Economic Development Corporation- San Diego County
- Assets
- $3.9m
- Revenue
- $4.0m
- Investments
- $771.5k
- Employees
- 27
- Location
- San Diego, CA
- Founding
- 07/1966
- Data as of
- 12/2023
- EIN
- 95-2406199
Organization Overview
Economic Development Corporation- San Diego County is located in San Diego, CA. The organization was established in 1966. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Economic Development Corporation- San Diego County employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Corporation- San Diego County 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 12/2023, Economic Development Corporation- San Diego County generated $4.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $4.0m during the year ending 12/2023. While expenses have increased by 2.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO MAXIMIZE THE REGION'S ECONOMIC PROSPERITY AND GLOBAL COMPETITIVENESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE REGIONAL SBDC LEAD CENTER, BASED AT SOUTHWESTERN COLLEGE, CONTRACTS WITH EDC TO COORDINATE AND FACILITATE RECOVERY ASSISTANCE AND RESOURCES FOR SMALL BUSINESSES. IN ADDITION, SBDC CONTRACTS WITH EDC/WTC TO PROVIDE EXPORT COUNSELING AND RESOURCES TO SMALL BUSINESSES.THE CITY OF SAN DIEGO CONTRACTS WITH EDC TO PROVIDE BUSINESS RETENTION, AND EXPANSION SERVICES THROUGHOUT THE CITY. IT ALSO SUPPORTS EDC AFFLIATE WORLD TRADE CENTER SAN DIEGO'S METROCONNECT PROGRAM TO HELP SMALL BUSINESS BUILD EXPORTS, FACILITATE FOREIGN DIRECT INVESTMENT AND ORGANIZE TRADE MISSIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Cafferty President & CEO | OfficerTrustee | 40 | $436,958 |
Heather Ace Director | Trustee | 0 | $0 |
Nelson Ackerly Director | Trustee | 0 | $0 |
Chris Amble Director | Trustee | 0 | $0 |
Kimberly Becker Director | Trustee | 0 | $0 |
Neil Bence Director | Trustee | 0 | $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 | $2,783,643 |
| Noncash contributions included in lines 1a–1f | $37,219 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,783,643 |
| Total Program Service Revenue | $1,034,346 |
| Investment income | $62,762 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $115,328 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,999,265 |
| 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. | $988,758 |
| Compensation of current officers, directors, key employees. | $128,538 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,606,189 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $315,388 |
| Payroll taxes | $166,967 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,618 |
| Fees for services: Accounting | $46,493 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,924 |
| Fees for services: Other | $45,824 |
| Advertising and promotion | $0 |
| Office expenses | $64,320 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $289,884 |
| Travel | $126,099 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,792 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,364 |
| Insurance | $34,173 |
| All other expenses | $26,381 |
| Total functional expenses | $3,988,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,144 |
| Savings and temporary cash investments | $1,285,533 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $486,339 |
| 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 | $28,721 |
| Net Land, buildings, and equipment | $51,864 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $771,485 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,091,707 |
| Total assets | $3,922,793 |
| Accounts payable and accrued expenses | $454,994 |
| 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 | $1,085,158 |
| Total liabilities | $1,540,152 |
| Net assets without donor restrictions | $382,641 |
| Net assets with donor restrictions | $2,000,000 |
| 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 | $3,922,793 |
Grants Awarded
Over the last fiscal year, Economic Development Corporation- San Diego County has awarded $150,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SAN DIEGO CONVENTION & TOURIST BUREAU PURPOSE: SPONSORSHIP NATIONAL GEOGRAPHIC SMART CITIES DOCUMENTARY UNDERWRITING | $100,000 |
THE BROOKINGS INSTITUTION PURPOSE: SUPPORT FOR THE METROPOLITAN POLICY PROGRAM | $50,000 |