Greater Sacramento Area Economic Council
- Assets
- $14.1m
- Revenue
- $2.9m
- Investments
- $5.0m
- Employees
- 19
- Location
- Sacramento, CA
- Founding
- 09/2014
- Data as of
- 06/2023
- EIN
- 46-5517841
Organization Overview
Greater Sacramento Area Economic Council is located in Sacramento, CA. 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. As of 06/2023, Greater Sacramento Area Economic Council employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Sacramento Area Economic Council 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, Greater Sacramento Area Economic Council generated $2.9m 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 (7.8%) each year. All expenses for the organization totaled $4.8m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Greater Sacramento Area Economic Council has awarded 13 individual grants totaling $611,835. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
A PUBLIC-PRIVATE PARTNERSHIP TO RETAIN, ATTRACT AND CREATE SUSTAINABLE BUSINESSES IN SIX COUNTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GSEC HAD A MOMENTOUS FISCAL YEAR WITH LOCATING 17 COMPANIES TO THE REGION, RESULTING IN 1,950 NEW OR RETAINED JOBS AND $1.5B IN ECONOMIC IMPACT. OUT OF THE 17 COMPANIES, 2 OF THOSE WERE GLOBALLY RECOGNIZED SEMICONDUCTOR COMPANIES ELEVATING THE PROFILE OF THE REGION. GSEC'S DIGITAL ENGAGEMENT STRATEGY HAS RESULTED IN HUNDREDS OF TOUCHPOINTS WITH SITE SELECTORS, MULTIPLIERS AND EXECUTIVES AT GROWING COMPANIES ACROSS THE COUNTRY. THIS OUTREACH WAS ALSO RECOGNIZED IN IEDC'S 2022 EXCELLENCE IN ECONOMIC DEVELOPMENT AWARDS WHERE IT RECEIVED A SILVER RANK IN THE ADVERTISING CAMPAIGN CATEGORY. GSEC PURSUED MULTIPLE AVENUES TO INCREASE EQUITY AND INCLUSION THROUGH GROWING TRADABLE-SECTOR JOB OPPORTUNITIES, INCLUDING PARTNERSHIPS WITH CIVIC ORGANIZATIONS, REGIONAL COMPANIES AND EDUCATIONAL PROVIDERS. GSEC IS USING ITS PROGRESS ON COMPETITIVENESS TACTICS TO SUPPORT FURTHER WORK ON STRATEGIES FOR COMMUNITY ECONOMIC DEVELOPMENT REAL ESTATE AND MORE. GSEC WAS NAMED #3 ECONOMIC DEVELOPMENT ORGANIZATION IN THE WORLD BY IEDC FOR A SECOND YEAR IN A ROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Broome President & CEO | Officer | 40 | $769,987 |
Michael Scott Powell Executive Vice President Thru 11/22 | Officer | 40 | $216,323 |
Brittany Jones Chief Performance Officer | 40 | $184,001 | |
Matthew Miller Chief Economist Thru 5/23 | 40 | $160,250 | |
Michelle Willard Chief Public Affairs Officer | 40 | $163,125 | |
Adrian Troels Executive Vice President/vp, Bus. Dev. | 40 | $157,876 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $163,600 |
| Related organizations | $0 |
| Government grants | $1,212,913 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,463,049 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,839,562 |
| Total Program Service Revenue | $14,850 |
| Investment income | $99,949 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $114,545 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$158,566 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,910,340 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $151,253 |
| 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. | $914,623 |
| Compensation of current officers, directors, key employees. | $131,642 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,593,908 |
| Pension plan accruals and contributions | $82,980 |
| Other employee benefits | $163,764 |
| Payroll taxes | $143,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,569 |
| Fees for services: Accounting | $32,498 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $152,050 |
| Advertising and promotion | $68,097 |
| Office expenses | $108,138 |
| Information technology | $304,395 |
| Royalties | $0 |
| Occupancy | $310,078 |
| Travel | $157,854 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $369,780 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,619 |
| Insurance | $25,193 |
| All other expenses | $0 |
| Total functional expenses | $4,805,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,632,070 |
| Savings and temporary cash investments | $1,635,505 |
| Pledges and grants receivable | $5,368,671 |
| Accounts receivable, net | $0 |
| 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 | $175,492 |
| Net Land, buildings, and equipment | $46,683 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,025,533 |
| Investments—program-related | $0 |
| Intangible assets | $6,494 |
| Other assets | $237,301 |
| Total assets | $14,127,749 |
| Accounts payable and accrued expenses | $495,066 |
| 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 | $276,649 |
| Total liabilities | $771,715 |
| Net assets without donor restrictions | $8,056,034 |
| Net assets with donor restrictions | $5,300,000 |
| 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 | $14,127,749 |
Grants Awarded
Over the last fiscal year, Greater Sacramento Area Economic Council has awarded $151,253 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
THE LEUKEMIA & LYMPHOMA SOCIETY CENTRAL VALLEY REG PURPOSE: DONATION | $10,000 |
FOURTHWAVE PURPOSE: SPONSORSHIP DONATION | $45,000 |
GREATER SACRAMENTO URBAN LEAGUE PURPOSE: DONATION | $50,000 |
COMMITTEE FOR A BETTER SACRAMENTO PURPOSE: DONATION | $10,000 |
LOVES & FISHES SACRAMENTO PURPOSE: DONATION | $5,203 |
FINTECH CREDIT UNION CONNECTION 2022 PURPOSE: SPONSORSHIP | $10,000 |