Folsom Economic Development Corporation
- Assets
- $902.5k
- Revenue
- $389.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Folsom, CA
- Founding
- 11/1996
- Data as of
- 06/2021
- EIN
- 68-0377492
Organization Overview
Folsom Economic Development Corporation is located in Folsom, CA. The organization was established in 1996. 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 06/2021, Folsom Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Folsom Economic Development Corporation 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 06/2021, Folsom Economic Development Corporation generated $389.7k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $257.1k during the year ending 06/2021. While expenses have increased by 13.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FOR AND PROMOTING THE ECONOMIC WELL-BEING IN FOLSOM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION ENCOURAGED SOUND AND BENEFICIAL ECONOMIC DEVELOPMENT IN THE CITY OF FOLSOM BY DEVELOPING AND MANAGING REAL PROPERTY. THE CORPORATION LESSENED THE BURDENS OF GOVERNMENT BY ASSISTING IN DEVELOPING PUBLIC PROPERTIES. THE CORPORATION PROMOTED SOCIAL WELFARE AND COMBAT COMMUNITY DETERIORATION BY DEVELOPING AND MANAGING DISADVANTAGED REAL PROPERTY IN FOLSOM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Gagliardi Ceo/president | Officer | 20 | $94,766 |
Robert Holderness Chair | OfficerTrustee | 1 | $0 |
Robert Flaut Vice Chair | OfficerTrustee | 1 | $0 |
Rob Aragon Secretary | OfficerTrustee | 1 | $0 |
Don Reid Treasurer | OfficerTrustee | 1 | $0 |
John Messner Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $73,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $201,325 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $275,025 |
| Total Program Service Revenue | $119,782 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$5,131 |
| 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 | $389,676 |
| 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. | $94,766 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,010 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,913 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,153 |
| Fees for services: Accounting | $8,761 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $560 |
| Office expenses | $12,358 |
| Information technology | $13,105 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $220 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,160 |
| All other expenses | $79,095 |
| Total functional expenses | $257,101 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $178,179 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $118,590 |
| 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 | $0 |
| Net Land, buildings, and equipment | $475,497 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $130,245 |
| Total assets | $902,511 |
| Accounts payable and accrued expenses | $48,501 |
| Grants payable | $0 |
| Deferred revenue | $197,117 |
| 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 | $391,000 |
| Unsecured mortgages and notes payable | $98,333 |
| Other liabilities | $0 |
| Total liabilities | $734,951 |
| Net assets without donor restrictions | $0 |
| 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 | $167,560 |
| Total liabilities and net assets/fund balances | $902,511 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Folsom Economic Development Corporation has recieved totaling $12,500.
| Awarding Organization | Amount |
|---|---|
Safe Credit Union Folsom, CA PURPOSE: Support for the economic development within the City of Folsom | $10,000 |
Kikkoman Foods Foundation Inc Walworth, WI PURPOSE: CHOOSE FOLSOM INITIATIVE | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
San Diego Convention And Tourist Bureau San Diego, CA | $10,248,135 | $28,266,235 |
Cdc Small Business Finance Corp San Diego, CA | $123,395,668 | $31,738,512 |
Mission Economic Development Agency San Francisco, CA | $193,556,070 | $20,206,962 |
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 |