Business Development Finance Corporation
- Assets
- $19.8m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 23
- Location
- Tucson, AZ
- Founding
- 09/1981
- Data as of
- 09/2023
- EIN
- 86-0403989
Organization Overview
Business Development Finance Corporation is located in Tucson, AZ. The organization was established in 1981. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Business Development Finance Corporation employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Development Finance Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Business Development Finance Corporation generated $4.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $4.5m during the year ending 09/2023. While expenses have increased by 3.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING AND ASSISTING THE GROWTH AND DEVELOPMENT OF THE ARIZONA ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBA 504 LENDING - PROVIDE AFFORDABLE LONG TERM FIXED ASSET FINANCING TO SMALL BUSINESSES TO PURCHASE OWNER OCCUPIED COMMERCIAL REAL ESTATE, OR MACHINERY AND EQUIPMENT.
COMMUNITY LENDING
SBA COMMUNITY ADVANTAGE 7(A) LENDING - PROVIDE AFFORDABLE FINANCING TO SMALL BUSINESSES.
ECONOMIC DEVELOPMENT CONSULTING - ASSIST OTHER NON PROFITS OR GOVERNMENTAL ENTITIES WITH PROJECTS THAT PROMOTE ECONOMIC DEVELOPMENT AND GROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael S Hammond Chair | OfficerTrustee | 1 | $950 |
Benjamin Danner Vice Chair | OfficerTrustee | 1 | $0 |
Mark Jebelian Treasurer | OfficerTrustee | 1 | $0 |
Sean Murray Secretary | OfficerTrustee | 1 | $1,250 |
Kendall Bert Director | Trustee | 1 | $950 |
Evelyn Casuga Director | Trustee | 1 | $1,100 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,090,524 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $60,194 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,460,265 |
| 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. | $773,436 |
| Compensation of current officers, directors, key employees. | $393,854 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,434,052 |
| Pension plan accruals and contributions | $56,851 |
| Other employee benefits | $65,653 |
| Payroll taxes | $162,749 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,386 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $433,052 |
| Advertising and promotion | $50,334 |
| Office expenses | $143,324 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $111,680 |
| Travel | $5,927 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $559,919 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,407 |
| Insurance | $53,029 |
| All other expenses | $2,098 |
| Total functional expenses | $4,455,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,080,015 |
| Savings and temporary cash investments | $2,346,095 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $572,110 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,080,884 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $22,207 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $309,917 |
| Intangible assets | $0 |
| Other assets | $426,833 |
| Total assets | $19,838,061 |
| Accounts payable and accrued expenses | $1,099,554 |
| 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 | $4,806,713 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $311,010 |
| Total liabilities | $6,217,277 |
| Net assets without donor restrictions | $8,487,771 |
| Net assets with donor restrictions | $5,133,013 |
| 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 | $19,838,061 |