Seattle Economic Development Fund
- Assets
- $28.3m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 51
- Location
- Seattle, WA
- Founding
- 12/1997
- Data as of
- 12/2021
- EIN
- 91-1764008
Organization Overview
Seattle Economic Development Fund is located in Seattle, WA. The organization was established in 1997. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Seattle Economic Development Fund employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seattle Economic Development Fund 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 12/2021, Seattle Economic Development Fund generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 33.5% each year . All expenses for the organization totaled $3.8m during the year ending 12/2021. While expenses have increased by 12.7% per year over the past 7 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
BUSINESS IMPACT NW GROWS BUSINESS THAT CREATE JOBS IN UNDERSERVED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN FUND ADMINISTRATION AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) TO PROVIDE FINANCING AND MANAGEMENT ASSISTANCE PRIMARILY TO TARGETED BUSINESSES THAT WOULD OTHERWISE NOT BE ABLE TO RECEIVE FINANCING UNDER CONVENTIONAL METHODS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Sky-Tucker Executive Director | Officer | 40 | $111,667 |
Lorri Wallace Director | Trustee | 0.5 | $0 |
John Zmolek Treasurer/secretary | Trustee | 1 | $0 |
Kellen Ball Director | Trustee | 0.5 | $0 |
Phil Jones Board Chairman | Trustee | 1 | $0 |
Tom Berquist Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,350,491 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,543,054 |
| Noncash contributions included in lines 1a–1f | $40,412 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,893,545 |
| Total Program Service Revenue | $2,574,525 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $63,953 |
| Net Gain/Loss on Asset Sales | $400,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,984,943 |
| 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. | $111,667 |
| Compensation of current officers, directors, key employees. | $23,576 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,185,050 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $148,448 |
| Payroll taxes | $236,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $790,940 |
| Advertising and promotion | $45,706 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $153,060 |
| Travel | $33,093 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $225,230 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,307 |
| Insurance | $0 |
| All other expenses | -$460,819 |
| Total functional expenses | $3,774,839 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,848,100 |
| Savings and temporary cash investments | $3,093,980 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $631,667 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,256,984 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,799 |
| Net Land, buildings, and equipment | $979,432 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $465,113 |
| Total assets | $28,288,075 |
| Accounts payable and accrued expenses | $271,603 |
| 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 | $19,251,521 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $825,196 |
| Total liabilities | $20,348,320 |
| Net assets without donor restrictions | $5,193,218 |
| Net assets with donor restrictions | $2,746,537 |
| 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 | $28,288,075 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Seattle Economic Development Fund has recieved totaling $611,608.
| Awarding Organization | Amount |
|---|---|
Umpqua Bank Charitable Foundation Portland, OR PURPOSE: LOAN READINESS CENTER | $150,000 |
Credit Unions In The State Of Washington Tukwila, WA PURPOSE: DONATION | $150,000 |
Washington State Microenterprise Association Olympia, WA PURPOSE: BUSINESS SUPPORT | $150,000 |
Credit Unions In The State Of Washington Tacoma, WA PURPOSE: UNRESTRICTED | $57,783 |
Peoplefund Austin, TX PURPOSE: SUPPORT LENDING AND EDUCATION SERVICES TO UNDERSERVED SMALL BSUINESSES | $48,825 |
Oregon Community Foundation Portland, OR PURPOSE: Economic Development | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington Association For Community Health Olympia, WA | $4,710,495 | $3,491,095 |
Seattle Economic Development Fund Seattle, WA | $28,288,075 | $7,984,943 |
Sustainable Northwest Portland, OR | $5,425,924 | $2,924,728 |
Alliance For A Just Society Seattle, WA | $6,680,868 | $4,320,520 |
Family Crisis Network Newport, WA | $658,985 | $1,912,171 |
Crook County Foundation Prineville, OR | $329,585 | $244,606 |
Williamette United Football Club Inc West Linn, OR | $1,468,541 | $1,650,823 |
New Impact Seattle, WA | $133,413 | $765,355 |
Oregon Rural Electric Cooperative Association Wilsonville, OR | $926,753 | $699,159 |
Avnu Alliance Inc Beaverton, OR | $339,779 | $792,750 |
Washington State Community Action Partnership Olympia, WA | $209,163 | $757,696 |
Washington Progress Alliance Seattle, WA | $855,771 | $1,188,787 |