2014-12-10T15:32:06-06:00 2014-06-30 330700332 VASQUEZ & COMPANY LLP 801 S GRAND AVE SUITE 400 LOS ANGELES CA 90017 990 2013-07-01 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 2014-11-14 1 GILBERT R VASQUEZ P00743144 2138731700 2013 2015-11-30 17:44:51Z SUSAN STEL 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGLES CA 90071 5314628 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 THROUGHOUT LOS ANGELES COUNTY. 69 68 0 0 0 0 703558 3087458 105345 1590312 50064 275868 21557 360990 880524 5314628 0 0 0 0 840823 3926308 0 0 0 601380 2575871 1442203 6502179 -561679 -1187551 26985175 28160947 1327972 1690080 25657203 26470867 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 6421981 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. 6421981 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 69 68 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 DAVID ABEL DIRECTOR 1.00 X 0 0 0 RAUL ANAYA VICE CHAIRMAN 1.00 X X 0 0 0 JEFF ASSAF DIRECTOR 1.00 X 0 0 0 AL MAHDAVI DIRECTOR 1.00 X 0 0 0 ROD BANKS DIRECTOR 1.00 X 0 0 0 ANDREW KUGLER DIRECTOR 1.00 X 0 0 0 JANICE BRYANT HOWROYD DIRECTOR 1.00 X 0 0 0 ROBERT BUSH DIRECTOR 1.00 X 0 0 0 BRISSA SOTELO-VARGAS DIRECTOR 1.00 X 0 0 0 CHRISTOPHER J CAREY DIRECTOR 1.00 X 0 0 0 ZHIHANG CHI DIRECTOR 1.00 X 0 0 0 CATHY BRADLEY BERG DIRECTOR 1.00 X 0 0 0 BRUCE CHOATE DIRECTOR 1.00 X 0 0 0 CATHERINE REHEIS-BOYD DIRECTOR 1.00 X 0 0 0 DAVID MATHEWSON DIRECTOR 1.00 X 0 0 0 THOMAS DECKER DIRECTOR 1.00 X 0 0 0 DAVID E WRIGHT DIRECTOR 1.00 X 0 0 0 GEORGE DEUKMEJIAN DIRECTOR 1.00 X 0 0 0 DEBORAH CHAN DIRECTOR 1.00 X 0 0 0 NORAIR JEMJEMIAN DIRECTOR 1.00 X 0 0 0 DIANNE HARRISON DIRECTOR 1.00 X 0 0 0 DONALD PARA DIRECTOR 1.00 X 0 0 0 FORREST BLAKE DIRECTOR 1.00 X 0 0 0 DAVID FLEMING DIRECTOR 1.00 X 0 0 0 RAYMOND HOLDSWORTH DIRECTOR 1.00 X 0 0 0 WILLIAM FUJIOKA DIRECTOR 1.00 X 0 0 0 ANTONIO MANNING DIRECTOR 1.00 X 0 0 0 GINA MARIE LINDSEY DIRECTOR 1.00 X 0 0 0 JAMES HSU DIRECTOR 1.00 X 0 0 0 LES J GOODWIN DIRECTOR 1.00 X 0 0 0 MATT TOLEDO DIRECTOR 1.00 X 0 0 0 LLOYD GREIF DIRECTOR 1.00 X 0 0 0 JAMES HANKLA DIRECTOR 1.00 X 0 0 0 CALVIN HOLLIS DIRECTOR 1.00 X 0 0 0 ROBERT HERTZBERG DIRECTOR 1.00 X 0 0 0 JODY SKENDERIAN DIRECTOR 1.00 X 0 0 0 LEWIS HORNE CHAIRMAN 1.00 X X 0 0 0 JOSE GOMEZ DIRECTOR 1.00 X 0 0 0 KECIA WASHINGTON DIRECTOR 1.00 X 0 0 0 KENNETH DEVORE DIRECTOR 1.00 X 0 0 0 KEVIN DOW DIRECTOR 1.00 X 0 0 0 FRAN INMAN DIRECTOR 1.00 X 0 0 0 MICHAEL WOO DIRECTOR 1.00 X 0 0 0 JOHN KUHL DIRECTOR 1.00 X 0 0 0 PRAFUL KULKARNI AIA DIRECTOR 1.00 X 0 0 0 DEANE LEAVENWORTH DIRECTOR 1.00 X 0 0 0 MIKE MCGRAW DIRECTOR 1.00 X 0 0 0 GWEN MARELLI DIRECTOR 1.00 X 0 0 0 DANIEL MCMILLAN DIRECTOR 1.00 X 0 0 0 LUCY MCCOY DIRECTOR 1.00 X 0 0 0 MAURA O'CONNOR DIRECTOR 1.00 X 0 0 0 NOEL HACEGABA DIRECTOR 1.00 X 0 0 0 ROBERT TOWER DIRECTOR 1.00 X 0 0 0 ERIC ROWEN DIRECTOR 1.00 X 0 0 0 THOMAS SAYLES DIRECTOR 1.00 X 0 0 0 STEVEN SLOAN DIRECTOR 1.00 X 0 0 0 DARRY SRAGOW DIRECTOR 1.00 X 0 0 0 TOM WINGARD DIRECTOR 1.00 X 0 0 0 MARK SOGOMIAN DIRECTOR 1.00 X 0 0 0 WILLIAM C ALLEN PRESIDENT/CEO 60.00 X X 450000 0 19913 ROD SPACKMAN DIRECTOR 1.00 X 0 0 0 SAM GARRISON DIRECTOR 1.00 X 0 0 0 STEVEN CENTER DIRECTOR 1.00 X 0 0 0 STEVEN OLSON DIRECTOR 1.00 X 0 0 0 THOMAS PRISELAC DIRECTOR 1.00 X 0 0 0 TIMOTHY CLOSSON DIRECTOR 1.00 X 0 0 0 TOM CONLEY DIRECTOR 1.00 X 0 0 0 WEI XI LU DIRECTOR 1.00 X 0 0 0 WILLIE HAGAN DIRECTOR 1.00 X 0 0 0 SUSAN D STEL CFO 50.00 X 210000 0 11515 DAVID FLAKS CHIEF OPERATING OFFICER 40.00 X 210000 0 11485 CARRIE ROGERS VP BUS ASST & DEVELOPMENT 40.00 X 180000 0 11640 ROBERT KLEINHENZ CHIEF ECONOMIST 40.00 X 210000 0 11427 COOPER CHRISTINE VP ECONOMIC POLICY ANALYSI 40.00 X 142000 0 7840 ELSA FLORES VP STRATEGIC RELATIONS 40.00 X 115000 0 0 1517000 0 73820 7 0 1 0 BILLIE C GREER 32219 BREEZEPORT DRIVE WESTLAKE VILLAGE CA 91361 CONSULTING 175000 SOUTHERN CALIFORNIA GROUP 201 N HARBOR BLVD STE 205 FULLERTON CA 92832 CONSULTING 150000 2 1092030 1485793 509635 3087458 SPONSORED EVENTS 900099 641696 641696 COED 900099 551667 551667 CONSULTING 900099 396949 396949 1590312 275868 275868 REALIZED GAIN ON INVES 900099 270273 270273 OTHER INCOME 900099 90717 90717 360990 5314628 1681029 0 546141 X 1517000 1517000 1333739 567445 766294 137170 101368 35802 732710 449702 283008 205689 160035 45654 1383220 1348983 34237 41118 41118 44529 42978 1551 421822 421822 51042 50308 734 352662 352269 393 37497 34874 2623 40308 36277 4031 TELEPHONE AND FAXES 54862 52351 2511 PARKING EXPENSE 38503 37795 708 STORAGE, TAXES, INT. MI 36356 34804 1552 PRINTING & PUBLISHING 27601 27566 35 46351 1145286 -1098935 6502179 6421981 80198 0 263861 34473 3314485 1780709 631666 563539 146139 127016 425323 210784 196546 214539 22432478 25440671 26985175 28160947 1288442 1575547 39530 441 0 114092 1327972 1690080 X 25382203 26141867 275000 329000 25657203 26470867 26985175 28160947 X -1187551 1761212 240003 X 0 1 X 1 1 1 X 3250144 3960200 3585578 2776182 3087458 16659562 3250144 3960200 3585578 2776182 3087458 16659562 16659562 156732 177176 110718 44919 275868 765413 206751 419587 495394 320003 360990 1802725 19227700 7181513 0.86640 0.87050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 59652 12697 46955 348535 180951 167584 17136 17136 0 214539 NON PUBLICLY TRADED INVESTMENTS 10299671 F PUBLICLY TRADED INVESTMENT 15141000 F 25440671 INTERCOMPANY TRANSFER 114092 114092 X 7711975 1761212 636135 2397347 5314628 0 5314628 6925461 663285 663285 6262176 240003 240003 6502179 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 2008. PART XI, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE REVENUE FOR AFFILIATES 636,135. PART XII, LINE 2D - OTHER ADJUSTMENTS: PROGRAM SERVICE EXPENSES FOR AFFILIATES 663,285. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTERCOMPANY CONSULTANT FEE 240,003. X X X X X X 0 0 0 0 0 0 0 1 0 WILLIAM C ALLEN PRESIDENT/CEO 300000 0 150000 0 0 0 13913 0 6000 0 469913 0 0 0 SUSAN D STEL CFO 180000 0 30000 0 0 0 11515 0 0 0 221515 0 0 0 DAVID FLAKS CHIEF OPERATING OFFICER 180000 0 30000 0 0 0 11485 0 0 0 221485 0 0 0 CARRIE ROGERS VP BUS ASST & DEVELOPMENT 155000 0 25000 0 0 0 11640 0 0 0 191640 0 0 0 ROBERT KLEINHENZ CHIEF ECONOMIST 180000 0 30000 0 0 0 11427 0 0 0 221427 0 0 0 PART I, LINE 7 BONUSES FORM 990, PART VI, SECTION B, LINE 11 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 1,163,498. MANAGEMENT AND GENERAL EXPENSES 13,647. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,177,145. LEGAL & AUDIT: PROGRAM SERVICE EXPENSES 185,485. MANAGEMENT AND GENERAL EXPENSES 20,590. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 206,075. FORM 990, PART XI, LINE 9: WTC 240,003. 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 EDC PRODUCT DEVELOPMENT FUND INC 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 DEL AIRE TITLE HOLDING CORPORATION 444 SOUTH FLOWER STREET 37TH FLOOR LOS ANGELES CA 90071 954134926 TO HOLD TITLE TO REAL PROPERTY DE 501 C 2 PUBLIC CHARITY ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH M 240003 BOOK