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Nonprofiteer
← ECDC ENTERPRISE DEVELOPMENT GROUP

Form 990 for tax year 2023

Filed by ECDC ENTERPRISE DEVELOPMENT GROUP.

Totals

Total revenue
$4,455,146
Total expenses
$2,121,099
Contributions and grants received
$3,377,863
Grants paid
$0
Program service revenue
$935,157
Investment income
$140,785
Other revenue
$1,341
Total assets, end of year
$23,070,507
Total liabilities, end of year
$6,929,382
Net assets or fund balances, end of year
$16,141,125
Program services expenses (Part IX)
$1,747,657
Management and general expenses
$373,442
Fundraising expenses
$0
Program service expenses (Part III)
$1,747,657

Program services were 82.4% 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)

    $3,302,813

  • 1f · All other contributions, gifts and grants

    $75,050

  • 2a · Program service revenue: Fee for Service

    total $8,364 · related or exempt $8,364

  • 2b · Program service revenue: Interest Micro Loans

    total $818,134 · related or exempt $818,134

  • 2c · Program service revenue: Loan Origination Fees

    total $86,857 · related or exempt $86,857

  • 2d · Program service revenue: Penalty Micro Loans

    total $21,802 · related or exempt $21,802

  • 3 · Investment income

    total $140,785 · related or exempt $140,785

  • 11a · Other revenue: Other Income

    total $1,341 · related or exempt $1,341

  • 11e · Other revenue, total

    $1,341

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $75,582 · management and general $75,582

  • 7 · Other salaries and wages

    total $903,067 · program services $899,230 · management and general $3,837

  • 9 · Other employee benefits

    total $353,292 · program services $324,621 · management and general $28,671

  • 12 · Advertising and promotion

    total $15,422 · program services $14,242 · management and general $1,180

  • 13 · Office expenses

    total $28,949 · program services $25,438 · management and general $3,511

  • 16 · Occupancy

    total $3,352 · management and general $3,352

  • 17 · Travel

    total $1,294 · program services $1,234 · management and general $60

  • 19 · Conferences, conventions and meetings

    total $7,075 · program services $2,223 · management and general $4,852

  • 20 · Interest

    total $77,400 · program services $77,400

  • 22 · Depreciation, depletion and amortization

    total $1,405 · management and general $1,405

  • 24a · Other expenses: Management Fees

    total $159,028 · management and general $159,028

  • 24b · Other expenses: Bad Debts

    total $382,323 · program services $382,323

  • 24c · Other expenses: Printing

    total $1,912 · program services $1,000 · management and general $912

  • 24d · Other expenses: Professional Fees

    total $95,363 · program services $14,094 · management and general $81,269

  • 24e · All other expenses

    total $15,635 · program services $5,852 · management and general $9,783

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,646,989 · end of year $9,742,529

  • 3 · Pledges and grants receivable

    beginning of year $268,936 · end of year $271,984

  • 4 · Accounts receivable

    beginning of year $881,114 · end of year $881,114

  • 7 · Other notes and loans receivable

    beginning of year $9,879,790 · end of year $10,276,885

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,000

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

    $8,268

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

    $6,980

  • 10c · Land, buildings and equipment, net

    beginning of year $2,693 · end of year $1,288

  • 15 · Other assets

    beginning of year $2,635,208 · end of year $1,896,707

  • 17 · Accounts payable and accrued expenses

    beginning of year $468,442 · end of year $357,450

  • 19 · Deferred revenue

    beginning of year $2,558,595 · end of year $890,245

  • 23 · Secured mortgages and notes payable

    beginning of year $6,482,615 · end of year $5,681,687

  • 27 · Net assets without donor restrictions

    beginning of year $13,807,078 · end of year $16,141,125

Mission and programs · 2023

Mission

To Promote Community and Eonomic Development by Serving as a Microloan intermediary providing technical assistance, and micro financing to small businesses operated by low to moderate income entrepreneurs.

  • The Micro Enterprise Development Program provides micro loans and technical assistance to small business entrepreneurs.

    Expenses $1,747,657 · Revenue $935,157

As filed on the 2023 return.

Listed in Part VII

  • Tsehaye Teferra PhD

    President

    Total calculated
    $338,167
    From this org
    $75,582
    From related orgs
    $205,085
    Other
    $57,500
    Hours/week
    24 + 46 related

    Schedule J breakdown matched by us

    Base
    $75,582
    Bonus
    not reported
    Other
    not reported + $205,085 related
    Deferred
    not reported + $57,500 related
    Nontaxable benefits
    not reported
    Filer's total
    $75,582 + $262,585 related

  • Allene F Wright

    Vice President

    Total calculated
    $319,092
    From this org
    $0
    From related orgs
    $234,192
    Other
    $84,900
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported + $234,192 related
    Deferred
    not reported + $84,900 related
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $319,092 related

  • John Agwaz

    Director Trustee

    Total calculated
    $0
    Hours/week
    0

  • Hagos Seyoum

    Director Trustee

    Total calculated
    $0
    Hours/week
    0

  • Zed Wendimu

    Director Trustee

    Total calculated
    $0
    Hours/week
    1

  • Frederick Schultz Jr

    Director Trustee

    Total calculated
    $0
    Hours/week
    1

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 · Written employment contract
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 February 2024
IRS schema version
2023v6.0
Source object
202541749349300549

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