Arcata Economic Development Corp
- Assets
- $14.5m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 14
- Location
- Eureka, CA
- Founding
- 10/1980
- Data as of
- 06/2024
- EIN
- 94-2674882
Organization Overview
Arcata Economic Development Corp, operating under the name Aedc Small Business Lending Center, is located in Eureka, CA. The organization was established in 1980. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2024, Aedc Small Business Lending Center employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aedc Small Business Lending Center 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 06/2024, Aedc Small Business Lending Center generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 24.2% each year . All expenses for the organization totaled $4.5m during the year ending 06/2024. While expenses have increased by 23.0% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT IN THE NORTH COAST REGION OF CALIFORNIA BY PROVIDING BUSINESS LENDING AND TECHNICAL ASSISTANCE SERVICES, COMMUNITY ECONOMIC DEVELOPMENT ASSISTANCE, AND MICROLOAN BUSINESS ASSISTANCE & TRAINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AEDC PROVIDES LOANS FOR SMALL BUSINESSES LOCATED THROUGHOUT NORTHERN CALIFORNIA. AEDC MADE 29 NEW LOANS DURING THE FISCAL YEAR. AT YEAR END, AEDC HAD 71 SMALL BUSINESS LOANS IN ITS PORTFOLIO. ADDITIONALLY, AEDC ADMINISTERED SMALL BUSINESS LOANS FOR LOCAL GOVERNMENTAL AGENCIES AND PROVIDED TECHNICAL ASSISTANCE AND TRAINING TO SMALL BUSINESSES THROUGHOUT NORTHERN CALIFORNIA.
AEDC MANAGES SEVERAL PROGRAMS TO PROMOTE ECONOMIC DEVELOPMENT IN NORTHERN CALIFORNIA. AEDC ORGANIZES AN ECONOMIC DEVELOPMENT SUMMIT TO SUPPORT ENTREPRENEURS AND SMALL BUSINESSES. EMERGING LEADERS ARE BROUGHT TOGETHER FOR ESTABLISHING COLLABORATIVE STRATEGIES. AEDC PROVIDES OPPORTUNITIES FOR LOCAL NATIVE TRIBES TO COLLABORATE IN APPLYING FOR GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ross Welch Executive Director | Officer | 40 | $122,440 |
Janet Depace President | Trustee | 1 | $0 |
Walt Geist Vice President | Trustee | 1 | $0 |
Michael Proulx Treasurer | Trustee | 1 | $0 |
Larry Oetker Secretary | Trustee | 1 | $0 |
Mandy Marquez Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,448,871 |
| All other contributions, gifts, grants, and similar amounts not included above | $892,582 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,341,453 |
| Total Program Service Revenue | $879,688 |
| Investment income | $103,833 |
| 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 | $5,324,974 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,046,023 |
| Grants and other assistance to domestic individuals. | $2,060,358 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $134,444 |
| Compensation of current officers, directors, key employees. | $9,859 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $496,941 |
| Pension plan accruals and contributions | $36,523 |
| Other employee benefits | $82,772 |
| Payroll taxes | $48,838 |
| 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 | $131,012 |
| Advertising and promotion | $41,076 |
| Office expenses | $44,945 |
| Information technology | $57,565 |
| Royalties | $0 |
| Occupancy | $30,386 |
| Travel | $12,728 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $80,521 |
| Interest | $45,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,459 |
| Insurance | $33,559 |
| All other expenses | $0 |
| Total functional expenses | $4,520,789 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $4,461,096 |
| Pledges and grants receivable | $37,457 |
| Accounts receivable, net | $934,094 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,330,425 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,798 |
| Net Land, buildings, and equipment | $404,615 |
| Investments—publicly traded securities | $1,259,841 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,465,626 |
| Accounts payable and accrued expenses | $948,940 |
| Grants payable | $0 |
| Deferred revenue | $2,978,359 |
| 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 | $3,728,091 |
| Unsecured mortgages and notes payable | $500,000 |
| Other liabilities | $0 |
| Total liabilities | $8,155,390 |
| Net assets without donor restrictions | $5,747,683 |
| Net assets with donor restrictions | $562,553 |
| 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 | $14,465,626 |
Grants Awarded
Over the last fiscal year, Arcata Economic Development Corp has awarded $2,207,089 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TRUE NORTH ORGANIZING NETWORK PURPOSE: ECONOMIC RESILIENCE | $216,242 |
NORTH COAST OPPORTUNITIES PURPOSE: ECONOMIC RESILIENCE | $1,269,243 |
CALIFORNIA CENTER FOR RURAL POLICY PURPOSE: ECONOMIC RESILIENCE | $721,604 |