WHARTON ECONOMIC DEVELOPMENT CORP

EIN: 760573917 501(c)(3) Community Improvement

WHARTON, TX

Total Revenue
$1,112,654
Total Expenses
$591,448
Total Assets
$2,196,289
Net Assets
$-6,984,744
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2000
Legal Domicile
TX
Principal Officer
COURTLAND HOLMAN
Phone
9795320999
Tax Period
2023-10-01 to 2024-09-30

WHARTON ECONOMIC DEVELOPMENT CORP, founded in 2000, is a community nonprofit in the Community Improvement sector that reported $1.1M in total revenue in fiscal year 2023. The organization ran a surplus of $521K, a strong 47% operating margin.

Mission

TO DEVELOP A POSITIVE CLIMATE FOR BUSINESSES AND INDUSTRIAL GROWTH AND INVESTMENT; ASSIST IN THE CREATION OF JOBS; INCREASE THE TAX BASE OF THE VARIOUS TAXING ENTITIES; DIVERSIFY THE LOCAL ECONOMY TO MAKE IT MORE IMPERVIOUS TO STATE AND NATIONAL ECONOMIC RECESSION; AND MAKE PLANS AND TAKE NECESSARY ACTIONS TO INSURE THAT ALL NECESSARY INFRASTRUCTURE IS IN PLACE TO ALLOW FOR PROPER DEVELOPMENT OF WHARTON, TEXAS.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,044,601
Investment Income $68,053
Other Revenue $0
TOTAL REVENUE $1,112,654

Expense Breakdown

Grants Paid $0
Salaries & Benefits $212,601
Fundraising Expenses $0
Program Expenses $195,839
Other Expenses $378,847
TOTAL EXPENSES $591,448

Year-over-Year Comparison

2023 2022 Change
Revenue $1,112,654 $1,067,207 +0.0%
Expenses $591,448 $1,043,047 -0.4%
Net Income $521,206 $24,160 +20.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
2
Volunteers
N/A

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
0
$0
Total Directors
9
$104,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOSHUA OWENS FORMER EXEC 40.00
Director
$104,000 $0 $104,000
ANDREW ARMOUR SECRETARY N/A
Director
$0 $0 $0
ALICE HEARD-ROBERTS MEMBER N/A
Director
$0 $0 $0
COURTLAND HOLMAN EXECUTIVE DI N/A
Director
$0 $0 $0
RUSSELL MACHANN MEMBER N/A
Director
$0 $0 $0
FREDDIE PEKAR PRESIDENT N/A
Director
$0 $0 $0
LARRY PITTMAN MEMBER N/A
Director
$0 $0 $0
MICHAEL ROBERSON TREASURER N/A
Director
$0 $0 $0
MICHAEL WOOTTON VICE PRESIDE N/A
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 $1,112,654 $591,448 $2,196,289 $521,206
2023 $1,067,207 $1,043,047 $1,797,736 $24,160
2022 $922,716 $10,242,158 $1,922,038 $-9,319,442
2021 $753,236 $706,807 $2,147,454 $46,429
2020 $994,405 $758,481 $2,090,075 $235,924
2019 $1,416,540 $726,412 $1,896,273 $690,128
2018 $821,660 $896,098 $1,259,678 $-74,438
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