Southeast Harris County Economic Development Council, Inc. dba Economic Alliance Houston Port Region

NOTES TO FINANCIAL STATEMENTS (Continued)

For the Years Ended December 31, 2021 and 2020

Net Assets With Donor Restrictions

The Council, from time to time, receives corporate contributions and foundation grants that are restricted to designated programs. Net assets with donor restrictions consist of funds received from the Transportation Task Force. These funds are to be used to provide relief to the Houston Port Region transportation corridors and to construct highly visible aesthetic enhancements on highly traveled road corridors within the Houston Port Region and its international port facilities. As of December 31, 2021, all the funds had been used.

NOTE 7 – RETIREMENT PLAN

The Council restated the employee 401(k) plan (the “Plan”) on February 1, 2017. The Plan is administered by Ascensus, Inc.. All employees are eligible to participate and, currently, four employees have elected to do so. The Council matches contributions dollar for dollar up to four percent of the employee’s salary. In 2021, contributions totaled $24,453. Contributions made in 2020 totaled $22,021.

NOTE 8 – RENTAL INCOME

During the year, the Council leased space in its building at 203 Ivy Avenue, Deer Park, Texas. Occupants at the building consist of various businesses, including advertising, a community college, a congressman, local governments, industrial services, metalworking, advisory services, and marketing.

Rental income for fiscal years 2021 and 2020 were as follows:

Future expected rental income based on current leases is as follows:

NOTE 9 – PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2021 and 2020 is as follows: