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Nonprofiteer
← VALLEY ECONOMIC DEVELOPMENT PARTNERS INC

Form 990 for tax year 2023

Filed by VALLEY ECONOMIC DEVELOPMENT PARTNERS INC.

Totals

Total revenue
$8,153,238
Total expenses
$1,297,501
Contributions and grants received
$6,572,667
Grants paid
$80,000
Program service revenue
$1,548,508
Investment income
$263
Other revenue
$31,800
Total assets, end of year
$44,597,920
Total liabilities, end of year
$14,818,795
Net assets or fund balances, end of year
$29,779,125
Program services expenses (Part IX)
$919,586
Management and general expenses
$377,915
Fundraising expenses
$0
Program service expenses (Part III)
$919,586

Program services were 70.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $2,800

  • 1e · Government grants (contributions)

    $6,379,867

  • 1f · All other contributions, gifts and grants

    $190,000

  • 2a · Program service revenue: REVOLVING LOAN INTEREST INCOME

    total $940,655 · related or exempt $940,655

  • 2b · Program service revenue: LOAN SERVICING FEES

    total $607,853 · related or exempt $607,853

  • 3 · Investment income

    total $108,798 · excluded $108,798

  • 7a · Gross sales of assets other than inventory

    securities $1,200,719

  • 7b · Less cost or other basis and sales expenses

    securities $1,309,254

  • 7c · Gain or loss

    securities -$108,535

  • 7d · Net gain or loss

    total -$108,535 · excluded -$108,535

  • 8a · Fundraising events: gross income

    $32,187

  • 8a · Fundraising events: contributions included on line 1c

    $2,800

  • 8b · Fundraising events: direct expenses

    $14,046

  • 8c · Net income from fundraising events

    total $18,141 · excluded $18,141

  • 11a · Other revenue: DOCUMENT PREP FEES

    total $7,499 · related or exempt $7,499

  • 11b · Other revenue: BAD DEBT RECOVERY

    total $6,860 · related or exempt $6,860

  • 11c · Other revenue: REIMBURSEMENTS

    total $5,372 · related or exempt $5,372

  • 11d · All other revenue

    total -$6,072 · related or exempt -$6,072

  • 11e · Other revenue, total

    $13,659

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $80,000 · program services $80,000

  • 5 · Compensation of officers, directors and key employees

    total $138,392 · program services $98,177 · management and general $40,215

  • 7 · Other salaries and wages

    total $445,029 · program services $311,163 · management and general $133,866

  • 8 · Pension plan contributions

    total $22,534 · program services $15,890 · management and general $6,644

  • 9 · Other employee benefits

    total $76,621 · program services $53,609 · management and general $23,012

  • 10 · Payroll taxes

    total $45,344 · program services $31,810 · management and general $13,534

  • 11b · Fees: legal

    total $7,727 · program services $1,072 · management and general $6,655

  • 11c · Fees: accounting

    total $26,186 · program services $1,000 · management and general $25,186

  • 11g · Fees: other

    total $81,040 · program services $56,728 · management and general $24,312

  • 12 · Advertising and promotion

    total $41,957 · program services $29,370 · management and general $12,587

  • 13 · Office expenses

    total $22,123 · program services $17,599 · management and general $4,524

  • 16 · Occupancy

    total $8,830 · program services $6,941 · management and general $1,889

  • 17 · Travel

    total $8,826 · program services $4,413 · management and general $4,413

  • 20 · Interest

    total $29,173 · program services $29,173

  • 22 · Depreciation, depletion and amortization

    total $14,366 · program services $14,366

  • 23 · Insurance

    total $37,097 · management and general $37,097

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $87,131 · program services $87,131

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $35,319 · management and general $35,319

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $24,230 · program services $19,384 · management and general $4,846

  • 24d · Other expenses: DATA PROCESSING

    total $19,279 · program services $17,351 · management and general $1,928

  • 24e · All other expenses

    total $46,297 · program services $44,409 · management and general $1,888

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,118,799 · end of year $12,690,068

  • 2 · Savings and temporary cash investments

    beginning of year $471,971 · end of year $394,444

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $25,000

  • 4 · Accounts receivable

    beginning of year $197,480 · end of year $252,765

  • 7 · Other notes and loans receivable

    beginning of year $19,816,516 · end of year $28,520,538

  • 10a · Land, buildings and equipment: cost or other basis

    $862,559

  • 10b · Land, buildings and equipment: accumulated depreciation

    $664,389

  • 10c · Land, buildings and equipment, net

    beginning of year $290,176 · end of year $198,170

  • 11 · Investments: publicly traded securities

    beginning of year $3,248,766 · end of year $2,476,268

  • 12 · Investments: other securities

    beginning of year $28,240 · end of year $40,667

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,178 · end of year $12,699

  • 23 · Secured mortgages and notes payable

    beginning of year $1,201,480 · end of year $670,838

  • 24 · Unsecured notes and loans payable

    beginning of year $514,528 · end of year $457,673

  • 25 · Other liabilities

    beginning of year $9,653,246 · end of year $13,677,585

  • 27 · Net assets without donor restrictions

    beginning of year $4,642,896 · end of year $5,454,383

  • 28 · Net assets with donor restrictions

    beginning of year $18,130,620 · end of year $24,324,742

Mission and programs · 2023

Mission

TO BE A LEADER IN DEVELOPING EMPLOYMENT OPPORTUNITIES THROUGH BUSINESS CREATION, EXPANSION AND RETENTION IN COLLABORATION WITH OTHER REGIONAL ORGANIZATIONS.

Activities or mission (Part I)

EMPOWERING ENTREPRENEURS BY ASSISTING IN JOB CREATION AND PROVIDING LOAN PROGRAMS

  • PROMOTE ECONOMIC DEVELOPMENT AND EMPLOYMENT OPPORTUNITIES THROUGH BUSINESS CREATION, EXPANSION, AND RETENTION. DEVELOP AND OPERATE A DIVERSIFIED PORTFOLIO OF LOAN PROGRAMS AND OTHER SERVICES TO ADDRESS THE NEEDS OF REGIONAL BUSINESSES. ESTABLISH AND MAINTAIN STRONG RELATIONSHIPS WITH FINANCIAL, EDUCATIONAL, BUSINESS, GOVERNMENT, AND DEVELOPMENT ORGANIZATIONS AND ATTRACT INVESTORS FOR NEW BUSINESS OPPORTUNITIES. IN 2023 VALLEY PARTNERS CLOSED 162 FINANCIAL PRODUCTS FOR A TOTAL OF $20,345,885.20.

    Expenses $919,586 · Grants $80,000 · Revenue $1,562,167

As filed on the 2023 return.

Listed in Part VII

  • Julie Michael Smith

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Josh Toot

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • James Gibbs

    TREASURER

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Sarra Mohn

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Vito Abruzzino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Derrick McDowell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Shelley Taylor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Diane Richardson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Samuel Huston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Stephanie Gilchrist

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Annemarie Deascentis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Giovani Merlo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Christopher Colella

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Lynette Sutton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Michael Keys

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Thomas Stabi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Ben Digirolamo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Teresa Miller

    EXECUTIVE DIRECTOR

    Total calculated
    $138,392
    From this org
    $121,776
    From related orgs
    $0
    Other
    $16,616
    Hours/week
    40 + 2 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • VARIOUS

    $80,000

    GRANT CLASS PROGRAM

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
18 July 2024
IRS schema version
2023v5.1
Source object
202412129349300011

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