Bay Area Employment Development Company
- Assets
- $2.4m
- Revenue
- $5.1m
- Investments
- $12.9k
- Employees
- 17
- Location
- Concord, CA
- Founding
- 05/1980
- Data as of
- 09/2023
- EIN
- 95-3457545
Organization Overview
Bay Area Employment Development Company is located in Concord, CA. The organization was established in 1980. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. As of 09/2023, Bay Area Employment Development Company employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Area Employment Development Company is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Bay Area Employment Development Company generated $5.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $4.4m during the year ending 09/2023. While expenses have increased by 1.8% per year over the past 8 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
ASSIST GROWING SMALL BUSINESSES OBTAIN LOW COST OPTIMALLY STRUCTURED FINANCING FOR FIXED ASSET EXPANSIONS WHICH HELPS THEM RETAIN AND CREATE JOBS AND ASSIST THEIR COMMUNITIES WITH NEIGHBORHOOD COMMERCIAL REVITALIZATION EFFORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BAY AREA EMPLOYMENT DEVELOPMENT COMPANY BDC IS LICENSED BY THE U.S. SMALL BUSINESS ADMINISTRATION, A FEDERAL AGENCY, AS A CERTIFIED DEVELOPMENT COMPANY, FOR THE PURPOSE OF MAKING 504 LOANS TO ELIGIBLE SMALL BUSINESSES. BDC USES 504 FINANCING TO ASSIST GROWING SMALL BUSINESSES OBTAIN LOW COST FINANCING FOR FIXED ASSET EXPANSIONS WHICH HELPS THEM RETAIN AND CREATE JOBS AND ASSIST THEIR COMMUNITIES WITH COMMERCIAL REVITILIZATION EFFORTS. SINCE ITS INCEPTION, BDC HAS PROVIDED 2,554 SMALL BUSINESSES WITH OVER $1.8 BILLION OF 504 FINANCING AND OVER $5 BILLION OF FUNDING OVERALL. THIS HAS HELPED THOSE COMPANIES CREATE AND RETAIN APPROXIMATELY 28,000 JOBS. OVER 1/3 OF THE BUSINESSES FUNDED ARE IN LOW AND MODERATE INCOME AREAS AND OVER 1/3 OF THEIR CLIENTS ARE WOMEN AND MINORITY OWNED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Grant CEO | 40 | $389,276 | |
Joseph Lampe Senior VP | 40 | $320,738 | |
Fletcher Chang Loan Analyst | 40 | $189,225 | |
Robert Thompson Vice President | 40 | $165,102 | |
Mark Schwan Senior VP | 40 | $166,785 | |
James Baird Director | Trustee | 40 | $150,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Scott Rodde Inc Legal Services | 9/29/23 | $381,775 |
Susan Kan Whitaker Legal Services | 9/29/23 | $100,350 |
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 | $5,103,848 |
| Investment income | $789 |
| 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 | $5,131,867 |
| 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. | $159,708 |
| Compensation of current officers, directors, key employees. | $5,335 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,405,789 |
| Pension plan accruals and contributions | $68,146 |
| Other employee benefits | $259,986 |
| Payroll taxes | $163,612 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $388,151 |
| Fees for services: Accounting | $48,385 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $220,420 |
| Advertising and promotion | $22,640 |
| Office expenses | $45,551 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $178,214 |
| Travel | $113,061 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,623 |
| Insurance | $33,105 |
| All other expenses | $35,482 |
| Total functional expenses | $4,439,699 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $594,281 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,259,745 |
| 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 | $63,386 |
| Net Land, buildings, and equipment | $2,317 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,949 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $426,977 |
| Total assets | $2,359,655 |
| Accounts payable and accrued expenses | $299,274 |
| 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 | $57,170 |
| Total liabilities | $356,444 |
| Net assets without donor restrictions | $2,003,211 |
| 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 | $2,359,655 |
Grants Awarded
Over the last fiscal year, Bay Area Employment Development Company has awarded $35,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SMALL BUSINESS CALIFORNIA PURPOSE: ECONOMIC DEVELOPMENT - SMALL BUSINESS PROMOTION | $5,000 |
NORTH VALLEY COMMUNITY FOUNDATION PURPOSE: CAMP FIRE RELIEF FUND | $5,000 |
HSU ADVANCEMENT FOUNDATION PURPOSE: SEMINAR SPONSORSHIP THROUGH ALAMEDA COUNTY SBDC | $5,000 |
CENTRO COMMUNITY PARTNERS PURPOSE: DONATION OF ENTREPRENEURAL TRAINING AND MICROLENDING ORGANIZATION | $20,000 |