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Glide Economic Development Corporation FY2020 filing

Tax-deductible

Corte Madera, CA501(c)(3)HousingEIN 94-3365110Revenue $91K in FY2020

On file with the IRS149 Yolo St, 94925-1837 · Corte Madera, CATax-exempt since Oct 2001Publicly supported — 509(a)(2)

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Gedc's primary activities are the oversight and management of affordable housing projects.

501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $7.4M a year · 2270% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$212K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$91K
Spent
$965K
To programs
94%
Net assets
$10.9M
By yearFY2020–FY2024
Revenue
$91K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$91K
FY2021$329K
FY2022$181K
FY2023$827K
FY2024$213K
Expenses
$965K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$965K
FY2021$1.4M
FY2022$2.5M
FY2023$33.1M
FY2024$946K
Net assets
$10.9M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$10.9M
FY2021$9.8M
FY2022$7.5M
FY2023$558K
FY2024−$174K

From the FY2020 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 2001.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $910K Management & general 6% · $55K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Brad Paul
Secretary & Treasurer
$0Pt VII · Sec A
Melvin Carriere
President & COO
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Glide Economic Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Manages and oversees affordable housing projects.

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Provided by the organization

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1 program · $910K · in their own filed words · FY2020
01

The organization developed and opened mason street family housing, which provides 81 affordable rental units in the tenderloin area of san francisco in 2008. It continues to own and operate the units as the general partner of mason street affordable housing L.P.

$910Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$91K
Ln 12
Fees for servicesLn 2g$88K
Gifts and grantsLn 1h$3K
Investment incomeLn 3$177
Money outPt IX
$965K
Ln 25
Programscol B$910K
Managementcol C$55K
Owns and owesPt X
$10.9M
net assets · Ln 32
Cash and savingsLn 1–2$769K
Total assetsLn 16$11.1M
LiabilitiesLn 26$212K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3K
Fees for servicesLn 2g$88K
Investment incomeLn 3$177
Total revenueLn 12$91K
Assets in detailPt X, end of year
CashLn 1$173K
SavingsLn 2$596K
Cash and savings togetherLn 1–2$769K
Land, buildings, equipmentLn 10c$7.8M
Total assetsLn 16$11.1M
LiabilitiesLn 26$212K
Net assetsLn 32$10.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$947K$769K
Land, buildings, equipmentLn 10c$7.8M$7.8M
Total assetsLn 16$11.8M$11.1M
LiabilitiesLn 26$16K$212K
Net assetsLn 32$11.8M$10.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$130K$98K$33K
Legal feesLn 11b$60K$60K
Accounting feesLn 11c$22K$22K
Other fees for servicesLn 11g$26K$26K
Other expenses (24a–d)Ln 24$726K$726K
Total functional expensesLn 25$965K$910K$55K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $213K$946K−$733K−$174K 990 PDF
FY2023 $827K$33.1M−$32.2M$558K 990 PDF
FY2022 $181K$2.5M−$2.3M$7.5M 990 PDF
FY2021 $329K$1.4M−$1.1M$9.8M 990 PDF
FY2020 Viewing $91K$965K−$874K$10.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $91,302 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $15,585$3,069
I-9 Program service revenuePrior year $90,168$88,056
I-10 Investment incomePrior year $293$177
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $106,046$91,302
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $176,374$965,258
I-18 Total expensesPrior year $176,374$965,258
I-19 Revenue less expensesPrior year −$70,328−$873,956
Part VI · Governance 6 of 6 board members independent, 2 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $91,302 across 5 lines filed
VIII-1f All other contributions, gifts and grants$3,069
VIII-1h Total contributions, gifts and grants$3,069
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $88,056$88,056
VIII-3 Investment incomeExcluded from tax $177$177
VIII-12 Total revenueRelated to mission $88,056 · Unrelated business $0 · Excluded from tax $177$91,302
Part IX · Statement of functional expenses $965,258 across 5 lines filed
IX-11a Management feesPrograms $97,506 · Management $32,502$130,008
IX-11b Legal feesPrograms $60,196$60,196
IX-11c Accounting feesManagement $22,450$22,450
IX-11g Other fees for servicesPrograms $26,340$26,340
IX-24 Other expenses (24a–d)Programs $726,264$726,264
IX-25 Total functional expensesPrograms $910,306 · Management $54,952 · Fundraising $0$965,258
Part X · Balance sheet $11,144,921 assets, 12 lines filed
Asset lines not itemized here account for $2,340,737; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $119,825$173,322
X-2 Savings and temporary cash investmentsStart of year $827,637$595,884
X-4 Accounts receivableStart of year $332,604$245,694
X-9 Prepaid expenses and deferred chargesStart of year $1,600$1,600
X-10c Land, buildings and equipment, netStart of year $7,787,684$7,787,684
X-16 Total assetsStart of year $11,823,621$11,144,921
X-17 Accounts payable and accrued expensesStart of year $16,317$47,531
X-25 Other liabilitiesStart of year $0$164,042
X-26 Total liabilitiesStart of year $16,317$211,573
X-27 Net assets without donor restrictionsStart of year $11,807,304$10,933,348
X-32 Total net assets or fund balancesStart of year $11,807,304$10,933,348
X-33 Total liabilities and net assetsStart of year $11,823,621$11,144,921
Part XI · Reconciliation of net assets $10,933,348 net assets at year end
XI-1 Total revenue$91,302
XI-2 Total expenses$965,258
XI-3 Revenue less expenses−$873,956
XI-4 Net assets at start of year$11,807,304
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$10,933,348

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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