Economic Development Corporation
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.
Key facts about Economic Development Corporation
- EIN
- 74-2588704
- Latest 990 filing
- Form 990-PF, 2023
- Annual giving (2023)
- $3,076,574
- Grants made (2023)
- 14
- Average grant
- $219,755
- Median grant
- $40,657
- New grantees (estimate)
- 50% first-time grantees (7 of 14, 2023)
- Total assets
- $37,567,810
- Primary geography
- Texas (100% of itemized 2023 grant dollars)
Data from IRS Form 990-PF, 2023; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Economic Development Corporation funds
By grant dollars, the top recipient states for Economic Development Corporation's 14 itemized 2023 grants were Texas (100%). The most frequent recipient cities were Weslaco, TX (9 grants) and McAllen, TX (2 grants). 7% of grants with a stated purpose were for general or operating support. Recurring purposes include "Economic Incentives" (8 grants) and "Economic Incentive" (5 grants).
Is Economic Development Corporation open to new grantees?
50%
first-time grantees, 2023
In 2023, 7 of 14 grantees (50%) were first-time recipients. First grants averaged $346K; repeat grants $93K. How we count
Medians: $15K first-time, $63K repeat.
Estimate from itemized IRS Form 990-PF grant lists (2020–2023). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Economic Development Corporation
- How to evaluate Economic Development Corporation as a funder
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Financial Overview
From 2023 IRS Form 990-PF · View filing
Total Assets
$37.6M
+84.1% YoY
Annual Giving
$3.1M
+375.7% YoY
Grant Count
14
-26.3% YoY
Avg Grant Size
$220K
+545.6% YoY
About Economic Development Corporation
Based on IRS filings
Economic Development Corporation is a nonprofit organization focused on Community Improvement & Capacity Building, based in Weslaco, TX. IRS filing data is available from 2020 through 2023. As of 2023, the organization holds $37.6M in total assets. In 2023, it awarded 14 grants totaling $3.1M. Net investment income was $1.3M.
Focus Areas
Ready to take the next step with Economic Development Corporation?
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of all 14 itemized 2023 grant dollars.
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $37,567,810 | $20,401,639 | $20,272,081 |
| Revenue | $8,559,382 | $4,956,590 | $4,628,585 |
| Expenses | $4,503,064 | $3,858,999 | $2,717,537 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $1,341,024 | $111,307 | $116,370 |
| Distributable Amount | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2023
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2023
Grant Size Distribution
59 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2023 grants, the largest recipients include Glaziers Beer & Beverage ($2,250,000), City of Weslaco ($333,282), Shops at N Bridge LLC ($97,407).
| Recipient | Purpose | Amount |
|---|---|---|
| GLAZIERS BEER & BEVERAGE Dallas, TX | ECONOMIC INCENTIVE | $2,250,000 |
| CITY OF WESLACO Weslaco, TX | ECONOMIC INCENTIVE | $333,282 |
| SHOPS AT N BRIDGE LLC San Antonio, TX | ECONOMIC INCENTIVE | $97,407 |
| CLEVER FOODS & SUPPLEMENTS Weslaco, TX | ECONOMIC INCENTIVES | $83,050 |
| VIDA Weslaco, TX | GENERAL OPERATIONS | $70,000 |
| Z&L ENTERPRISES INC Weslaco, TX | ECONOMIC INCENTIVES | $63,442 |
| CLEAN LABEL LLC Weslaco, TX | ECONOMIC INCENTIVES | $45,313 |
| SOUTH TEXAS COLLEGE McAllen, TX | ECONOMIC INCENTIVES | $36,000 |
| OL RE HOLDINGS LLC Plano, TX | ECONOMIC INCENTIVE | $32,000 |
| DE FIGS WESLACO LLC Weslaco, TX | ECONOMIC INCENTIVES | $22,628 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2023 IRS filing
From 2023 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Steven M Valdez | 40 | $96,700 | |
| Kristopher M Garcia | Member | 2 | — |
| Joe D Olivarez | Member | 2 | — |
| Jerry Gonzalez | President | 2 | — |
| Fred Perez | Secretary | 4 | — |
| Juan Jose Serrano Jr | Member | 4 | — |
| Benita Valadez | Treasurer | 4 | — |
| Sandra Charlton CPA | Vice President | 4 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Economic Development Corporation?
Economic Development Corporation is a nonprofit organization focused on Community Improvement & Capacity Building, based in Weslaco, TX. It holds $37.6M in total assets as of 2023.
How large is Economic Development Corporation?
As of 2023, Economic Development Corporation holds $37.6M in total assets with $8.6M in annual revenue. It awarded 14 grants totaling $3.1M in 2023.
Where does Economic Development Corporation operate?
Economic Development Corporation has awarded grants in Michigan, Texas.
What size grants does Economic Development Corporation award?
In 2023, Economic Development Corporation awarded 14 grants totaling $3.1M — an average of about $220K per grant, based on its IRS Form 990 filings.
What is Economic Development Corporation's EIN?
Economic Development Corporation's EIN (Employer Identification Number) is 74-2588704. IRS Form 990 filing data is available on this page for 2020–2023.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings.