Civic Intelligence

Shorebank Enterprise Group

990 • Fiscal year 2012 • EIN 34-1757217

Jan 01, 2012 to Dec 31, 2012 • Filed on Aug 07, 2013

Organization Profilen/a
540 E 105th Street44108
Siviq Scores

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

Liabilities / Assets

82nd percentile

0.62x

Higher debt load relative to assets than 82% of similar nonprofits.

2012 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2012

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2012

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2012

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2012

Asset Growth

1st percentile

-59%

Faster asset growth than 1% of similar nonprofits.

2012 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2011 to 2012

Revenue Growth

Score unavailable

No value available

No valid filing value is available for this score.

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Down

$1,685,334

Down $2,474,367 (-59%) from 2011

Net Assets

Down

$639,711

Down $80,394 (-11%) from 2011

Liabilities

Down

$1,045,623

Down $2,393,973 (-70%) from 2011

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

-

No earlier filing loaded for comparison.

Expenses

Down

$757,614

Down $736,583 (-49%) from 2011

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$10M$5.0M$0-$5.0MAssets 2010: $9,951,466Liabilities 2010: $4,329,902Net Assets 2010: $5,621,5642010Assets 2011: $4,159,701Liabilities 2011: $3,439,596Net Assets 2011: $720,1052011Assets 2012: $1,685,334Liabilities 2012: $1,045,623Net Assets 2012: $639,7112012Assets 2014: $1,171,248Liabilities 2014: $973,650Net Assets 2014: $197,5982014Assets 2015: $888,389Liabilities 2015: $927,867Net Assets 2015: -$39,4782015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2012

Assets$1,685,334
Liabilities$1,045,623
Net Assets$639,711
Open 2012 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $2,110,1792010Expenses 2011: $1,494,1972011Expenses 2012: $757,6142012Revenue 2014: $410,708Expenses 2014: $626,261Net Income 2014: -$215,5532014Revenue 2015: $334,090Expenses 2015: $552,011Net Income 2015: -$217,9212015Revenue 2016: $1,202,343Expenses 2016: $195,965Net Income 2016: $1,006,3782016

Highlighted filing

2012

Revenue-
Expenses$757,614
Net Income-
Open 2012 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2012 to Dec 31, 2012
Signed
Aug 7, 2013
Return Version
2012v2.1
Gross Receipts
$681,950
Mission and Program Overview

Mission

To provide affordable, below market office and warehouse space to small and medium-sized businesses headquartered in Cleveland. The Organization uses a reduced rent structure in the Glenville Enterprise center as an incentive to grow, hire and retain local residents.

Major Activities

Activity 2
The ShoreGrowth Fund was a revolving loan fund of Enterprise Cleveland. The Fund targeted businesses with established track records and capable management and required work force agreements from each of the borrowers that facilitated the placement of residents from Evergreen Cleveland's priority neighborhood into jobs that were created. Assets of ShoreGrowth Fund were transferred to Cleveland Small Business Growth Fund, a division of National Development Council, on March 28, 2012.
Activity 3
Other program income including ownership interest in and management fee from Shorebridge Capital, LTD.
Filing and Contact Details

Filer

EIN
34-1757217
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IRS990/Activity2/Description0The ShoreGrowth Fund was a revolving loan fund of Enterprise Cleveland. The Fund targeted businesses with established track records and capable management and required work force agreements from each of the borrowers that facilitated the placement of residents from Evergreen Cleveland's priority neighborhood into jobs that were created. Assets of ShoreGrowth Fund were transferred to Cleveland Small Business Growth Fund, a division of National Development Council, on March 28, 2012.
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IRS990/ActivityOrMissionDescription0To promote economic equity in the City of Cleveland.
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IRS990/Description0Glenville Enterprise Center is a 166,000 square foot, mixed use facility that the Organization renovated in a neighborhood characterized by high levels of unemployment, poverty, and deteriorated physical infrastructure. Today, the Center is home to nearly 40 businesses and 200 employees. Local businesses can find affordable space in this facility.
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IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation0FIN 48 Foot Note SEG has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi). SEG has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of SEG and the nature in which it operates is described in the first paragraph of Note 1. SEG continues to operate in compliance with its tax exempt purpose. Evergreen Cooperative Development Fund, LLC (ECDF) is organized as an LLC with SEG being the sole member. For tax purposes, ECDF is treated as a disregarded entity and will be included in SEG's financial statements and tax reporting. The Corporation's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory period.
IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation1Reduction in loan loss guarantee 20,431. Discount on below market loans 297,331.
IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation2Imputed interest 14,869. Provision for loan loss 29,227.
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IRS990ScheduleN/DispositionTable/DateOfDistribution02012-03-28
IRS990ScheduleN/DispositionTable/DescriptionOfAsset0Assets of ShoreGrowth Fund
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IRS990ScheduleN/Form990ScheduleNPartIII/Explanation0Enterprise Cleveland's Board of Directors identified a merger partner for its ShoreGrowth portfolio and developed an implementation plan in recognition of the challenges posed to new capital raising efforts. The strategic plan involved identification and execution of implementation steps to assume the Program Related Instrument (PRI) debt obligation of $1.9 million. Legal transition of the ShoreGrowth fund was completed March 28, 2012 and upon closing of the transaction, four loans were assigned to National Development Council's CSBGF entity totaling $405,538 and cash of $1,294,462 was wire transferred to CSBGF with $50,000 held in Loan Loss Reserve Account per the guaranty provided by Enterprise Cleveland as part of the Agreement.
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IRS990ScheduleO/GeneralExplanation/Explanation0The organization engaged Mondozzi, LLC to perform Accounting, Accounts Receivable, Investing, Budgeting, Forecsting, Cash Flows, Board reports, Audit Compliance, Grant Financial Reporting, Tax Reporting and Payroll related services. Mondozzi,LLC was compensated $19,500 for these services in 2012.
IRS990ScheduleO/GeneralExplanation/Explanation1The 990 was reviewed by the President and Chief Financial Officer. A copy was provided to each voting member of the Governing Body for review prior to filing the return.
IRS990ScheduleO/GeneralExplanation/Explanation2There were no employees during 2012. The Organization was managed by the volunteer Board of Directors with daily operations outsourced to a third party property manager.
IRS990ScheduleO/GeneralExplanation/Explanation3Governing documents, conflict of Interest Policy, and Financial Statements are not required disclosures pursuant to Internal revenue Code Section 6104. These documents are not available to the general public at this time.
IRS990ScheduleO/GeneralExplanation/Explanation4Imputed Interest -14,869. ShoreGrowth fund transfer -278,396. Provision for loan loss -29,227. Reduction in loan loss guarantee 20,431. Discount on below market loans 297,331.
IRS990ScheduleO/GeneralExplanation/Identifier0Changes in Net Assets or Fund Balances:
IRS990ScheduleO/GeneralExplanation/ReturnReference0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/GeneralExplanation/ReturnReference1Form 990, Part VI, Section B, line 11
IRS990ScheduleO/GeneralExplanation/ReturnReference2Form 990, Part VI, Section C, line 19
IRS990ScheduleO/GeneralExplanation/ReturnReference3Form 990, Part XI, line 9:
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IRS990ScheduleR/RentalOfFacilitiesFrOtherOrgs00
IRS990ScheduleR/RentalOfFacilitiesToOtherOrgs00
IRS990ScheduleR/SaleOfAssetsToOtherOrg00
IRS990ScheduleR/SharingOfFacilities00
IRS990ScheduleR/SharingOfPaidEmployees00
IRS990/School00
IRS990/SignificantChange00
IRS990/SignificantNewProgramServices00
IRS990/StateLegalDomicile0OH
IRS990/StatesWhereCopyOfReturnIsFiled0OH
IRS990/SubjectToProxyTax00
IRS990/TaxablePartyNotification00
IRS990/TaxExemptBonds00
IRS990/TemporarilyRestrictedNetAssets/BOY0510764
IRS990/TemporarilyRestrictedNetAssets/EOY047499
IRS990/Terminated00
IRS990/TermOrPermanentEndowments00
IRS990/TheBooksAreInCareOf/AddressUS/AddressLine10135 S LaSalle Suite 2040
IRS990/TheBooksAreInCareOf/AddressUS/City0Chicago
IRS990/TheBooksAreInCareOf/AddressUS/State0IL
IRS990/TheBooksAreInCareOf/AddressUS/ZIPCode060603
IRS990/TheBooksAreInCareOf/NameBusiness/BusinessNameLine10Stephen Mondozzi
IRS990/TheBooksAreInCareOf/TelephoneNumber03126626099
IRS990/TotalAssets/BOY04159701
IRS990/TotalAssetsBOY04159701
IRS990/TotalAssets/EOY01685334

Document Assets

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Filings

Displayed year

2012 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,685,334
Liabilities
$1,045,623
Net assets
$639,711
Revenue
-
Expenses
$757,614
Net income
-
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$1.20$0.20$1.01
2015Detailed filing. Detailed filing data is available for this year.$0.89$0.93$0.04$0.33$0.55$0.22
2014Detailed filing. Detailed filing data is available for this year.$1.17$0.97$0.20$0.41$0.63$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.69$1.05$0.64$0.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.16$3.44$0.72$1.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.95$4.33$5.62$2.11