San Diego Regional Economic Development Foundation
- Assets
- $733.3k
- Revenue
- $259.5k
- Investments
- $0.0
- Employees
- 5
- Location
- San Diego, CA
- Founding
- 03/2002
- Data as of
- 06/2022
- EIN
- 33-0992658
Organization Overview
San Diego Regional Economic Development Foundation is located in San Diego, CA. The organization was established in 2002. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, San Diego Regional Economic Development Foundation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. San Diego Regional Economic Development Foundation 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 06/2022, San Diego Regional Economic Development Foundation generated $259.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (16.0%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SAN DIEGO REGIONAL ECONOMIC DEVELOPMENT FOUNDATION'S MISSION IS TO SUPPORT AND CULTIVATE SUSTAINABLE EMPLOYMENT OPPORTUNITIES FOR SAN DIEGO COUNTY RESIDENTS CONTRIBUTING TO A PROSPEROUS LOCAL ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION CREATED THIS PROGRAM AS A COLLABORATIVE EFFORT TO BETTER PREPARE SAN DIEGANS FOR QUALITY JOBS VIA LOCALLY SERVING EDUCATION INSTITUTIONS AND EXPAND ACCESS TO DIVERSE, QUALIFIED TALENT FOR SAN DIEGO COMPANIES. ADVANCING SAN DIEGO IS HELPING THE REGION MEET ITS INCLUSIVE GROWTH GOALS BY STRENGTHENING RELATIONSHIPS BETWEEN LOCAL INDUSTRY AND EDUCATION SYSTEMS. BETTER ALIGNMENT BETWEEN THESE SYSTEMS WILL MEAN THAT THE REGION CAN COLLECTIVELY PREPARE SAN DIEGANS FOR HIGH-DEMAND JOBS, AND LOCAL EMPLOYERS MANY OF WHICH ARE SMALL COMPANIES CAN ESTABLISH OR EXPAND RECRUITMENT RELATIONSHIPS WITH LOCALLY SERVING.
THE FOUNDATION SUPPORTS PROGRAMS AND INITIATIVES WHICH IMPACT THEREGION'S ABILITY TO SUSTAIN JOB GROWTH FOR RESIDENTS IN HIGH-DEMAND JOBS. PROJECTS INCLUDING, OVERSEEING RESEARCH PROJECTS THAT IDENTIFY AREAS FORPOTENTIAL JOB GROWTH AND IDENTIFY RISK FACTORS AMONG CERTAIN SECTORS WITHIN THE REGION'S ECONOMY; OUTREACH TO BUSINESSES IN THE HIGH TECHNOLOGY SECTORS, WITH AN EMPHASIS ON SMALL AND MEDIUM SIZED BUSINESSES AND PROVIDE SERVICES TO SUPPORT THEIR GROWTH AND DEVELOPMENT IN THE REGION; AND STEWARDING THE REGIONAL INCLUSIVE GROWTH STRATEGY TO MAKE SAN DIEGO MORE AFFORDABLE AND COMPETITIVE FOR ALL SAN DIEGO.
SAN DIEGO BUSINESS HUBSAN DIEGO BUSINESS HUB IS A PROGRAM TAILORED FOR SMALL, SERVICE-BASED BUSINESSES TO RECEIVE A FULL SUITE OF DIGITAL TOOLS, FREE-OF-CHARGE. RESERVED FOR MINORITY, WOMEN, VETERAN AND OTHER ECONOMICALLY UNDER-RESOURCED BUSINESS OWNERS, THESE DIGITAL TOOLS ARE PROVIDED TO ALLOW SMALL BUSINESSES TO PIVOT ONLINE, RUN MORE EFFICIENTLY, AND IMPROVE OVERALL RESILIENCY DURING AN ECONOMIC DOWNTURN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sierra Spitzer Director | Trustee | 0.5 | $0 |
Jacquie Furtado Director | Trustee | 0.5 | $0 |
Meg Storer Director | Trustee | 0.5 | $0 |
Tana Lorah Director | Officer | 0.5 | $0 |
Jennifer Storm Executive Dir. | Officer | 40 | $0 |
Delinda Forsythe Director | Officer | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Economic Development Corporation Of San Program Management And Administrative Se | 6/29/19 | $406,854 |
Cmtc Technical Consulting | 6/29/19 | $118,580 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $259,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $259,500 |
| Total Program Service Revenue | $0 |
| 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 | $259,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $50,750 |
| 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 | $18,511 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,045 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $85,720 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $125 |
| Advertising and promotion | $11,160 |
| Office expenses | $361 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,063 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,374 |
| All other expenses | $901 |
| Total functional expenses | $1,265,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $703,157 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,000 |
| 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 | $28,192 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $733,349 |
| Accounts payable and accrued expenses | $229,663 |
| Grants payable | $0 |
| 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 | $0 |
| Total liabilities | $229,663 |
| Net assets without donor restrictions | $204,386 |
| Net assets with donor restrictions | $299,300 |
| 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 | $733,349 |