Market Lubbock Economic Development Corporation

Nonprofit profile at a glance

EIN
752621353
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Lubbock, TX, USA
Phone
8067494500
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$9,234,926
Expenses
$9,749,734
Assets
$13,446,245
Liabilities
$2,357,769

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

Leadership & pay

19 people listed

Executive titles in this filing

  • JOHN OSBORNE (CEO)
  • CHRISTINE ALLEN (VICE PRESIDENT)

Highest reported compensation

  • JOHN OSBORNE (CEO): $460,108 total reported compensation
  • JANA JOHNSTON (CFO/COO): $239,023 total reported compensation
  • CAROLYN ROWLEY (DIRECTOR OF BUSINESS RETENTION): $178,131 total reported compensation

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

Overview

Mission

To enhance and encourage economic development and job creation and facilitate the development of new industries. Manage and oversee the operations of visit lubbock and foreign trade zone 260. Visit lubbock encompasses the operations of the convention and visitors bureau and lubbock sports.

What it reported doing in 2024

In 2024-2025, market lubbock, inc. Continued their decades-long work, in partnership with the city of lubbock, to stimulate private investment in east, north, and downtown lubbock. Lubbock is commitment to creating a vibrant downtown which is crucial for attracting and retaining a dynamic future workforce. Market lubbock increased its efforts to increase awareness of lubbock as a great place to work, live and play through targeted marketing efforts and partnership with Texas tech university through the efforts such as the ttu innovation hub. Market lubbock is proud to partner with Texas tech university to provide assistance for 10 programs to further innovation and entrepreneurship. The projects conducted at the hub are crucial to ensuring a progressive and diverse business climate in lubbock. From acceleration to ideation, entrepreneurs, researchers and community members are provided the education, mentorship and resources to foster an environment of success. Visit lubbock, through the convention and visitors bureau and lubbock sports, contracted with meeting planners, convention organizers and sports event organizers to bring conventions and events to lubbock, producing a strong economic impact to our community by bringing visitors to stay in hotels, eat at restaurants, and shop at lubbock businesses. During 2024-2025, visit lubbock was named destination marketing organization of the year by destinations Texas and designated a tourism friendly community by the governor's office of economic development and tourism. Lubbock sports generated 145,000 room nights, making a significant economic impact to the city of lubbock.

Operating model

Revenue model
Grant-funded. 94% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 64
  • Accountability: 91
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.5%; rating input score 90
  • Program expense ratio: 84.2%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 5th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 80.3%; rating input score 80; 21st percentile among comparable filings
  • 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.6%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 1.38; rating input score 49; 49th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 4.4%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 3.4% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 8.7% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 89.5% of revenue deployed · 84.2% of spending went to programs
  • Governance: 10 of 10 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.2M in reported program spending
  • Leadership: top reported pay $460K · 19 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $779K reported
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 35 filed money-flow records
  • Related organizations: 36 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 49/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.