Austin Economic Development Corporation

Nonprofit profile at a glance

EIN
861446893
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Austin, TX, USA
Phone
5124316271
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$6,024,562
Expenses
$1,857,886
Assets
$15,948,106
Liabilities
$7,942,814

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

21 people listed

Executive titles in this filing

  • Theresa Alvarez (CEO)

Highest reported compensation

  • Theresa Alvarez (CEO): $251,907 total reported compensation
  • Ann Gatling Haynes (Chief Transactions Officer): $224,288 total reported compensation
  • David Colligan (COO): $190,708 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Austin Economic Development Corporation stewards public and private real estate assets to create inclusive community benefits and equitable economic outcomes for Austin.

What it reported doing in 2024

In October 2020, recognizing the increasing pressures of rising real estate prices on affordability, equity, and the City's iconic venues and small businesses, the City of Austin created the Austin Economic Development Corporation. AEDC is a Public Real Estate Developer, working for purpose instead of profits. AEDC can speed the pace of the public response to decreasing affordability and equity by moving at the pace of the market to blend the best of public and private deal-making. AEDC is actively advancing a portfolio of projects now valued at approximately $152.2 million, providing an estimated 277,500 square feet of affordable housing, cultural, and commercial space. Investments on East 11th Street will spur increased activity within the Black Cultural District, supportive of building and retaining culture, small businesses, and residents that represent the historic legacy. Additionally, negotiating 10 of the Cultural Trust deals to advance feasible projects, including three being announced publicly. In June 2024, AEDC rebranded as Rally Austin to better reflect its mission and community-driven focus. Organizational documents, including bylaws and board meeting minutes, are now available at rallyaustin.org. Investments on East 11th Street will spur increased activity within the Black Cultural District, supportive of building and retaining culture, small businesses, and residents that represent the historic legacy. Additionally, negotiating 10 of the Cultural Trust deals to advance feasible projects, including three being announced publicly. In June 2024, AEDC rebranded as Rally Austin to better reflect its mission and community-driven focus. Organizational documents, including bylaws and board meeting minutes, are now available at rallyaustin.org.

Operating model

Revenue model
Grant-funded. 89% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 38
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.3%; rating input score 28
  • Program expense ratio: 66.2%; rating input score 66
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 69.2%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 8.58; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.5; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 35.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 16% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 54.1% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 69.8% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 28.3% of revenue deployed · 66.2% of spending went to programs
  • Governance: 18 of 18 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $252K · 21 people listed
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 28/100.
  • Moderate — Transparency & Controls: Fund balance restriction sum did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.