Form 990 for tax year 2023

Filed by COACHELLA VALLEY ECONOMIC PARTNERSHIP.

Totals

Total revenue: $945,088
Total expenses: $1,118,905
Contributions and grants received: $434,401
Grants paid: $0
Program service revenue: $470,597
Investment income: $0
Other revenue: $40,090
Total assets, end of year: $179,469
Total liabilities, end of year: $427,303
Net assets or fund balances, end of year: -$247,834
Program services expenses (Part IX): $956,802
Management and general expenses: $162,103
Fundraising expenses: $0
Program service expenses (Part III): $956,802

Program services were 85.5% 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)

$368,151
1f · All other contributions, gifts and grants

$66,250
2a · Program service revenue: MANAGEMENT INCOME

total $200,000 · related or exempt $200,000
2b · Program service revenue: RENTAL INCOME

total $163,509 · related or exempt $163,509
2c · Program service revenue: SUMMIT INCOME

total $107,088 · related or exempt $107,088
11a · Other revenue: SELF GENERATED INCOME

total $40,090 · related or exempt $40,090
11e · Other revenue, total

$40,090

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $524,956 · program services $456,712 · management and general $68,244
9 · Other employee benefits

total $42,916 · program services $34,762 · management and general $8,154
10 · Payroll taxes

total $41,059 · program services $35,311 · management and general $5,748
11g · Fees: other

total $225,944 · program services $196,977 · management and general $28,967
12 · Advertising and promotion

total $19,298 · program services $19,298
13 · Office expenses

total $30,658 · program services $24,526 · management and general $6,132
16 · Occupancy

total $19,873 · program services $14,905 · management and general $4,968
20 · Interest

total $16,200 · management and general $16,200
22 · Depreciation, depletion and amortization

total $41,915 · program services $41,915
23 · Insurance

total $12,982 · program services $6,491 · management and general $6,491
24a · Other expenses: TELEPHONE AND UTILITIES

total $82,581 · program services $76,800 · management and general $5,781
24b · Other expenses: BAD DEBT

total $26,957 · program services $26,957
24c · Other expenses: DUES AND SUBSCRIPTIONS

total $16,589 · program services $11,778 · management and general $4,811
24d · Other expenses: MEETINGS

total $10,370 · program services $10,370
24e · All other expenses

total $6,607 · management and general $6,607

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $305,215 · end of year $117,936
4 · Accounts receivable

beginning of year $37,743 · end of year $17,101
9 · Prepaid expenses and deferred charges

end of year $15,000
10a · Land, buildings and equipment: cost or other basis

$1,366,278
10b · Land, buildings and equipment: accumulated depreciation

$1,336,846
10c · Land, buildings and equipment, net

beginning of year $71,347 · end of year $29,432
17 · Accounts payable and accrued expenses

beginning of year $48,198 · end of year $56,481
19 · Deferred revenue

beginning of year $70,000 · end of year $30,000
25 · Other liabilities

beginning of year $370,125 · end of year $340,822
27 · Net assets without donor restrictions

beginning of year -$74,018 · end of year -$247,834

Mission and programs · 2023

Mission

CVEP SERVES INNOVATORS AND ENTREPRENEURS AT EVERY STAGE OF BUSINESS FROM INCUBATION TO LAUNCH TO DAILY OPERATION. THE ORGANIZATION MANAGES THE PALM SPRINGS IHUB, THE BUSINESS SERVICES CENTER AND ORGANIZES A ROBUST SCHEDULE OF PROFESSIONAL TRAINING EVENTS.

Activities or mission (Part I)

FOSTER ECONOMIC DEVELOPMENT IN THE COACHELLA VALLEY.

FOSTER ECONOMIC DEVELOPMENT IN THE COACHELLA VALLEY THROUGH EDUCATIONAL PROGRAMS AND MARKETING THE AREA TO ATTRACT BUSINESSES. CVEP BRINGS TOGETHER THE REGION'S PARTNERS INCLUDING BUSINESSES OF EVERY SIZE, THE NINE CITIES, UNINCORPORATED AREAS, THE TRIBAL GOVERNMENTS, REGIONAL GOVERNMENTS, AND THE GREATER PALM SPRINGS CONVENTION & VISITORS BUREAU TO MAKE OUR REGION A BETTER PLACE TO PROSPER IN A YEAR ROUND ECONOMY.THE PALM SPRINGS INNOVATION HUB (IHUB), MANAGED BY THE COACHELLA VALLEY ECONOMIC PARTNERSHIP, IS A STATE-DESIGNATED BUSINESS INCUBATOR FUNDED BY THE CITY OF PALM SPRINGS AND WELLS FARGO. THE IHUB FOCUSES ON EARLY-STAGE BUSINESSES IN THE FIELDS OF RENEWABLE ENERGY, HEALTH AND MEDICINE, AND DIGITAL TECHNOLOGY. THE PALM SPRINGS IHUB ALSO OFFERS THE PALM SPRINGS ACCELERATOR CAMPUS DESIGNED TO MITIGATE START-UP RISKS AND INCREASE THE PROBABILITY OF BUSINESSES PROSPERING AND GROWING INTO THE FUTURE.
Expenses $956,802 · Revenue $510,687

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

Listed in Part VII

Todd HooksTODD HOOKS

VICE CHAIR

Total calculated

$0

Hours/week

5
Tracy TremblayTRACY TREMBLAY

TREASURER/SECRETARY

Total calculated

$0

Hours/week

5
Deborah McGarreyDEBORAH MCGARREY

CHAIR

Total calculated

$0

Hours/week

5
Moises AguirreMOISES AGUIRRE

TREASURER/SECRETARY

Total calculated

$0

Hours/week

5
Joe WallaceJOE WALLACE

CEO

Total calculated

$183,748

From this org

$183,748

From related orgs

$0

Other

$0

Hours/week

40

Schedule J breakdown matched by us

Base

$183,748

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$183,748

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

2 · Substantiation required before reimbursing expenses
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.

Provenance

Return type: form_990
Tax year: 2023
Filed: 14 May 2025
IRS schema version: 2023v6.0
Source object: 202541359349305099

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