Bridge Economic Development Corporation
- Assets
- $17.4m
- Revenue
- $905.6k
- Investments
- $0.0
- Employees
- 0
- Location
- San Francisco, CA
- Founding
- 12/1995
- Data as of
- 12/2022
- EIN
- 94-3149476
Organization Overview
Bridge Economic Development Corporation is located in San Francisco, CA. The organization was established in 1995. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridge Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Bridge Economic Development Corporation generated $905.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (21.7%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. 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
MISSION: THIS ORGANIZATION FURTHERS THE EXEMPT PURPOSES OF BRIDGE HOUSING CORPORATION (BRIDGE). BRIDGE STRENGTHENS COMMUNITIES BY DEVELOPING, OWNING AND MANAGING HIGH-QUALITY, AFFORDABLE HOMES FOR WORKING FAMILIES AND SENIORS.VISION:* BRIDGE STRENGTHENS COMMUNITIES AND CREATES OPPORTUNITIES FOR WORKING FAMILIES AND SENIORS, BEGINNING BUT NOT ENDING WITH HOUSING.* BRIDGE IS A LEADER AND INNOVATOR IN THE MISSION-DRIVEN BUSINESS OF EFFECTIVE PRODUCTION, OPERATION AND OWNERSHIP OF AFFORDABLE AND MIXED-INCOME HOUSING.* BRIDGE EARNS THE HIGHEST DEGREE OF CUSTOMER SATISFACTION FROM ALL STAKEHOLDERS, INCLUDING RESIDENTS, NEIGHBORS, INVESTORS, TAXPAYERS, PRIVATE- AND PUBLIC-SECTOR PARTNERS, AND EMPLOYEES.* BRIDGE IS THE GO-TO DEVELOPER AND OWNER FOR PUBLIC OFFICIALS, INVESTORS AND COMMUNITIES SEEKING AN ARRAY OF HOUSING SOLUTIONS, AND IT DELIVERS RESULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS INVOLVED IN PROJECTS TO DEVELOP COMMERCIAL PROPERTIES IN DEPRESSED NEIGHBORHOODS TO REVITALIZE THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Mckay Evp Of Development (outgoing) | OfficerTrustee | 1 | $0 |
Kenneth Lombard President & CEO | OfficerTrustee | 1 | $0 |
Delphine Sherman Evp & CFO | OfficerTrustee | 1 | $0 |
Rebecca Hlebasko SVP General Counsel | OfficerTrustee | 1 | $0 |
James Mather Evp & Cio | OfficerTrustee | 1 | $0 |
Susan Johnson Evp (outgoing) | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Joseph Forbes Mccarthy Development Project Management | 12/30/14 | $197,775 |
Keystone Development Group Llc Consulting | 12/30/14 | $181,943 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,325,068 |
| 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 | $2,325,068 |
| Total Program Service Revenue | $860,210 |
| Investment income | $1,774 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,296,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $905,550 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,254 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $209 |
| Payroll taxes | $103 |
| Fees for services: Management | $1,954 |
| Fees for services: Legal | $950 |
| Fees for services: Accounting | $22,589 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11 |
| Advertising and promotion | $0 |
| Office expenses | $3,408 |
| Information technology | $911 |
| Royalties | $0 |
| Occupancy | $750,371 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $313,133 |
| Insurance | $0 |
| All other expenses | $4,047 |
| Total functional expenses | $1,259,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $334,369 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $398,751 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,300,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $129,650 |
| Net Land, buildings, and equipment | $11,864,511 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,788,436 |
| Intangible assets | $117,341 |
| Other assets | $446,346 |
| Total assets | $17,379,404 |
| Accounts payable and accrued expenses | $110,706 |
| Grants payable | $0 |
| Deferred revenue | $266,447 |
| 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 | $4,272,103 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,273,137 |
| Total liabilities | $7,922,393 |
| Net assets without donor restrictions | $9,457,011 |
| 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 | $17,379,404 |
Grants Awarded
Over the last fiscal year, Bridge Economic Development Corporation has awarded $1,800,653 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BRIDGE HOUSING CORPORATION PURPOSE: AFFILIATE CONTRIBUTION | $20,246 |
MCB FAMILY HOUSING INC PURPOSE: AFFILIATE CONTRIBUTION | $1,780,407 |