Civic Intelligence

Founders First Community Development Corporation Inc.

990 • Fiscal year 2023 • EIN 74-3166719

Sep 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

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

(619) 869-5815

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$2,510,413

Up $981,494 (+64%) from 2022

Net Assets

Down

-$1,091,411

Down $1,773,503 (-260%) from 2022

Liabilities

Up

$3,601,824

Up $2,754,997 (+325%) from 2022

Revenue And Expenses

Revenue

Down

$1,361,350

Down $1,713,770 (-56%) from 2022

Expenses

Down

$1,966,296

Down $842,876 (-30%) from 2022

Net Income

Down

-$604,946

Down $870,894 (-327%) from 2022

Historical Trend

Balance Sheet Trend

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 2023: $2,510,413Liabilities 2023: $3,601,824Net Assets 2023: -$1,091,4112023Assets 2024: $662,029Liabilities 2024: $4,736,796Net Assets 2024: -$4,074,7672024

Highlighted filing

2023

Assets$2,510,413
Liabilities$3,601,824
Net Assets-$1,091,411
Open 2023 Filing

Operations Trend

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 2023: $1,361,350Expenses 2023: $1,966,296Net Income 2023: -$604,9462023Revenue 2024: $2,343,535Expenses 2024: $5,301,361Net Income 2024: -$2,957,8262024

Highlighted filing

2023

Revenue$1,361,350
Expenses$1,966,296
Net Income-$604,946
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.1
Gross Receipts
$1,361,350
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$2,429,115$2,270,338▼ $158,777
Investments in Publicly Traded Securities$163,725$163,725→ $0
Cash and Non-Interest-Bearing Accounts$98,151$73,076▼ $25,075
Savings and Temporary Cash Investments$3,268$3,274▲ $6
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$2,694,259$2,510,413▼ $183,846
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$2,680,724$3,101,824▲ $421,100
Unsecured Notes Loans Payable$500,000$500,000→ $0
Total Liabilities$3,180,724$3,601,824▲ $421,100
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,451,520$2,047,913▼ $403,607
Net Assets Without Donor Restrictions$-2,937,985$-3,139,324▼ $201,339
Total Net Assets Fund Balance$-486,465$-1,091,411▼ $604,946
Total Liabilities and Net Assets / Fund Balance$2,694,259$2,510,413▼ $183,846
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Shaylon ScottExecutive DirectorFT$106,573$7,218$113,791

Board Members and Trustees

NameTitle
Kim FolsomChairman
Rohan KaleDirector
Ila GomezTrustee
Kurtis TrevanTrustee
Maurice WilsonTrustee
Sharon PayneTrustee
Sulaiman RahmanTrustee
Tony BialoruckTrustee
Yadira EsquedaTrustee
Alicia QuinnSecretary
Beverly ColeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,353,008
Program Service Revenue
$8,336
Investment Income
$6
Other Revenue
$0
All Other Contributions
$1,353,008
Change in Net Assets
$-604,946

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,361,350
Total Revenue per Audited Statements
$1,361,350
Total Revenue per Form 990
$1,361,350
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,720,491
Grants and Similar Amounts Paid$132,301
Salaries, Compensation, and Employee Benefits$113,504
Total Fundraising Expense$5,297
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$132,301--$132,301
Other Salaries and Wages$55,237$4,177-$59,414
Current Officers, Directors, Trustees, and Key Employees$23,116$15,411-$38,527
Fees for Services Legal$9,004$18,009$3,002$30,015
Interest-$11,861-$11,861
Travel$9,168--$9,168
Other Employee Benefits$5,852$2,146$130$8,128
Payroll Taxes$5,948$1,487-$7,435
Occupancy$294$588$97$979
Insurance$242$484$80$806
Other Expenses$156$624$557$780
All Other Expenses$574$41$7$622
Office Expenses$125$249$42$416
Advertising$97$194$32$323
Total Functional Expenses$1,894,519$66,480$5,297$1,966,296

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,966,296
Total Expenses per Audited Statements$1,966,296
Total Expenses per Form 990$1,966,296
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
-Bod Part OwnerProgram Delivery FeesNo$1,203,900

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, Section A, Line 2

“Kim folsom is a member of the corporation, founders first capital partners fund i inc.”

Form 990, Part VI, Section B, Line 11B

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

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

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

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

“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, Section C, Line 19

“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
2024-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shaylon Scott
Formed
2005
Legal Domicile
CA
Voting Board Members
11
Independent Board Members
11
Employees
4
Volunteers
11

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 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 PROGRAM SERVICES 5: Passport to Funding A five hour, online, interactive, self-paced certification program designed to educate and guide small business owners through the major hurdles stopping them from obtaining the growth funding they need to fund and grow their business. This program is intended for small and medium businesses generating $50,000 to $10,000,000 in annual revenues.”

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 December 31, 2023, August 31, 2023, 2022, 2021, and 2020 are subject to examination by the Internal Revenue Service and State taxing authorities, generally three-to-four years after the returns were filed.”

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IRS990/ProgSrvcAccomActy2Grp/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/ProgSrvcAccomActy3Grp/Desc0Passport to Funding A five hour, online, interactive, self-paced certification program designed to educate and guide small business owners through the major hurdles stopping them from obtaining the growth funding they need to fund and grow their business. This program is intended for small and medium businesses generating $50,000 to $10,000,000 in annual revenues.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The 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 December 31, 2023, August 31, 2023, 2022, 2021, and 2020 are subject to examination by the Internal Revenue Service and State taxing authorities, generally three-to-four years after the returns were filed.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,510,413
Liabilities
$3,601,824
Net assets
-$1,091,411
Revenue
$1,361,350
Expenses
$1,966,296
Net income
-$604,946
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
2023Detailed filing. Detailed filing data is available for this year.$2.51$3.60$1.09$1.36$1.97$0.60
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