Civic Intelligence

Southland Economic Development Corporation

990 • Fiscal year 2021 • EIN 95-3560326

Oct 01, 2020 to Sep 30, 2021 • Filed on Feb 07, 2022

Organization Profilewww.southlandedc.com
400 N Tustin Ave 125Santa Ana, CA 92705

(714) 868-0010

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.08x

Higher debt load relative to assets than 42% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

52nd percentile

0.18x

Higher debt load relative to revenue than 52% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

28th percentile

1.9%

Higher net margin than 28% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

90th percentile

$323,816

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 9.6% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

27th percentile

0.8%

Faster asset growth than 27% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

48th percentile

10%

Faster revenue growth than 48% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$7,682,940

Up $64,043 (+0.8%) from 2020

Net Assets

Up

$7,082,032

Up $79,258 (+1.1%) from 2020

Liabilities

Down

$600,908

Down $15,215 (-2.5%) from 2020

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin28th percentile

Revenue

Up

$3,372,854

Up $310,470 (+10%) from 2020

Expenses

Up

$3,307,364

Up $130,919 (+4.1%) from 2020

Net Income

Up

$65,490

Up $179,551 (+157%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth27th percentile

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

$10M$5.0M$0Assets 2011: $5,801,752Liabilities 2011: $805,783Net Assets 2011: $4,995,9692011Assets 2012: $5,930,308Liabilities 2012: $554,394Net Assets 2012: $5,375,9142012Assets 2013: $5,812,808Liabilities 2013: $251,595Net Assets 2013: $5,561,2132013Assets 2014: $6,089,497Liabilities 2014: $130,508Net Assets 2014: $5,958,9892014Assets 2015: $6,153,001Liabilities 2015: $56,316Net Assets 2015: $6,096,6852015Assets 2016: $6,400,095Liabilities 2016: $109,851Net Assets 2016: $6,290,2442016Assets 2017: $6,459,378Liabilities 2017: $78,094Net Assets 2017: $6,381,2842017Assets 2018: $7,341,918Liabilities 2018: $806,055Net Assets 2018: $6,535,8632018Assets 2019: $7,524,012Liabilities 2019: $658,743Net Assets 2019: $6,865,2692019Assets 2020: $7,618,897Liabilities 2020: $616,123Net Assets 2020: $7,002,7742020Assets 2021: $7,682,940Liabilities 2021: $600,908Net Assets 2021: $7,082,0322021Assets 2022: $7,037,423Liabilities 2022: $534,666Net Assets 2022: $6,502,7572022Assets 2023: $7,873,542Liabilities 2023: $868,596Net Assets 2023: $7,004,9462023Assets 2024: $8,519,163Liabilities 2024: $822,210Net Assets 2024: $7,696,9532024

Highlighted filing

2021

Assets$7,682,940
Liabilities$600,908
Net Assets$7,082,032
Open 2021 Filing

Operations Trend

Revenue Growth48th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $3,564,9732011Expenses 2012: $2,617,4992012Expenses 2013: $3,114,2462013Revenue 2014: $3,085,348Expenses 2014: $2,687,572Net Income 2014: $397,7762014Revenue 2015: $2,390,937Expenses 2015: $2,243,684Net Income 2015: $147,2532015Revenue 2016: $2,754,182Expenses 2016: $2,537,639Net Income 2016: $216,5432016Revenue 2017: $2,678,561Expenses 2017: $2,671,565Net Income 2017: $6,9962017Revenue 2018: $3,012,078Expenses 2018: $2,894,992Net Income 2018: $117,0862018Revenue 2019: $3,159,194Expenses 2019: $3,054,971Net Income 2019: $104,2232019Revenue 2020: $3,062,384Expenses 2020: $3,176,445Net Income 2020: -$114,0612020Revenue 2021: $3,372,854Expenses 2021: $3,307,364Net Income 2021: $65,4902021Revenue 2022: $3,204,542Expenses 2022: $3,252,939Net Income 2022: -$48,3972022Revenue 2023: $3,722,427Expenses 2023: $3,273,659Net Income 2023: $448,7682023Revenue 2024: $3,498,036Expenses 2024: $3,199,665Net Income 2024: $298,3712024

Highlighted filing

2021

Revenue$3,372,854
Expenses$3,307,364
Net Income$65,490
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Feb 7, 2022
Return Version
2020v4.0
Gross Receipts
$4,430,895
Mission and Program Overview

Mission

To benefit the communities southland serves by stimulating employment and private investment, expanding the tax base, and increasing business opportunities.

stimulate employment, private investment and expand business opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,835,968$3,051,915▼ $784,053
Savings and Temporary Cash Investments$1,853,446$2,854,489▲ $1,001,043
Cash and Non-Interest-Bearing Accounts$1,200,424$1,075,739▼ $124,685
Other Notes and Loans Receivable, Net$301,769$233,642▼ $68,127
Accounts Receivable$38,040$44,815▲ $6,775
Prepaid Expenses and Deferred Charges$20,018$15,639▼ $4,379
Land, Buildings, and Equipment, Net-$11,228-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$7,618,897$7,682,940▲ $64,043
Other Assets Total$369,232$395,473▲ $26,241
Liabilities
Mortgage Notes Payable Secured by Investment Property$495,873$458,382▼ $37,491
Accounts Payable and Accrued Expenses$118,575$140,851▲ $22,276
Other Liabilities$1,675$1,675→ $0
Total Liabilities$616,123$600,908▼ $15,215
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,002,774$7,082,032▲ $79,258
Total Net Assets Fund Balance$7,002,774$7,082,032▲ $79,258
Total Liabilities and Net Assets / Fund Balance$7,618,897$7,682,940▲ $64,043

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$11,228$193,097$204,325
Other Land Buildings-$163,991$163,991
Leasehold Improvements-$24,956$24,956
Other Assets Org$379,299--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew DavisPresident & CEOFT$294,831$28,985$323,816
John WeltonVice PresidentFT$207,257$30,286$237,543
Mayra SotoVice PresidentFT$210,319$13,881$224,200
Jorge PaniaguaLoan OfficerFT$188,924$21,076$210,000
Michael NasrLoan OfficerFT$172,119$18,031$190,150
Maria MataVice PresidentFT$125,859$19,490$145,349
Lisa HollingsheadLoan OfficerFT$120,444$22,639$143,083
Javier JimenezVice PresidentFT$102,730$12,452$115,182

Board Members and Trustees

NameTitle
Sam NangiaChairman
George Sarantos1st Vice Chair
Gary Martinez2nd Vice Chair
Anthony SanchezDirector
Jeffrey BoxxDirector
Kenneth HernandezDirector
Melanie SmithDirector
Michelle CoberlyDirector
Robert GarciaDirector
Ross BourneDirector
Sergio AguilarDirector
Tim MillsDirector
Wilson JuiDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,169,513
Investment Income
$203,341
Other Revenue
$0
Change in Net Assets
$65,490

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,372,854
Revenue Not Reported on Form 990
$13,768
Total Revenue per Audited Statements
$3,386,622
Total Revenue per Form 990
$3,372,854
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,062,340
Other Expenses$1,245,024
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$776,225$269,865-$1,046,090
Other Salaries and Wages$490,931$310,684-$801,615
Occupancy$105,394$47,262-$152,656
Payroll Taxes$91,835$40,992-$132,827
All Other Expenses$44,503$19,410-$63,913
Pension Plan Contributions$29,549$16,036-$45,585
Other Expenses$45,256$15,984-$45,256
Information Technology$31,116$13,954-$45,070
Office Expenses$27,762$13,120-$40,882
Advertising$36,836--$36,836
Other Employee Benefits$21,506$14,717-$36,223
Insurance$21,685$9,288-$30,973
Fees for Services Accounting$19,059$7,936-$26,995
Fees for Services Other$8,519$3,548-$12,067
Fees for Services Legal$6,716$2,796-$9,512
Interest$4,959--$4,959
Travel$3,029--$3,029
Conferences and Meetings$1,626$1,295-$2,921
Depreciation Depletion$139$63-$202
Total Functional Expenses$2,520,414$786,950$0$3,307,364

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,307,364
Total Expenses per Audited Statements$3,307,364
Total Expenses per Form 990$3,307,364
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Borrower and Lender Fee Deposits$1,675
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
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 11B: Form 990 Review Process

“The executive committee of the board of directors reviews the form 990 and communicates with auditors in preparation of the final draft. The final draft is presented to the executive committee for approval prior to filing.”

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

“For each conflict of interest disclosed, the board of directors or executive committee will determine whether the organization should (a) take no action, (b) invite discussion by the full board of what action to take, or (c) refrain from taking action and otherwise avoid the conflict.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The organization's board of directors approves compensation of officers and key employees.”

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

“The organization makes its governing documents and financial statements available to the public upon request. Copy of form 990 is available at guidestar.org”

Filing and Contact Details

Filer

Filer Name
Southland Economic Development
EIN
95-3560326
Phone
7148680010
Address
400 N Tustin Ave 125, Santa Ana, CA 92705

Signing Officer

Name
Matthew Davis
Title
President
Signed
2022-02-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Davis
Formed
1980
Legal Domicile
CA
Voting Board Members
14
Independent Board Members
13
Employees
16

Preparer

Firm
Onisko & Scholz Llp
Address
5000 E SPRING ST STE 200, LONG BEACH, CA 90815
Preparer
Cynthia D Schoelen CPA
Phone
5624203100
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“There have been no changes in the oversight or selection processes during the year.”

Financial Statement Notes

Part X : FIN48 Footnote

“The organization recognizes the impact of tax positions in the financial statements if that position is more likely than not of being sustained in an audit, based on the technical merits of the position. To date, the organization has not recorded any uncertain tax positions. During the year ended september 30, 2021, the organization did not recognize any amount in potential interest and penalties associated with uncertain tax positions.”

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IRS990/Form990PartVIISectionAGrp/PersonNm7JAVIER JIMENEZ
IRS990/Form990PartVIISectionAGrp/PersonNm8Anthony Sanchez
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IRS990/Form990PartVIISectionAGrp/PersonNm13Sergio Aguilar
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt3LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt4LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt6LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt7Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt91ST VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt112ND VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
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IRS990/ProgramServiceRevenueGrp/Desc0IRP program
IRS990/ProgramServiceRevenueGrp/Desc1RLF program
IRS990/ProgramServiceRevenueGrp/Desc2SBA loan escrow
IRS990/ProgramServiceRevenueGrp/Desc3SBA loan processing fee
IRS990/ProgramServiceRevenueGrp/Desc4SBA loan servicing fee

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$7,682,940
Liabilities
$600,908
Net assets
$7,082,032
Revenue
$3,372,854
Expenses
$3,307,364
Net income
$65,490
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.52$0.82$7.70$3.50$3.20$0.30
2023Detailed filing. Detailed filing data is available for this year.$7.87$0.87$7.00$3.72$3.27$0.45
2022Detailed filing. Detailed filing data is available for this year.$7.04$0.53$6.50$3.20$3.25$0.05
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.68$0.60$7.08$3.37$3.31$0.07
2020Detailed filing. Detailed filing data is available for this year.$7.62$0.62$7.00$3.06$3.18$0.11
2019Detailed filing. Detailed filing data is available for this year.$7.52$0.66$6.87$3.16$3.05$0.10
2018Detailed filing. Detailed filing data is available for this year.$7.34$0.81$6.54$3.01$2.89$0.12
2017Detailed filing. Detailed filing data is available for this year.$6.46$0.08$6.38$2.68$2.67$0.01
2016Detailed filing. Detailed filing data is available for this year.$6.40$0.11$6.29$2.75$2.54$0.22
2015Detailed filing. Detailed filing data is available for this year.$6.15$0.06$6.10$2.39$2.24$0.15
2014Detailed filing. Detailed filing data is available for this year.$6.09$0.13$5.96$3.09$2.69$0.40
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.81$0.25$5.56$3.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.93$0.55$5.38$2.62
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.80$0.81$5.00$3.56