Desert College Financing Corp
- Assets
- $16.9m
- Revenue
- $409.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Indio, CA
- Founding
- 10/2014
- Data as of
- 06/2021
- EIN
- 46-5056625
Organization Overview
Desert College Financing Corp is located in Indio, CA. The organization was established in 2014. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Desert College Financing Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2021, Desert College Financing Corp generated $409.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $543.0k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS ORGANIZED FOR THE PURPOSE OF PROMOTING THE COMMON GOOD AND GENERAL WELFARE OF THE RESIDENTS OF INDIO, CA (THE "CITY"), INCLUDING THE DESERT COMMUNITY COLLEGE DISTRICT (THE "DISTRICT") AND OTHER LOCAL GOVERNMENT ENTERPRISES, THROUGH THE RENDERING OF FINANCIAL ASSISTANCE THERETO. THE ORGANIZATION WILL ACCOMPLISH THIS PRIMARILY THROUGH THE ACQUISITION, LEASING OR SELLING OF BUILDINGS, BUILDING IMPROVEMENTS, ETC. FOR THE BENEFIT OF RESIDENTS OF THE CITY, THE DISTRICT AND SURROUNDING AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS UNDER INTERNAL REVENUE CODE SECTION 45D, AND HAS ENGAGED IN A NEW MARKETS TAX CREDIT TRANSACTION (THE "TRANSACTION"). THE TRANSACTION PROVIDES THE ORGANIZATION WITH A LONG-TERM LEASEHOLD INTEREST IN A STATE OF THE ART EDUCATION FACILITY (THE "FACILITY") SITUATED IN RIVERSIDE COUNTY, CA. THE ORGANIZATION ACQUIRED THE FACILITY BY LEASE AND LEASED THE FACILITY BACK TO THE DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel L Kinnamon President & Treasurer | OfficerTrustee | 1 | $0 |
Mary Jane Sanchez-Fulton Vice President & Secretary | OfficerTrustee | 1 | $0 |
Glenn Miller Director | Trustee | 1 | $0 |
Mark Scott Director | Trustee | 1 | $0 |
Larry Salas Director | Trustee | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $392,153 |
| 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 | $409,595 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,469 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $254,011 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $276,972 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $542,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $199,810 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $16,716,152 |
| Other assets | $0 |
| Total assets | $16,915,962 |
| Accounts payable and accrued expenses | $289 |
| 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 | $8,928,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,055,050 |
| Total liabilities | $18,983,339 |
| Net assets without donor restrictions | -$2,067,377 |
| 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 | $16,915,962 |
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