Economic Development & Financing Corporation
- Assets
- $6.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Ukiah, CA
- Founding
- 06/1995
- Data as of
- 06/2023
- 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 06/2023, 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 06/2023, Economic Development & Financing Corporation generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 22.6% each year . All expenses for the organization totaled $470.0k during the year ending 06/2023. While expenses have increased by 13.1% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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
LOANS WERE MADE TO LOCAL BUSINESSES. CURRENT LOANS WERE SERVICED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Gernert Executive Dir. | OfficerTrustee | 40 | $68,077 |
Jeremy Logan Director | Trustee | 1 | $0 |
Patty Bruder Secretary | OfficerTrustee | 2 | $0 |
John Goldsmith Chairman | OfficerTrustee | 3 | $0 |
Robert Hartline Director | Trustee | 1 | $0 |
Aaron Obenyah Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $594,359 |
| 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 | $594,359 |
| Total Program Service Revenue | $487,326 |
| 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 | $1,087,868 |
| 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. | $206,925 |
| Compensation of current officers, directors, key employees. | $206,925 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,014 |
| 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 | $47,959 |
| Advertising and promotion | $563 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,089 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,679 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,829 |
| Insurance | $5,297 |
| All other expenses | $11,708 |
| Total functional expenses | $470,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,939,708 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,725 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,248,503 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $32,296 |
| Total assets | $6,246,618 |
| Accounts payable and accrued expenses | $110 |
| 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 | $1,610,983 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $175,490 |
| Total liabilities | $1,786,583 |
| Net assets without donor restrictions | $4,457,414 |
| Net assets with donor restrictions | $2,621 |
| 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 | $6,246,618 |