Economic Development Corporation
Hobbs, NM. EIN 85-0164863. Reported $1,855,842 of revenue for 2024 on its Form 990.
The IRS record
- Registered name
- ECONOMIC DEVELOPMENT CORPORATION
- As the IRS records it, which is how it appears in their own search.
- Employer Identification Number
- 85-0164863
- The identifier the IRS uses for this organization.
- Recognized under
- 501(c)(6) — business league or chamber of commerce
- The subsection of the code its exemption was granted under.
- Recognized in
- 1964
- The year of the IRS ruling.
- Classification
- not reported
- The IRS has never assigned this organization a code.
- Gifts to it
- Contributions are not deductible
- Whether the IRS treats a contribution to this organization as deductible.
- Legal form
- Corporation
- How the organization is constituted, as recorded at registration.
- Location of record
- Hobbs, NM
- The address the IRS holds, not necessarily where it operates.
- Most recent filing
- Form 990
- For tax year 2024.
What it reported for 2024
- $1.9 million
- Total revenue
- $1,855,842
- Contributions, grants, program service revenue and investment income.
- $1.6 million
- Total expenses
- $1,608,685
- As reported on the return.
- $2.7 million
- Total assets, book value
- $2,743,280
- At the end of the year, at what the organization paid for them.
- 18
- People listed
- Officers, directors, trustees, key employees and highest-paid employees.
- $170.4 thousand
- Largest reported compensation
- $170,352
- Reported for Jennifer Grassham.
Economic Development Corporation reported paying Jennifer Grassham, President, $170,352 for 2024, listed as a trustee or director. That is reportable compensation from the organization, from related organizations, and other compensation, as the organization reported all three. It is not a verified salary and not take-home pay.
Similar organizations
| Organization | Revenue |
|---|---|
| Lea County Electric Cooperative Inc | $111,576,586 |
| Central Valley Electric Cooperative Inc | $75,043,858 |
| Del Norte Credit Union | $73,854,217 |
| Continental Divide Electric Cooperative Inc | $71,202,638 |
| Credit Unions IN the State of New Mexico | $70,788,124 |
| Southwest C a R E Center | $69,077,162 |
This organization elsewhere
- IRS Tax Exempt Organization Search — the exemption record this page is built from. Search for EIN 85-0164863; the IRS search has no address that opens one organization directly.
- ProPublica Nonprofit Explorer — the same filings with scanned returns going back further. Reporting by ProPublica.
More in New Mexico. All organizations: nonprofits.
What this page cannot show
- Everything here is what the organization told the IRS about itself. The IRS publishes returns as filed and does not audit them first.
- The figures describe the most recent year on record, which is usually one to two years behind, and not the organization’s current position.
- Nothing here says whether the organization does its work well, or how it spends what it raises beyond the totals on the form.
Something wrong? Tell us. Full method at methodology.
Sources
- Exempt Organizations Business Master File — Internal Revenue Service · Public domain — U.S. Government work · retrieved September 21, 2026
- Form 990 series e-file data · retrieved September 19, 2026
Data retrieved