Coachella Valley Economic Partnership
- Assets
- $414.3k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Palm Springs, CA
- Founding
- 03/1995
- Data as of
- 06/2023
- EIN
- 33-0642485
Organization Overview
Coachella Valley Economic Partnership is located in Palm Springs, CA. The organization was established in 1995. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Coachella Valley Economic Partnership employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coachella Valley Economic Partnership 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 06/2023, Coachella Valley Economic Partnership generated $1.2m 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 (21.2%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (13.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FOSTER ECONOMIC DEVELOPMENT IN THE COACHELLA VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOSTER ECONOMIC DEVELOPMENT IN THE COACHELLA VALLEY THROUGH EDUCATIONAL PROGRAMS AND MARKETING THE AREA TO ATTRACT BUSINESSES. CVEP BRINGS TOGETHER THE REGION'S PARTNERS INCLUDING BUSINESSES OF EVERY SIZE, THE NINE CITIES, UNINCORPORATED AREAS, THE TRIBAL GOVERNMENTS, REGIONAL GOVERNMENTS, AND THE GREATER PALM SPRINGS CONVENTION & VISITORS BUREAU TO MAKE OUR REGION A BETTER PLACE TO PROSPER IN A YEAR ROUND ECONOMY.THE PALM SPRINGS INNOVATION HUB (IHUB), MANAGED BY THE COACHELLA VALLEY ECONOMIC PARTNERSHIP, IS A STATE-DESIGNATED BUSINESS INCUBATOR FUNDED BY THE CITY OF PALM SPRINGS AND WELLS FARGO. THE IHUB FOCUSES ON EARLY-STAGE BUSINESSES IN THE FIELDS OF RENEWABLE ENERGY, HEALTH AND MEDICINE, AND DIGITAL TECHNOLOGY. THE PALM SPRINGS IHUB ALSO OFFERS THE PALM SPRINGS ACCELERATOR CAMPUS DESIGNED TO MITIGATE START-UP RISKS AND INCREASE THE PROBABILITY OF BUSINESSES PROSPERING AND GROWING INTO THE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jan Harnik Chair | OfficerTrustee | 5 | $0 |
Todd Hooks Vice Chair | OfficerTrustee | 5 | $0 |
Rick Axelrod Treasurer/secretary | OfficerTrustee | 5 | $0 |
Deborah Mcgarrey Chair | OfficerTrustee | 5 | $0 |
Moises Aguirre Treasurer/secretary | OfficerTrustee | 5 | $0 |
Joe Wallace CEO | Officer | 40 | $177,520 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $488,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $133,917 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $621,917 |
| Total Program Service Revenue | $512,662 |
| Investment income | $0 |
| 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 | $1,165,211 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $510,336 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,469 |
| Payroll taxes | $41,960 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $244,000 |
| Advertising and promotion | $5,316 |
| Office expenses | $90,163 |
| Information technology | $678 |
| Royalties | $0 |
| Occupancy | $127,500 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,513 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,876 |
| Insurance | $15,350 |
| All other expenses | $2,399 |
| Total functional expenses | $1,293,010 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $305,215 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,743 |
| 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 | $0 |
| Net Land, buildings, and equipment | $71,347 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $414,305 |
| Accounts payable and accrued expenses | $48,198 |
| Grants payable | $0 |
| Deferred revenue | $70,000 |
| 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 | $370,125 |
| Total liabilities | $488,323 |
| Net assets without donor restrictions | -$74,018 |
| Net assets with donor restrictions | $0 |
| 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 | $414,305 |