Cabrillo Economic Development Corp
- Assets
- $56.5m
- Revenue
- $4.3m
- Investments
- $11.0m
- Employees
- 115
- Location
- Ventura, CA
- Founding
- 06/1982
- Data as of
- 12/2021
- EIN
- 95-3681521
Organization Overview
Cabrillo Economic Development Corp is located in Ventura, CA. The organization was established in 1982. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Cabrillo Economic Development Corp employed 115 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cabrillo 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 12/2021, Cabrillo Economic Development Corp generated $4.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $3.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.8%) per year over the past 7 years. 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
THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROVIDE COMPREHENSIVE HOUSING SERVICES, THROUGH A COMMUNITY BUILDING APPROACH, THAT WILL FACILITATE SELF SUFFICIENCY FOR INDIVIDUALS AND FAMILIES WHO ARE MOST LACKING IN OPPORTUNITY IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SAFE, AFFORDABLE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES TO LOW-INCOME, MINORITY, AND OTHER DISADVANTAGED INDIVIDUALS AND FAMILIES IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY. THE ORGANIZATION ACCOMPLISHES THIS OBJECTIVE THROUGH ITS FOUR DIVISIONS AS FOLLOWS:HOUSING DEVELOPMENTHOUSING DEVELOPMENT PROVIDES SAFE, AFFORDABLE HOMEOWNERSHIP AND RENTAL OPPORTUNITIES TO LOW-INCOME, MINORITY, AND OTHER DISADVANTAGED INDIVIDUALS AND FAMILIES IN VENTURA AND SANTA BARBARA COUNTIES AND ADJACENT AREAS IN LOS ANGELES COUNTY. THE REAL ESTATE DEVELOPMENT DIVISIONS (REDD) AS A MAJOR COMPONENT OF HOUSING DEVELOPMENT, PRIMARY FUNCTIONS ARE TO COMPLETE THE ACQUISITION, FINANCE, AND PRE-CONSTRUCTION STAGES OF AFFORDABLE HOUSING DEVELOPMENT. AFTER REDD ASSESSES THE VIABILITY OF ACQUIRING LAND, THE DEPARTMENT BEGINS A MULTI-FACETED REVIEW PROCESS. IF A PROJECT IS DEEMED FINANCIALLY FEASIBLE AND ALIGNED WITH CEDCS CORE GOALS, REDD WORKS TO SECURE FUNDING THROUGH A VARIETY OF PUBLIC AND PRIVATE SOURCES.RESIDENT AND COMMUNITY SERVICESTHE CABRILLO ECONOMIC DEVELOPMENT CORPORATION RESIDENT AND COMMUNITY SERVICES WORKS WITH RESIDENTS LIVING IN CEDC PROPERTIES AND IN NEIGHBORHOODS WHERE CEDC PROPERTIES ARE LOCATED, FOCUSING ON RESIDENT ENGAGEMENT AND LEADERSHIP, AND COMMUNITY ORGANIZING. RESIDENT AND COMMUNITY SERVICES PROGRAMS INCLUDE:- HOMEWORK CLUBS AND AFTER SCHOOL PROGRAMS- FITNESS AND NUTRITION PROGRAMS- EMPOWERMENT PROGRAMS FOR ADULTS- EDUCATION PROGRAMS FOR ADULTS AND YOUTH- LEADERSHIP DEVELOPMENT FOR YOUTHPROPERTY MANAGEMENTCABRILLO ECONOMIC DEVELOPMENT CORPORATION'S GOAL IS TO MEET THE HIGH DEMAND FOR SAFE, DECENT AND AFFORDABLE HOMES FOR FAMILIES, SPECIAL NEEDS, AND THE SENIOR COMMUNITY. CEDC'S PROPERTY AND ASSET MANAGEMENT DIVISIONS SUPPORTS THIS EFFORT BY PROFESSIONALLY MANAGING OUR RENTAL HOMES COMMUNITIES WHILE OFFERING QUALITY LIVING AT ITS BEST. IN TOTAL, THE CEDC PROPERTY AND ASSET MANAGEMENT DIVISION MANAGES MORE THAN 1,000 AFFORDABLE RENTAL HOMES ACROSS 24 PROPERTIES. RENTAL OPERATIONSCABRILLO ECONOMIC DEVELOPMENT CORPORATION, THOUGH ITS SOLELY OWNED PROPERTIES, PROVIDES AFFORDABLE, QUALITY HOMES THROUGHOUT VENTURA AND SANTA BARBARA COUNTIES. THE RENTAL OPERATIONS INCLUDE THE OWNERSHIP ACTIVITIES OF BOTH OPERATING AND MANAGING OF ITS SOLELY OWNED PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margarita DE Escontrias CEO | 50 | $179,485 | |
Victoria Brady CFO | 50 | $166,379 | |
Luz Soto Dir. Of Prop. Mgmt. And Re | 50 | $148,296 | |
Gustavo Almarosa Dir. Of Real Estate Dev. | 50 | $138,704 | |
Denise Bickerstaff Director Of Business Plann | 50 | $130,969 | |
Victor Rodriguez Secretary | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tolman & Wiker Insurance Services Llc Insurance | 12/30/18 | $205,900 |
New Level Resources Consulting | 12/30/18 | $120,581 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $125,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $797,866 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $922,866 |
| Total Program Service Revenue | $2,896,443 |
| Investment income | $434,886 |
| 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 | $4,254,195 |
| 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. | $750,257 |
| Compensation of current officers, directors, key employees. | $298,587 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $673,577 |
| Pension plan accruals and contributions | $26,448 |
| Other employee benefits | $141,193 |
| Payroll taxes | $129,483 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $298,874 |
| Advertising and promotion | $0 |
| Office expenses | $98,290 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,039 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $290,749 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $270,484 |
| Insurance | $115,185 |
| All other expenses | $122,375 |
| Total functional expenses | $3,352,216 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,732,686 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,072,198 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,035,503 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,976,820 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,683,186 |
| Total assets | $56,500,393 |
| Accounts payable and accrued expenses | $379,174 |
| Grants payable | $0 |
| Deferred revenue | $3,368 |
| 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 | $13,030,901 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $154,477 |
| Total liabilities | $13,567,920 |
| Net assets without donor restrictions | $42,581,473 |
| Net assets with donor restrictions | $351,000 |
| 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 | $56,500,393 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Cabrillo Economic Development Corp has recieved totaling $59,969.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $20,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $10,000 |
Mufg Union Bank Foundation Ag Phoenix, AZ PURPOSE: CHARITABLE | $10,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $10,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $9,860 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $109 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eden Investments Inc Hayward, CA | $35,016,313 | $30,534,205 |
Turk Street Inc San Francisco, CA | $36,581,577 | $10,576,295 |
A Community Of Friends Los Angeles, CA | $60,441,352 | $19,454,068 |
Oregon Coast Community Action Coos Bay, OR | $16,109,030 | $18,585,692 |
Abode Communities Los Angeles, CA | $48,420,643 | $18,096,266 |
Habitat For Humanity Portland Metro East Portland, OR | $35,667,707 | $17,313,274 |
Vista Del Monte Affordable Housing Inc Keene, CA | $19,598,964 | $14,888,615 |
Rubicon Programs Inc Richmond, CA | $13,905,498 | $18,401,820 |
Sacramento Self-Help Housing Inc Sacramento, CA | $3,575,796 | $15,208,752 |
The Mortgage Capital Development Company Oakland, CA | $77,426,961 | $21,275,511 |
Century Housing Corporation Culver City, CA | $579,661,365 | $33,491,484 |
Oregon Affordable Housing Assistance Corporation Salem, OR | $27,410,918 | $14,226,353 |