Economic Development & Financing Corporation
- Assets
- $6.3m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Ukiah, CA
- Founding
- 06/1995
- Data as of
- 06/2022
- EIN
- 68-0346089
Organization Overview
Economic Development & Financing Corporation is located in Ukiah, CA. The organization was established in 1995. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Economic Development & Financing Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development & Financing 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 06/2022, Economic Development & Financing Corporation generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 39.5% each year . All expenses for the organization totaled $471.8k during the year ending 06/2022. While expenses have increased by 15.2% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONNECTING MONEY AND IDEAS WITH ENTREPENEURS TO CREATE SUSTAINABLE PROSPERITY IN MENDOCINO COUNTY AND LAKE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAKES AND SERVICES LOANS TO BUSINESSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Gernert Executive Dir. | OfficerTrustee | 40 | $58,461 |
Robin Peckham Admin Manager | OfficerTrustee | 40 | $30,673 |
Patty Bruder Secretary | OfficerTrustee | 2 | $0 |
John Goldsmith Chairman | OfficerTrustee | 3 | $0 |
Teri Ullrich Treasurer | OfficerTrustee | 2 | $0 |
Jeremy Logan 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 | $1,880,840 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,880,840 |
| Total Program Service Revenue | $279,414 |
| 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 | $2,194,302 |
| 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. | $116,523 |
| Compensation of current officers, directors, key employees. | $116,523 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $69,247 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,819 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,264 |
| 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 | $37,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,379 |
| Insurance | $4,888 |
| All other expenses | $20,918 |
| Total functional expenses | $471,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,468,540 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,373 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,731,937 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $26,574 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $651 |
| Total assets | $6,289,075 |
| Accounts payable and accrued expenses | $22,439 |
| 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 | $2,071,788 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $352,382 |
| Total liabilities | $2,446,609 |
| Net assets without donor restrictions | $3,775,415 |
| Net assets with donor restrictions | $67,051 |
| 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 | $6,289,075 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Economic Development & Financing Corporation has recieved totaling $52,000.
| Awarding Organization | Amount |
|---|---|
California Association For Microenterprise Opportunity San Francisco, CA PURPOSE: CA SBA Grant | $37,000 |
Community Foundation Of Mendocino County Inc Ukiah, CA PURPOSE: TECHNOLOGY UPGRADE | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Common Sense Media San Francisco, CA | $40,167,265 | $41,899,008 |
Plusoneplusoneplusone San Francisco, CA | $5,684,709 | $11,808,551 |
Childrens Cancer Association Portland, OR | $5,324,937 | $6,576,998 |
Nevada Urban Indians Inc Reno, NV | $1,731,908 | $3,144,359 |
Wallowa Resources Enterprise, OR | $1,481,576 | $2,430,712 |
Maui County Community Television Inc Kahului, HI | $4,912,699 | $2,059,927 |
The Kuhn Foundation Santa Monica, CA | $12,029,147 | $2,231,432 |
Business Arts Plaza Inc Burbank, CA | $87,991,215 | $6,547,572 |
Nevada Rural Counties Rsvp Program Inc Carson City, NV | $434,499 | $1,716,339 |
Rancho Los Cerritos Foundation Long Beach, CA | $2,512,679 | $1,540,496 |
W O L F Moorpark, CA | $765,817 | $1,467,427 |
Create Academy Inc Tempe, AZ | $184,127 | $1,377,364 |