Civic Intelligence

Community Economic Development Fund Foundation Inc.

990 • Fiscal year 2015 • EIN 06-1380472

Jan 01, 2015 to Dec 31, 2015 • Filed on Sep 27, 2016

Organization ProfileWWW.CEDF.COM

View Organization Page

965 East Main StreetMeriden, CT 06450

(203) 235-2333

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

61st percentile

0.37x

Higher debt load relative to assets than 61% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

95th percentile

6.15x

Higher debt load relative to revenue than 95% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

49th percentile

2.8%

Higher net margin than 49% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

59th percentile

$200,657

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 16.5% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

32nd percentile

-2.1%

Faster asset growth than 32% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

8th percentile

-37%

Faster revenue growth than 8% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets61st percentile

Assets

Down

$20,390,166

Down $445,296 (-2.1%) from 2014

Net Assets

Down

$12,905,729

Down $509,633 (-3.8%) from 2014

Liabilities

Up

$7,484,437

Up $64,337 (+0.9%) from 2014

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin49th percentile

Revenue

Down

$1,217,697

Down $712,410 (-37%) from 2014

Expenses

Down

$1,183,568

Down $241,301 (-17%) from 2014

Net Income

Down

$34,129

Down $471,109 (-93%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $20,666,305Liabilities 2010: $8,177,644Net Assets 2010: $12,488,6612010Assets 2011: $20,956,748Liabilities 2011: $8,270,827Net Assets 2011: $12,685,9212011Assets 2012: $19,896,971Liabilities 2012: $6,918,036Net Assets 2012: $12,978,9352012Assets 2013: $20,832,064Liabilities 2013: $7,713,744Net Assets 2013: $13,118,3202013Assets 2014: $20,835,462Liabilities 2014: $7,420,100Net Assets 2014: $13,415,3622014Assets 2015: $20,390,166Liabilities 2015: $7,484,437Net Assets 2015: $12,905,7292015Assets 2016: $20,469,439Liabilities 2016: $7,188,462Net Assets 2016: $13,280,9772016Assets 2017: $20,508,702Liabilities 2017: $6,937,161Net Assets 2017: $13,571,5412017Assets 2018: $19,424,088Liabilities 2018: $6,567,058Net Assets 2018: $12,857,0302018Assets 2019: $19,913,291Liabilities 2019: $6,055,859Net Assets 2019: $13,857,4322019Assets 2020: $19,959,783Liabilities 2020: $6,344,866Net Assets 2020: $13,614,9172020Assets 2021: $21,016,441Liabilities 2021: $6,356,783Net Assets 2021: $14,659,6582021Assets 2022: $20,499,835Liabilities 2022: $6,593,552Net Assets 2022: $13,906,2832022Assets 2023: $20,904,533Liabilities 2023: $6,656,099Net Assets 2023: $14,248,4342023Assets 2024: $22,066,926Liabilities 2024: $7,036,855Net Assets 2024: $15,030,0712024

Highlighted filing

2015

Assets$20,390,166
Liabilities$7,484,437
Net Assets$12,905,729
Open 2015 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,979,5452010Expenses 2011: $1,650,5112011Revenue 2012: $2,208,290Expenses 2012: $1,557,174Net Income 2012: $651,1162012Revenue 2013: $1,453,402Expenses 2013: $1,407,838Net Income 2013: $45,5642013Revenue 2014: $1,930,107Expenses 2014: $1,424,869Net Income 2014: $505,2382014Revenue 2015: $1,217,697Expenses 2015: $1,183,568Net Income 2015: $34,1292015Revenue 2016: $1,301,302Expenses 2016: $1,132,297Net Income 2016: $169,0052016Revenue 2017: $1,742,882Expenses 2017: $1,570,910Net Income 2017: $171,9722017Revenue 2018: $1,711,220Expenses 2018: $1,747,395Net Income 2018: -$36,1752018Revenue 2019: $1,868,404Expenses 2019: $1,778,267Net Income 2019: $90,1372019Revenue 2020: $1,722,719Expenses 2020: $1,722,625Net Income 2020: $942020Revenue 2021: $2,229,141Expenses 2021: $2,001,342Net Income 2021: $227,7992021Revenue 2022: $2,219,165Expenses 2022: $2,035,384Net Income 2022: $183,7812022Revenue 2023: $2,433,942Expenses 2023: $2,249,503Net Income 2023: $184,4392023Revenue 2024: $2,343,607Expenses 2024: $2,200,300Net Income 2024: $143,3072024

Highlighted filing

2015

Revenue$1,217,697
Expenses$1,183,568
Net Income$34,129
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Sep 27, 2016
Return Version
2015v2.1
Gross Receipts
$2,652,042
Mission and Program Overview

Mission

To strengthen neighborhood economies by providing flexible financing and technical support to businesses, community organizations and initiatives in communities throughout connecticut. We help to stabilize and grow small businesses so individuals can realize their dreams, families can celebrate increased financial independence, and communities can prosper. Community economic development fund (cedf) was created in 1994 to revitalize distressed neighborhoods in low to moderate income communities throughout connecticut by improving the business and community economic conditions. We help small businesses stabilize and grow: we provide access to capital to start up, existing businesses, and community organizations who cannot obtain financing elsewhere and we offer educational workshops, business advisory services, and other resources necessary to ensure businesses are successful.

To strengthen neighbohood economies by providing flexible financing / support to small businesses in low to moderate income communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,672,428$9,472,782▼ $199,646
Land, Buildings, and Equipment, Net$2,293,076$2,228,182▼ $64,894
Cash and Non-Interest-Bearing Accounts$1,608,885$2,111,809▲ $502,924
Other Notes and Loans Receivable, Net$1,373,047$1,123,684▼ $249,363
Accounts Receivable$517,035$163,677▼ $353,358
Prepaid Expenses and Deferred Charges$17,007$40,290▲ $23,283
Total Assets$20,835,462$20,390,166▼ $445,296
Other Assets Total$5,353,984$5,249,742▼ $104,242
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,106,124$7,100,471▼ $5,653
Accounts Payable and Accrued Expenses$173,577$227,304▲ $53,727
Deferred Revenue$79,496$95,759▲ $16,263
Other Liabilities$60,903$60,903→ $0
Total Liabilities$7,420,100$7,484,437▲ $64,337
Net Assets / Fund Balance
Unrestricted Net Assets$11,262,633$10,716,030▼ $546,603
Permanently Rstr Net Assets$2,000,000$2,000,000→ $0
Temporarily Rstr Net Assets$152,729$189,699▲ $36,970
Total Net Assets Fund Balance$13,415,362$12,905,729▼ $509,633
Total Liabilities and Net Assets / Fund Balance$20,835,462$20,390,166▼ $445,296

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,721,686$425,482$2,147,168
Land$500,000-$500,000
Equipment$6,496$114,221$120,717
Other Assets Org$212,397--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$2,055,897-▲ $25,939-$2,061,818
2014$1,981,819-▲ $88,318-$2,055,897
2013$2,030,635-▲ $75,993-$1,981,819
Compensation and Service Providers
Top Officer Pay59th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James BzdyraPresidentFT$46,026$56,255$102,281
Donna WertenbachPresident, EmeritusFT$77,682$12,614$90,296
Michael P SweeneyCFOPT$31,590$38,610$70,200

Board Members and Trustees

NameTitle
Alta LashChair
Kim HealeyVice Chair
Ana AlfaroDirector
Art CasavantDirector
Bonita GrubbsDirector
Carl McclusterDirector
Christopher E BuchholzDirector
Jean-lubin BeaucejourDirector
Jorge L PerezDirector
Kathleen RomagnanoDirector
Mark NolanDirector
Richard DemayoDirector
Stephen HuddDirector
Ted MurphyDirector
Thomas MalloyDirector
William S Callion JrDirector
Timothy D BergstromSecretary
David LevasseurTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$364,473
Program Service Revenue
$251,277
Investment Income
$397,746
Other Revenue
$204,201
All Other Contributions
$95,549
Change in Net Assets
$34,129
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$626,656
Other Expenses$556,912
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$284,448--$284,448
Current Officers, Directors, Trustees, and Key Employees$216,164--$216,164
Interest$50,992$82,628-$133,620
Occupancy$127,348--$127,348
Other Employee Benefits$85,592--$85,592
Depreciation Depletion$64,895$7,461-$72,356
Fees for Service Investment Mgmnt Fees-$63,551-$63,551
Insurance-$53,321-$53,321
Payroll Taxes$40,452--$40,452
Travel$22,841$2,144-$24,985
Office Expenses$363$19,848-$20,211
Fees for Services Accounting$19,914--$19,914
Fees for Services Management$12,456--$12,456
Fees for Services Other$12,167--$12,167
Advertising$8,422--$8,422
Other Expenses$5,387$2,033-$2,033
All Other Expenses$3,791$-2,880-$911
Conferences and Meetings-$230-$230
Total Functional Expenses$955,232$228,336$0$1,183,568
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$98,913
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$39,408
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$20,072
-Key Employee Is a Board Member of Cedf FoundationAn Equity Equivalent Investment AgreementNo$10,965
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Amounts Due to Related Parties$60,903
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The form 990 is presented to the joint executive committee at a regular meeting. Once the committee has approved the form on behalf of the full board of directors, the cfo and/or the ceo is authorized to sign and file the form 990.”

Form 990, Part VI, Section B, line 12C

“The board of directors meets on a regular basis and requires all new members to sign a conflict of interest statement which requires the director to promptly notify the board of any conflicts. The conflict of interest statement is also reviewed and signed annually by all employees, management, and existing and continuing board members.”

Form 990, Part VI, Section B, line 15A

“Personnel committees review and evaluate executive directors performance. They also obtain listing of compensation for executive directors in similar type organizations and compensation for other non-profit organizations in the local area then present to the full board for comment and approval.”

Form 990, Part VI, Section C, line 19

“Governing documents are provided upon request”

Filing and Contact Details

Filer

Filer Name
The Community Economic Development Fund
EIN
06-1380472
Phone
2032352333
Address
965 EAST MAIN STREET, MERIDEN, CT 06450

Signing Officer

Name
James Bzdyra
Title
President
Phone
2032352333
Signed
2016-09-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Bzdyra
Formed
1993
Legal Domicile
Ct
Voting Board Members
17
Independent Board Members
15
Employees
20
Volunteers
0

Preparer

Firm
Blum Shapiro & Company Pc
Address
29 SOUTH MAIN STREET PO BOX 272000, WEST HARTFORD, CT 06127-2000
Preparer
Mary Kay Curtiss
Phone
8605614000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Investment loss - cedf corp -71,434.”

Financial Statement Notes

Part X, Line 2:

“The Organization implemented the accounting guidance for uncertainty in income taxes. Tax positions initially need to be recognized in the consolidating financial statements when it is more-likely-than-not that the position will be sustained upon examination by the tax authorities. As of December 31, 2015,CEDF Foundation had no known uncertain tax positions that qualify for either recognition or disclosure in the consolidating financial statements and they believe that they have the appropriate support for income tax positions taken in their tax returns.”

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IRS990/Form990PartVIISectionAGrp/PersonNm1KIM HEALEY
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IRS990/Form990PartVIISectionAGrp/PersonNm3TIMOTHY D BERGSTROM
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IRS990/Form990PartVIISectionAGrp/PersonNm5MARK NOLAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18PRESIDENT, EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt19CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT
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IRS990/MissionDesc0The mission of the Community Economic Development Fund Foundation is to strengthen neighborhood economies by providing flexible financing and consulting support to micro-enterprises, small businesses, community organizations and initiatives in targeted communities, and to low and moderate income individuals throughout Connecticut. The Community Economic Development Fund (CEDF) was created in 1994 to revitalize distressed neighborhoods in low to moderate income communities throughout Connecticut by improving the business and community economic conditions. We help small businesses stabilize and grow: We provide access to capital to start up, existing businesses, and community organizations who cannot obtain financing elsewhere and are located in one of the 52 low-moderate income communities or have a total household income of less than $89,700. In addition to capital, we offer educational workshops, business advice, and other resources necessary to ensure businesses are successful and
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,390,166
Liabilities
$7,484,437
Net assets
$12,905,729
Revenue
$1,217,697
Expenses
$1,183,568
Net income
$34,129
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$7.04$15.0$2.34$2.20$0.14
2023Detailed filing. Detailed filing data is available for this year.$20.9$6.66$14.2$2.43$2.25$0.18
2022Detailed filing. Detailed filing data is available for this year.$20.5$6.59$13.9$2.22$2.04$0.18
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.0$6.36$14.7$2.23$2.00$0.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.0$6.34$13.6$1.72$1.72$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.9$6.06$13.9$1.87$1.78$0.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.4$6.57$12.9$1.71$1.75$0.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.5$6.94$13.6$1.74$1.57$0.17
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.5$7.19$13.3$1.30$1.13$0.17
2015Detailed filing. Detailed filing data is available for this year.$20.4$7.48$12.9$1.22$1.18$0.03
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$20.8$7.42$13.4$1.93$1.42$0.51
2013Detailed filing. Detailed filing data is available for this year.$20.8$7.71$13.1$1.45$1.41$0.05
2012Summary only. Only limited summary data is available for this year.$19.9$6.92$13.0$2.21$1.56$0.65
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.0$8.27$12.7$1.65
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$8.18$12.5$1.98
Peer Organizations

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