Southeast Colorado Enterprise Development Inc
- Assets
- $7.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 7
- Location
- Lamar, CO
- Founding
- 07/1990
- Data as of
- 12/2022
- EIN
- 84-1096907
Organization Overview
Southeast Colorado Enterprise Development Inc, operating under the name Seced, is located in Lamar, CO. The organization was established in 1990. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Seced employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seced 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 12/2022, Seced generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.6% each year . All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 13.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ECONOMIC ASSISTANCE TO INDIVIDUALS AND BUSINESSES IN SOUTHEAST COLORADO THAT DO NOT QUALIFY FOR TRADITIONAL FINANCING. LOANS ARE PRIMARLY MADE TO NEW, START-UP BUSINESSES OR BUSINESSES THAT ARE HAVING DIFFICULTY WITH TRADITIONAL FINANCING. LOANS HAVE BEEN MADE TO HOME OWNERS TO IMPROVE THEIR PERSONAL RESIDENCES BY UPGRADING WINDOWS, DOORS, AND HEATING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINSS ASSISTANCE LOAN FUND--THE REVOLVING LOAN IS DESIGNED TO FILL GAPS IN SMALL BUSINESS FINANCING OPTIONS. THE ALTERNATIVE FINANCING METHOD POSITIVELY IMPACTS THE ECONOMIC HEALTH OF THE COMMUNITES WITIN BACA, BENT, CROWLEY, KIOWA, AND PROWERS COUNTIES. SINCE INCEPTION THE PROGRAM HAS CREATED IN EXCESS OF 400 JOBS. THE AVERAGE LOAN IS APPROXIMATELY 60,000.
REVOLVING LOAN FUND-PROVIDES INCENTIVES AND DEVELOPS PROMOTIONAL ACTIVITIES TO MARKET AND ADVERTISE ADVANTAGES OF LOCATING A BUSINESS IN SE COLORADO, CREATE A POSITIVE IDENTITY, ENCOURAGE RETENTION, AND EXPANSION OF EXISTING BUSINESSES, PROMOTE REDEVELOPMENT AND ATTRACT NEW BUSINESSES. GENERALLY ENHANCE THE ECONOMIC GROWTH OF SOUTHEAST COLORADO. THIS INCLUDES THE COLORADO DIVISION OF HOUSING-SINGLE FAMILY OWNER OCCUPIED REHABILITATION LOAN PROGRAM FOR HOME OWNERS LIVING IN BACA, KIOWA, AND PROWERS COUNTIES TO PROVIDE LOW INTEREST RATE LOANS. THE PROGRAM HAS MADE APPROXIMATELY 315 LOAN TO INDIVIDUALS LIVING IN THE AUTHORIZED AREA SINCE 1995. THE AVERAGE LOAN AMOUNT IS APPROXIMATELY 16,450. THE PROGRAM SERVES LOW TO MODERATE INCOME HOUSEHOLDS WITH LOW FIXED RATE INTEREST AND FAVORABLE REPAYMENT TERMS.
OTHER ADMINISTRATIVE COSTS FOR ENTERPRISE ADMINSTRATIVE PROGRAMS, TRANSPORTATION PLANNING PROGRAMS, AND TECHNICAL ASSISTANCE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Blaine Arbuthnot Director | Trustee | 1 | $0 |
Glen Ausmus Director | Trustee | 1 | $0 |
Jim Baldwin Director | Trustee | 1 | $0 |
Danelle Berg Director | Trustee | 1 | $0 |
Rick Butler Director | Trustee | 1 | $0 |
Wendy Buxton-Andrade Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $41,529 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,412,764 |
| 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 | $1,454,293 |
| Total Program Service Revenue | $240,218 |
| Investment income | $4,522 |
| 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 | $1,702,636 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $376,127 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $60 |
| Fees for services: Accounting | $13,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,030 |
| Advertising and promotion | $394 |
| Office expenses | $18,501 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,952 |
| Travel | $7,446 |
| 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 | $14,074 |
| Insurance | $11,424 |
| All other expenses | $490 |
| Total functional expenses | $2,293,212 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,417,763 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $927,781 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,496,389 |
| Inventories for sale or use | $89,547 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $89,039 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $796,663 |
| Total assets | $7,817,182 |
| Accounts payable and accrued expenses | $5,445 |
| Grants payable | $0 |
| Deferred revenue | $282,333 |
| 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 | $8,116 |
| Total liabilities | $295,894 |
| Net assets without donor restrictions | $7,521,288 |
| 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 | $7,817,182 |