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Nonprofiteer
← CABRILLO ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by CABRILLO ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$4,203,148
Total expenses
$3,921,523
Contributions and grants received
$571,068
Grants paid
$0
Program service revenue
$3,392,450
Investment income
$239,630
Other revenue
$0
Total assets, end of year
$65,657,668
Total liabilities, end of year
$22,477,500
Net assets or fund balances, end of year
$43,180,168
Program services expenses (Part IX)
$2,498,538
Management and general expenses
$1,274,788
Fundraising expenses
$148,197
Program service expenses (Part III)
$2,498,538

Program services were 63.7% 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)

    $214,012

  • 1f · All other contributions, gifts and grants

    $357,056

  • 2a · Program service revenue: PROPERTY MANAGEMENT FE

    total $1,319,695 · related or exempt $1,319,695

  • 2b · Program service revenue: RENTAL INCOME - OWNED

    total $898,161 · related or exempt $898,161

  • 2c · Program service revenue: PARTNERSHIP MANAGEMENT

    total $534,965 · related or exempt $534,965

  • 2d · Program service revenue: DEVELOPER FEES

    total $350,000 · related or exempt $350,000

  • 2e · Program service revenue: COMMUNITY SERVICES FEE

    total $214,385 · related or exempt $214,385

  • 2f · All other program service revenue

    total $75,244 · related or exempt $75,244

  • 3 · Investment income

    total $239,630 · related or exempt $239,630

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $666,080 · program services $373,076 · management and general $267,346 · fundraising $25,658

  • 7 · Other salaries and wages

    total $1,084,919 · program services $607,670 · management and general $435,458 · fundraising $41,791

  • 8 · Pension plan contributions

    total $63,756 · program services $37,556 · management and general $22,991 · fundraising $3,209

  • 9 · Other employee benefits

    total $98,189 · program services $57,838 · management and general $35,408 · fundraising $4,943

  • 10 · Payroll taxes

    total $141,091 · program services $83,110 · management and general $50,878 · fundraising $7,103

  • 11g · Fees: other

    total $551,451 · program services $204,527 · management and general $302,486 · fundraising $44,438

  • 13 · Office expenses

    total $54,559 · management and general $46,313 · fundraising $8,246

  • 17 · Travel

    total $7,658 · program services $4,407 · management and general $3,251

  • 20 · Interest

    total $263,193 · program services $254,324 · management and general $8,869

  • 22 · Depreciation, depletion and amortization

    total $308,427 · program services $252,584 · management and general $55,843

  • 23 · Insurance

    total $134,525 · program services $94,029 · management and general $33,488 · fundraising $7,008

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $240,212 · program services $240,212

  • 24b · Other expenses: UTILITIES

    total $173,748 · program services $173,748

  • 24c · Other expenses: OTHER EXPENSES

    total $55,685 · program services $39,564 · management and general $14,820 · fundraising $1,301

  • 24d · Other expenses: WORKERS' COMPENSATION I

    total $20,377 · program services $12,003 · management and general $7,348 · fundraising $1,026

  • 24e · All other expenses

    total $57,653 · program services $63,890 · management and general -$9,711 · fundraising $3,474

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,350,460 · end of year $2,788,383

  • 7 · Other notes and loans receivable

    beginning of year $16,651,454 · end of year $16,721,383

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

    $10,091,619

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

    $5,469,169

  • 10c · Land, buildings and equipment, net

    beginning of year $4,816,149 · end of year $4,622,450

  • 12 · Investments: other securities

    beginning of year $10,976,503 · end of year $10,976,288

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $21,554,234 · end of year $30,549,164

  • 17 · Accounts payable and accrued expenses

    beginning of year $506,085 · end of year $2,900,031

  • 19 · Deferred revenue

    beginning of year $2,057 · end of year $2,230

  • 23 · Secured mortgages and notes payable

    beginning of year $14,689,462 · end of year $19,311,705

  • 25 · Other liabilities

    beginning of year $252,653 · end of year $263,534

  • 27 · Net assets without donor restrictions

    beginning of year $42,898,543 · end of year $43,180,168

Mission and programs · 2023

Mission

THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROVIDE COMPREHENSIVE HOUSING SERVICES, THROUGH A COMMUNITY BUILDING APPROACH, THAT WILL FACILITATE SELF SUFFICIENCY FOR INDIVIDUALS AND FAMILIES WHO ARE MOST LACKING IN OPPORTUNITY IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY.

  • TO PROVIDE SAFE, AFFORDABLE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES TO LOW-INCOME, MINORITY, AND OTHER DISADVANTAGED INDIVIDUALS AND FAMILIES IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY. THE ORGANIZATION ACCOMPLISHES THIS OBJECTIVE THROUGH ITS FOUR DIVISIONS AS FOLLOWS:HOUSING DEVELOPMENTHOUSING DEVELOPMENT PROVIDES SAFE, AFFORDABLE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES TO LOW-INCOME, MINORITY, AND OTHER DISADVANTAGED INDIVIDUALS AND FAMILIES IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY. THE REAL ESTATE DEVELOPMENT DIVISIONS (REDD) AS A MAJOR COMPONENT OF HOUSING DEVELOPMENT, PRIMARY FUNCTIONS ARE TO COMPLETE THE ACQUISITION, FINANCE, AND PRE-CONSTRUCTION STAGES OF AFFORDABLE HOUSING DEVELOPMENT. AFTER REDD ASSESSES THE VIABILITY OF ACQUIRING LAND, THE DEPARTMENT BEGINS A MULTI-FACETED REVIEW PROCESS. IF A PROJECT IS DEEMED FINANCIALLY FEASIBLE AND ALIGNED WITH CEDCS CORE GOALS, REDD WORKS TO SECURE FUNDING THROUGH A VARIETY OF PUBLIC AND PRIVATE SOURCES.RESIDENT AND COMMUNITY SERVICESTHE CABRILLO ECONOMIC DEVELOPMENT CORPORATION RESIDENT AND COMMUNITY SERVICES WORKS WITH RESIDENTS LIVING IN CEDC PROPERTIES AND IN NEIGHBORHOODS WHERE CEDC PROPERTIES ARE LOCATED, FOCUSING ON RESIDENT ENGAGEMENT AND LEADERSHIP, AND COMMUNITY ORGANIZING. RESIDENT AND COMMUNITY SERVICES PROGRAMS INCLUDE:- HOMEWORK CLUBS AND AFTER SCHOOL PROGRAMS- FITNESS AND NUTRITION PROGRAMS- EMPOWERMENT PROGRAMS FOR ADULTS- EDUCATION PROGRAMS FOR ADULTS AND YOUTH- LEADERSHIP DEVELOPMENT FOR YOUTHPROPERTY MANAGEMENTCABRILLO ECONOMIC DEVELOPMENT CORPORATION'S GOAL IS TO MEET THE HIGH DEMAND FOR SAFE, DECENT AND AFFORDABLE HOMES FOR FAMILIES, SPECIAL NEEDS, AND THE SENIOR COMMUNITY. CEDC'S PROPERTY AND ASSET MANAGEMENT DIVISIONS SUPPORTS THIS EFFORT BY PROFESSIONALLY MANAGING OUR RENTAL HOMES COMMUNITIES WHILE OFFERING QUALITY LIVING AT ITS BEST. IN TOTAL, THE CEDC PROPERTY AND ASSET MANAGEMENT DIVISION MANAGES MORE THAN 1,300 AFFORDABLE RENTAL HOMES ACROSS 27 PROPERTIES. RENTAL OPERATIONSCABRILLO ECONOMIC DEVELOPMENT CORPORATION, THOUGH ITS SOLELY OWNED PROPERTIES, PROVIDES AFFORDABLE, QUALITY HOMES THROUGHOUT VENTURA AND SANTA BARBARA COUNTIES. THE RENTAL OPERATIONS INCLUDE THE OWNERSHIP ACTIVITIES OF BOTH OPERATING AND MANAGING OF ITS SOLELY OWNED PROPERTIES.

    Expenses $2,498,538 · Revenue $4,203,148

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Aiza Galdo

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Alfredo Martinez

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Victor Rodriguez

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Jessica Cook

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Ada R Cordero-Sacks Esq

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Cesar Hernandez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Naomi Ontiveros

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Maria Perez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Mayra Ramirez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Margarita De Escontrias

    CEO

    Total calculated
    $241,496
    From this org
    $209,760
    From related orgs
    $0
    Other
    $31,736
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,760
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $31,736 related
    Nontaxable benefits
    $0
    Filer's total
    $209,760 + $31,736 related

  • Denise Bickerstaff

    DIRECTOR OF BUSINESS PLANN

    Total calculated
    $138,857
    From this org
    $134,898
    From related orgs
    $0
    Other
    $3,959
    Hours/week
    50

  • Victoria Brady

    CFO

    Total calculated
    $193,972
    From this org
    $188,972
    From related orgs
    $0
    Other
    $5,000
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,972
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,000 related
    Nontaxable benefits
    $0
    Filer's total
    $188,972 + $5,000 related

  • Lydia Perez

    DIR. OF PROP. MGMT. AND RE

    Total calculated
    $132,450
    From this org
    $132,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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.

  • CONSOLIDATED CEDC

    501(C)(3) · LIMITED PARTNER IN LOW-INCOME RENTAL REAL ESTATE · CA

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • PASEO DE LUZ INC

    501(C)(3) · HOUSING PROJECT FOR PERSONS WITH SPECIAL NEEDS · CA

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • AZAHAR ASSOCIATES LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • BRISA ENCINA LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CAMINO DE SALUD LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CAMINO ESPERANZA LLC

    RENTAL REAL ESTATE · CA · income -$40 · assets $249,762

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CAMINO GONZALEZ LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CEDC KALORAMA LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CEDC VDN LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • ETTING ROAD LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • HARVARD ASSOCIATES LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • MONTGOMERY OAKS LLC

    RENTAL REAL ESTATE · CA · income -$17 · assets $155,782

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • OAKVIEW GARDENS LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CEDC PASEO DEL RIO LLC

    RENTAL REAL ESTATE · CA · income -$84 · assets $5,071,602

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • CEDC PASEO SANTA CLARA LLC

    RENTAL REAL ESTATE · CA · income -$53 · assets $3,523,647

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • PLAZA DE LA BANDERA LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • SANTA PAULAN APARTMENTS LLC

    RENTAL REAL ESTATE · CA · income $3 · assets $36,827

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • SNAPDRAGON PLACE I LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • SNAPDRAGON PLACE II LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • THE VILLAGE SENIOR LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • VALLE NARANJAL LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • VANGUARD 65 LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

  • WAGON WHEEL LLC

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by CABRILLO ECONOMIC DEVELOPMENT CORPORATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • VILLA SOLIMAR LLC

    RENTAL REAL ESTATE · CA · 79% owned · share of income -$24 · share of assets $121,655 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ALISO CONSTRUCTION INC

    C · REAL ESTATE SUBDIVIDERS & DEVELOPMENT · CA · 100% owned · share of income -$870 · share of assets $60,188

Provenance

Return type
form_990
Tax year
2023
Filed
2 October 2024
IRS schema version
2023v5.1
Source object
202442769349300149

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