Greater Sacramento Area Economic Council
- Assets
- $15.8m
- Revenue
- $3.5m
- Investments
- $42.1k
- Employees
- 24
- Location
- Sacramento, CA
- Founding
- 09/2014
- Data as of
- 06/2022
- EIN
- 46-5517841
Organization Overview
Greater Sacramento Area Economic Council is located in Sacramento, CA. The organization was established in 2014. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Greater Sacramento Area Economic Council employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Sacramento Area Economic Council is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Greater Sacramento Area Economic Council generated $3.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.6%) each year. All expenses for the organization totaled $4.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A PUBLIC-PRIVATE PARTNERSHIP TO RETAIN, ATTRACT AND CREATE SUSTAINABLE BUSINESSES IN SIX COUNTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GSEC LAUNCHED IT'S FIRST THREE-YEAR STRATEGIC PLAN, WORKING TOGETHER TO BUILD A SOLID FOUNDATION FOR LASTING CHANGE WHILE FOCUSING ON CORE PILLARS: GROWTH, SUSTAINABILITY, EQUITY AND COMPETITIVENESS. THE GROWTH PILLAR FOCUSING ON GROWING TRADABLE-SECTOR JOBS THAT REDUCE DEPENDENCY ON GOVERNMENT JOBS AND CREATE HIGH-WAGE OPPORTUNITIES. SUSTAINABILITY FOCUSING ON RETENTION AND EXPANSION OF TRADABLE-SECTOR BUSINESSES ALREADY CALLING THE GREATER SACRAMENTO REGION HOME. EQUITY FOCUSING ON GROWING APPRENTICESHIP NETWORKS THAT ENHANCE ACCESS TO CAREERS AT REGIONAL COMPANIES AND EXPAND TRAINING FOR UPSKILLING, RESKILLING AND PREPAREDNESS FOR NEXT GENERATION INDUSTRY OPPORTUNITIES. LASTLY, COMPETITIVENESS FOCUSING ON DEVELOPING STRATEGIES, PROGRAMS AND POLICY SOLUTIONS THAT ENHANCE TRADABLE-SECTOR ECONOMIC DEVELOPMENT AND BENCHMARK REGIONAL PROGRESS AGAINST COMPETITOR MARKETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Broome President & CEO | Officer | 40 | $728,573 |
Michael Scott Powell Executive Vice President | Officer | 40 | $206,600 |
Brittany Jones Chief Performance Officer | 40 | $180,501 | |
Michelle Willard Vp, Marketing | 40 | $148,833 | |
Matthew Miller Vp, Research | 40 | $140,500 | |
Troels Adrian Vp, Business Development | 40 | $114,869 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $199,000 |
| Related organizations | $0 |
| Government grants | $979,623 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,360,224 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,538,847 |
| Total Program Service Revenue | $39,814 |
| Investment income | $25,606 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $58,410 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$195,117 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,467,560 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $35,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,028,870 |
| Compensation of current officers, directors, key employees. | $140,915 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,637,430 |
| Pension plan accruals and contributions | $73,142 |
| Other employee benefits | $151,101 |
| Payroll taxes | $148,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,958 |
| Fees for services: Accounting | $25,404 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $84,328 |
| Advertising and promotion | $51,194 |
| Office expenses | $110,212 |
| Information technology | $281,057 |
| Royalties | $0 |
| Occupancy | $296,330 |
| Travel | $105,623 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $368,984 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,657 |
| Insurance | $20,607 |
| All other expenses | $0 |
| Total functional expenses | $4,668,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,356,490 |
| Savings and temporary cash investments | $5,685,706 |
| Pledges and grants receivable | $7,415,401 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $117,399 |
| Net Land, buildings, and equipment | $92,644 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $42,144 |
| Investments—program-related | $0 |
| Intangible assets | $21,896 |
| Other assets | $36,905 |
| Total assets | $15,768,585 |
| Accounts payable and accrued expenses | $534,142 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,000 |
| Total liabilities | $554,142 |
| Net assets without donor restrictions | $7,504,443 |
| Net assets with donor restrictions | $7,710,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,768,585 |
Grants Awarded
Over the last fiscal year, Greater Sacramento Area Economic Council has awarded $35,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Sacramento, CA PURPOSE: DONATION | $20,000 |
Santa Monica, CA PURPOSE: SPONSORSHIP DONATION | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Greater Sacramento Area Economic Council has recieved totaling $225,000.
| Awarding Organization | Amount |
|---|---|
Sutter Valley Hospitals Sacramento, CA | | $100,000 |
Harry C And Deborah L Elliott Family Foundation Folsom, CA PURPOSE: SOCIAL SERVICE | $100,000 |
Harvego Family Foundation Sacramento, CA PURPOSE: GENERAL DONATION | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
San Francisco Travel Association San Francisco, CA | $17,687,275 | $15,738,684 |
Citadel Economic Development Corporation San Bernardino, CA | $7,215,242 | $16,438,545 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Long Beach Area Convention And Visitors Bureau Inc Long Beach, CA | $4,784,571 | $9,189,036 |
San Luis Obispo Visitors & Conference Bureau Incorporated San Luis Obispo, CA | $7,302,521 | $9,818,447 |
Smcu Community Fund Redwood City, CA | $1,513,371 | $6,964,137 |
Maui Economic Development Board Inc Medb Kihei, HI | $10,649,362 | $7,742,311 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Santa Monica Travel & Tourism Santa Monica, CA | $2,868,308 | $7,126,411 |
Providence Foundation Of San Francisco San Francisco, CA | $2,572,916 | $7,012,697 |
La Cocina Inc San Francisco, CA | $10,601,250 | $8,307,558 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |