Coastal Area District Development Authority
- Assets
- $23.7m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 8
- Location
- Brunswick, GA
- Founding
- 03/1981
- Data as of
- 09/2023
- EIN
- 58-1395933
Organization Overview
Coastal Area District Development Authority is located in Brunswick, GA. The organization was established in 1981. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Coastal Area District Development Authority employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coastal Area District Development Authority 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 09/2023, Coastal Area District Development Authority generated $1.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $717.6k during the year ending 09/2023. 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
ECONOMIC DEVELOPMENT LENDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CADDA PROVIDES LOAN FUNDING THROUGH REVOLVING LOAN FUNDS TO COMPANIES WITHIN THE COASTAL GEORGIA AREA THAT WILL RESULT IN A POSITIVE ECONOMIC IMPACT AND THE CREATION OF JOBS.
CADDA PROVIDES FUNDING THROUGH THE INTERMEDIARY RELENDING PROGRAM FOR NEW BUSINESSES AT REASONABLE INTEREST RATES DESIGNATED TO PROVIDE ASSISTANCE FOR BUSINESSES IN RURAL AREAS.
NONPUBLIC FUNDS ARE UNRESTRICTED FUNDS GENERATED PRIMARILY THROUGH CHARGES FOR LOAN SERVICES PROVIDED BY CADDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terrence Louk CEO | Officer | 40 | $131,288 |
Bryan Burke Board Member | Trustee | 2.5 | $0 |
Cherise Cartwright Board Member | Trustee | 2.5 | $0 |
Keith Crusan Board Member | Trustee | 2.5 | $0 |
Chris Harper Board Member | Trustee | 2.5 | $0 |
James Drake Jr Board Member | Trustee | 2.5 | $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 | $696,288 |
| Investment income | $155,969 |
| 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 | $1,036,906 |
| 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. | $135,000 |
| Compensation of current officers, directors, key employees. | $44,443 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $216,757 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $102,481 |
| Payroll taxes | $27,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,063 |
| Fees for services: Accounting | $85,995 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,173 |
| Advertising and promotion | $11,730 |
| Office expenses | $2,891 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,471 |
| Travel | $6,642 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,558 |
| Interest | $20,795 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $56,925 |
| Insurance | $26,271 |
| All other expenses | -$76,041 |
| Total functional expenses | $717,642 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,388,431 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,911,260 |
| 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 | $153,712 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $265,309 |
| Total assets | $23,718,712 |
| Accounts payable and accrued expenses | $40,997 |
| 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 | $679,878 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $208,250 |
| Total liabilities | $929,125 |
| Net assets without donor restrictions | $0 |
| 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 | $22,789,587 |
| Total liabilities and net assets/fund balances | $23,718,712 |