Lake County Economic Development Corporation
- Assets
- $989.7k
- Revenue
- $274.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Lakeport, CA
- Founding
- 12/1987
- Data as of
- 12/2023
- EIN
- 68-0061291
Organization Overview
Lake County Economic Development Corporation is located in Lakeport, CA. The organization was established in 1987. 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. Lake County Economic 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, Lake County Economic Development Corporation generated $274.5k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 24.1% each year . All expenses for the organization totaled $196.3k during the year ending 12/2023. While expenses have increased by 20.9% per year over the past 8 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE GOVERNMENT FUNDING TO LAKE COUNTY BUSINESSES. TO ENCOURAGE CREATION OF NEW JOBS IN THE LAKE COUNTY AREA BY OBTAINING AND PUBLICIZING INFORMATION AS TO THE FEASIBILITY OF POSSIBLE NEW ENTERPRISES AND PROVIDING LOANS TO BUSINESSES AS NEEDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ernesto Padilla President | 5 | $0 | |
Alan Flora Director | 2 | $0 | |
Rick White Director | 2 | $0 | |
Stephanie Ashworth Director | 2 | $0 | |
Tim Karas Director | 2 | $0 | |
Chris Mansell Sec/treasure | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $232,763 |
| Interest on Savings | $41,696 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $274,459 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $70,929 |
| Pension plans, employee benefits | $22,483 |
| Interest | $11,876 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $689 |
| Other expenses | $85,443 |
| Total operating and administrative expenses | $196,284 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $196,284 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $301,417 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $688,317 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $989,734 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $1,177,559 |
| Other liabilities | $901 |
| Total liabilities | $1,178,460 |