Civic Intelligence

Southland Economic Development Corporation

990 • Fiscal year 2022 • EIN 95-3560326

Oct 01, 2021 to Sep 30, 2022 • Filed on Feb 24, 2023

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

35th percentile

0.08x

Higher debt load relative to assets than 35% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

44th percentile

0.17x

Higher debt load relative to revenue than 44% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

27th percentile

-1.5%

Higher net margin than 27% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

85th percentile

$359,978

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 11.2% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

23rd percentile

-8.4%

Faster asset growth than 23% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

33rd percentile

-5.0%

Faster revenue growth than 33% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets35th percentile

Assets

Down

$7,037,423

Down $645,517 (-8.4%) from 2021

Net Assets

Down

$6,502,757

Down $579,275 (-8.2%) from 2021

Liabilities

Down

$534,666

Down $66,242 (-11%) from 2021

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin27th percentile

Revenue

Down

$3,204,542

Down $168,312 (-5.0%) from 2021

Expenses

Down

$3,252,939

Down $54,425 (-1.6%) from 2021

Net Income

Down

-$48,397

Down $113,887 (-174%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth23rd 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

2022

Assets$7,037,423
Liabilities$534,666
Net Assets$6,502,757
Open 2022 Filing

Operations Trend

Revenue Growth33rd 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

2022

Revenue$3,204,542
Expenses$3,252,939
Net Income-$48,397
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Feb 24, 2023
Return Version
2021v4.1
Gross Receipts
$10,636,806
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$3,051,915$2,585,665▼ $466,250
Savings and Temporary Cash Investments$2,854,489$2,405,604▼ $448,885
Cash and Non-Interest-Bearing Accounts$1,075,739$1,015,727▼ $60,012
Other Notes and Loans Receivable, Net$233,642$460,967▲ $227,325
Accounts Receivable$44,815$146,832▲ $102,017
Prepaid Expenses and Deferred Charges$15,639$12,693▼ $2,946
Land, Buildings, and Equipment, Net$11,228$8,808▼ $2,420
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$7,682,940$7,037,423▼ $645,517
Other Assets Total$395,473$401,127▲ $5,654
Liabilities
Mortgage Notes Payable Secured by Investment Property$458,382$420,516▼ $37,866
Accounts Payable and Accrued Expenses$140,851$97,632▼ $43,219
Other Liabilities$1,675$16,518▲ $14,843
Total Liabilities$600,908$534,666▼ $66,242
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,082,032$6,502,757▼ $579,275
Total Net Assets Fund Balance$7,082,032$6,502,757▼ $579,275
Total Liabilities and Net Assets / Fund Balance$7,682,940$7,037,423▼ $645,517

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,808$158,873$167,681
Other Land Buildings-$163,991$163,991
Leasehold Improvements-$24,956$24,956
Other Assets Org$1--
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NasrLoan OfficerFT$347,021$12,957$359,978
Matthew DavisPresident & CEOFT$300,877$32,335$333,212
Mayra SotoVice PresidentFT$256,767$14,764$271,531
John WeltonVice PresidentFT$210,360$30,023$240,383
Maria MataVice PresidentFT$129,635$21,664$151,299
Javier JimenezVice PresidentFT$110,846$22,907$133,753
James HopkinsLoan OfficerFT$111,497$12,932$124,429
Anthony SanchezDirector-$50-$50
Gary MartinezChairman-$50-$50
Jeffrey BoxxDirector-$50-$50
Kenneth HernandezSecretary-$50-$50
Melanie SmithDirector-$50-$50
Michelle CoberlyDirector-$50-$50
Robert GarciaDirector-$50-$50
Ross BourneDirector-$50-$50
Sam Nangia1st Vice Chair-$50-$50
Wilson JuiDirector-$50-$50

Board Members and Trustees

NameTitle
George SarantosPast Chair
Omar FrancoDirector
Tim MillsDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$365,000
Program Service Revenue
$2,758,756
Investment Income
$80,786
Other Revenue
$0
Change in Net Assets
$-48,397

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,204,542
Revenue Not Reported on Form 990
$-530,878
Total Revenue per Audited Statements
$2,673,664
Total Revenue per Form 990
$3,204,542
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,174,887
Other Expenses$1,078,052
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$815,007$315,671-$1,130,678
Other Salaries and Wages$506,888$294,602-$801,490
Occupancy$104,498$50,958-$155,456
Payroll Taxes$93,354$43,596-$136,950
Advertising$67,223--$67,223
All Other Expenses$41,212$20,040-$61,252
Other Employee Benefits$37,291$23,604-$60,895
Information Technology$30,334$14,792-$45,126
Pension Plan Contributions$27,891$16,983-$44,874
Other Expenses$43,723$17,639-$43,723
Office Expenses$28,993$14,138-$43,131
Insurance$21,537$9,972-$31,509
Fees for Services Accounting$19,757$8,043-$27,800
Fees for Services Other$3,526$1,435-$4,961
Interest$4,584--$4,584
Conferences and Meetings$1,442$1,757-$3,199
Fees for Services Legal$1,946$792-$2,738
Depreciation Depletion$1,627$793-$2,420
Travel$1,759--$1,759
Total Functional Expenses$2,340,754$912,185$0$3,252,939

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,252,939
Total Expenses per Audited Statements$3,252,939
Total Expenses per Form 990$3,252,939
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$16,518
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 board of directors reviews the form 990 and communicates with auditors in preparation of the final draft. The final draft is presented to the board of directors 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
2023-02-24
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
20

Preparer

Firm
Onisko & Scholz Llp
Address
5000 E SPRING ST STE 200, LONG BEACH, CA 90815
Preparer
Brett Bradbury 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, 2022, the organization did not recognize any amount in potential interest and penalties associated with uncertain tax positions.”

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IRS990/Form990PartVIISectionAGrp/PersonNm6JAMES HOPKINS
IRS990/Form990PartVIISectionAGrp/PersonNm7Anthony Sanchez
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IRS990/Form990PartVIISectionAGrp/PersonNm10ROSS BOURNE
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IRS990/Form990PartVIISectionAGrp/PersonNm12Wilson Jui
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IRS990/Form990PartVIISectionAGrp/PersonNm16KENNETH HERNANDEZ
IRS990/Form990PartVIISectionAGrp/PersonNm17GEORGE SARANTOS
IRS990/Form990PartVIISectionAGrp/PersonNm18OMAR FRANCO
IRS990/Form990PartVIISectionAGrp/PersonNm19Tim Mills
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IRS990/Form990PartVIISectionAGrp/TitleTxt1President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt6LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt111st Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt17Past Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
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IRS990/MissionDesc0THE MISSION OF SOUTHLAND ECONOMIC DEVELOPMENT CORP. ("SOUTHLAND") IS TO BENEFIT THE COMMUNITIES IT SERVES BY STIMULATING EMPLOYMENT AND PRIVATE INVESTMENT, EXPANDING THE TAX BASE, AND INCREASING BUSINESS OPPORUNITIES.
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IRS990/ProgramServiceRevenueGrp/Desc0IRP program
IRS990/ProgramServiceRevenueGrp/Desc1RLF program
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt17767
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2185986
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3828883

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Filings

Displayed year

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

Open filing
Assets
$7,037,423
Liabilities
$534,666
Net assets
$6,502,757
Revenue
$3,204,542
Expenses
$3,252,939
Net income
-$48,397
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