Overview
What is Orange Economic Development Corporation?
The Orange Economic Development Corporation (Orange EDC) is a not-for-profit entity established under the laws of Texas, specifically as a 4B Sales Tax Corporation. Their primary role is to utilize sales tax revenue, as mandated by state law, for economic development purposes. The organization, situated in Orange, Texas, operates under the Chapter 380 Economic Development program. This program involves reimbursing sales tax to annexed properties, in accordance with the Chapter 380 agreement. The Orange EDC's focus is solely on supporting the local economy and promoting growth in the community. Their operations are carried out by a dedicated team of one individual.
Official website here: www.orangetexas.gov
What are the reviews and ratings of this charity?
Charity Navigator Rating: 33% (Zero-Star out of Four Star rating)
The Orange Economic Development Corporation has received a low rating from Charity Navigator, indicating significant concerns regarding its financial accountability and governance. The organization has a notably low score of 33%, reflecting a lack of majority independent board members and missing key policies like conflict of interest and whistleblower protections. Although it has scored well in some areas, such as financial statement audits, the absence of independent oversight raises questions about its operational integrity.
Strengths of the organization include its sound audit practices and the proper listing of its documents, including board meeting minutes and its tax form on its website. However, the overall financial health is concerning, with a liabilities to assets ratio of 36.99%, which highlights potential solvency issues. Furthermore, its program expense ratio of 39.27% suggests that a relatively small portion of its funding is directed toward programs, which could impact its effectiveness in fulfilling its mission.
In summary, while the Orange Economic Development Corporation has specific operational strengths, the significant gaps in governance and financial management, as well as the lack of accountability measures, merit caution for potential supporters and donors. The low rating serves as a strong indicator for stakeholders to carefully evaluate the organization's practices and consider the implications of their support.
This AI summary has been generated from information found on Charity Navigator.
Is Orange Economic Development Corporation legitimate?
Orange Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Orange Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $136,991
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.orangetexas.gov
What is the mission statement of Orange Economic Development Corporation?
The Orange Economic Development Corporation, established as a Not-for-Profit 4B Sales Tax Corporation under the laws of Texas, is primarily focused on utilizing sales tax revenue for economic development purposes. This organization's mission is to contribute to the economic growth of the community by channeling the financial resources derived from sales tax revenue and interest earnings towards initiatives that support economic development. The Chapter 380 Economic Development program is one of their key initiatives, which involves reimbursing sales tax to annexed properties in accordance with the Chapter 380 agreement.
Official website here: www.orangetexas.gov
Who is the CEO of Orange Economic Development Corporation?
Randy Trahan is the Principal Officer of Orange Economic Development Corporation.
Official website here: www.orangetexas.gov
What is the revenue of Orange Economic Development Corporation?
Orange Economic Development Corporation's revenue in 2022 was $2,766,327.
Official website here: www.orangetexas.gov
Who are the executives of Orange Economic Development Corporation and what are their salaries?
The average compensation at Orange Economic Development Corporation during 2022 was $136,991. There is 1 employee at Orange Economic Development Corporation.
Here are 8 key members and their salaries:
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Official website here: www.orangetexas.gov
Where can I find the form 990 for Orange Economic Development Corporation?
Orange Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.orangetexas.gov
Learn more at the official website: www.orangetexas.gov
Mission Statement of Orange Economic Development Corporation
The Orange Economic Development Corporation, a not-for-profit organization, is established under the laws of Texas as a 4B Sales Tax Corporation. This corporation is granted the authority to utilize sales tax revenue and interest revenue solely for economic development purposes, as stipulated by state law. The primary mission of the Orange Economic Development Corporation is to channel these funds into initiatives that stimulate and support economic growth within its jurisdiction. By leveraging the Chapter 380 Economic Development program, the corporation provides reimbursement of sales tax to annexed properties, in accordance with the Chapter 380 agreement. This strategic allocation of resources aims to foster a thriving economic environment, ultimately benefiting the community at large.
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Impact
October, 2024
The Orange Economic Development Corporation plays a crucial role in enhancing the economic landscape of Orange, TX. By utilizing 4B sales tax revenue, the organization fosters community development and supports local businesses through targeted programs. One of its key initiatives is the Chapter 380 Economic Development program, which enables the reimbursement of sales tax to properties that have been annexed, incentivizing growth and investments in the area.
Through these efforts, the Orange EDC contributes to job creation, infrastructure development, and overall community improvement. By reinvesting sales tax revenue specifically for economic development purposes, the corporation not only drives financial growth but also enhances the quality of life for residents. The strategic use of funds supports a vibrant local economy and ensures that economic opportunities are accessible to the community.
This information is meant to be a general summary of Orange Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $686
- Gross Receipts: $2,766,327
Assets and Liabilities:
- Total Assets: $11,722,278
- Total Liabilities: $4,336,157
- Net Assets: $7,386,121
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Organization Details
Founding Year
2004
Phone
(409) 883-1041Principal Officer
Randy Trahan
Main Address
PO Box 520, Orange, TX, 77631
Website
www.orangetexas.govNTEE Category
Code: S30 - Community improvement
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