Jedco Development Corporation

Organization Overview

Jedco Development Corporation is located in Avondale, LA. The organization was established in 2014. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Jedco Development Corporation 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 12/2023, Jedco Development Corporation generated $149.7k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $147.7k during the year ending 12/2023. While expenses have increased by 10.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990EZ Filing

TAX YEAR

2023

Describe the Organization's Program Activity:

Part 3

CERTIFIED DEVELOPMENT COMPANIES (CDCS) ARE NON-PROFIT CORPORATIONS CERTIFIED AND REGULATED BY THE SMALL BUSINESS ADMINISTRATION TO PACKAGE, PROCESS, CLOSE, AND SERVICE 504 LOANS. THESE 504 LOANS ARE ISSUED THROUGH A PARTNERSHIP WITH CERTIFIED DEVELOPMENT COMPANIES (CDC) AND PRIVATE SECTOR, THIRD PARTY LENDERS. THERE ARE A SMALL NUMBER OF FOR-PROFIT CDCS THAT HAVE BEEN GRANDFATHERED INTO THE CURRENT 504 PROGRAM. THE PROVISIONS OF THIS SOP APPLY TO THE NON-PROFIT AND THE FOR-PROFIT CDCS IN ACCORDANCE WITH THE TERMS OF THE REGULATIONS. JEDCO DEVELOPMENT CORPORATION IS A CDC IN THE SBA 504 LOAN PROGRAM.BETWEEN 1990 AND 2023, JEDCO DEVELOPMENT CORPORATION HAS APPROVED 190 SBA 504 LOANS AND FUNDED 96 SBA 504 LOANS.THE FINANCE DEPARTMENT IS CURRENTLY STAFFED BY 4 EMPLOYEES OF THE RELATED GOVERNMENTAL ENTITY, JEFFERSON PARISH ECONOMIC DEVELOPMENT & PORT DISTRICT. THE FINANCE DIRECTOR OR THE BUSINESS DEVELOPMENT OFFICER MEETS WITH APPLICANTS, GATHERS INFORMATION NECESSARY TO COMPLETE APPLICATIONS AND SUBMITS APPLICATIONS TO THE BOARD OF DIRECTORS OF JEDCO DEVELOPMENT CORPORATION FOR APPROVAL. THE FINANCING OPERATIONS MANAGER IS RESPONSIBLE FOR COORDINATING LOAN CLOSINGS WITH BORROWERS AND CLOSING ATTORNEYS AND SUBMITTING CLOSING DOCUMENTS TO SBA. THE LOAN SPECIALIST INPUTS THE LOAN INFORMATION INTO A SOFTWARE PROGRAM USED TO MONITOR LOAN REQUIREMENTS FOR THE LIFE OF THE LOAN, WHICH IS TYPICALLY 20 YEARS. OVER THE LIFE OF JEDCO'S SBA LOAN PROGRAM, 796.72 JOB OPPORTUNITIES HAVE BEEN CREATED AND 385.38 JOB OPPORTUNITIES HAVE BEEN RETAINED. SBA REQUIRES THAT A CDC MUST HAVE A JOB OPPORTUNITY AVERAGE OF 1 JOB FOR EVERY $90,000 OF DEBENTURE FUNDING OR $85,000 FOR PROJECTS LOCATED IN SPECIAL GEOGRAPHIC AREAS (ENTERPRISE COMMUNITIES, EMPOWERMENT ZONES, LABOR SURPLUS AREAS, AND OPPORTUNITY ZONES). JEDCO HAS CREATED/RETAINED 1 JOB FOR EVERY $36,445.84 OF SBA FUNDING.IN 2023, 5 LOANS WERE FUNDED TOTALING $4,585,228.00 WITH ANTICIPATED CREATION OF 26 NEW JOBS.


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Board, Officers & Key Employees

Name (title)Compensation
Joe Ewell
Vice Chairman
$0
Brian Heiden
Treasurer
$0
Teresa Lawrence
Member
$0
Kenneth Bertucci
Member
$0
Melissa O'neal
Member
$0
Joe Riccobono
Member
$0

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$147,660
Membership dues$0
Investment income $2,043
Gain or Loss$0
Net Income from Gaming & Fundraising$0
Other Revenue$0
Total Revenue$149,703

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