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← COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION INC

Form 990 for tax year 2023

Filed by COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION INC.

Totals

Total revenue
$2,433,942
Total expenses
$2,249,503
Contributions and grants received
$903,666
Grants paid
$0
Program service revenue
$1,228,968
Investment income
$301,308
Other revenue
$0
Total assets, end of year
$20,904,533
Total liabilities, end of year
$6,656,099
Net assets or fund balances, end of year
$14,248,434
Program services expenses (Part IX)
$1,495,530
Management and general expenses
$707,011
Fundraising expenses
$46,962
Program service expenses (Part III)
$1,495,530

Program services were 66.5% 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)

    $709,155

  • 1f · All other contributions, gifts and grants

    $194,511

  • 2a · Program service revenue: PROGRAM SERVICES-CDFI AFFILIATE

    total $1,100,707 · related or exempt $1,100,707

  • 2b · Program service revenue: LENDING PROGRAM

    total $126,502 · related or exempt $126,502

  • 2c · Program service revenue: BUSINESS EDUCATION PROGRAM

    total $1,759 · related or exempt $1,759

  • 3 · Investment income

    total $229,009 · related or exempt $59,640 · excluded $169,369

  • 7a · Gross sales of assets other than inventory

    securities $1,729,712

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

    securities $1,657,413

  • 7c · Gain or loss

    securities $72,299

  • 7d · Net gain or loss

    total $72,299 · excluded $72,299

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $390,287 · program services $179,999 · management and general $174,820 · fundraising $35,468

  • 7 · Other salaries and wages

    total $860,708 · program services $720,642 · management and general $140,066

  • 8 · Pension plan contributions

    total $40,682 · program services $29,698 · management and general $10,170 · fundraising $814

  • 9 · Other employee benefits

    total $132,755 · program services $87,814 · management and general $43,034 · fundraising $1,907

  • 10 · Payroll taxes

    total $86,142 · program services $62,964 · management and general $21,461 · fundraising $1,717

  • 11b · Fees: legal

    total $50,991 · management and general $50,991

  • 11c · Fees: accounting

    total $41,938 · program services $6,570 · management and general $35,188 · fundraising $180

  • 11d · Fees: lobbying

    total $37,917 · management and general $37,917

  • 11g · Fees: other

    total $21,119 · program services $20,752 · management and general $352 · fundraising $15

  • 12 · Advertising and promotion

    total $1,278 · program services $222 · management and general $1,056

  • 13 · Office expenses

    total $55,848 · program services $23,060 · management and general $32,190 · fundraising $598

  • 14 · Information technology

    total $87,858 · program services $54,656 · management and general $31,760 · fundraising $1,442

  • 16 · Occupancy

    total $153,096 · program services $106,726 · management and general $43,720 · fundraising $2,650

  • 17 · Travel

    total $17,520 · program services $16,721 · management and general $789 · fundraising $10

  • 19 · Conferences, conventions and meetings

    total $15,191 · program services $10,798 · management and general $4,261 · fundraising $132

  • 20 · Interest

    total $21,441 · program services $12,874 · management and general $8,249 · fundraising $318

  • 22 · Depreciation, depletion and amortization

    total $91,564 · program services $69,384 · management and general $20,469 · fundraising $1,711

  • 23 · Insurance

    total $49,011 · management and general $49,011

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $64,277 · program services $64,277

  • 24e · All other expenses

    total $29,880 · program services $28,373 · management and general $1,507

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,060,453 · end of year $1,908,017

  • 2 · Savings and temporary cash investments

    beginning of year $663,455 · end of year $442,458

  • 3 · Pledges and grants receivable

    beginning of year $153,951 · end of year $326,479

  • 4 · Accounts receivable

    beginning of year $281,080 · end of year $156,776

  • 7 · Other notes and loans receivable

    beginning of year $961,984 · end of year $1,505,162

  • 9 · Prepaid expenses and deferred charges

    beginning of year $41,546 · end of year $68,636

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

    $3,169,373

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

    $1,053,422

  • 10c · Land, buildings and equipment, net

    beginning of year $2,182,581 · end of year $2,115,951

  • 11 · Investments: publicly traded securities

    beginning of year $9,448,268 · end of year $9,598,893

  • 15 · Other assets

    beginning of year $4,706,517 · end of year $4,782,161

  • 17 · Accounts payable and accrued expenses

    beginning of year $187,057 · end of year $197,788

  • 19 · Deferred revenue

    beginning of year $168,388 · end of year $168,494

  • 21 · Escrow or custodial account liability

    end of year $4,074

  • 23 · Secured mortgages and notes payable

    beginning of year $6,238,107 · end of year $6,285,743

  • 27 · Net assets without donor restrictions

    beginning of year $11,155,445 · end of year $11,372,173

  • 28 · Net assets with donor restrictions

    beginning of year $2,750,838 · end of year $2,876,261

Mission and programs · 2023

Mission

TO STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING AND TECHNICAL SUPPORT TO BUSINESSES, COMMUNITY ORGANIZATIONS AND INITIATIVES THROUGHOUT CONNECTICUT. WE HELP TO STABILIZE AND GROW SMALL BUSINESSES SO INDIVIDUALS MAY REALIZE THEIR DREAMS, FAMILIES MAY CELEBRATE INCREASED FINANCIAL INDEPENDENCE, AND COMMUNITIES MAY PROSPER. THE COMMUNITY ECONOMIC DEVELOPMENT FUND (CEDF) WAS FOUNDED IN 1993. THERE WAS AN URGENT NEED FOR SMALL BUSINESS LENDING IN CONNECTICUT'S ECONOMICALLY DEPRESSED AND STAGNANT CITIES AT A TIME WHEN TRADITIONAL BANKING INSTITUTIONS WERE SCALING BACK LENDING ACTIVITY. TODAY CEDF CONTINUES TO ACTIVELY LEAD AND SUPPORT SMALL BUSINESS FORMATION AND GROWTH AS A CATALYST FOR MEANINGFUL, DIVERSE AND INCLUSIVE ECONOMIC DEVELOPMENT. OVER THE LAST 30 YEARS, CEDF HAS FULFILLED ITS MISSION OF SMALL BUSINESS LENDING, TECHNICAL ASSISTANCE AND BUSINESS EDUCATION FOR ENTREPRENEURS AND SMALL BUSINESS OWNERS ACROSS CONNECTICUT.

Activities or mission (Part I)

STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING/ TECHNICAL SUPPORT TO BUSINESSES IN LOW TO MODERATE INCOME COMMUNITIES OR WITH LOW TO MODERATE INCOME HOUSEHOLDS.

  • SMALL BUSINESS LENDING PROGRAM: AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION LOAN FUND, CEDF OFFERS EASIER-TO-OBTAIN SMALL BUSINESS LOANS TO STARTUP AND SMALL BUSINESSES THROUGHOUT CONNECTICUT THAT CANNOT OBTAIN FINANCING FROM TRADITIONAL LENDING INSTITUTIONS. OUR BORROWERS MUST ALSO OPERATE A BUSINESS IN AN ECONOMICALLY DISADVANTAGED CENSUS TRACT (AS IDENTIFIED BY THE STATE OF CT AND/OR U.S. TREASURY) OR HAVE A LOW-TO-MODERATE HOUSEHOLD INCOME. BY ALLOWING CLIENTS THE OPPORTUNITY TO START A SMALL BUSINESS ENTERPRISE, EXPAND AN EXISTING BUSINESS, TAKE ADVANTAGE OF ECONOMIES OF SCALE, BUY THEIR OWN BUILDINGS, OR MOVE INTO NEW MARKETS, CEDF PROVIDES INDIVIDUALS THE CHANCE TO REALIZE POSITIVE CHANGE FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES. THE COMMUNITIES IN WHICH THESE ENTREPRENEURS OPERATE THEIR BUSINESSES OFTEN EXPERIENCE A WIDE RANGE OF SOCIAL BENEFITS, INCLUDING AN INCREASE OF ECONOMIC ACTIVITY IN NEIGHBORHOODS, COMMUNITY WELLNESS, BLIGHT REDUCTION, AND JOB CREATION AND RETENTION. IN 2023, CEDF FOUNDATION ORIGINATED 36 MICROLOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $1,127,850 AND ANOTHER 39 FOR $3,880,973 FOR AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. OF THE CEDF FUND I, LLC TOTALS, 9 LOANS FOR $1,062,000 WERE ORIGINATED ON BEHALF OF CT DECD SMALL BUSINESS BOOST PROGRAM, OF WHICH 95% WERE REQUIRED TO BE SOLD TO THE BOOST PROGRAM.

    Expenses $817,196 · Revenue $707,767

  • BUSINESS ADVISORY PROGRAM: CEDF PROVIDES A BUSINESS ADVISOR (BA) TO EACH OF OUR LOAN RECIPIENTS FOR THE LIFE OF THEIR LOAN(S) AT NO CHARGE TO THEM, JUST PRIOR TO LOAN ORIGINATION. BA'S ARE FULL-TIME CEDF EMPLOYEES AND EACH ADVISOR HAS OWNED AND OPERATED A SUCCESSFUL SMALL BUSINESS BEFORE JOINING CEDF. THIS EQUIPS THEM WITH EXPERT TECHNICAL KNOWLEDGE AND THE WILLINGNESS TO PROVIDE ATTENTIVE, UNDERSTANDING AND EMOTIONAL SUPPORT TO THOSE FACING DIFFICULT CIRCUMSTANCES. BA'S SERVE OUR BORROWERS AS COACHES AND RELATIONSHIP MANAGERS TO HELP FOSTER BUSINESS GROWTH AND REDUCE RISK OF BUSINESS CLOSURE. THEY OFFER GUIDANCE ON BEST PRACTICES IN MANAGEMENT, MARKETING, FINANCE AND OPERATIONS; HELP INVESTIGATE, DIAGNOSE OR RESEARCH BUSINESS CHALLENGES AND OPPORTUNITIES IN ORDER TO IDENTIFY PATHS TO IMPROVED RESULTS; AND COACH ON MATTERS OF LEADERSHIP, ACCOUNTABILITY, ACTION PLANNING, IDEA GENERATION, MOTIVATION, AND MANAGEMENT OF THE EMOTIONAL COMPONENTS OF BUSINESS OWNERSHIP. CEDF'S BUSINESS ADVISORS PROVIDED 6,174 SERVICE HOURS TO 187 CLIENTS WITH 227 LOANS ACROSS CT'S 169 TOWNS/CITIES IN 2023 AND SUPPORTED THE CREATION AND RETENTION OF 1,087 JOBS.

    Expenses $478,283 · Revenue $437,529

  • BUSINESS EDUCATION PROGRAM: CEDF EDUCATES ENTREPRENEURS ON THE ESSENTIAL KNOWLEDGE FOR OPERATING SUCCESSFUL, SUSTAINABLE ENTERPRISES. BUSINESS EDUCATIONAL OFFERINGS ARE PROVIDED TO ENTREPRENEURS/SMALL BUSINESS OWNERS ACROSS CONNECTICUT AT LITTLE TO NO COST TO THEM. WE DELIVER EDUCATION THROUGH A VARIETY OF CHANNELS, INCLUDING PODCASTS, WEBINARS, INSTRUCTIONAL ARTICLES, ONLINE EDUCATION AND LIVE SEMINARS AND OFFER ON-DEMAND FORMAT ALL HOUSED ON OUR EDUCATION WEBSITE FOR EASY ACCESS TO EDUCATIONAL RESOURCES NEEDED BY THE SMALL BUSINESS OWNER WWW.WETEACHSUCCESS.ORG. PROGRAM SERVICES IN SPANISH: CEDF EMPLOYS THREE SPANISH SPEAKING INDIVIDUALS AND PROSPECTIVE CLIENTS MORE COMFORTABLE CONDUCTING BUSINESS IN SPANISH CAN ACCESS PRE-LOAN COUNSELING, BUSINESS EDUCATION AND BUSINESS ADVISORY SERVICES IN THEIR OWN LANGUAGE. IN 2023, WE EXPERIENCED 7,011 LEARNING ENGAGEMENTS AND OFFERED 73 EDUCATIONAL PROGRAMS OF WHICH 34 WERE IN SPANISH.

    Expenses $186,263 · Revenue $130,444

  • CEDF STRONGLY BELIEVES IN ECONOMIC DEVELOPMENT THROUGH COMMUNITY-OWNED PROJECTS. WE WORK WITH LOW-TO-MODERATE INCOME COMMUNITIES ON PROJECTS THAT SUPPORT BUSINESS GROWTH AND JOB CREATION BY PROVIDING ASSISTANCE TO CITIES/TOWNS, COMMUNITY RESIDENTS, MERCHANT GROUPS, AND OTHERS WHO HAVE A VISION FOR WAYS THEY MAY BETTER SUPPORT THE ECONOMIC ENVIRONMENT. WE OFFER ASSISTANCE IN PROJECT-RELATED EXPENSES BECAUSE COMMUNITY DEVELOPMENT GRANTS HELP LOCAL USINESSES GROW AND PROSPER.

    Expenses $13,788 · Revenue $12,868

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

Listed in Part VII

  • DAVID CANTOR

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KIM HEALEY

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MARK NOLAN

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • FRANK MAC HUGH

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • ANA ALFARO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PASTOR CARL MCCLUSTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • COMMISSIONER JORGE PEREZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TED MURPHY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THOMAS MALLOY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HOLLY WILLIAMS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHELLE HAWES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN JEPSON JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALLISON STANDISH PLIMPTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES BZDYRA

    PRESIDENT/CEO

    Total calculated
    $237,208
    From this org
    $211,395
    From related orgs
    $0
    Other
    $25,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,895
    Bonus
    $18,500
    Other
    $0
    Deferred
    $8,321
    Nontaxable benefits
    $17,492
    Filer's total
    $237,208

  • KAREN MACIOROWSKI

    VP/CFO

    Total calculated
    $180,637
    From this org
    $172,089
    From related orgs
    $0
    Other
    $8,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,801
    Bonus
    $13,288
    Other
    $0
    Deferred
    $6,883
    Nontaxable benefits
    $1,665
    Filer's total
    $180,637

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 · Form 990 of other organizations
  • 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.

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.

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202443199349304594

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