Solano Economic Devco Corporation
- Assets
- $150.4k
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 10
- Location
- Fairfield, CA
- Founding
- 02/1998
- Data as of
- 06/2023
- EIN
- 91-1790564
Organization Overview
Solano Economic Devco Corporation, operating under the name Solano EDC, is located in Fairfield, CA. The organization was established in 1998. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Solano EDC employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solano EDC is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Solano EDC generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 13.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO POSITIVELY IMPACT THE ECONOMIC GROWTH OF SOLANO COUNTY BY MAINTAINING & ENHANCING A COMPETITIVE LOCATION FOR BUSINESSES TO EXPAND & LOCATE, PROVIDING DIRECT SERVICE TO SCALE LOCAL TRADED SECTOR INDUSTRIES, ATTRACTING NEW JOBS & INVESTMENT, & CONNECTING BUSINESSES WITH RESOURCES TO MEET THEIR NEEDS. THE EDC COLLABORATES WITH THE CITIES, COUNTY, WORKFORCE DEVELOPMENT, UTILITIES, & EDUCATION TO DELIVER ALL RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOLANO BUSINESS FIRST! IS A NETWORK OF ALL CITIES AND PARTNER ORGANIZATIONS DEDICATED TO REACHING OUT AND ASSISTING EXISTING COMPANIES IN THEIR CITIES BY CONNECTING THEM WITH SPECIFIC RESOURCES, INFORMATION, AND SERVICES. RESOURCES AND SERVICES ARE AVAILABLE TO ASSIST BUSINESSES WITH EXPANSIONS, ADDRESS ECONOMIC DIFFICULTIES, ACCESS LOCAL, STATE AND FEDERAL INCENTIVES AND WITH ASSISTANCE TO HELP THE COMPANY BE MORE COMPETITIVE IN THE BROADER MARKETPLACE.
CONFIDENTIAL SITE LOCATION ASSISTANCE: SOLANO EDC WORKS ON A CONFIDENTIAL BASIS WITH COMPANIES SEEKING TO IDENTIFY SITES OR BUILDINGS IN THE COUNTY, PROVIDES PROPOSALS AND DATA PER THEIR REQUEST FOR LOCATION-DECISION EVALUATION, AND WILL COORDINATE SITE TOURS. ONCE A COMPANY HAS IDENTIFIED SPECIFIC SITES THAT MEET THEIR NEEDS, THE CITY ECONOMIC DEVELOPMENT REPRESENTATIVE WILL PROVIDE PRIMARY ASSISTANCE, WITH THE EDC CONTINUING TO PROVIDE DATA ON WORKFORCE OR ACCESS TO PROGRAMS TO ASSIST WITH LOCATION.
AS A RESOURCE HUB, THE EDC PROVIDES DEMOGRAPHIC REPORTS FOR SPECIAL AREAS OF INTEREST, INCLUDING INFORMATION ON AVAILABLE WORKFORCE, WATER RATES, MAJOR EMPLOYERS, AND OCCUPATIONS. FOR COMPANIES SEEKING BUSINESS FINANCING, THE EDC WILL (1) MAKE REFERRALS TO AGENCIES TO ASSIST WITH LOAN GUARANTEES, DIRECT FINANCING, SBA LOAN PACKAGES, EQUIPMENT AND REAL ESTATE FINANCING AND INDUSTRIAL DEVELOPMENT BONDS. (2) ASSIST BUSINESSES USING RECYCLED MATERIALS OR DIVERTING MATERIALS FROM THE WASTE STREAM WITH CALIFORNIAS RECYCLING MARKET DEVELOPMENT ZONE LOAN PROGRAM; AND (3) ASSIST WITH PROJECT DEVELOPMENT INFRASTRUCTURE PROGRAM FINANCING PARTNERED WITH A LOCAL CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher E Rico President / CEO | Officer | 40 | $184,994 |
J Paul Harrington Program Manager | 40 | $128,283 | |
Celia Esposito-Noy Chairman | OfficerTrustee | 2 | $0 |
Kevin Miller Treasurer | OfficerTrustee | 1 | $0 |
Albert Lavezzo Secretary | OfficerTrustee | 1 | $0 |
Paul Adler Director | Trustee | 0.5 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,334,397 |
| Investment income | $6 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $6,783 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,343,844 |
| 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. | $201,505 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $439,749 |
| Pension plan accruals and contributions | $38,537 |
| Other employee benefits | $24,741 |
| Payroll taxes | $48,199 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $60 |
| Fees for services: Accounting | $14,335 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $310,012 |
| Advertising and promotion | $73,118 |
| Office expenses | $8,239 |
| Information technology | $7,096 |
| Royalties | $0 |
| Occupancy | $51,060 |
| Travel | $5,051 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,120 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,162 |
| Insurance | $9,245 |
| All other expenses | $0 |
| Total functional expenses | $1,260,140 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $141,191 |
| Savings and temporary cash investments | $2,380 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,030 |
| 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 | $3,500 |
| Net Land, buildings, and equipment | $310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $150,411 |
| Accounts payable and accrued expenses | $3,878 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,281 |
| Total liabilities | $13,159 |
| 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 | $137,252 |
| Total liabilities and net assets/fund balances | $150,411 |