Business Development Finance Corporation
- Assets
- $22.2m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 19
- Location
- Tucson, AZ
- Founding
- 09/1981
- Data as of
- 09/2021
- 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 09/2021, Business Development Finance Corporation employed 19 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 09/2021, Business Development Finance Corporation generated $4.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $3.8m during the year ending 09/2021. While expenses have increased by 2.1% per year over the past 6 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
2021
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.
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.
COMMUNITY LENDING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Molenda President | Officer | 40 | $277,508 |
Geoffrey Gordon Mcgivern Vice President And Bus. De | Officer | 40 | $184,046 |
Gabriel Gomez Bus. Dev. Officer | 40 | $151,888 | |
Elizabeth Marie Gamble Vice President And Portfol | Officer | 40 | $150,843 |
Ashley Herko-Mapes Bus. Dev. Officer | 40 | $119,052 | |
David Stake Sr. Loan Officer | 40 | $117,627 |
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 | $3,677,353 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $129,152 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,107,444 |
| 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. | $633,854 |
| Compensation of current officers, directors, key employees. | $378,245 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,280,014 |
| Pension plan accruals and contributions | $52,402 |
| Other employee benefits | $93,891 |
| Payroll taxes | $135,243 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,413 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $383,485 |
| Advertising and promotion | $48,973 |
| Office expenses | $147,122 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $76,698 |
| Travel | $5,779 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $703,014 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,421 |
| Insurance | $45,724 |
| All other expenses | $2,016 |
| Total functional expenses | $3,764,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,078,945 |
| Savings and temporary cash investments | $4,490,467 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $464,973 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,804,512 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $36,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $307,156 |
| Intangible assets | $0 |
| Other assets | $11,399 |
| Total assets | $22,193,625 |
| Accounts payable and accrued expenses | $1,518,203 |
| 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 | $7,691,339 |
| Unsecured mortgages and notes payable | $276,076 |
| Other liabilities | $0 |
| Total liabilities | $9,485,618 |
| Net assets without donor restrictions | $7,722,531 |
| Net assets with donor restrictions | $4,985,476 |
| 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 | $22,193,625 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Civic San Diego San Diego, CA | $12,596,747 | $8,835,597 |
Colorado Enterprise Fund Inc Denver, CO | $82,518,626 | $21,255,608 |
Rocky Mountain Community Reinvestment Corporation Salt Lake City, UT | $241,166,960 | $12,007,635 |
Csac Finance Corporation Sacramento, CA | $22,360,310 | $12,934,423 |
Ampac Tri-State Cdc Inc Ontario, CA | $22,461,621 | $9,676,882 |
Local First Arizona Foundation Phoenix, AZ | $3,232,104 | $5,988,087 |
Inclusive Action For The City Los Angeles, CA | $6,839,271 | $6,785,637 |
Genesis La Economic Growth Corporation Los Angeles, CA | $84,073,617 | $20,248,596 |
Business Development Finance Corporation Tucson, AZ | $22,193,625 | $4,107,444 |
Economic Development Collaborative Ventura County Camarillo, CA | $6,956,185 | $3,790,106 |
Accessity San Diego, CA | $20,855,169 | $4,197,275 |
Sustainable Economic Enterprises Of Los Angeles Los Angeles, CA | $2,131,089 | $4,310,365 |