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Valley Economic Development Center INC

Encino, CAUnknown exempt organizationSince 1976EIN 95-3139419Revenue $13.8M in FY2020

On file with the IRSvedc.org16255 Ventura Blvd No 440 · Encino, CA

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To create and sustain jobs and businesses in our communities by providing high-quality Economic Development services.

50¢ of each $1 spent went to programs.
Run by 3 volunteers and 4 employees.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
50%
of spending
Worth a look: 50% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$13.8M
Spent
$447K
To programs
50%
Net assets
$0

From the FY2020 Form 990 (year ending June 2020) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2020.

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

Where the money goes

50 cents of each dollar spent went to programs.

Program services 50% · $224K Management & general 50% · $224K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation
Edward Arnold
Compliance Director
$0Pt VII · Sec A
Robert J Dennen
Financial Consultant
$0Pt VII · Sec A
Pegi Matsuda
Board Member
$0Pt VII · Sec A
Leandro Tyberg
Board Member
$0Pt VII · Sec A
Anita Wolman
Board Member
$0Pt VII · Sec A
See Valley Economic Development Center INC 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

Creates and sustains jobs and businesses by providing economic development services.

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Provided by the organization

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1 program · $224K · in their own filed words · FY2020
01

Winding down operations. To provide financing assistance, management consulting, and training to entrepreneurs and small business owners in and around los angeles county and throughout california. On july 2, 2019 valley economic development center filed for bankruptcy. The filing for bankruptcy impacted all of vedc's programs.

$224Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$13.8M
Ln 12
Other incomeLn 4–11$13.3M
Investment incomeLn 3$494K
Fees for servicesLn 2g$39K
Money outPt IX
$447K
Ln 25
Programscol B$224K
Managementcol C$224K
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$25K
Fees for servicesLn 2g$39K
Investment incomeLn 3$494K
Other incomeLn 4–11$13.3M
Gains on assetsLn 7$494K
Total revenueLn 12$13.8M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 54
VolunteersI 63
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$16.8M$0
InvestmentsLn 11–13$381K$0
Land, buildings, equipmentLn 10c$6.3M$0
Total assetsLn 16$31.2M$0
LiabilitiesLn 26$29.9M$0
Net assetsLn 32$1.3M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$135K$68K$68K
Other employee benefitsLn 9$11K$6K$6K
Payroll taxesLn 10$11K$6K$6K
Other fees for servicesLn 11g$21K$6K$15K
Office expensesLn 13$336$269$67
Information technologyLn 14$19K$13K$6K
OccupancyLn 16$37K$11K$26K
TravelLn 17$14$7$7
InterestLn 20$58K$58K
Depreciation, depletion and amortizationLn 22$111K$33K$77K
InsuranceLn 23$11K$3K$8K
Other expenses (24a–d)Ln 24$32K$19K$13K
All other expensesLn 24e$2K$635$1K
Total functional expensesLn 25$447K$224K$224K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $13.8M$447K$13.4M$0 990 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 $13,840,242 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $772,790$25,000
I-9 Program service revenuePrior year $461,313$38,944
I-10 Investment incomePrior year $6,150$494,042
I-11 Other revenuePrior year $1,172,822$13,282,256
I-12 Total revenuePrior year $2,413,075$13,840,242
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 $1,267,258$157,258
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,043,105$290,202
I-18 Total expensesPrior year $5,310,363$447,460
I-19 Revenue less expensesPrior year −$2,897,288$13,392,782
Part VI · Governance 3 of 3 board members independent, no flags
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $13,840,242 across 8 lines filed
VIII-1f All other contributions, gifts and grants$25,000
VIII-1h Total contributions, gifts and grants$25,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $38,944$38,944
VIII-3 Investment incomeExcluded from tax $22$22
VIII-6 Net rental income or lossExcluded from tax $6,703$6,703
VIII-7 Net gain or loss on sales of assetsExcluded from tax $494,020$494,020
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $13,275,553$13,275,553
VIII-12 Total revenueRelated to mission $13,314,497 · Unrelated business $0 · Excluded from tax $500,745$13,840,242
Part IX · Statement of functional expenses $447,460 across 13 lines filed
IX-7 Other salaries and wagesPrograms $67,515 · Management $67,515$135,030
IX-9 Other employee benefitsPrograms $5,527 · Management $5,527$11,054
IX-10 Payroll taxesPrograms $5,587 · Management $5,587$11,174
IX-11g Other fees for servicesPrograms $6,223 · Management $14,520$20,743
IX-13 Office expensesPrograms $269 · Management $67$336
IX-14 Information technologyPrograms $13,246 · Management $5,679$18,925
IX-16 OccupancyPrograms $10,975 · Management $25,607$36,582
IX-17 TravelPrograms $7 · Management $7$14
IX-20 InterestPrograms $58,338$58,338
IX-22 Depreciation, depletion and amortizationPrograms $33,213 · Management $77,497$110,710
IX-23 InsurancePrograms $3,346 · Management $7,808$11,154
IX-24 Other expenses (24a–d)Programs $18,968 · Management $12,606$31,574
IX-24e All other expensesPrograms $635 · Management $1,191$1,826
IX-25 Total functional expensesPrograms $223,849 · Management $223,611 · Fundraising $0$447,460
Part X · Balance sheet $0 assets, 21 lines filed
X-1 Cash, non-interest-bearingStart of year $4,091,425$0
X-2 Savings and temporary cash investmentsStart of year $12,711,553$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $244,219$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $42,769$0
X-10c Land, buildings and equipment, netStart of year $6,269,345$0
X-11 Publicly traded securities$0
X-12 Other securitiesStart of year $380,980$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $31,713$0
X-16 Total assetsStart of year $31,203,996$0
X-17 Accounts payable and accrued expensesStart of year $2,270,988$0
X-19 Deferred revenueStart of year $299,164$0
X-25 Other liabilitiesStart of year $48,505$0
X-26 Total liabilitiesStart of year $29,943,597$0
X-27 Net assets without donor restrictionsStart of year −$10,378,508$0
X-28 Net assets with donor restrictionsStart of year $11,638,907$0
X-32 Total net assets or fund balancesStart of year $1,260,399$0
X-33 Total liabilities and net assetsStart of year $31,203,996$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$13,840,242
XI-2 Total expenses$447,460
XI-3 Revenue less expenses$13,392,782
XI-4 Net assets at start of year$1,260,399
XI-9 Other changes in net assets−$14,653,181
XI-10 Net assets at end of year$0

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

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