Surf Development Company Inc
- Assets
- $9.1m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Lompoc, CA
- Founding
- 08/1996
- Data as of
- 06/2023
- EIN
- 77-0201747
Organization Overview
Surf Development Company Inc is located in Lompoc, CA. The organization was established in 1996. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 06/2023, Surf Development Company Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surf Development Company Inc 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, Surf Development Company Inc generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $1.6m during the year ending 06/2023. 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
PROVIDE HOUSING FOR LOW INCOME, INDIVIDUALS, FAMILIES, ELDERLY, AND DISABLED PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HOUSING FOR LOW INCOME FAMILIES AND ELDERLY AND HANDICAPPED PERSONS WHO CANNOT AFFORD DECENT, SAFE, AND SANITARY HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Milton E Johns Senior Project Man | 40 | $202,908 | |
Larry K Deese Senior Project Man | 40 | $166,882 | |
Nancy L Wesoff Dir. Of Contract | 40 | $161,823 | |
Mark W Cromer Project Manager | 40 | $116,772 | |
Raymond F Down President | OfficerTrustee | 2 | $0 |
Mark Paul Vice President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,641 |
| All other contributions, gifts, grants, and similar amounts not included above | $221,225 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $231,866 |
| Total Program Service Revenue | $1,787,023 |
| Investment income | $29,220 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $484,172 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,532,281 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $206,225 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $686,201 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $210,164 |
| Payroll taxes | $52,251 |
| Fees for services: Management | $109,614 |
| Fees for services: Legal | $9,500 |
| Fees for services: Accounting | $8,435 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,071 |
| Advertising and promotion | $0 |
| Office expenses | $21,268 |
| Information technology | $2,418 |
| Royalties | $0 |
| Occupancy | $109,713 |
| Travel | $7,432 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $74 |
| Interest | $27,187 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $112,333 |
| Insurance | $21,608 |
| All other expenses | $0 |
| Total functional expenses | $1,638,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,537,704 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $212,318 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,628,930 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,134 |
| Net Land, buildings, and equipment | $2,635,066 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $58,429 |
| Intangible assets | $2,855 |
| Other assets | $4 |
| Total assets | $9,092,440 |
| Accounts payable and accrued expenses | $854,224 |
| Grants payable | $0 |
| Deferred revenue | $2,469,518 |
| 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 | $1,452,693 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,368 |
| Total liabilities | $4,797,803 |
| Net assets without donor restrictions | $3,344,637 |
| Net assets with donor restrictions | $950,000 |
| 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 | $9,092,440 |
Grants Awarded
Over the last fiscal year, Surf Development Company Inc has awarded $206,225 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
APARICIO APARTMENTS LP PURPOSE: Broadband Internet Install | $37,800 |
HOMEBASE ON G PURPOSE: Broadband Internet Install | $83,850 |
VINTAGE WALK PURPOSE: Broadband Internet Install | $7,650 |
STANLEY HORN HOMES PURPOSE: Broadband Internet Install | $34,925 |
LOMPOC TERRACE APARTMENTS PURPOSE: Broadband Internet Install | $42,000 |