Civic Intelligence

Founders First Community Development Corporation Inc.

990 • Fiscal year 2022 • EIN 74-3166719

Sep 01, 2021 to Aug 31, 2022 • Filed on Jun 29, 2023

Organization Profilefoundersfirstcdc.org
10755 Scripps Poway Pkwy 202San Diego, CA 92131

(619) 869-5815

Siviq Scores

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

Liabilities / Assets

86th percentile

0.55x

Higher debt load relative to assets than 86% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

71st percentile

0.28x

Higher debt load relative to revenue than 71% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

53rd percentile

8.6%

Higher net margin than 53% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

55th percentile

$71,769

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

96th percentile

142%

Faster asset growth than 96% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

91st percentile

102%

Faster revenue growth than 91% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$1,528,919

Up $898,042 (+142%) from 2021

Net Assets

Up

$682,092

Up $51,215 (+8.1%) from 2021

Liabilities

Up

$846,827

Up $846,827 from 2021

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin53rd percentile

Revenue

Up

$3,075,120

Up $1,550,973 (+102%) from 2021

Expenses

Up

$2,809,172

Up $1,742,294 (+163%) from 2021

Net Income

Down

$265,948

Down $191,321 (-42%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

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

$5.0M$0-$5.0MAssets 2017: $68,437Net Assets 2017: $68,4372017Assets 2018: $16,305Net Assets 2018: $16,3052018Assets 2019: $522,326Liabilities 2019: $1,922Net Assets 2019: $520,4042019Assets 2020: $513,652Liabilities 2020: $0Net Assets 2020: $513,6522020Assets 2021: $630,877Liabilities 2021: $0Net Assets 2021: $630,8772021Assets 2022: $1,528,919Liabilities 2022: $846,827Net Assets 2022: $682,0922022Assets 2023: $2,694,259Liabilities 2023: $3,180,724Net Assets 2023: -$486,4652023Assets 2024: $662,029Liabilities 2024: $4,736,796Net Assets 2024: -$4,074,7672024

Highlighted filing

2022

Assets$1,528,919
Liabilities$846,827
Net Assets$682,092
Open 2022 Filing

Operations Trend

Revenue Growth91st percentile

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

$10M$5.0M$0-$5.0MRevenue 2017: $124,866Expenses 2017: $58,185Net Income 2017: $66,6812017Revenue 2018: $154,215Expenses 2018: $206,347Net Income 2018: -$52,1322018Revenue 2019: $643,806Expenses 2019: $139,707Net Income 2019: $504,0992019Revenue 2020: $316,598Expenses 2020: $323,350Net Income 2020: -$6,7522020Revenue 2021: $1,524,147Expenses 2021: $1,066,878Net Income 2021: $457,2692021Revenue 2022: $3,075,120Expenses 2022: $2,809,172Net Income 2022: $265,9482022Revenue 2023: $4,463,178Expenses 2023: $5,631,735Net Income 2023: -$1,168,5572023Revenue 2024: $2,343,535Expenses 2024: $5,301,361Net Income 2024: -$2,957,8262024

Highlighted filing

2022

Revenue$3,075,120
Expenses$2,809,172
Net Income$265,948
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Jun 29, 2023
Return Version
2021v4.1
Gross Receipts
$3,075,120
Mission and Program Overview

Mission

Help underserved, under-represented small business owners overcome challenges they face due to lack of access to capital and to assist them in increasing business capacity resulting in higher revenue growth and providing more jobs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable-$1,155,000-
Cash and Non-Interest-Bearing Accounts$463,876$206,927▼ $256,949
Investments in Publicly Traded Securities$163,725$163,725→ $0
Savings and Temporary Cash Investments$3,276$3,267▼ $9
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$630,877$1,528,919▲ $898,042
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses-$846,827-
Total Liabilities$0$846,827▲ $846,827
Net Assets / Fund Balance
Net Assets With Donor Restrictions$225,000$800,000▲ $575,000
Net Assets Without Donor Restrictions$405,877$-117,908▼ $523,785
Total Net Assets Fund Balance$630,877$682,092▲ $51,215
Total Liabilities and Net Assets / Fund Balance$630,877$1,528,919▲ $898,042
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Shaylon ScottExecutive DirectorFT$64,724$7,045$71,769

Board Members and Trustees

NameTitle
Kim FolsomChairman
Eli VelasquezTrustee
Janet PullenTrustee
Kurtis TrevanTrustee
Maurice WilsonTrustee
Sharon PayneTrustee
Sulaiman RahmanTrustee
Yadira EsquedaTrustee
Shauna BreedenController
Alicia QuinnSecretary
Beverly ColeTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
With Reason LLCConsulting1140 WALL ST STE 3376, San Diego, CA 92037$108,125
Revenue and Support

Revenue Composition

Contributions and Grants
$3,050,509
Program Service Revenue
$24,611
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,050,509
Change in Net Assets
$265,948

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,075,120
Revenue Not Reported on Form 990
$441,000
Total Revenue per Audited Statements
$3,516,120
Total Revenue per Form 990
$3,075,120
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,274,985
Grants and Similar Amounts Paid$335,191
Salaries, Compensation, and Employee Benefits$198,996
Total Fundraising Expense$16,901
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$335,191--$335,191
Current Officers, Directors, Trustees, and Key Employees$67,157$34,652-$101,809
Other Salaries and Wages$60,537-$10,916$71,453
Fees for Services Other$11,158$44,632-$55,790
Payroll Taxes-$13,751-$13,751
Other Employee Benefits$9,719$1,764$500$11,983
Travel$10,625--$10,625
All Other Expenses$1,875$3,125$231$5,231
Occupancy$1,336$2,671$445$4,452
Other Expenses$3,341$835$2,004$4,176
Insurance$233$466$78$777
Advertising$209$416$69$694
Office Expenses$106$213$35$354
Total Functional Expenses$2,675,101$117,170$16,901$2,809,172

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,809,172
Expenses per Audited Statements$2,727,266
Total Expenses per Audited Statements$2,727,266
Expenses Not Reported on Financial Statements$81,906
Other Expense Adjustments$81,906
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
-Owned by BodProgram Delivery FeesNo$2,228,523

Loans and Receivables

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

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Kim folsom, beverly cole, and sharon payne are all members of the partnership, founders first capital partners fund i llc.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Board members review, discuss, and approve all areas of form 990 prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Each board member signs a conflict of interest statement each year.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board sets a performance plan each year for the executive director. It is reviewed annually. The executive committee determines compensation and then makes a recommendation that must be approved by the full board.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The governing docs, policies, and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Founders First Community Development
EIN
74-3166719
Phone
6198695815
Address
10755 SCRIPPS POWAY PKWY 202, SAN DIEGO, CA 92131

Signing Officer

Name
Shaylon Scott
Title
Executive Director
Signed
2023-06-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shaylon Scott
Formed
2005
Legal Domicile
CA
Voting Board Members
10
Independent Board Members
10
Employees
3

Preparer

Firm
Leaf & Cole LLP
Address
2810 Camino Del Rio South Suite 200, San Diego, CA 92108
Preparer
Jenny Kikuno
Phone
6192947200
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D: Other Program Services Description

“OTHER PROGRAM SERVICES 4: Clydesdale:Two-month program for 5th grade elementary school students and their families. Students complete language enrichment programs to expose them to concepts/vocabulary about local small business impact in their community, using music. The program is free to participants. Students will participate as youth judges in the regional challenge pitch competition.”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“481(a) adjusment = -$214733”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is a public charity, and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. The Organization believes that it has appropriate support for any tax positions taken, and, as such, does not have any uncertain tax positions that are material to the financial statements. The Organization is not a private foundation.The Organizations Return of Organization Exempt from Income Tax for the years ended August 31, 2022, 2021, 2020, and 2019 are subject to examination by the Internal Revenue Service and State taxing authorities, generally three-to-four years after the returns were filed.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Accrual to cash adj from afs $441000”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Accrual to cash adj from afs $81906”

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IRS990/MissionDesc0HELP UNDERSERVED, UNDER-REPRESENTED SMALL BUSINESS OWNERS OVERCOME CHALLENGES THEY FACE DUE TO LACK OF ACCESS TO CAPITAL AND TO ASSIST THEM IN INCREASING BUSINESS CAPACITY RESULTING IN HIGHER REVENUE GROWTH AND PROVIDING MORE JOBS.
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
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IRS990/OtherChangesInNetAssetsAmt0-214733
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0500
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt01764
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt09719
IRS990/OtherEmployeeBenefitsGrp/TotalAmt011983
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IRS990/OtherExpensesGrp/Desc1GRANT WRITING SUPPORT
IRS990/OtherExpensesGrp/Desc2SOFTWARE EXPENSES
IRS990/OtherExpensesGrp/Desc3PAYROLL PROCESSING FEES
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IRS990/OtherExpensesGrp/FundraisingAmt12004
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02623
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2835
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IRS990/OtherExpensesGrp/TotalAmt34176
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt010916
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt060537
IRS990/OtherSalariesAndWagesGrp/TotalAmt071453
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt013751
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0SHAYLON SCOTT
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt124501
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt124501
IRS990/ProgSrvcAccomActy2Grp/Desc0Bootcamp:Bootcamp is for entrepreneurs with established businesses, earning a minimum of $250K in annual revenue, who want to achieve rapid growth. 90-day, weekly online 12 group sessions. Onsite Pitch and Graduation Event in La Jolla, CA, with opportunity to compete for up to $7,500 cash and service prizes. Learn what it takes to develop an effective growth and funding plan that gets funders to say yes to your request to fund your business growth. Includes 9-months of post-program support coaching and support.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0753000
IRS990/ProgSrvcAccomActy3Grp/Desc0Challenge:Challenge is for entrepreneurs with established businesses, earning between $50,000 and $250,000 in annual revenue, who want to achieve growth. 60-day Mini-Accelerator Program consists of four (4) workshops where you will learn how to work ON your business, not just IN your business! Program completes with Pitch and Graduation Event, with opportunity to compete for up to $5,000 cash and service prizes. Includes 18 months of post-program support coaching and support.
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IRS990/PYOtherExpensesAmt0916499
IRS990/PYProgramServiceRevenueAmt064557
IRS990/PYRevenuesLessExpensesAmt0457269
IRS990/PYSalariesCompEmpBnftPaidAmt091178
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IRS990/ReconcilationRevenueExpnssAmt0265948
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IRS990ScheduleD/OtherRevenueAmt0441000
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,528,919
Liabilities
$846,827
Net assets
$682,092
Revenue
$3,075,120
Expenses
$2,809,172
Net income
$265,948
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.66$4.74$4.07$2.34$5.30$2.96
2023Detailed filing. Detailed filing data is available for this year.$2.69$3.18$0.49$4.46$5.63$1.17
2022Detailed filing. Detailed filing data is available for this year.$1.53$0.85$0.68$3.08$2.81$0.27
2021Detailed filing. Detailed filing data is available for this year.$0.63$0.00$0.63$1.52$1.07$0.46
2020Detailed filing. Detailed filing data is available for this year.$0.51$0.00$0.51$0.32$0.32$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.52$0.00$0.52$0.64$0.14$0.50
2018Detailed filing. Detailed filing data is available for this year.$0.02$0.02$0.15$0.21$0.05
2017Detailed filing. Detailed filing data is available for this year.$0.07$0.07$0.12$0.06$0.07