Sunshine State Economic Development Corp
- Assets
- $6.6m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 13
- Location
- Clearwater, FL
- Founding
- 11/1987
- Data as of
- 09/2022
- EIN
- 59-2195483
Organization Overview
Sunshine State Economic Development Corp is located in Clearwater, FL. The organization was established in 1987. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Sunshine State Economic Development Corp employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sunshine State Economic Development Corp 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 09/2022, Sunshine State Economic Development Corp generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.8m during the year ending 09/2022. While expenses have increased by 6.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
THE ORGANIZATION WAS ESTABLISHED AS A PRIVATE, COMMUNITY-BASED NONPROFIT CORPORATION. THE ORGANIZATION'S PRIMARY OBJECTIVE IS TO FURTHER THE ECONOMIC AND SOCIAL WELFARE OF SMALL BUSINESS IN THE REGION AND STATE OF FLORIDA BY PROVIDING ASSISTANCE IN OBTAINING LONG-TERM FINANCING, AS WELL AS EDUCATING SMALL BUSINESS COMMUNITY GROUPS, ECONOMIC DEVELOPMENT ORGANIZATIONS AND LENDERS AS TO THE AVAILABILITY OF OTHER LENDING AND ECONOMIC DEVELOPMENT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUNSHINE STATE ECONOMIC DEVELOPMENT CORPORATION (SEDCO) ASSISTS SMALL BUSINESSES, AS DEFINED BY THE SMALL BUSINESS ADMINISTRATION, IN OBTAINING LOANS TO EITHER EXPAND THEIR BUSINESS OR REFINANCE EXISTING PREVIOUSLY OBTAINED DEBT. IN ADDITION, SEDCO, THROUGH THE USE OF ITS INTERNALLY GENERATED FUND, OPERATES A PROGRAM DESIGNED TO FOSTER WOMEN AND MINORITY BASED BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A Brooke Mirenda President/ceo | OfficerTrustee | 40 | $211,136 |
Chelsea Mioduszewski SVP Of Sales & Marketing | 40 | $125,738 | |
Linda Anderson SVP Of Portfolio Management | 40 | $113,519 | |
Michael Frid SVP Of Credit Manager | 40 | $108,292 | |
Sandra Anderson SVP Of Closing & Funding Manager | 40 | $108,158 | |
Beth Herdegen VP Of Business Development | 40 | $107,672 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,677,352 |
| Investment income | $9,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,695,679 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $211,136 |
| Compensation of current officers, directors, key employees. | $24,281 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $848,435 |
| Pension plan accruals and contributions | $55,059 |
| Other employee benefits | $143,721 |
| Payroll taxes | $75,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $196,214 |
| Fees for services: Accounting | $34,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,415 |
| Office expenses | $113,984 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,840 |
| Travel | $8,963 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,697 |
| Interest | $5,383 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,930 |
| Insurance | $17,409 |
| All other expenses | $0 |
| Total functional expenses | $1,837,606 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,466,287 |
| Savings and temporary cash investments | $2,753,237 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,727 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,075,915 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,927 |
| Net Land, buildings, and equipment | $197,469 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,634,562 |
| Accounts payable and accrued expenses | $330,360 |
| Grants payable | $0 |
| Deferred revenue | $62,984 |
| 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 | $489,274 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,226 |
| Total liabilities | $891,844 |
| Net assets without donor restrictions | $5,742,718 |
| Net assets with donor restrictions | $0 |
| 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 | $6,634,562 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Bay Park Conservancy Inc Sarasota, FL | $16,645,209 | $18,178,827 |
Florida Opportunity Fund Inc Orlando, FL | $119,810,322 | $8,334,220 |
Florida Community Loan Fund Orlando, FL | $108,210,727 | $7,672,092 |
Bac Funding Corporation Miami, FL | $17,927,247 | $4,831,785 |
Community And Economic Development Quincy, FL | $11,268,446 | $5,882,256 |
Broward County Community Development Corporation Inc Fort Lauderdale, FL | $8,205,586 | $4,659,433 |
Miami Beach Community Development Corporation Inc Miami Beach, FL | $28,003,490 | $2,129,125 |
Neighbors And Neighbors Association Inc Miami, FL | $2,936,211 | $3,300,045 |
Pasco Economic Development Council Inc Lutz, FL | $4,349,801 | $2,360,770 |
Sunshine State Economic Development Corp Clearwater, FL | $6,634,562 | $1,695,679 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
Endeavor Miami Inc Miami, FL | $2,466,456 | $1,752,588 |