2022-05-06T12:41:14-05:00 2021-06-30 330700332 VASQUEZ & COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2020-07-01 953643339 ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY ECON 2132364826 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 KENDAL TURNER CHIEF FINANCIAL OFFICER 2132364826 2022-04-20 1 KENDAL TURNER 999009999 REGINA L PRINCE CPA P00576936 2138731700 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KENDAL TURNER 444 SOUTH FLOWER ST 37TH FL LOS ANGELES CA 90071 23054103 0 X WWW.LAEDC.ORG X 1981 CA THE LAEDC'S PRINCIPAL OBJECTIVE IS TO COLLECTIVELY ADVANCE ECONOMIC OPPORTUNITY AND PROSPERITY AND RAISE STANDARDS OF LIVING FOR ALL LOS ANGELES (LA) COUNTY RESIDENTS THROUGH PROGRAMS, PROJECTS AND ACTIVITIES OF A PUBLIC NATURE. AS LA'S ONLY COUNTYWIDE ECONOMIC DEVELOPMENT ORGANIZATION, THE LAEDC PROVIDES COLLABORATIVE, INNOVATIVE AND STRATEGIC ECONOMIC DEVELOPMENT LEADERSHIP TO PROMOTE A MORE GLOBALLY COMPETITIVE, PROSPEROUS AND GROWING LA COUNTY ECONOMY TO IMPROVE THE HEALTH AND WELLBEING OF THE REGION'S RESIDENTS AND COMMUNITIES, AND ENABLE THOSE RESIDENTS TO MEET THEIR BASIC HUMAN NEED FOR A JOB. 70 70 0 70 0 0 4931509 2400500 1536479 4075951 454453 2706501 349979 74678 7272420 9257630 0 0 0 0 4419978 4219441 0 0 213258 2944822 3468528 7364800 7687969 -92380 1569661 26830244 33754787 1925386 2533160 24904858 31221627 X THE FUNCTION OF LAEDC IS TO COLLECTIVELY ADVANCE ECONOMIC OPPORTUNITY AND PROSPERITY AND RAISE STANDARDS OF LIVING FOR ALL LOS ANGELES (LA) COUNTY RESIDENTS THROUGH PROGRAMS, PROJECTS AND ACTIVITIES OF A PUBLIC NATURE. AS LA'S ONLY COUNTYWIDE ECONOMIC DEVELOPMENT ORGANIZATION, THE LAEDC PROVIDES COLLABORATIVE, INNOVATIVE AND STRATEGIC ECONOMIC DEVELOPMENT LEADERSHIP TO PROMOTE A MORE GLOBALLY COMPETITIVE, PROSPEROUS AND GROWING LA COUNTY ECONOMY TO IMPROVE THE HEALTH AND WELLBEING OF THE REGION'S RESIDENTS AND COMMUNITIES, AND ENABLE THOSE RESIDENTS TO MEET THEIR BASIC HUMAN NEED FOR A JOB. 0 0 4277594 2166112 THE LAEDC OFFERS FREE ASSISTANCE TO SMALL BUSINESS AND MICRO-ENTERPRISES THROUGHOUT LOS ANGELES COUNTY, WITH A PARTICULAR FOCUS ON WOMEN AND MINORITY-OWNED BUSINESS AND ATTRACTING, RETAINING AND GROWING JOBS FOR THE RESIDENTS OF LA COUNTY. DURING THIS FISCAL YEAR, NUMBERS OF BUSINESS WERE REACHED THROUGH MULTI-CHANNEL INFORMATIONAL OUTREACH, AND NUMBERS WERE SERVED ONE-ON-ONE WITH TECHNICAL ASSISTANCE TO HELP OUR SMALL BUSINESSES AND THEIR EMPLOYEES SURVIVE COVID-19 PANDEMIC. 1465540 1190419 THE LAEDC PERFORMED A SERIES OF STRATEGIC INITIATIVES DESIGNED TO CREATE SAFER WORKING ENVIRONMENTS IN COMMUNITIES HARDEST HIT BY THE PANDEMIC AS WELL AS WORKING WITH AREA COMMUNITY COLLEGES TO INFORM THE DEVELOPMENT OF CURRICULUM TO MEET BETTER THE RAPIDLY EVOLVING LABOR MARKET NEEDS OF LOCAL INDUSTRIES AND EMPLOYERS, AND WORKERS DISLOCATED FROM THEIR EMPLOYMENT BY THE PANDEMIC'S ECONOMIC DISRUPTIONS. 745237 719420 THE LAEDC INSTITUTE FOR APPLIED ECONOMICS PUBLISHED SEVERAL INFLUENTIAL REPORTS ON THE EFFECTS OF THE COVID-19 PANDEMIC ON LOCAL INDUSTRY SECTORS AND LABOR MARKETS WHICH INFORMED BOTH PUBLIC POLICY AND PRIVATE SECTOR RESPONSES. IN ADDITION, LAEDC ECONOMISTS PRESENTED REGULAR PUBLIC WEBINARS ON THE EVOLVING IMPACT OF THE PANDEMIC WEEKLY THROUGHOUT THE ENTIRE FISCAL YEAR. 6488371 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 1 28 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 70 70 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X KENDAL TURNER 2132364826 444 S FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 JODIE LESH DIRECTOR 1.00 0.00 X 0 0 0 ERIC ROWEN DIRECTOR 1.00 0.00 X 0 0 0 JIM DIXON DIRECTOR 1.00 0.00 X 0 0 0 DAVID ABEL DIRECTOR 1.00 0.00 X 0 0 0 BRETT HOWROYD DIRECTOR 1.00 0.00 X 0 0 0 THOMAS WINGARD DIRECTOR 1.00 0.00 X 0 0 0 DAN MONTPLAISIR DIRECTOR 1.00 0.00 X 0 0 0 ERIK WEDIN DIRECTOR 1.00 0.00 X 0 0 0 THOMAS PARHAM DIRECTOR 1.00 0.00 X 0 0 0 GEOFFREY DANKER DIRECTOR 1.00 0.00 X 0 0 0 JANE CONOLEY DIRECTOR 1.00 0.00 X 0 0 0 JOSE GOMEZ DIRECTOR 1.00 0.00 X 0 0 0 JUSTIN ERBACCI DIRECTOR 1.00 0.00 X 0 0 0 ERIKA BECK DIRECTOR 1.00 0.00 X 0 0 0 KATHY BANUELOS DIRECTOR 1.00 0.00 X 0 0 0 KATY YOUNG YAROSLAVSKY DIRECTOR 1.00 0.00 X 0 0 0 JEFF WILSON DIRECTOR 1.00 0.00 X 0 0 0 DANIEL LEDGER DIRECTOR 1.00 0.00 X 0 0 0 DAVID FLEMING DIRECTOR 1.00 0.00 X 0 0 0 LAURIE SEWELL DIRECTOR 1.00 0.00 X 0 0 0 GENE HALE DIRECTOR 1.00 0.00 X 0 0 0 LEWIS C HORNE DIRECTOR 1.00 0.00 X 0 0 0 THOMAS M PRISELAC DIRECTOR 1.00 0.00 X 0 0 0 MIKE BERMAN DIRECTOR 1.00 0.00 X 0 0 0 HALE BEHZADI DIRECTOR 1.00 0.00 X 0 0 0 MARK GUILLEN DIRECTOR 1.00 0.00 X 0 0 0 STEVEN NISSEN CHAIR 1.00 3.00 X X 0 0 0 MONICA BANKEN DIRECTOR 1.00 0.00 X 0 0 0 JOSHUA SCHANK DIRECTOR 1.00 0.00 X 0 0 0 ROSE NORDBROCK DIRECTOR 1.00 0.00 X 0 0 0 TOM VANDIVER DIRECTOR 1.00 0.00 X 0 0 0 NATALINE LOMEDICO DIRECTOR 1.00 0.00 X 0 0 0 MARK SOGOMIAN DIRECTOR 1.00 0.00 X 0 0 0 PATRICK MCCLENAHAN DIRECTOR 1.00 0.00 X 0 0 0 PRAFUL KULKARNI DIRECTOR 1.00 0.00 X 0 0 0 JEFF ASSAF DIRECTOR 1.00 0.00 X 0 0 0 JUSTIN THOMPSON DIRECTOR 1.00 0.00 X 0 0 0 CHRIS GERARDI DIRECTOR 1.00 0.00 X 0 0 0 DANIEL TIMMONS DIRECTOR 1.00 0.00 X 0 0 0 SCOTT WITTER DIRECTOR 1.00 0.00 X 0 0 0 BRYAN SCHWEICKERT DIRECTOR 1.00 0.00 X 0 0 0 MARK PESTRELLA DIRECTOR 1.00 0.00 X 0 0 0 LILLY ROCHA DIRECTOR 1.00 0.00 X 0 0 0 MARIA CAMACHO DIRECTOR 1.00 0.00 X 0 0 0 JEFF KIGHTLINGER DIRECTOR 1.00 0.00 X 0 0 0 TODD HOLLANDER DIRECTOR 1.00 0.00 X 0 0 0 MAURA O'CONNOR DIRECTOR 1.00 0.00 X 0 0 0 CATHERINE REHEIS-BOYD DIRECTOR 1.00 0.00 X 0 0 0 TYLER FRIEDMAN DIRECTOR 1.00 0.00 X 0 0 0 ARTHUR BILGER DIRECTOR 1.00 0.00 X 0 0 0 GOETZ WOLFF DIRECTOR 1.00 0.00 X 0 0 0 DWAYNE GATHERS DIRECTOR 1.00 0.00 X 0 0 0 JAYME S WILSON DIRECTOR 1.00 0.00 X 0 0 0 LUIS PATINO DIRECTOR 1.00 0.00 X 0 0 0 DR NOEL HACEGABA DIRECTOR 1.00 0.00 X 0 0 0 GENE SEROKA DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL BACKSTROM DIRECTOR 1.00 0.00 X 0 0 0 JOHN LOFTUS DIRECTOR 1.00 0.00 X 0 0 0 JEFFREY R JENNISON DIRECTOR 1.00 0.00 X 0 0 0 LIZ DUBECK DIRECTOR 1.00 0.00 X 0 0 0 DAVID MEYER DIRECTOR 1.00 0.00 X 0 0 0 GENE BLOCK DIRECTOR 1.00 0.00 X 0 0 0 SANTIAGO MUNOZ DIRECTOR 1.00 0.00 X 0 0 0 EFFIE TURNBULL SANDERS DIRECTOR 1.00 0.00 X 0 0 0 RUDY MEDINA VICE CHAIR 1.00 0.00 X X 0 0 0 ELLIE CASSON DIRECTOR 1.00 0.00 X 0 0 0 MARTHA MOLINA-AVILES DIRECTOR 1.00 0.00 X 0 0 0 ANGELA YIM-SULLIVAN DIRECTOR 1.00 0.00 X 0 0 0 DAVID HILL DIRECTOR 1.00 0.00 X 0 0 0 BOB BUSH DIRECTOR 1.00 0.00 X 0 0 0 WILLIAM C ALLEN PRESIDENT/CEO 60.00 3.00 X 490000 0 17100 DAVID FLAKS PRES/CHIEF OPERATING OFFICER 50.00 3.00 X 353927 0 8550 SUSAN D STEL EXECUTIVE VICE PRES./CFO 50.00 3.00 X 265000 0 15900 CARRIE ROGERS VP-BUS ASST. & DEVELOPMENT 40.00 0.00 X 252081 0 10562 SHANNON SEDGWICK DIRECTOR, INSTITUTE FOR APPLIED ECONOMICS 40.00 0.00 X 143750 0 6469 JESSICA KIM VP-ECONOMIC & WORKFORCE 40.00 0.00 X 134583 0 8075 ROBERT MACHUCA DISTRICT DIRECTOR 40.00 0.00 X 136762 0 8206 JUDY KRUGER SEN. DIRECTOR-STRATEGIC INITIATIVES & DEV. 40.00 0.00 X 136208 0 8173 1912311 0 83035 10 0 1 0 3158 STRATEGIES INC DBA SOUTHERN CALIF 201 N HARBOR BLVD STE 205 FULLERTON CA 92832 CONSULTING SCLC/COED 243333 RICHARD VERCHES 13662 PARK STREET WHITTIER CA 90601 CONSULTING/CCW 182700 MICHAEL ROOS 76065 VIA SOVANA INDIAN WELLS CA 92210 CONSULTING SCLC/COED 174167 TASK FORCE LLC 4313 MENTONE AVE CULVER CITY CA 90232 CONSULTING/SAW 150000 4 440000 1960500 2400500 CONSULTING & SERVICE CONTRACT 541720 3703719 3703719 SPONSORED EVENT PROGRAMS 541720 372232 372232 4075951 295974 295974 74678 0 74678 74678 74678 16207000 13796473 2410527 2410527 2410527 9257630 4075951 0 2781179 X 1150478 1072691 43315 34472 2070875 1930858 77967 62050 92190 36738 52385 3067 683488 385740 275712 22036 222410 155368 58051 8991 317165 317165 2159190 1795046 330752 33392 40856 40412 444 23392 1614 21622 156 600019 414000 186019 3586 1968 272 1346 30649 26993 385 3271 122236 17292 104944 TELEPHONE AND FAXES 54148 21897 31401 850 DUES AND SUBSCRIPTIONS 49298 28449 20121 728 UNCOLLECTIBLES 38185 29183 9002 BUSINESS INSURANCE 37790 37790 -7986 530122 -580563 42455 7687969 6488371 986340 213258 406445 1654067 2431492 2057085 790730 940540 166134 197862 939602 733909 308032 205693 15195135 14378540 7178000 14321000 354276 0 26830244 33754787 1308386 2533160 617000 1925386 2533160 X 24904858 31221627 24904858 31221627 26830244 33754787 1569661 4747108 0 X 0 1 X 1 1 1 X 4507910 5001367 4846165 4931509 2400500 21687451 4507910 5001367 4846165 4931509 2400500 21687451 21687451 364151 389742 467327 553613 369652 2144485 163055 2700 5300 450 171505 24003441 9949053 0.90350 0.84350 X PART II SECTION B LINE 10 2016 OTHER INCOME = $163,055 2017 OTHER INCOME = $2,700 2018 OTHER INCOME = $5,300 2019 OTHER INCOME = $450 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 370967 268393 102574 568635 465516 103119 205693 NON PUBLICLY TRADED INVESTMENTS 14321000 F 14321000 X 14358683 4747108 100468 570642 5418218 8940465 317165 317165 9257630 7989922 100468 518650 619118 7370804 317165 317165 7687969 PART X, LINE 2: LAEDC IS EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE AND IS GENERALLY NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. U.S. GAAP REQUIRES THAT AN ORGANIZATION RECOGNIZE IN THE FINANCIAL STATEMENTS THE IMPACT OF A TAX POSITION IF THAT POSITION WILL MORE LIKELY THAN NOT BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. AS OF AND FOR THE YEARS ENDED JUNE 30, 2021 AND 2020, LAEDC HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS, TAX PENALTIES OR INTEREST. PART XI, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE REVENUE FOR AFFILIATES 570,642. PART XII, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE EXPENSES FOR AFFILIATES 518,650. X X X 0 0 0 0 0 0 0 0 0 WILLIAM C ALLEN PRESIDENT/CEO 390000 0 100000 0 0 0 17100 0 0 0 507100 0 0 0 DAVID FLAKS PRES/CHIEF OPERATING OFFICER 303927 0 50000 0 0 0 8550 0 0 0 362477 0 0 0 SUSAN D STEL EXECUTIVE VICE PRES./CFO 240000 0 25000 0 0 0 15900 0 0 0 280900 0 0 0 CARRIE ROGERS VP-BUS ASST. & DEVELOPMENT 227081 0 25000 0 0 0 10562 0 0 0 262643 0 0 0 SHANNON SEDGWICK DIRECTOR, INSTITUTE FOR APPLIED ECON 133750 0 10000 0 0 0 6469 0 0 0 150219 0 0 0 MIKE BERMAN BOARD MEMBER OF THE ORGANIZATION 164364 INVESTMENT PORTFOLIO MANAGEMENT 0 MONICA BANKEN BOARD MEMBER OF THE ORGANIZATION 513146 TEMPORARY PERSONNEL SERVICES 0 FORM 990, PART VI, SECTION B, LINE 11B THE LAEDC'S OUTSIDE AUDITORS AND FINANCE STAFF PREPARE THE FORM 990. THE FORM IS SUBMITTED FOR REVIEW TO THE GOVERNANCE COMMITTEE AND AUDIT COMMITTEE. THE FORM IS THEN MADE AVAILABLE TO THE FULL BOARD UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C ECONOMIC DEVELOPMENT CORPORATION REQUIRES THAT BOARD MEMBERS, OFFICERS AND EMPLOYEES SHALL NOT HAVE UNDISCLOSED FINANCIAL INTERESTS THAT CONFLICT OR APPEAR TO CONFLICT WITH HIS OR HER RESPONSIBILITIES WITH ECONOMIC DEVELOPMENT CORPORATION. ECONOMIC DEVELOPMENT CORPORATION REQUIRES DISCLOSURE OF ALL SOURCES OF INCOME FROM COMPENSATION OR FROM OWNERSHIP OF EVERY OUTSIDE ENTITY THAT (A) SOLD, SUPPLIED OR PROVIDED SERVICES, (B) OPERATED A COMPETING ENTERPRISE, OR(C) PROVIDED GOODS OR SERVICES TO EDC IN THE LAST SIX MONTHS. EDC'S CFO EVALUATES THE FORMS FOR POTENTIAL CONFLICTS OF INTEREST. EDC ALSO REQUIRES ALL DIRECTORS TO ANNUALLY SIGN A STATEMENT AFFIRMING (A) RECEIPT OF EDC'S CONFLICT OF INTEREST POLICY, (B) UNDERSTANDING OF THE POLICY, AND (C) AGREEMENT WITH THE POLICY FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S BOARD OF DIRECTORS HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER AND OTHER OFFICERS AND KEY EMPLOYEES ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET RANGE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO THE CHIEF EXECUTIVE OFFICER AND OTHER OFFICERS AND KEY EMPLOYEES INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE DELIBERATION AND DISCUSSION OF THE TRANSACTION. THE BOARD OF DIRECTORS REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION IN THE BOARD MINUTES INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABLE DATA AND HOW IT WAS OBTAINED, AND DOCUMENTATION OF THE BASIS FOR THE DETERMINATION. FORM 990, PART VI, SECTION C, LINE 19 SOME OR ALL THESE ITEMS MAYBE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 1,793,670. MANAGEMENT AND GENERAL EXPENSES 271,939. FUNDRAISING EXPENSES 33,392. TOTAL EXPENSES 2,099,001. LEGAL & AUDIT FEE: PROGRAM SERVICE EXPENSES 1,376. MANAGEMENT AND GENERAL EXPENSES 58,813. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 60,189. PARTNERSHIP LA LLC 444 SOUTH FLOWER ST 37TH FLOOR LOS ANGELES CA 90071 TO FURTHER LAEDC'S MISSION - RAISING CAPITAL NEEDED TO FUND THE ORGANIZATION CA 0 0 ECONOMIC DEVELOPMENT CORP OF LOS ANGLES CALIFORNIA INDUSTRY EDUCATION INSTITUTE 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 954482044 DEVELOPING PROGRAMS WITH CA COLLEGES TO ASSIST THE GROWTH OF JOBS IN LA CNTY CA 501(C)(3) PUBLIC CHARITY ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 1 ACTIVATE LA INC FKA EDC PRODUCT DEVELOPMENT FUND 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 954482158 EASE THE BURDENS OF GOVERNMENT BY ASSISTING ACTIVITIES OF A PUBLIC NATURE CA 501(C)(3) PUBLIC CHARITY ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 1 WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 330190964 PROMOTE INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT CA 501(C)(3) PUBLIC CHARITY ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH B 220000 BOOK