Civic Intelligence

Telecommunications Development Fund Inc

EIN 52-2077863 • 501(c)4 • Chevy Chase, MD

View Organization Page

Profile

See attachment 1

2 Wisconsin Circle Suite 920Chevy Chase, MD 20815

www.tdfventures.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

25th percentile

0.01x

Higher debt load relative to assets than 25% of similar nonprofits.

501(c)4 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.

Source year 2024

Net Margin

99th percentile

155%

Higher net margin than 99% of similar nonprofits.

501(c)4 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

18th percentile

$55,000

Higher top officer pay than 18% of similar nonprofits.

$100M-$250M nonprofits • Source year 2024

Asset Growth

14th percentile

-6.2%

Faster asset growth than 14% of similar nonprofits.

501(c)4 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets25th percentile

Assets

Down

$112,220,666

Down $7,479,138 (-6.2%) from 2023

Liabilities

Up

$1,289,002

Up $1,188,792 (+1186%) from 2023

Net Assets

Down

$110,931,664

Down $8,667,930 (-7.2%) from 2023

Operations
Liabilities / RevenueScore unavailableNet Margin99th percentile

Revenue

Down

-$4,798,047

Down $1,566,117 (-48%) from 2023

Expenses

Up

$2,641,663

Up $1,474,348 (+126%) from 2023

Net Income

Down

-$7,439,710

Down $3,040,465 (-69%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth14th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2010: $96,720,006Liabilities 2010: $151,792Net Assets 2010: $96,568,2142010Assets 2011: $100,131,265Liabilities 2011: $81,091Net Assets 2011: $100,050,1742011Assets 2012: $116,633,316Liabilities 2012: $163,606Net Assets 2012: $116,469,7102012Assets 2013: $84,215,412Liabilities 2013: $43,292Net Assets 2013: $84,172,1202013Assets 2014: $80,274,639Liabilities 2014: $0Net Assets 2014: $80,274,6392014Assets 2015: $117,174,480Liabilities 2015: $0Net Assets 2015: $117,174,4802015Assets 2016: $112,958,465Liabilities 2016: $2,380,500Net Assets 2016: $110,577,9652016Assets 2017: $108,357,630Liabilities 2017: $0Net Assets 2017: $108,357,6302017Assets 2018: $107,042,258Liabilities 2018: $0Net Assets 2018: $107,042,2582018Assets 2019: $99,665,049Liabilities 2019: $0Net Assets 2019: $99,665,0492019Assets 2020: $115,521,376Liabilities 2020: $0Net Assets 2020: $115,521,3762020Assets 2022: $123,416,262Liabilities 2022: $0Net Assets 2022: $123,416,2622022Assets 2023: $119,699,804Liabilities 2023: $100,210Net Assets 2023: $119,599,5942023Assets 2024: $112,220,666Liabilities 2024: $1,289,002Net Assets 2024: $110,931,6642024

Highlighted filing

2024

Assets$112,220,666
Liabilities$1,289,002
Net Assets$110,931,664
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$20M$0-$20MRevenue 2010: $2,887,588Expenses 2010: $5,066,492Net Income 2010: -$2,178,9042010Revenue 2011: $11,067,169Expenses 2011: $3,336,567Net Income 2011: $7,730,6022011Revenue 2012: $1,406,448Expenses 2012: $2,948,982Net Income 2012: -$1,542,5342012Revenue 2013: $390,621Expenses 2013: $1,290,433Net Income 2013: -$899,8122013Revenue 2014: -$1,573,417Expenses 2014: $1,616,188Net Income 2014: -$3,189,6052014Revenue 2015: $38,647,445Expenses 2015: $1,747,604Net Income 2015: $36,899,8412015Revenue 2016: -$4,337,946Expenses 2016: $2,258,569Net Income 2016: -$6,596,5152016Revenue 2017: -$291,459Expenses 2017: $1,928,876Net Income 2017: -$2,220,3352017Revenue 2018: $517,966Expenses 2018: $1,638,835Net Income 2018: -$1,120,8692018Revenue 2019: -$6,105,325Expenses 2019: $1,270,338Net Income 2019: -$7,375,6632019Revenue 2020: $18,354,243Expenses 2020: $2,499,327Net Income 2020: $15,854,9162020Revenue 2022: -$5,477,154Expenses 2022: $1,319,746Net Income 2022: -$6,796,9002022Revenue 2023: -$3,231,930Expenses 2023: $1,167,315Net Income 2023: -$4,399,2452023Revenue 2024: -$4,798,047Expenses 2024: $2,641,663Net Income 2024: -$7,439,7102024

Highlighted filing

2024

Revenue-$4,798,047
Expenses$2,641,663
Net Income-$7,439,710
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$112,220,666
Liabilities
$1,289,002
Net assets
$110,931,664
Revenue
-$4,798,047
Expenses
$2,641,663
Net income
-$7,439,710
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$112$1.29$111$4.80$2.64$7.44
2023Detailed filing. Detailed filing data is available for this year.$120$0.10$120$3.23$1.17$4.40
2022Detailed filing. Detailed filing data is available for this year.$123$0.00$123$5.48$1.32$6.80
2020Detailed filing. Detailed filing data is available for this year.$116$0.00$116$18.4$2.50$15.9
2019Detailed filing. Detailed filing data is available for this year.$99.7$0.00$99.7$6.11$1.27$7.38
2018Detailed filing. Detailed filing data is available for this year.$107$0.00$107$0.52$1.64$1.12
2017Detailed filing. Detailed filing data is available for this year.$108$0.00$108$0.29$1.93$2.22
2016Detailed filing. Detailed filing data is available for this year.$113$2.38$111$4.34$2.26$6.60
2015Detailed filing. Detailed filing data is available for this year.$117$0.00$117$38.6$1.75$36.9
2014Detailed filing. Detailed filing data is available for this year.$80.3$0.00$80.3$1.57$1.62$3.19
2013Detailed filing. Detailed filing data is available for this year.$84.2$0.04$84.2$0.39$1.29$0.90
2012Summary only. Only limited summary data is available for this year.$117$0.16$116$1.41$2.95$1.54
2011Summary only. Only limited summary data is available for this year.$100$0.08$100$11.1$3.34$7.73
2010Summary only. Only limited summary data is available for this year.$96.7$0.15$96.6$2.89$5.07$2.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$0
Mission and Program Overview

Mission

See attachment 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$116,513,877$101,075,834▼ $15,438,043
Prepaid Expenses and Deferred Charges$202,118$9,687,290▲ $9,485,172
Investments in Publicly Traded Securities$2,356,976$854,937▼ $1,502,039
Savings and Temporary Cash Investments$127,765$145,133▲ $17,368
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$119,699,804$112,220,666▼ $7,479,138
Other Assets Total$499,068$457,472▼ $41,596
Liabilities
Accounts Payable and Accrued Expenses$100,210$1,289,002▲ $1,188,792
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$100,210$1,289,002▲ $1,188,792
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$119,599,594$110,931,664▼ $8,667,930
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$119,599,594$110,931,664▼ $8,667,930
Total Liabilities and Net Assets / Fund Balance$119,699,804$112,220,666▼ $7,479,138

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$101,075,834--
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleBaseTotal
Richard Bodmandirector$55,000$55,000
Brian BaileyDirector$47,500$47,500
Marvin BushDirector$42,500$42,500
Michael Meecedirector$40,000$40,000
Brooke CoburnDirector$35,000$35,000

Board Members and Trustees

NameTitle
James PastorizaCEO

Highest Paid Contractors

ContractorServicesLocationCompensation
Adler Colvingeneral counsel135 Main Street 20th Fl, San Francisco, CA 94105-
Gunderson Dettmergeneral counsel550 Allerton Street, Redwood City, CA 94063-
PwC US Tax LLPConsulting2001 MARKET ST SUITE 1800, Philadelphia, PA 19103-
Twenty-First Century GroupConsulting434 New Jersey Ave, Washington, DC 20003-
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-4,898,105
Other Revenue
$100,058
Change in Net Assets
$-7,439,710

Audited Revenue Reconciliation

Revenue per Audited Statements
$-4,798,047
Revenue Not Reported on Form 990
$-438,912
Total Revenue per Audited Statements
$-5,236,959
Total Revenue per Form 990
$-4,798,047
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,421,663
Salaries, Compensation, and Employee Benefits$220,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$814,870-$814,870
Fees for Services Management-$637,633-$637,633
Fees for Services Legal$233,595--$233,595
Current Officers, Directors, Trustees, and Key Employees-$220,000-$220,000
Fees for Services Accounting$38,320--$38,320
Insurance$21,594--$21,594
Other Expenses$0$5,557-$5,557
Travel$4,262--$4,262
Conferences and Meetings-$2,777-$2,777
Fees for Service Investment Mgmnt Fees$1,892--$1,892
Office Expenses$756--$756
Total Functional Expenses$960,826$1,680,837$0$2,641,663

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,641,663
Total Expenses per Audited Statements$2,641,663
Total Expenses per Form 990$2,641,663
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Section B, Line 15

“Compensation is determined by an annual management fee agreement.”

Part VI, Section C, Line 19

“Yes, on annual basis the organization prepares a Report to Congress, which includes information about the organization, as well as a copy of the organization's audited financial statements. All information is made available upon request.”

Part VII, Section A, Line 1

“The directors of telecommunications development fund, inc. Are not compensated for services rendered as directors.”

Filing and Contact Details

Filer

Filer Name
Telecommunications Development Fund Inc
EIN
52-2077863
In Care Of
% THE ORGANIZATION
Phone
2404834286
Address
2 WISCONSIN CIRCLE SUITE 920, CHEVY CHASE, MD 20815

Signing Officer

Name
James Pastoriza
Title
CEO
Phone
2404834289
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Pastoriza
Formed
1998
Legal Domicile
Md
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
PwC US Tax LLP
Address
2001 MARKET ST SUITE 1800, PHILADELPHIA, PA 19103
Preparer
Robertson Bertrand
Phone
2673303000
Supplemental Narrative

Additional Explanations

Form 990 Part IX Line 11G

“Description:bank fees total fees:2150”

Form 990 Part IX Line 11G

“Description:subscription total fees:6625”

Form 990 Part IX Line 11G

“Description:loan fee expense total fees:806095”

Raw XML AppendixShowing 400 of 508 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0THE TELECOMMUNICATIONS ACT OF 1996 (THE ACT), ENACTED ON FEBRUARY 8, 1996, CREATED A BODY CORPORATE TO BE KNOWN AS THE TELECOMMUNCATIONS DEVELOPMENT FUND, TDF. THE CONFERENCE REPORT WHICH ACCOMPANIED THE ACT PROVIDED THAT TDF WILL BE ADMINISTERED AS A NOT FOR PROFIT ORGANIZATION. ON MARCH 30, 1998, TDF WAS INCORPORATED IN THE DISTRICT OF COLUMBIA AS A CIVIC ORGANIZATION WITHIN THE MEANING OF SECTION 501 (C)(4) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE PURPOSE OF THE FUND IS: (A) TO PROMOTE ACCESS TO CAPITAL FOR SMALL BUSINESSES IN ORDER TO ENHANCE COMPETITION IN THE TELECOMMUNICATIONS INDUSTRY; (B) TO STIMULATE NEW TECHNOLOGY DEVELOPMENT, AND TO PROMOTE EMPLOYMENT AND TRAINING; (C) TO SUPPORT UNIVERSAL SERVICE AND PROMOTE DELIVERY OF TELECOMMUNICATIONS SERVICES TO UNDERSERVED RURAL AND URBAN AREAS; AND (D) TO RECEIVE CONTRIBUTIONS OR DONATIONS TO THE FUND AND TO REINVEST ANY REPAYMENT OF, OR OTHER PAYMENT WITH RESPECT TO, LOAN, EQUITY, OR OTHER EXTENSIONS OF CREDIT MADE FRO
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IRS990/PrincipalOfficerNm0James Pastoriza
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COMPENSATION IS DETERMINED BY AN ANNUAL MANAGEMENT FEE AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Yes, on annual basis the organization prepares a Report to Congress, which includes information about the organization, as well as a copy of the organization's audited financial statements. All information is made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE DIRECTORS OF TELECOMMUNICATIONS DEVELOPMENT FUND, INC. ARE NOT COMPENSATED FOR SERVICES RENDERED AS DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION:BANK FEES TOTAL FEES:2150
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DESCRIPTION:SUBSCRIPTION TOTAL FEES:6625
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DESCRIPTION:LOAN FEE EXPENSE TOTAL FEES:806095
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VII, SECTION A, LINE 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART IX LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART IX LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990 PART IX LINE 11G
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt2TDF VENTURES IV LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt3TDF VENTURES FUND V LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt4Lookout Ventures I LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt02 WISCONSIN CIRCLE SUITE 920
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