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Imperial Valley Economic Developement Corporation EIN 33-0873809

Imperial Valley Economic Developement Corporation

EIN  33-0873809 Business league / trade association Imperial, CA
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Size
$100K–1M
What they do
Markets Imperial County to attract new businesses, boosting investment and jobs.
Leadership
Tim Kelley · CEO · $176K
Money in and out
$925K revenue, $953K expenses
Bottom line
-3% operating surplus

Markets Imperial County to attract new businesses, boosting investment and jobs. For fiscal year 2024 it reported $925K in revenue, $953K in expenses, and $267K in net assets.Pt I

Membership & operating revenue · FY2024
Total revenue
$925K
Pt VIII · Ln 12
Total expenses
$953K
Pt IX · Ln 25
Net assets
$267K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$28K
Where spending went · Part IX cols B–D
Program services $0.99 Management & general $0.01
Operating surplus
-3%
revenue over expenses▼ -137% vs prior filing year
Earned revenue
84%
of revenue from program services & dues▲ +22% vs prior filing year
Payroll share
65%
of spending is salaries & benefits0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$925K
FY2024▲ +17%
Expenses
$953K
FY2024▲ +32%
Total assets
$453K
FY2024▲ +83%
Total liabilities
$186K
FY2024▲ +15%
Total revenue
$925K
Pt VIII · Ln 12
Total expenses
$953K
Pt IX · Ln 25
Net assets
$267K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$28K
Total assetsPt X · Ln 16$453K
Program-expense ratioPt IX · col B99%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 45
Mission & Programs · Part III

Where the work happens

1 program service account for $937K of program spending, described in the organization's own filed words · FY2023.
01

Creating and implementing a plan to market the imperial county to businesses and industries outside of imperial county that are seeking sites for new or additional locations. It is also establishing a business-to-business network of ivedc investors.

$937Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CImperial Valley Economic Developement Corporation
EINHdr · item D33-0873809
Principal addressHdr · item CImperial, CA
WebsiteHdr · item Jwww.ivedc.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(6) · active
NTEE classificationIRS BMFCommunity Development (S41)
Ruling yearIRS BMFDec 1999

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b5
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$175,560Pt VII · Sec A
Steve Benson
Executive Comm
$0Pt VII · Sec A
Nick Wells
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Douglas Dahm
Past Chair
$0Pt VII · Sec A
Efrain Silva
Vice Chair
$0Pt VII · Sec A
Tom Debose
Executive Comm
$0Pt VII · Sec A
Tom Topuzes
Secretary
$0Pt VII · Sec A

Tim Kelley’s $176K as CEO is at the 95th percentile of top reported officer pay among 1710 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Tim Kelley$175,560$137,492$114,289$116,424$121,275

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$774K · 84%
Contributions & grants$142K · 15%
Investment income$8K · 1%
Program service revenue84%$774K
Contributions & grants15%$142K
Investment income1%$8K
Total revenueLn 12$925K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.99 Management & general $0.01
Program services99%$942K
Management & general1%$11K
Total functional expensesLn 25$953K

Balance Sheet

Part X · end of year
CashLn 1$219K
Total assetsLn 16$453K
Total liabilitiesLn 26$186K
Total net assetsLn 32$267K
Months of cash on handcomputed2.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $219K · Operating expenses/yr $953K
2.8 months
Where the money goes
Program services
Program services $942K · Total expenses $953K
99%
Management & General
Management & general $11K · Total expenses $953K
1%
Fundraising
Fundraising $0 · Total expenses $953K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $161K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $142K · Total revenue $925K
15%
Government reliance
Government grants — · Total revenue $925K
—
Earned-income share
Program service revenue $774K · Total revenue $925K
84%
Investment reliance
Investment income $8K · Total revenue $925K
+1%
Program self-sufficiency
Program service revenue $774K · Total expenses $953K
81%
Growth & trend
Revenue growth (YoY)
This year $925K · Prior year $788K
+17%
Revenue CAGR
FY2019 $419K · FY2023 $925K
+22%
Net-asset trend (YoY)
End of year $267K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $925K · Expenses $953K
-3%
Liabilities-to-Assets
Total liabilities — · Total assets $453K
—
Net-asset ratio
Net assets $267K · Total assets $453K
59%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $453K
0%
People & payroll
Highest Reported Total Compensation
Individual Tim Kelley · Reported title CEO · Highest reported compensation $176K · Total expenses $953K
18%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $619K · Total expenses $953K
65%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 99%——
Overhead ratio 1%——
Fundraising cost ratio 0%——
Revenue growth 17%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 0%——
Fundraising fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
California Emerging Technology FundFY2024$20K
Total grants receivedfrom 1 funder$20K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$925K revenue · viewing · ⤓ 990 PDF
FY2023$788K revenue · ⤓ 990 PDF
FY2022$540K revenue · ⤓ 990 PDF
FY2021$656K revenue · ⤓ 990 PDF
FY2020$419K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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