Kern Economic Development Corporation
- Assets
- $1.2m
- Revenue
- $971.9k
- Investments
- $0.0
- Employees
- 8
- Location
- Bakersfield, CA
- Founding
- 01/1988
- Data as of
- 06/2022
- EIN
- 77-0151886
Organization Overview
Kern Economic Development Corporation is located in Bakersfield, CA. The organization was established in 1988. 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 06/2022, Kern Economic Development Corporation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kern Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Kern Economic Development Corporation generated $971.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $792.5k during the year ending 06/2022. 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
ATTRACTING NEW BUSINESS & INDUSTRY TO ALL CITIES & COMMUNITIES IN KERN COUNTY. RETAIN EXISTING INDUSTRY & COMPILE DATA TO ATTRACT NEW INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE KERN ECONOMIC DEVELOPMENT CORPORATION PROVIDES FREE AND CONFIDENTIAL SERVICE TO FIRMS THAT ARE EXPANDING OR SEARCHING FOR A NEW BUSINESS LOCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alyssa Armesto Director | Trustee | 1 | $0 |
Jimmy Balentine Director | Trustee | 1 | $0 |
Rob Duchow Director | Trustee | 1 | $0 |
Bill Farris Director | Trustee | 1 | $0 |
Ted Cordova Director | Trustee | 1 | $0 |
Daren Alexander Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $173,962 |
| Related organizations | $0 |
| Government grants | $510 |
| 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 | $174,472 |
| Total Program Service Revenue | $634,171 |
| Investment income | $1,111 |
| 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 | $971,949 |
| 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. | $177,965 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $348,122 |
| Pension plan accruals and contributions | $13,021 |
| Other employee benefits | $18,827 |
| Payroll taxes | $35,559 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,433 |
| Fees for services: Accounting | $19,385 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $79,759 |
| Office expenses | $21,302 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,588 |
| Insurance | $3,528 |
| All other expenses | $5,672 |
| Total functional expenses | $792,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $201 |
| Savings and temporary cash investments | $823,438 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $351,498 |
| 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 | $9,300 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,184,437 |
| Accounts payable and accrued expenses | $282,615 |
| Grants payable | $0 |
| Deferred revenue | $174,461 |
| 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 | $0 |
| Total liabilities | $457,076 |
| Net assets without donor restrictions | $727,361 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,184,437 |