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← ECONOMIC AND COMMUNITY DEVELOPMENT INSTITUTE INC

Form 990 for tax year 2023

Filed by ECONOMIC AND COMMUNITY DEVELOPMENT INSTITUTE INC.

Totals

Total revenue
$15,309,878
Total expenses
$13,447,130
Contributions and grants received
$11,417,138
Grants paid
$278,253
Program service revenue
$3,733,433
Investment income
$159,307
Other revenue
$0
Total assets, end of year
$77,366,197
Total liabilities, end of year
$59,726,675
Net assets or fund balances, end of year
$17,639,522
Program services expenses (Part IX)
$10,604,846
Management and general expenses
$2,842,284
Fundraising expenses
$0
Program service expenses (Part III)
$10,604,846

Program services were 78.9% 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)

    $9,786,247

  • 1f · All other contributions, gifts and grants

    $1,630,891

  • 2a · Program service revenue: INTEREST AND CLOSING FEES ON LOAN

    total $3,089,636 · related or exempt $3,089,636

  • 2b · Program service revenue: MEMBERSHIP, REGISTRATION, REVENUE

    total $643,797 · related or exempt $643,797

  • 3 · Investment income

    total $159,307 · excluded $159,307

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $278,253 · program services $278,253

  • 5 · Compensation of officers, directors and key employees

    total $1,219,245 · program services $940,822 · management and general $278,423

  • 7 · Other salaries and wages

    total $5,041,958 · program services $3,890,592 · management and general $1,151,366

  • 8 · Pension plan contributions

    total $50,522 · program services $30,340 · management and general $20,182

  • 9 · Other employee benefits

    total $883,395 · program services $625,082 · management and general $258,313

  • 10 · Payroll taxes

    total $447,405 · program services $317,292 · management and general $130,113

  • 11b · Fees: legal

    total $151,119 · program services $60,655 · management and general $90,464

  • 11c · Fees: accounting

    total $61,842 · program services $24,821 · management and general $37,021

  • 11g · Fees: other

    total $1,351,174 · program services $1,179,576 · management and general $171,598

  • 13 · Office expenses

    total $262,593 · program services $183,449 · management and general $79,144

  • 16 · Occupancy

    total $607,867 · program services $599,856 · management and general $8,011

  • 17 · Travel

    total $297,443 · program services $156,539 · management and general $140,904

  • 20 · Interest

    total $767,149 · program services $763,493 · management and general $3,656

  • 22 · Depreciation, depletion and amortization

    total $284,030 · management and general $284,030

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,123,595 · program services $1,123,595

  • 24b · Other expenses: OTHER

    total $280,168 · program services $186,999 · management and general $93,169

  • 24c · Other expenses: BANK AND CREDIT REPORT

    total $268,953 · program services $176,786 · management and general $92,167

  • 24d · Other expenses: EQUIPMENT RENT & MAINT

    total $70,419 · program services $66,696 · management and general $3,723

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,519,718 · end of year $20,823,681

  • 3 · Pledges and grants receivable

    beginning of year $3,436,482 · end of year $4,199,233

  • 7 · Other notes and loans receivable

    beginning of year $39,847,664 · end of year $46,394,883

  • 9 · Prepaid expenses and deferred charges

    beginning of year $177,224 · end of year $223,006

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

    $6,772,018

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

    $1,730,009

  • 10c · Land, buildings and equipment, net

    beginning of year $4,906,806 · end of year $5,042,009

  • 15 · Other assets

    beginning of year $476,182 · end of year $683,385

  • 17 · Accounts payable and accrued expenses

    beginning of year $883,182 · end of year $873,717

  • 19 · Deferred revenue

    beginning of year $876,737 · end of year $328,478

  • 23 · Secured mortgages and notes payable

    beginning of year $31,488,317 · end of year $27,134,324

  • 24 · Unsecured notes and loans payable

    beginning of year $26,988,605 · end of year $31,158,979

  • 25 · Other liabilities

    beginning of year $617,960 · end of year $231,177

  • 27 · Net assets without donor restrictions

    beginning of year $13,200,631 · end of year $17,518,523

  • 28 · Net assets with donor restrictions

    beginning of year $308,644 · end of year $120,999

Mission and programs · 2023

Mission

THE MISSION OF ECONOMIC AND COMMUNITY DEVELOPMENT INSTITUTE (ECDI) IS TO INVEST IN PEOPLE TO CREATE MEASURABLE AND ENDURING SOCIAL AND ECONOMIC CHANGE. ECDI ACCOMPLISHES ITS MISSION THROUGH SMALL BUSINESS LENDING AND DEVELOPMENT SERVICES.

Activities or mission (Part I)

ECDI SERVES THE NEEDS OF DISADVANTAGED LOW-INCOME, LOW-WEALTH ENTREPRENEURS THROUGH A MULTI-TIERED APPROACH THAT COMBINES ACCESS TO AFFORDABLE CAPITAL, WITH WRAPAROUND SMALL BUSINESS DEVELOPMENT SERVICES, ALLOWING UNDERSERVED ENTREPRENEURS TO CREATE AND EXPAND THEIR BUSINESS AND ENTER THE ECONOMIC MAINSTREAM.

  • ECDI PROVIDES SMALL BUSINESS DEVELOPMENT SERVICES INCLUDING ONE-ON-ONE TECHNICAL ASSISTANCE, BUSINESS DEVELOPMENT TRAINING, AND SECTOR-SPECIFIC BUSINESS INCUBATION PROGRAMS. ECDI IS THE HOST OF FOUR SBA WOMEN'S BUSINESS CENTERS AND PROVIDES SERVICES ACROSS THE STATE OF OHIO AND PARTS OF WEST VIRGINIA, KENTUCKY, AND INDIANA, WITH OFFICES IN SEVEN CITIES.

    Expenses $7,580,801 · Grants $278,253 · Revenue $643,797

  • ECDI OFFERS RESPONSIBLE, AFFORDABLE SMALL BUSINESS LOANS RANGING FROM $750 TO $500,000 TO ENTREPRENEURS THAT FACE BARRIERS TO OBTAINING CAPITAL FROM TRADITIONAL FINANCIAL INSTITUTIONS. ECDI'S CLIENTELE CONSISTS LARGELY OF WOMEN (52.7%), MINORITIES (57.2%), AND LOW-MODERATE INCOME PEOPLE (47.7%). DURING FISCAL YEAR 2023, ECDI DISBURSED 948 LOANS TOTALING MORE THAN $23.0 MILLION.

    Expenses $3,024,045 · Revenue $3,089,636

As filed on the 2023 return.

Listed in Part VII

  • Inna Kinney

    FOUNDER & CEO

    Total calculated
    $354,276
    From this org
    $318,890
    From related orgs
    $0
    Other
    $35,386
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,690
    Bonus
    $0
    Other
    $10,200
    Deferred
    $30,500
    Nontaxable benefits
    $4,886
    Filer's total
    $354,276

  • Steven Fireman

    PRESIDENT/SECRETARY

    Total calculated
    $405,150
    From this org
    $369,534
    From related orgs
    $0
    Other
    $35,616
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,334
    Bonus
    $0
    Other
    $10,200
    Deferred
    $28,600
    Nontaxable benefits
    $7,016
    Filer's total
    $405,150

  • Darren Cherry

    CHAIR/VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Jeffrey Buller

    TREASURER/VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Magaret Ference

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • John Hrusovsky II

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Mathew Glover

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Rodell McCullough

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Carrie Rosenfelt

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Alicia Townsend

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Tara Campbell

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Jeffery Patter

    VOTING INDEPENDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Maureen Thomas

    CFO

    Total calculated
    $238,853
    From this org
    $215,183
    From related orgs
    $0
    Other
    $23,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,183
    Bonus
    $0
    Other
    $0
    Deferred
    $20,495
    Nontaxable benefits
    $3,175
    Filer's total
    $238,853

  • Brian Barret

    VP OF FINANCIAL MANAGEMENT

    Total calculated
    $117,229
    From this org
    $111,798
    From related orgs
    $0
    Other
    $5,431
    Hours/week
    40

  • Fonda Williams

    CHIEF GOV'T AFFAIRS AND ECONOMIC DEVELOPMENT OFFIC

    Total calculated
    $195,342
    From this org
    $186,785
    From related orgs
    $0
    Other
    $8,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,785
    Bonus
    $0
    Other
    $0
    Deferred
    $3,863
    Nontaxable benefits
    $4,694
    Filer's total
    $195,342

  • Jasmine Dixon

    VP OF BUSINESS GROWTH DEVELOPMENT / FUNDRAISING

    Total calculated
    $138,683
    From this org
    $132,387
    From related orgs
    $0
    Other
    $6,296
    Hours/week
    40

  • Anna Parlet

    VP OF DEVELOPMENT

    Total calculated
    $127,798
    From this org
    $118,586
    From related orgs
    $0
    Other
    $9,212
    Hours/week
    40

  • Stephanie Marie Villegas

    VP OF LENDING & SALES

    Total calculated
    $124,136
    From this org
    $113,816
    From related orgs
    $0
    Other
    $10,320
    Hours/week
    40

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 · 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

  • COMMUNITY IMPROVEMENT CORPORATION OF BELMONT COUNTY

    $15,667

    COLLABORATE WITH THE ORGANIZATION TO IMPLEMENT NEEDED BUSINESS DEVELOPMENT PROGRAMMING THAT IMPROVES THE ECONOMY IN THEIR COMMUNITIES AND TO INCREASE THE CAPACITY OF THE ORGANIZATION TO OFFER ADDITIONAL SMALL BUSINESS RESOURCES FOR THEIR RESIDENTS.

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2025
IRS schema version
2023v6.0
Source object
202521349349303817

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