Solano Economic Devco Corporation
- Assets
- $147.1k
- Revenue
- $971.9k
- Investments
- $0.0
- Employees
- 7
- Location
- Fairfield, CA
- Founding
- 02/1998
- Data as of
- 06/2022
- EIN
- 91-1790564
Organization Overview
Solano Economic Devco Corporation, operating under the name Solano EDC, is located in Fairfield, CA. The organization was established in 1998. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Solano EDC employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solano EDC is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Solano EDC generated $971.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $1.0m during the year ending 06/2022. While expenses have increased by 9.3% 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 MISSION OF THE SOLANO ECONOMIC DEVELOPMENT CORPORATION IS TO ATTRACT, GROW, AND RETAIN BUSINESS AND INDUSTRY IN SOLANO COUNTY THAT WILL ENHANCE THE ECONOMIC VITALITY AND QUALITY OF LIFE IN OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOLANO MEANS BUSINESS - THE EDC PROVIDED CONFIDENTIAL SITE LOCATION ASSISTANCE TO NEW BUSINESSES SEEKING TO LOCATE IN SOLANO COUNTY. PULLING FROM THE LARGE AND DIVERSE PORTFOLIO OF BUILDINGS AND SITES THROUGHOUT THE COUNTY, THE EDC PREPARED COMPREHENSIVE PACKAGES OF SPACE OPPORTUNITIES, WORKFORCE AND OTHER RESOURCES THAT ASSISTED THE BUSINESS IN THEIR DECISION PROCESS. THE EDC CONNECTED BUSINESSES TO KEY CONTACTS AT THE CITIES. THE CITIES FACILITATED LOCATION AND PERMITTING ASSISTANCE, WORKFORCE DEVELOPMENT AND EDUCATION, FINANCING, AND INCENTIVE PROGRAMS, SUCH AS ENERGY SAVINGS.
SOLANO BUSINESS FIRST! IS LED BY EACH CITY, WORKING WITH THEIR EXISTING BUSINESSES. RESOURCE PARTNERS IN THE ECONOMIC DEVELOPMENT TASK FORCE SUPPORT THESE EFFORTS WHEN CALLED UPON TO ASSIST A BUSINESS. THE EDC COORDINATED WITH KEY INDUSTRY GROUPS, SUCH AS MANUFACTURING, TO ENSURE THE NEEDS OF THE INDUSTRY WERE BEING MET IN THE COUNTY AND THE BUSINESSES IN THE SECTOR HAD ACCESS TO NEW PROGRAMS, SERVICES AND RESOURCES TO SCALE THEIR BUSINESSES.
MOVING SOLANO FORWARD IS THE STRATEGY GUIDING THE EDC'S ACTIONS. THE EDC IMPLEMENTED THE MOVING SOLANO FORWARD WHEEL OF INITIATIVES, INCLUDING EXISTING BUSINESSES AND BUSINESS ATTRACTION, AS WELL AS ADDRESSING KEY BUSINESS ISSUES THAT COULD CONSTRAIN ECONOMIC GROWTH AND MANAGING A RESOURCE CLEARINGHOUSE OF DATA AND RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Paul Harrington Program Manager | 40 | $123,480 | |
Christopher E Rico President / CEO | Officer | 40 | $85,417 |
Robert Burris President / CEO | Officer | 40 | $62,646 |
Sean P Quinn Interim President & CEO | Officer | 30 | $45,025 |
Celia Esposito-Noy Chairman | OfficerTrustee | 2 | $0 |
Kevin Miller Treasurer | OfficerTrustee | 1 | $0 |
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 | $958,829 |
| Investment income | $39 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,078 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $971,946 |
| 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. | $178,689 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $353,876 |
| Pension plan accruals and contributions | $31,240 |
| Other employee benefits | $19,269 |
| Payroll taxes | $41,921 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $225 |
| Fees for services: Accounting | $12,342 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $158,036 |
| Advertising and promotion | $50,771 |
| Office expenses | $13,021 |
| Information technology | $5,690 |
| Royalties | $0 |
| Occupancy | $55,163 |
| Travel | $3,453 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,393 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,943 |
| All other expenses | $0 |
| Total functional expenses | $1,000,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,771 |
| Savings and temporary cash investments | $79,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,500 |
| 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 | $3,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $147,122 |
| Accounts payable and accrued expenses | $297 |
| 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 | $93,277 |
| Total liabilities | $93,574 |
| 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 | $53,548 |
| Total liabilities and net assets/fund balances | $147,122 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Solano Economic Devco Corporation has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Sutter Valley Hospitals Sacramento, CA PURPOSE: GENERAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
County Of Riverside Asset Leasing Corporation Riverside, CA | $424,339,421 | $18,501,020 |
City Of Glendale Municipal Property Corporation Glendale, AZ | $246,934,000 | $15,805,000 |
Downtown San Diego Partnership San Diego, CA | $3,005,866 | $9,913,958 |
El Dorado Community Service Center Santa Clarita, CA | $4,302,253 | $8,147,588 |
Sun City Oro Valley Community Association Inc Oro Valley, AZ | $28,029,235 | $8,742,643 |
Estrella Joint Committee Inc A Non-Profit Corporation Scottsdale, AZ | $5,462,539 | $8,224,629 |
Silicon Valley Education Foundation San Jose, CA | $5,009,604 | $7,057,784 |
Villages At Estrella Mountain Ranch Community Association Scottsdale, AZ | $5,670,197 | $7,276,595 |
Campesinos Unidos Brawley, CA | $3,476,842 | $6,350,880 |
Underground Service Alert Of Southern California Corona, CA | $5,398,227 | $5,936,631 |
River City Food Bank Sacramento, CA | $2,903,146 | $5,371,581 |
Franciscan Care Services Honolulu, HI | $5,391,174 | $3,621,924 |