTER	DIRECTOR	0.50	Director	$0	$0	$0
JAY ELLIOTT	DIRECTOR	0.50	Director	$0	$0	$0
MATTHEW WRIGHT	DIRECTOR	0.50	Director	$0	$0	$0
KEVIN BENEDICT	DIRECTOR	0.50	Director	$0	$0	$0
LINDA GRANT	DIRECTOR	0.50	Director	$0	$0	$0
JUSTIN LEWIS	DIRECTOR	0.50	Director	$0	$0	$0
ART MANN	DIRECTOR	0.50	Director	$0	$0	$0
IGNACIO VAZQUEZ	DIRECTOR	0.50	Director	$0	$0	$0
RAY O'DOCHARTY	DIRECTOR	0.50	Director	$0	$0	$0
RICHARD DUNCAN	DIRECTOR	0.50	Director	$0	$0	$0
SCOTT FELTON	DIRECTOR	0.50	Director	$0	$0	$0
ROBERT HAWKINS	DIRECTOR	0.50	Director	$0	$0	$0
RANGY RIGGS	DIRECTOR	0.50	Director	$0	$0	$0
DICK VAN DYKE	DIRECTOR	0.50	Director	$0	$0	$0
ANDREA KOSAR	DIRECTOR	0.50	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$431,916	$217,717	$2,280,356	$214,199
2023	$231,434	$165,762	$2,140,226	$65,672
2022	$176,969	$249,974	$2,145,431	$-73,005
2021	$263,842	$143,213	$2,327,506	$120,629
2020	$255,860	$177,900	$2,278,936	$77,960
2019	$272,809	$125,323	$2,269,455	$147,486
2018	$266,143	$214,080	$2,187,395	$52,063

HEART OF TEXAS ECONOMIC DEVELOPMENT DISTRICT INC