California Emerging Technology Fund
- Assets
- $18.8m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 14
- Location
- Concord, CA
- Founding
- 04/2007
- Data as of
- 06/2024
- EIN
- 20-5184429
Organization Overview
California Emerging Technology Fund is located in Concord, CA. The organization was established in 2007. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2024, California Emerging Technology Fund employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. California Emerging Technology Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, California Emerging Technology Fund generated $2.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (26.9%) each year. All expenses for the organization totaled $10.6m during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, California Emerging Technology Fund has awarded 194 individual grants totaling $13,550,324. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LEADERSHIP STATEWIDE TO MINIMIZE THE DIGITAL DIVIDE BY ACCELERATING THE DEPLOYMENT AND ADOPTION OF BROADBAND AND OTHER ADVANCED COMMUNICATION SERVICES TO UNSERVED AND UNDERSERVED COMMUNITIES.ENSURE THAT CALIFORNIA IS A GLOBAL LEADER IN THE AVAILABILITY AND USE OF BROADBAND TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CETF ENTERED INTO MEMORANDA OF UNDERSTANDING (MOU) WITH INTERNET SERVICE PROVIDERS (ISPS) FRONTIER COMMUNICATIONS, INC. (2015) AND CHARTER COMMUNICATIONS, INC. (2016) TO IMPLEMENT PUBLIC BENEFITS AS A RESULT OF CORPORATE CONSOLIDATIONS. IN ADDITION TO SUPPORTING AND MONITORING FULFILLMENT OF THE MOU PUBLIC BENEFIT OBLIGATIONS BY THESE ISPS, CETF MANAGED $3 MILLION IN CHARITABLE FUNDS FROM FRONTIER TO ACHIEVE NEW BROADBAND ADOPTIONS BY LOW-INCOME HOUSEHOLDS IN THEIR SERVICE AREAS. CETF ALSO RECEIVED $32.5MILLION ($6.5 MILLION PER YEAR) FROM CHARTER THROUGH 2021 TO CONTINUE CORE MISSION ORGANIZATIONAL OPERATIONS AND SUPPORT SCHOOL2HOME AND OTHER DIGITAL INCLUSION PROGRAMS IN THEIR SERVICE AREAS. IN 2019, CETF ENTERED INTO A MOU WITH T-MOBILE IN CONJUNCTION WITH THEIR ACQUISITION OF SPRINT WHICH BECAME EFFECTIVE IN APRIL 2020 WHEN THE TRANSACTION WAS APPROVED BY THE CPUC. CETF HAS RECEIVED $35 MILLION FROM T-MOBILE ($7 MILLION PER YEAR) THROUGH 2024 FOR CORE MISSION AND TO IMPLEMENT SCHOOL2HOME AND DIGITAL INCLUSION PROGRAMS IN THEIR STATEWIDE SERVICE AREA.
CETF WAS ENGAGED BY THE CITY OF SAN JOSE THROUGH ACTION BY THE CITY COUNCIL IN FEBRUARY 2019 TO MANAGE APPROXIMATELY $24 MILLION OVER 10 YEARS FOR DIGITAL INCLUSION GRANTS TO NON-PROFIT COMMUNITYBASED ORGANIZATIONS AND PUBLIC AGENCIES. IN FEBRUARY 2022, THE CITY OF SAN JOSE REVISED ITS PROJECTION DOWNWARD TO APPROXIMATELY $8 MILLION IN DIGITAL INCLUSION GRANTS. THE CETF BOARD OF DIRECTORS REQUIRED A REVIEW OF THE CONTRACT WITH THE CITY OF SAN JOSE AFTER THREE YEARS. THE CITY OF SAN JOSE AND CETF AGREED TO TRANSITION MANAGEMENT OF THE PROGRAM BACK TO THE CITY WITH A CONCLUSION OF THE CONTRACT ON SEPTEMBER 30, 2023. CETF TRANSFERRED REMAINING MANAGED FUNDS TO THE SAN JOSE PUBLIC LIBRARY FOUNDATION.
THE CETF BOARD OF DIRECTORS HAS ADOPTED A 3-YEAR STRATEGIC PLAN FOR FY22-23 THROUGH FY24-25 WHICH EMPHASIZES 3 OVERALL GOALS: UBIQUITOUS DEPLOYMENT; UNIVERSAL ADOPTION; AND DEEP INSTITUTIONALIZATION. THE INCORPORATION OF DIGITAL INCLUSION PRACTICES INTO ALL PUBLIC AGENCIES AND MAJOR ORGANIZATIONS SERVING LOW-INCOME HOUSEHOLDS AND OTHER DISADVANTAGED POPULATIONS IS REFERRED TO AS "INSTITUTIONALIZATION" SO THAT DIGITAL EQUITY IS "ROOTED" INTO ORGANIZATIONAL CULTURE. TO FULFILL THIS GOAL, CETF IS PURSUING PARTNERSHIPS WITH PUBLIC AGENCIES AS A PREFERRED HIGH-PERFORMING VENDOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Motta Treasurer | OfficerTrustee | 6 | $46,500 |
Carlos Ramos Director | Trustee | 2 | $7,500 |
Renee Martinez Vice Chair | OfficerTrustee | 3 | $7,250 |
Barbara O'connor Chair | OfficerTrustee | 2 | $7,000 |
Francis Gipson Director | Trustee | 2 | $6,750 |
Jim Kirkland Director | Trustee | 2 | $6,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hawksbill Group Assistance With Deployment And Adoption | 6/29/24 | $278,783 |
Larry Best Director Of Neighborhood Transformation | 6/29/24 | $163,500 |
Marissa Canche Director Of Broadband Adoption Grants | 6/29/24 | $169,700 |
Rosa Guerrero (Guerrero Consulting) Senior Program Director For School2home | 6/29/24 | $148,400 |
Elaine Carpenter Senior Consultant For School2home | 6/29/24 | $142,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $570,888 |
| All other contributions, gifts, grants, and similar amounts not included above | $226,528 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $797,416 |
| Total Program Service Revenue | $1,365,465 |
| Investment income | $425,084 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,662,388 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,379,899 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,852,822 |
| Compensation of current officers, directors, key employees. | $277,923 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $485,733 |
| Pension plan accruals and contributions | $59,218 |
| Other employee benefits | $82,379 |
| Payroll taxes | $135,601 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,554 |
| Fees for services: Accounting | $61,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $863,146 |
| Advertising and promotion | $0 |
| Office expenses | $38,709 |
| Information technology | $52,399 |
| Royalties | $0 |
| Occupancy | $53,947 |
| Travel | $23,984 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,274 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,442 |
| Insurance | $59,575 |
| All other expenses | $184,498 |
| Total functional expenses | $10,591,270 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,998,133 |
| Savings and temporary cash investments | $5,222,196 |
| Pledges and grants receivable | $250,667 |
| Accounts receivable, net | $150,252 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $77,484 |
| Net Land, buildings, and equipment | $6,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $83,343 |
| Other assets | $0 |
| Total assets | $18,788,602 |
| Accounts payable and accrued expenses | $101,609 |
| Grants payable | $222,080 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $84,130 |
| Total liabilities | $407,819 |
| Net assets without donor restrictions | $18,299,257 |
| Net assets with donor restrictions | $81,526 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $18,788,602 |
Grants Awarded
Over the last fiscal year, California Emerging Technology Fund has awarded $2,349,094 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
SOUTHLAND INTEGRATED SYSTEMS PURPOSE: To support programs that increase broadband awareness and adoption | $6,120 |
SIGMA BETA XI PURPOSE: To support programs that increase broadband awareness and adoption | $27,770 |
SOUTHEAST COMMUNITY DEVELOPMENT CORP PURPOSE: To support programs that increase broadband awareness and adoption | $14,590 |
CSU FRESNO FOUNDATION PURPOSE: To support programs that increase broadband awareness and adoption | $52,180 |
SAN DIEGO ASSOCIATION OF GOVERNMENTS PURPOSE: To support programs that increase broadband awareness and adoption | $100,000 |
COUNTY OF SONOMA PURPOSE: To support programs that increase broadband awareness and adoption | $25,000 |