2020-11-12T16:00:34-06:00 2020-06-30 330700332 VASQUEZ & COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2019-07-01 953643339 ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY ECON 2132364826 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 SUSAN STEL CHIEF FINANCIAL OFFICER 2132364826 2020-11-11 1 LYNN D BOSTER P00440365 2138731700 12.246.196.18 2020-11-11 10:35:39 PS P AEC591779BCAF9C24DC9EC95E94822CE22D23FAE 9015641198C52FDD97D63094B340585FA6533A51 2019 2021-01-29 14:40:06Z SUSAN STEL 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGLES CA 90071 7272420 0 X WWW.LAEDC.ORG X 1981 CA THE FUNCTION OF THE CORPORATION SHALL BE TO EASE THE BURDENS OF GOVERNMENT BY ASSISTING, IMPLEMENTING, SUPPORTING AND/OR CONTRIBUTING TO THE SUPPORT OF PROGRAMS, PROJECTS AND ACTIVITIES OF A PUBLIC NATURE , WHICH ARE DIRECTED TOWARD IMPROVING ECONOMIC CONDITIONS THROUGH OUT LOS ANGELES COUNTY. 60 59 0 0 0 0 4846165 4931509 1577510 1536479 351763 454453 587866 349979 7363304 7272420 0 0 0 0 4924419 4419978 0 0 244074 3012136 2944822 7936555 7364800 -573251 -92380 26714670 26830244 1673483 1925386 25041187 24904858 X THE FUNCTION OF THE CORPORATION SHALL BE TO EASE THE BURDENS OF GOVERNMENT BY ASSISTING, IMPLEMENTING, SUPPORTING AND/OR CONTRIBUTING TO THE SUPPORT OF PROGRAMS, PROJECTS AND ACTIVITIES OF A PUBLIC NATURE, WHICH ARE DIRECTED TOWARD IMPROVING ECONOMIC CONDITIONS THROUGHOUT LOS ANGELES COUNTY. 0 0 6104167 THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO PROMOTE AND ASSIST THE GROWTH AND DEVELOPMENT OF BUSINESS AND JOBS THROUGHOUT LOS ANGELES COUNTY, AND EDUCATING THE PUBLIC THROUGH ECONOMIC RESEARCH, ANALYSIS AND OTHERWISE. BY SERVING AS A VEHICLE TO FACILITATE COOPERATION BETWEEN THE PUBLIC AND PRIVATE SECTOR, THE CORPORATION WILL COALESCE LOCAL, STATE AND FEDERAL RESOURCES TO INCREASE PRIVATE INVESTMENT, PARTICULARLY IN THE ECONOMICALLY DISTRESSED AREAS OF SAID COUNTY. 6104167 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 0 0 0 0 0 0 0 0 1 0 0 0 1 25 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 60 59 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X SUSAN D STEL 2132364826 444 S FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 JODIE LESH DIRECTOR 1.00 X 0 0 0 ERIC ROWEN DIRECTOR 1.00 X 0 0 0 DIANNE HARRISON CHAIR 1.00 X X 0 0 0 DAVID ABEL DIRECTOR 1.00 X 0 0 0 BENJAMIN LUEDEKE DIRECTOR 1.00 X 0 0 0 CHERYLYNN HOFF DIRECTOR 1.00 X 0 0 0 DAN MONTPLAISIR DIRECTOR 1.00 X 0 0 0 ERIK WEDIN DIRECTOR 1.00 X 0 0 0 SUZANNE BODA DIRECTOR 1.00 X 0 0 0 GEOFFREY DANKER DIRECTOR 1.00 X 0 0 0 JANICE BRYANT HOWROYD DIRECTOR 1.00 X 0 0 0 JENNIFER POULAKIDAS DIRECTOR 1.00 X 0 0 0 JUSTIN ERBACCI DIRECTOR 1.00 X 0 0 0 KATANO KASAINE DIRECTOR 1.00 X 0 0 0 KATHY BANUELOS DIRECTOR 1.00 X 0 0 0 KATY YAROSLAVSKY DIRECTOR 1.00 X 0 0 0 ELIZABETH DUBECK DIRECTOR 1.00 X 0 0 0 KEITH HOFFMAN DIRECTOR 1.00 X 0 0 0 KELLI BERNARD DIRECTOR 1.00 X 0 0 0 LAURIE SEWELL DIRECTOR 1.00 X 0 0 0 MIHIKA BARUAH DIRECTOR 1.00 X 0 0 0 LEWIS C HORNE DIRECTOR 1.00 X 0 0 0 THOMAS M PRISELAC DIRECTOR 1.00 X 0 0 0 MIKE BERMAN DIRECTOR 1.00 X 0 0 0 HALE BEHZADI DIRECTOR 1.00 X 0 0 0 MARK GUILLEN DIRECTOR 1.00 X 0 0 0 STEVE NISSEN VICE CHAIR 1.00 X X 0 0 0 MONICA BANKEN DIRECTOR 1.00 X 0 0 0 PHILLIP WASHINGTON DIRECTOR 1.00 X 0 0 0 ROSE NORDBROCK DIRECTOR 1.00 X 0 0 0 TOM VANDIVER DIRECTOR 1.00 X 0 0 0 NATALINE LOMEDICO DIRECTOR 1.00 X 0 0 0 MARK SOGOMIAN DIRECTOR 1.00 X 0 0 0 PATRICK MCCLENAHAN DIRECTOR 1.00 X 0 0 0 PRAFUL KULKARNI DIRECTOR 1.00 X 0 0 0 JEFF ASSAF DIRECTOR 1.00 X 0 0 0 JUSTIN THOMPSON DIRECTOR 1.00 X 0 0 0 CHRIS GERARDI DIRECTOR 1.00 X 0 0 0 DANIEL TIMMONS DIRECTOR 1.00 X 0 0 0 SCOTT WITTER DIRECTOR 1.00 X 0 0 0 REED MCMAINS DIRECTOR 1.00 X 0 0 0 RICH VENN DIRECTOR 1.00 X 0 0 0 SAM GARRISON DIRECTOR 1.00 X 0 0 0 MARIA CAMACHO DIRECTOR 1.00 X 0 0 0 TAMI KITA DIRECTOR 1.00 X 0 0 0 TODD HOLLANDER DIRECTOR 1.00 X 0 0 0 TOM HSIEH DIRECTOR 1.00 X 0 0 0 CATHERINE REHEIS-BOYD DIRECTOR 1.00 X 0 0 0 TYLER FRIEDMAN DIRECTOR 1.00 X 0 0 0 ART BILGER DIRECTOR 1.00 X 0 0 0 GOETZ WOLFF DIRECTOR 1.00 X 0 0 0 DWAYNE GATHERS DIRECTOR 1.00 X 0 0 0 JAYME S WILSON DIRECTOR 1.00 X 0 0 0 LUIS PATINO DIRECTOR 1.00 X 0 0 0 DR NOEL HACEGABA DIRECTOR 1.00 X 0 0 0 GENE SEROKA DIRECTOR 1.00 X 0 0 0 MICHAEL BACKSTROM DIRECTOR 1.00 X 0 0 0 JOHN LOFTUS DIRECTOR 1.00 X 0 0 0 JEFFREY R JENNISON DIRECTOR 1.00 X 0 0 0 WILLIAM C ALLEN CEO 60.00 X X 440000 0 16650 DAVID FLAKS PRESIDENT & CHIEF OPERATIN 50.00 X 356458 0 16650 SUSAN D STEL EXECUTIVE VICE PRES./CFO 50.00 X 262749 0 16125 CARRIE ROGERS VP-BUS ASST. & DEVELOPMENT 40.00 X 222123 0 12923 CAROLYN HULL VP STRATEGIC INITIATIVES 40.00 X 202292 0 12048 MARIANNE HILL EXECUTIVE DIRECTOR 40.00 X 161230 0 9369 ELSA FLORES VP STRATEGIC INITIATIVES 40.00 X 136083 0 7991 JUDY KRUGER DIR. STRATEGIC INITIATIVE 40.00 X 129000 0 7090 1909935 0 98846 13 0 1 0 3158 STRATEGIES INC DBA SOUTHERN CALIF 201 N HARBOR BLVD STE 205 FULLERTON CA 92832 CONSULTING SCLC/COED 250167 MICHAEL ROOS 515 S FIGUEROA ST STE 1800 LOS ANGELES CA 90071 CONSULTING SCLC/COED 170000 2 965500 2684009 1282000 4931509 CONSULTING 900099 816974 816974 SPONSORED EVENTS 900099 719505 719505 1536479 454453 454453 REALIZED GAIN ON INVES 900099 250369 250369 OTHER INCOME 900099 99610 99610 349979 7272420 1886458 0 454453 X 1909935 1909935 1452457 1336044 33605 82808 823076 412648 384957 25471 234510 158896 68894 6720 1515189 1232015 260666 22508 101278 100485 183 610 22538 10842 10384 1312 623804 623804 29014 22846 2706 3462 328946 309274 1613 18059 123467 26406 95556 1505 40030 40030 PRINTING & PUBLISHING 68406 68242 164 TELEPHONE AND FAXES 54030 22572 30629 829 STORAGE, TAXES, INT. MI 37230 10586 17820 8824 DUES AND SUBSCRIPTIONS 29031 11486 13903 3642 -28141 471890 -568191 68160 7364800 6104167 1016559 244074 194711 406445 1311204 2431492 1214871 790730 241466 166134 919704 611672 408767 308032 23033047 22373135 310604 354276 26714670 26830244 1377983 1308386 295500 617000 1673483 1925386 X 25041187 24904858 25041187 24904858 26714670 26830244 X -92380 -43950 1 X 0 1 X 1 1 1 X 4610956 4507910 5001367 4846165 4931509 23897907 4610956 4507910 5001367 4846165 4931509 23897907 23897907 328057 287049 289029 351763 454453 1710351 867484 671091 246941 587866 349979 2723361 28331619 7271642 0.84350 0.83450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 370967 212384 158583 548737 399288 149449 308032 NON PUBLICLY TRADED INVESTMENTS 7178000 F PUBLICLY TRADED INVESTMENT 15195135 F 22373135 X 7835644 -43950 121174 486000 563224 7272420 0 7272420 8101936 121174 615962 737136 7364800 0 7364800 PART X, LINE 2: THE CORPORATION QUALIFIES AS A TAX EXEMPT ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND CALIFORNIA REVENUE AND TAXATION CODE 23701D. THE CORPORATION HAS EVALUATED ITS TAX POSITIONS AND THE CERTAINTY AS TO WHETHER THOSE POSITIONS WILL BE SUSTAINED IN THE EVENT OF AN AUDIT BY TAXING AUTHORITIES AT THE FEDERAL AND STATE LEVELS. MANAGEMENT HAS DETERMINED THAT ALL INCOME TAX POSITIONS WILL MORE LIKELY THAN NOT (>50%) BE SUSTAINED UPON POTENTIAL AUDIT OR EXAMINATION; THEREFORE, NO DISCLOSURE OF UNCERTAIN INCOME TAX POSITIONS ARE REQUIRED. THE CORPORATION FILES INFORMATION RETURNS IN THE US FEDERAL JURISDICTION AND THE STATE OF CALIFORNIA. WITH FEW EXCEPTIONS, THE CORPORATION IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE REVENUE FOR AFFILIATES 486,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE EXPENSES FOR AFFILIATES 615,962. X X X X X X 0 0 0 0 0 0 0 1 0 WILLIAM C ALLEN CEO 390000 0 50000 0 0 0 16650 0 0 0 456650 0 0 0 DAVID FLAKS PRESIDENT & CHIEF OPERATIN 336458 0 20000 0 0 0 16650 0 0 0 373108 0 0 0 SUSAN D STEL EXECUTIVE VICE PRES./CFO 240249 0 22500 0 0 0 16125 0 0 0 278874 0 0 0 CARRIE ROGERS VP-BUS ASST. & DEVELOPMENT 197123 0 25000 0 0 0 12923 0 0 0 235046 0 0 0 CAROLYN HULL VP STRATEGIC INITIATIVES 192292 0 10000 0 0 0 12048 0 0 0 214340 0 0 0 MARIANNE HILL EXECUTIVE DIRECTOR 161230 0 0 0 0 0 9369 0 0 0 170599 0 0 0 PART I, LINE 7 EXPLANATION: BONUSES FORM 990, PART VI, SECTION B, LINE 11B ECONOMIC DEVELOPMENT CORPORATION ("EDC") OUTSIDE AUDITORS AND FINANCE STAFF PREPARE THE FORM 990. THE FORM IS THEN REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. THE FORM IS THEN MADE AVAILABLE TO THE FULL BOARD BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ECONOMIC DEVELOPMENT CORPORATION REQUIRES THAT A BOARD MEMBER OFFICER OR EMPLOYEE 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 CEO 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 BOARD REVIEWED EDC PRESIDENT'S, CFO'S AND COO'S COMPENSATION. THE BOARD REVIEWED DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES. THE OCCURENCE OF THESE DELIBERATIONS ARE NOTED IN THE BOARD MINUTES. 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 1,231,765. MANAGEMENT AND GENERAL EXPENSES 202,309. FUNDRAISING EXPENSES 22,508. TOTAL EXPENSES 1,456,582. LEGAL & AUDIT FEE: PROGRAM SERVICE EXPENSES 250. MANAGEMENT AND GENERAL EXPENSES 58,357. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,607. FORM 990, PART XI, LINE 9: ROUNDING OFF 1. 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 0 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 0 WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 330190964 PROMOTE INTERNATIONAL TRADE CA 501 C 3 PUBLIC CHARITY ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0