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Nonprofiteer
← ECDC ENTERPRISE DEVELOPMENT GROUP

Form 990 for tax year 2022

Filed by ECDC ENTERPRISE DEVELOPMENT GROUP.

Totals

Total revenue
$3,099,812
Total expenses
$1,878,882
Contributions and grants received
$2,241,070
Grants paid
$0
Program service revenue
$810,235
Investment income
$48,507
Other revenue
$0
Total assets, end of year
$23,316,730
Total liabilities, end of year
$9,468,417
Net assets or fund balances, end of year
$13,848,313
Program services expenses (Part IX)
$1,539,488
Management and general expenses
$339,394
Fundraising expenses
$0
Program service expenses (Part III)
$1,539,488

Program services were 81.9% 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.

  • 1e · Government grants (contributions)

    $2,120,147

  • 1f · All other contributions, gifts and grants

    $120,923

  • 2a · Program service revenue: Fee for Service

    total $127,959 · related or exempt $127,959

  • 2b · Program service revenue: Interest Micro Loans

    total $673,351 · related or exempt $673,351

  • 2c · Program service revenue: Incubator Facility

    total $8,925 · related or exempt $8,925

  • 3 · Investment income

    total $48,507 · related or exempt $48,507

  • 11a · Other revenue: Other Income

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $75,583 · program services $68,861 · management and general $6,722

  • 7 · Other salaries and wages

    total $786,077 · program services $786,077

  • 9 · Other employee benefits

    total $244,125 · program services $244,125

  • 10 · Payroll taxes

    total $66,934 · program services $66,934

  • 12 · Advertising and promotion

    total $13,538 · program services $13,538

  • 13 · Office expenses

    total $17,597 · program services $17,540 · management and general $57

  • 16 · Occupancy

    total $8,217 · management and general $8,217

  • 17 · Travel

    total $7,645 · program services $5,467 · management and general $2,178

  • 20 · Interest

    total $23,809 · program services $23,765 · management and general $44

  • 22 · Depreciation, depletion and amortization

    total $1,405 · management and general $1,405

  • 24a · Other expenses: Management Fees

    total $253,953 · management and general $253,953

  • 24b · Other expenses: Bad Debts

    total $286,545 · program services $286,545

  • 24c · Other expenses: Printing

    total $3,342 · program services $3,342

  • 24d · Other expenses: Professional Fees

    total $67,416 · program services $12,350 · management and general $55,066

  • 24e · All other expenses

    total $22,696 · program services $10,944 · management and general $11,752

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,771,336 · end of year $9,646,989

  • 3 · Pledges and grants receivable

    beginning of year $360,047 · end of year $268,936

  • 4 · Accounts receivable

    beginning of year $877,077 · end of year $881,114

  • 7 · Other notes and loans receivable

    beginning of year $7,565,372 · end of year $9,879,790

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,000 · end of year $2,000

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

    $8,268

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

    $5,575

  • 10c · Land, buildings and equipment, net

    beginning of year $4,099 · end of year $2,693

  • 15 · Other assets

    beginning of year $2,647,592 · end of year $2,635,208

  • 17 · Accounts payable and accrued expenses

    beginning of year $629,780 · end of year $427,207

  • 19 · Deferred revenue

    beginning of year $123,595 · end of year $2,558,595

  • 23 · Secured mortgages and notes payable

    beginning of year $5,846,765 · end of year $6,482,615

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,627,383 · end of year $13,848,313

Mission and programs · 2022

Mission

To Promote Community and Eonomic Development by Serving as a Microloan intermediary providing technical assistance, and micro financing to small businesses operated by low to moderate income entrepreneurs.

  • The Micro Enterprise Development Program provides micro loans and technical assistance to small business entrepreneurs.

    Expenses $1,539,488 · Revenue $673,351

As filed on the 2022 return.

Listed in Part VII

  • Tsehaye Teferra PhD

    President

    Total calculated
    $297,872
    From this org
    $75,583
    From related orgs
    $222,289
    Other
    $0
    Hours/week
    24 + 46 related

    Schedule J breakdown matched by us

    Base
    $75,583 + $197,677 related
    Bonus
    not reported
    Other
    not reported + $24,612 related
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $75,583 + $222,289 related

  • Allene F Wright

    Vice President

    Total calculated
    $239,533
    From this org
    $0
    From related orgs
    $239,533
    Other
    $0
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $218,322 related
    Bonus
    not reported
    Other
    not reported + $21,211 related
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $239,533 related

  • Frederick Schultz Jr

    Director Trustee

    Total calculated
    $0
    Hours/week
    1

  • Zed Wendimu

    Director Trustee

    Total calculated
    $0
    Hours/week
    1

  • Gebreselassie Gebremariam

    Director Trustee

    Total calculated
    $0
    Hours/week
    1

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

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
2022
Filed
15 February 2023
IRS schema version
2022v5.0
Source object
202430469349303353

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