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Nonprofiteer
← JEDCO DEVELOPMENT CORPORATION

Form 990-EZ for tax year 2023

Filed by JEDCO DEVELOPMENT CORPORATION.

Totals

Total revenue
$149,703
Total expenses
$147,659
Contributions and grants received
not reported
Grants paid
not reported
Program service revenue
$147,660
Membership dues (line 3)
not reported
Investment income (line 4)
$2,043
Gain or loss on sale of assets (line 5c)
not reported
Gaming and fundraising events, net (line 6d)
not reported
Gross profit on inventory sales (line 7c)
not reported
Other revenue (line 8)
not reported
Total assets, end of year
$267,648
Total liabilities, end of year
$264,337
Net assets or fund balances, end of year
$3,311
Program service expenses (Part III)
$147,659

Program services were 100.0% of total expenses calculated — Part III's total program service expenses over total expenses, both as filed.

Mission and programs · 2023

Primary exempt purpose

TO PROVIDE U S SMALL BUSINESS ADMINISTRATION (SBA)LOANS TO SMALL BUSINESSES LOCATED WITHIN THE GEOGRAPHIC AREA OF THE STATE OF LOUISIANA BY WORKING WITH THE SBA AND PARTICIPATING PRIVATE LENDERS.

  • Certified development companies (CDCS) are non-profit corporations certified and regulated by the small business administration to package, process, close, and service 504 loans. These 504 loans are issued through a partnership with certified development companies (CDC) and private sector, third party lenders. There are a small number of for-profit CDCs that have been grandfathered into the current 504 program. The provisions of this SOP apply to the non-profit and the for-profit CDCS in accordance with the terms of the regulations. JEDCO Development Corporation is a CDC in the SBA 504 loan program.Between 1990 and 2023, JEDCO Development Corporation has approved 190 SBA 504 loans and funded 96 SBA 504 loans.THE FINANCE DEPARTMENT IS CURRENTLY STAFFED BY 4 EMPLOYEES OF THE RELATED GOVERNMENTAL ENTITY, JEFFERSON PARISH ECONOMIC DEVELOPMENT & PORT DISTRICT. THE FINANCE DIRECTOR OR THE BUSINESS DEVELOPMENT OFFICER MEETS WITH APPLICANTS, GATHERS INFORMATION NECESSARY TO COMPLETE APPLICATIONS AND SUBMITS APPLICATIONS TO THE BOARD OF DIRECTORS OF JEDCO DEVELOPMENT CORPORATION FOR APPROVAL. THE FINANCING OPERATIONS MANAGER IS RESPONSIBLE FOR COORDINATING LOAN CLOSINGS WITH BORROWERS AND CLOSING ATTORNEYS AND SUBMITTING CLOSING DOCUMENTS TO SBA. THE LOAN SPECIALIST INPUTS THE LOAN INFORMATION INTO A SOFTWARE PROGRAM USED TO MONITOR LOAN REQUIREMENTS FOR THE LIFE OF THE LOAN, WHICH IS TYPICALLY 20 YEARS. Over the life of JEDCO's SBA loan program, 796.72 job opportunities have been created and 385.38 job opportunities have been retained. SBA requires that a CDC must have a job opportunity average of 1 job for every $90,000 of debenture funding or $85,000 for projects located in special geographic areas (enterprise communities, empowerment zones, labor surplus areas, and opportunity zones). JEDCO has created/retained 1 job for every $36,445.84 of SBA funding.In 2023, 5 loans were funded totaling $4,585,228.00 with anticipated creation of 26 new jobs.

    Expenses $147,659

As filed on the 2023 return.

Listed in Part IV

  • JOE EWELL

    VICE CHAIRMAN

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • BRIAN HEIDEN

    Treasurer

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • TERESA LAWRENCE

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • KENNETH BERTUCCI

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • MELISSA O'NEAL

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • JOE RICCOBONO

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • BOB STEVENS

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • MICHAEL FAHRENHOLT JR

    Chairman

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • FLOYD SIMEON

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

  • JAMES HUDSON

    MEMBER

    Total calculated
    $0
    Compensation
    $0
    Benefit plans
    not reported
    Expense account
    not reported
    Hours/week
    0.52

Compensation is as filed in Part IV of the Form 990-EZ: compensation, contributions to benefit plans, expense account, 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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990_ez
Tax year
2023
Filed
6 August 2024
IRS schema version
2023v5.1
Source object
202402199349200525

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