Valley Economic Development Center Inc
- Assets
- $0.0
- Revenue
- $13.8m
- Investments
- $0.0
- Employees
- 4
- Location
- Encino, CA
- Founding
- 05/2003
- Data as of
- 06/2020
- EIN
- 95-3139419
Organization Overview
Valley Economic Development Center Inc is located in Encino, CA. The organization was established in 2003. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2020, Valley Economic Development Center Inc employed 4 individuals. Valley Economic Development Center Inc 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 06/2020, Valley Economic Development Center Inc generated $13.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $447.5k during the year ending 06/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND SUSTAIN JOBS AND BUSINESSES IN OUR COMMUNITIES BY PROVIDING HIGH-QUALITY ECONOMIC DEVELOPMENT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WINDING DOWN OPERATIONS. TO PROVIDE FINANCING ASSISTANCE, MANAGEMENT CONSULTING, AND TRAINING TO ENTREPRENEURS AND SMALL BUSINESS OWNERS IN AND AROUND LOS ANGELES COUNTY AND THROUGHOUT CALIFORNIA. ON JULY 2, 2019 VALLEY ECONOMIC DEVELOPMENT CENTER FILED FOR BANKRUPTCY. THE FILING FOR BANKRUPTCY IMPACTED ALL OF VEDC'S PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Arnold Compliance Director | Officer | 40 | $0 |
Robert J Dennen Financial Consultant | 40 | $0 | |
Pegi Matsuda Board Member | Trustee | 4 | $0 |
Leandro Tyberg Board Member | Trustee | 4 | $0 |
Anita Wolman Board Member | Trustee | 4 | $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 | $25,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,000 |
| Total Program Service Revenue | $38,944 |
| Investment income | $22 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,703 |
| Net Gain/Loss on Asset Sales | $494,020 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,840,242 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $135,030 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,054 |
| Payroll taxes | $11,174 |
| 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 | $20,743 |
| Advertising and promotion | $0 |
| Office expenses | $336 |
| Information technology | $18,925 |
| Royalties | $0 |
| Occupancy | $36,582 |
| Travel | $14 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $58,338 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $110,710 |
| Insurance | $11,154 |
| All other expenses | $1,826 |
| Total functional expenses | $447,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |