Cobiz Richmond Inc
- Assets
- $143.5k
- Revenue
- $610.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Richmond, CA
- Founding
- 10/2019
- Data as of
- 12/2023
- EIN
- 84-2956832
Organization Overview
Cobiz Richmond Inc is located in Richmond, CA. The organization was established in 2019. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Cobiz Richmond Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cobiz Richmond 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 12/2023, Cobiz Richmond Inc generated $610.4k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 41.1% each year . All expenses for the organization totaled $622.3k during the year ending 12/2023. 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
TO CREATE AN ENTREPRENEURIAL HUB TO FOSTER A CULTURE OF INNOVATION, COLLABORATION, AND ENTREPRENEURSHIP BETWEEN INDIVIDUALS AND TRI-SECTOR STAKEHOLDERS WITH THE INTENT TO DRIVE SUSTAINABLE ECONOMIC DEVELOPMENT AND REVITALIZATION OF DOWNTOWN AND GREATER RICHMOND, CALIFORNIA
Describe the Organization's Program Activity:
Part 3 - Line 4a
COBIZ CONTINUED PROVIDING LOW TO NO COST BUSINESS INNOVATION AND INCUBATION SERVICES IN A COLLABORATIVE SHARED WORK-SPACE SETTING, SERVING THE COMMUNITY AND ESSENTIAL PROFESSIONALS THROUGH THE PANDEMIC AND NUMEROUS SHELTER IN PLACE ORDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bret Sweet Vice President | OfficerTrustee | 1 | $0 |
James Lee Director | OfficerTrustee | 1 | $0 |
Michael Martin Treasurer | OfficerTrustee | 1 | $0 |
Lily Rahnema Secretary | OfficerTrustee | 1 | $0 |
Wesley Alexander CEO | Officer | 65 | $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 | $215,908 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $215,908 |
| Total Program Service Revenue | $392,914 |
| 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 | $610,382 |
| 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. | $132,500 |
| Compensation of current officers, directors, key employees. | $26,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $99,448 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,258 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,543 |
| Advertising and promotion | $15,700 |
| Office expenses | $3,224 |
| Information technology | $2,983 |
| Royalties | $0 |
| Occupancy | $228,758 |
| Travel | $44 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,873 |
| All other expenses | $10,533 |
| Total functional expenses | $622,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,928 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $79,434 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,134 |
| Total assets | $143,496 |
| Accounts payable and accrued expenses | $9 |
| Grants payable | $37,092 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $132,952 |
| Other liabilities | $0 |
| Total liabilities | $170,053 |
| Net assets without donor restrictions | $0 |
| 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 | -$26,557 |
| Total liabilities and net assets/fund balances | $143,496 |