2023-10-10T14:58:02-05:00 2022-12-31 521711839 COUNCILOR BUCHANAN & MITCHELL PC 7910 WOODMONT AVE STE 500 BETHESDA MD 20814 990 2022-01-01 953512045 CDC SMALL BUSINESS FINANCE CORPORATION CDCS 7036472360 2448 HISTORIC DECATUR ROAD 200 SAN DIEGO CA 92106 NATALIE GUNN CHIEF FINANCIAL OFFICER 7036472360 2023-09-23 1 NATALIE GUNN 999009999 0 RICHARD E MORRIS P00190795 3019860600 2023-09-23 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z NATALIE GUNN 2448 HISTORIC DECATUR ROAD 200 SAN DIEGO CA 92106 51598372 0 X WWW.CDCLOANS.COM X 1978 CA TO CHAMPION THE GROWTH OF DIVERSE SMALL COMPANIES IN OUR COMMUNITIES BY DRAWING ON OUR UNPARALLELED EXPERTISE IN DELIVERING UNIQUE CAPITAL SOLUTIONS. WE EXCEED THE EXPECTATIONS OF OUR PARTNERS THROUGH TEAMWORK, INTEGRITY, AND CREATIVITY. WE MAKE A DIFFERENCE IN THE COMMUNITIES WE SERVE THROUGH UNWAVERING ADVOCACY AND REINVESTMENT. 16 14 179 0 -131116 0 738955 2034162 23666619 17942183 7034951 5541221 297987 1348060 31738512 26865626 0 0 0 0 22555778 19887718 0 0 0 2469534 8321462 25025312 28209180 6713200 -1343554 123395668 92661741 57740847 28350474 65654821 64311267 X SEE SCHEDULE O 0 0 16083618 17996055 SBA SECTION 504 LOAN PROGRAM: CDC'S PRIMARY SOURCE OF REVENUE IS THE SERVICING AND PROCESSING OF THE SMALL BUSINESS ADMINISTRATION'S ("SBA") 504 LOAN PROGRAMS. THE 504 LOAN PROGRAM PROVIDES LONG-TERM, FIXED RATE FINANCING FOR MAJOR FIXED ASSETS THAT PROMOTE BUSINESS GROWTH AND JOB CREATION. 5267684 8915604 COMMUNITY LOAN PROGRAMS: CDC ORIGINATES, SERVICES, AND SELLS LOANS GUARANTEED BY THE SBA UNDER ITS COMMUNITY ADVANTAGE 7A PROGRAM. THESE LOANS ARE USED BY THE BORROWERS FOR A VARIETY OF PURPOSES AND ARE CAPPED AT $350,000 PER LOAN. CDC ALSO ADMINISTERS SEVERAL LENDING PROGRAMS INCLUDING THE SBA MICROLOAN PROGRAM, A STATE SPONSORED COMMUNITY ADJUSTMENT AND INVESTMENT LOAN PROGRAM, LA DIRECT AND FAST TO FUND, CALIFORNIA REBUILDING FUND, AND ACTIVATE DETROIT, ALL OF WHICH ARE DESIGNED TO PROVIDE LOANS TO SMALL BUSINESSES. 21351302 1 1 0 0 0 0 0 0 0 0 1 0 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 1 1 0 0 1 80 0 1 179 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X NATALIE GUNN CO CDC SMALL BUSINESS FINANCE CORPORATION 7036472360 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 X ELLIS CARR PRESIDENT & CEO 20.00 20.00 X X 0 693114 36067 KURT CHILCOTT DIRECTOR/CONSULTANT 7.00 7.00 X 0 322500 0 ALAINA BEVERLY DIRECTOR 1.00 1.00 X 0 5000 0 GAIL MARKULIN DIRECTOR 1.00 1.00 X 0 5000 0 PEDRO GOITIA DIRECTOR 1.00 1.00 X 0 5000 0 L RAY MONCRIEF DIRECTOR 1.00 1.00 X 0 3750 0 DAN VARNER DIRECTOR 1.00 1.00 X 0 5000 0 ERIK CALDWELL DIRECTOR 1.00 1.00 X 0 5000 0 FRANK ROBINSON DIRECTOR 1.00 1.00 X 0 3750 0 TOM TOPUZES DIRECTOR 1.00 1.00 X 0 5000 0 LAUREN TYLOR ORION DIRECTOR 1.00 1.00 X 0 5000 0 GARY CUNNINGHAM DIRECTOR 1.00 1.00 X 0 2500 0 OSWALDO ACOSTA DIRECTOR 1.00 1.00 X 0 5000 0 GRACE CHIONUMA DIRECTOR 1.00 1.00 X 0 0 0 RICK BENITO DIRECTOR 1.00 1.00 X 0 3750 0 SHERYL CAMERON DIRECTOR 1.00 1.00 X 0 0 0 JENNIFER SMITH DOLIN DIRECTOR 1.00 1.00 X 0 5000 0 CASEY FANNON DIRECTOR 1.00 1.00 X 0 3750 0 KIM BUTTEMER CHIEF OPERATIONS OFFICER - OUTGOING 40.00 X 456847 0 2083 ROBERT VILLARREAL CHIEF EXTERNAL AFFAIRS OFFICER 40.00 0.00 X 279517 0 25318 MICHAEL OWEN CHIEF CREDIT OFFICER EMERITUS 40.00 X 240473 0 1100 NATALIE GUNN CHIEF FINANCIAL OFFICER 20.00 20.00 X 0 396827 31617 JARET DINARD INGS SENIOR DIRECTOR OF FINANCE 20.00 20.00 X 0 240861 66790 KIM DORSETT CHIEF HUMAN RESOURCE OFFICER 20.00 20.00 X 0 276554 74668 BRIAN MCEVOY GENERAL COUNSEL 20.00 20.00 X 0 316032 77933 MATTHEW WEHLAND CHIEF OPERATING OFFICER 20.00 20.00 X 0 247773 40734 KARLA GILL CHIEF TECHNOLOGY OFFICER 20.00 20.00 X 0 109321 8347 LAKISHA GANT VP 504 LOAN OPERATIONS 40.00 X 258086 0 18458 ERIN HEBERT HEAD OF OPERATIONS 40.00 X 243018 0 28934 SHELLI HAYMAN VP OF PRODUCTION SMART GROWTH BUSINESS PRODUCTS 40.00 X 207110 0 26322 ANTHONY BARENGO SVP OF CREDIT 40.00 X 200682 0 19122 DEAN ALOE VICE PRESIDENT, SENIOR COMMERCIAL LENDER 40.00 X 776069 0 39048 ARMEN MADATYAN SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT 40.00 X 516894 0 31878 CHRIS BANE VICE PRESIDENT, SENIOR COMMERCIAL LENDER 40.00 X 470321 0 45312 MICHAEL SARTHOU VICE PRESIDENT, SENIOR COMMERCIAL LENDER 40.00 X 300819 0 50549 MERRI ADAMS VICE PRESIDENT, SENIOR COMMERCIAL LENDER 40.00 X 300048 0 14600 4249884 2665482 638880 65 0 1 0 TODD E KOBERNICK 2448 HISTORIC DECATUR RD SUITE 220 SAN DIEGO CA 92106 LEGAL SERVICES 911250 MLAN 3960 W POINT LOMA BLVD H162 SAN DIEGO CA 92106 IT SERVICES 419770 KURT CHILCOTT 5066 CLIFF PLACE SAN DIEGO CA 92116 RETIREMENT DISBURSEMENTS 310562 CAMELBACK LAW OFFICES 829 MAIN STREET SUITE A KERRVILLE TX 78028 LEGAL SERVICES 185800 COHN REZNICK 14 SYLVAN WAY 3RD FLOOR PARSIPPANY NJ 07054 AUDIT AND TAX PREP 106422 5 2034162 2034162 SERVICING FEES 522220 9985552 9985552 PROCESSING FEES 522220 6385843 6385843 CLOSING FEES 522220 1032996 1032996 PACKAGING FEES 522220 537792 537792 17942183 3292892 3236765 56127 236754 419400 -182646 -182646 -131116 -51530 26561675 24313346 2248329 2248329 2248329 SBA FLOAT 522220 873216 873216 REVENUE REIMBURSEMENT 522220 377313 377313 BAD DEBT RECOVERY 900099 134151 134151 146026 146026 1530706 26865626 24957983 -131116 4597 2007070 1548140 458930 13708925 11926277 1782648 845052 701193 143859 2052313 1386823 665490 1274358 1054681 219677 1078887 988414 90473 406170 343803 62367 13974 13974 825045 45886 779159 315762 117285 198477 1167166 484721 682445 334348 334348 357006 289158 67848 536148 428687 107461 498025 4438 493587 167807 98377 69430 LENDING COST 1464633 574657 889976 PROVISION FOR LOAN LOSS 824628 824628 PROPERTY TAXES 172083 172083 DUES & MEMBERSHIPS 159780 27703 132077 28209180 21351302 6857878 0 18581745 8447817 14134280 10781802 4930780 5768767 72720456 54525556 2235772 2233186 13351823 6428842 6601716 6922981 2395924 2435389 1794995 1546243 123395668 92661741 5238071 4815471 153272 429894 50159736 20867225 2189768 2237884 57740847 28350474 X 60138672 58781909 5516149 5529358 65654821 64311267 123395668 92661741 -1343554 0 X 0 1 X 1 0 X 30250 738955 2034162 2803367 20782652 22503672 6932403 24127172 24957983 99303882 20812902 22503672 6932403 24866127 26992145 102107249 0 0 0 102107249 528618 548986 53588 5444626 4597 6580415 528618 548986 53588 5444626 4597 6580415 -131116 -131116 21341520 23052658 6985991 30310753 26865626 108556548 0.94060 0.93030 0.06060 0.06970 X SCHEDULE A, PART III, COLUMN (C) 2020 THE AMOUNTS IN THIS COLUMN REPRESENT A SHORT YEAR FROM 10/01/2020 THROUGH 12/31/2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2300000 2300000 6953093 3484747 3468346 79438 77835 1603 4007791 2859689 1148102 11501 6571 4930 6922981 DEFERRED DEPOSITS 1101325 DUE TO CIP 292846 TENANTS RESERVE REFUNDABLE DEPOSITS 12620 LEASE LIABILITY 831093 2237884 X PART X, LINE 2: THE ORGANIZATION ELECTED TO CHANGE ITS EXEMPT STATUS FROM SECTION 501(C)(4) TO 501(C)(3) ON NOVEMBER 24, 2020. THE ORGANIZATION IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701(F) OF THE CALIFORNIA REVENUE AND TAXATION CODE. CDC HAS A WHOLLY OWNED INTEREST IN SAN DIEGO REGION SMALL BUSINESS DEVELOPMENT ORGANIZATION, AN ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701(F) OF THE CALIFORNIA REVENUE AND TAXATION CODE. CDC ALSO HAS A CONTROLLING INTEREST IN BANKERS, CDC VENTURES, AND CDC DIRECT CAPITAL, WHICH ARE WHOLLY OWNED FOR PROFIT CORPORATIONS. THE ORGANIZATION HAS NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2022. BANKERS, CDC DIRECT CAPITAL, AND CDC VENTURES DID NOT HAVE ANY TAXABLE INCOME DURING THE YEAR, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. FEDERAL AND STATE INCOME TAX RETURNS FOR FISCAL YEARS 2021, 2020, AND 2019 REMAIN OPEN. MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ORGANIZATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENT. X X X X X 0 0 0 0 0 0 0 1 0 DEAN ALOE VICE PRESIDENT, SENIOR COMMERCIAL LE 135541 0 640528 0 0 0 14600 0 24448 0 815117 0 0 0 ELLIS CARR PRESIDENT & CEO 0 693114 0 0 0 0 0 36067 0 0 0 729181 0 0 ARMEN MADATYAN SENIOR VICE PRESIDENT, BUSINESS DEVE 178541 0 338353 0 0 0 11350 0 20528 0 548772 0 0 0 CHRIS BANE VICE PRESIDENT, SENIOR COMMERCIAL LE 91435 0 378886 0 0 0 10863 0 34449 0 515633 0 0 0 KIM BUTTEMER CHIEF OPERATIONS OFFICER - OUTGOING 437990 0 18857 0 0 0 2083 0 0 0 458930 0 0 0 NATALIE GUNN CHIEF FINANCIAL OFFICER 0 396827 0 0 0 0 0 29987 0 1630 0 428444 0 0 BRIAN MCEVOY GENERAL COUNSEL 0 316032 0 0 0 0 0 28065 0 49868 0 393965 0 0 MICHAEL SARTHOU VICE PRESIDENT, SENIOR COMMERCIAL LE 102456 0 198363 0 0 0 16100 0 34449 0 351368 0 0 0 KIM DORSETT CHIEF HUMAN RESOURCE OFFICER 0 276554 0 0 0 0 0 24800 0 49868 0 351222 0 0 KURT CHILCOTT DIRECTOR/CONSULTANT 0 0 0 0 0 322500 0 0 0 0 0 322500 0 0 MERRI ADAMS VICE PRESIDENT, SENIOR COMMERCIAL LE 101685 0 198363 0 0 0 14600 0 0 0 314648 0 0 0 JARET DINARD INGS SENIOR DIRECTOR OF FINANCE 0 240861 0 0 0 0 0 28725 0 38065 0 307651 0 0 ROBERT VILLARREAL CHIEF EXTERNAL AFFAIRS OFFICER 264937 0 14580 0 0 0 17000 0 8318 0 304835 0 0 0 MATTHEW WEHLAND CHIEF OPERATING OFFICER 0 247773 0 0 0 0 0 24299 0 16435 0 288507 0 0 LAKISHA GANT VP 504 LOAN OPERATIONS 214166 0 43920 0 0 0 3486 0 14972 0 276544 0 0 0 ERIN HEBERT HEAD OF OPERATIONS 203220 0 39798 0 0 0 14600 0 14334 0 271952 0 0 0 MICHAEL OWEN CHIEF CREDIT OFFICER EMERITUS 240473 0 0 0 0 0 1100 0 0 0 241573 0 0 0 SHELLI HAYMAN VP OF PRODUCTION SMART GROWTH BUSINE 180965 0 26145 0 0 0 11350 0 14972 0 233432 0 0 0 ANTHONY BARENGO SVP OF CREDIT 166182 0 34500 0 0 0 10804 0 8318 0 219804 0 0 0 PART I, LINE 7 THE ORGANIZATION SETS OVERARCHING CORPORATE STRATEGIC PERFORMANCE GOALS AND KEY METRICS FOR THE YEAR THAT ARE APPROVED BY THE BOARD OF DIRECTORS. INDIVIDUALS THEN DEVELOP INDIVIDUAL PERFORMANCE GOALS AS APPLICABLE, LEVERAGING AND TYING INTO THE CORPORATE GOALS. THE BOARD OF DIRECTORS APPROVES A TOTAL BONUS POOL TO BE ALLOCATED AMONGST EMPLOYEES AT THE DISCRETION OF MANAGEMENT IN CONCERT WITH EVALUATIONS OF PERFORMANCE PER EMPLOYEE PERFORMANCE GOALS. FORM 990, PART III, LINE 1 TO CHAMPION THE GROWTH OF DIVERSE SMALL COMPANIES IN OUR COMMUNITIES BY DRAWING ON OUR UNPARALLELED EXPERTISE IN DELIVERING UNIQUE CAPITAL SOLUTIONS. WE EXCEED THE EXPECTATIONS OF OUR PARTNERS THROUGH TEAMWORK, INTEGRITY, AND CREATIVITY. WE MAKE A DIFFERENCE IN THE COMMUNITIES WE SERVE THROUGH UNWAVERING ADVOCACY AND REINVESTMENT. FORM 990, PART VI, SECTION A, LINE 1A THE ORGANIZATION HAS AN EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE CHAIR OF THE AUDIT COMMITTEE REVIEWS THE FORM 990 WITH CDC SMALL BUSINESS FINANCE'S CHIEF FINANCIAL OFFICER, CONTROLLER AND TAX PREPARER BEFORE IT IS SUBMITTED TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE THEN INDEPENDENTLY REVIEWS THE FORM 990 PRIOR TO FILING. THE CHAIR OF THE AUDIT COMMITTEE REPORTS ON THE PROCESS AND FINDINGS OF THE AUDIT COMMITTEE AT THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE GENERAL COUNSEL AND THE ETHICS OFFICIAL DESIGNATED IN THE CODE OF CONDUCT AND ETHICS POLICY JOINTLY EVALUATE ALL CONFLICTS OF WHICH THEY BECOME AWARE AND SUBMIT SUCH CONFLICTS FOR RESOLUTION TO THE BOARD'S AUDIT COMMITTEE, IF NECESSARY. MINUTES REFLECTING ALL MEETINGS HELD AND ACTIONS TAKEN BY THE AUDIT COMMITTEE, INCLUDING WITH RESPECT TO CONFLICTS MATTERS, ARE INCLUDED IN THE CORPORATE RECORD BOOK. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING AND MAKING RECOMMENDATIONS WITH RESPECT TO EXECUTIVE COMPENSATION TO ITS EXECUTIVE COMMITTEE (THE "EXECUTIVE COMMITTEE"), PURSUANT TO THE BOARD AND COMMITTEE RETAINED AUTHORITY AND DELEGATION OF AUTHORITY TO MANAGEMENT AND THE EXECUTIVE COMMITTEE CHARTER. THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION OF THE EXECUTIVE OFFICERS OF CDC SMALL BUSINESS FINANCE; THE EXECUTIVE COMMITTEE THEN REPORTS ITS PROCESS, FINDINGS, AND RECOMMENDATIONS TO THE BOARD OF DIRECTORS FOR INDEPENDENT REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS. THE PROCESS INCLUDES MAKING THE PROCESS OF COLLECTING AND REVIEWING MARKET DATA FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AND THE REST OF THE EXECUTIVE MANAGEMENT TEAM; PERIODICALLY ENGAGING INDEPENDENT CONSULTANTS TO PERFORM INDEPENDENT MARKET ANALYSIS; EVALUATING THE PERFORMANCE OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER; AND RECOMMENDING ANNUAL EXECUTIVE-LEVEL COMPENSATION AND INCENTIVES (IF ANY) TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST AT THE CORPORATE OFFICE. FORM 990, PART VII, SECTION A KURT CHILCOTT IS PROVIDED COMPENSATION FOR CONSULTING SERVICES PROVIDED TO CDC AND CIP. SAN DIEGO REGION SMALL BUSINESS DEVELOPMENT 2448 HISTORIC DECATUR RD 200 SAN DIEGO CA 92106 330845173 PROVIDE ECONOMIC DEVELOPMENT TO SMALL BUSINESS IN SAN DIEGO CA 501(C)(3) LINE 7 CDC SMALL BUSINESS FINANCE CORP 1 CAPITAL IMPACT PARTNERS 1400 CRYSTAL DRIVE 500 ARLINGTON VA 22202 521290127 COMMUNITY LENDING AND DEVELOPMENT DC 501(C)(3) LINE 7 N/A 0 CDC VENTURES 2448 HISTORIC DECATUR RD 200 SAN DIEGO CA 92106 330918531 SOFTWARE CA CDC SMALL BUSINESS FINANCE CORP C 1.00000 1 CDC DIRECT CAPITAL 2448 HISTORIC DECATUR RD 200 SAN DIEGO CA 92106 201904046 COMMERCIAL FINANCE CA CDC SMALL BUSINESS FINANCE CORP C 1.00000 1 BANKERS SMALL BUSINESS COMMUNITY DEVELOPMENT CORPORATION OF CALIFORNIA 2448 HISTORIC DECATUR RD 200 SAN DIEGO CA 92106 330517722 FINANCE CA CDC SMALL BUSINESS FINANCE CORP C 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 CDC VENTURES P 2850000 CASH CDC DIRECT CAPITAL P 1400000 CASH CDC VENTURES D 1397753 CASH CDC DIRECT CAPITAL D 614034 CASH