The Talladega County Economic Development Authority

Overview

The Talladega County Economic Development Authority is a nonprofit organization designated as a 501(c)(6) entity, which focuses on developing and enhancing business conditions in Talladega County, Alabama. The organization's mission is to promote new economic and industrial businesses, making the county more attractive for economic growth and encouraging population expansion.

Purpose and Activities

The Authority works to recruit new businesses and expand existing ones by developing industrial sites and conducting marketing efforts to highlight the benefits of investing in Talladega County. It emphasizes the county's robust infrastructure, skilled workforce, and favorable business climate, which include a significant automotive and manufacturing sector. Notable attractions in the county include the Honda Alabama Auto Assembly Plant and a thriving tourism industry that draws hundreds of thousands of visitors annually.

Economic Environment

Talladega County offers a low cost of doing business with a cost-of-living index below both the state and national average. It provides easy access to major cities like Birmingham, Alabama, and Atlanta, Georgia, while maintaining a small-town quality of life. The county benefits from its strategic transportation network, featuring multiple interstates and robust rail connectivity, making it an attractive location for various industries.

Financials

The organization is predominantly funded through contributions, which have accounted for approximately 99% to 99.7% of its total revenue in recent years. Investment income also contributes, albeit to a much lesser extent. Executive compensation has been a significant expense, accounting for roughly 50% to 55% of total expenses. Donations to this organization are not tax-deductible.

Resources and Assets

The Authority has actively developed and maintained industrial sites to attract businesses. It also leverages various workforce development and training programs to support companies in building skilled teams. The organization manages significant assets, with total assets reported at over $4 million in recent financial filings.