2024-11-14T10:27:24-06:00 2023-12-31 060903326 WHITTLESEY PC 280 TRUMBULL ST 24TH FL HARTFORD CT 06103 990 2023-01-01 061380472 THE COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION INC COMM 2032352333 965 EAST MAIN STREET MERIDEN CT 064506006 KAREN MACIOROWSKI VICE PRESIDENT AND CFO 2032352333 2024-11-07 1 1 LAWRENCE CARBONI P02535289 8605223111 2023 2024-10-15 13:58:12Z KAREN MACIOROWSKI 965 MAIN STREET MERIDEN CT 06450 4091355 0 X WWW.CEDF.COM X 1993 CT STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING/ TECHNICAL SUPPORT TO BUSINESSES IN LOW TO MODERATE INCOME COMMUNITIES OR WITH LOW TO MODERATE INCOME HOUSEHOLDS. 13 13 15 0 0 0 741650 903666 1191329 1228968 257694 301308 28492 0 2219165 2433942 15000 0 0 0 1484493 1510574 0 0 46962 535891 738929 2035384 2249503 183781 184439 20499835 20904533 6593552 6656099 13906283 14248434 X TO STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING AND TECHNICAL SUPPORT TO BUSINESSES, COMMUNITY ORGANIZATIONS AND INITIATIVES THROUGHOUT CONNECTICUT. WE HELP TO STABILIZE AND GROW SMALL BUSINESSES SO INDIVIDUALS MAY REALIZE THEIR DREAMS, FAMILIES MAY CELEBRATE INCREASED FINANCIAL INDEPENDENCE, AND COMMUNITIES MAY PROSPER. THE COMMUNITY ECONOMIC DEVELOPMENT FUND (CEDF) WAS FOUNDED IN 1993. THERE WAS AN URGENT NEED FOR SMALL BUSINESS LENDING IN CONNECTICUT'S ECONOMICALLY DEPRESSED AND STAGNANT CITIES AT A TIME WHEN TRADITIONAL BANKING INSTITUTIONS WERE SCALING BACK LENDING ACTIVITY. TODAY CEDF CONTINUES TO ACTIVELY LEAD AND SUPPORT SMALL BUSINESS FORMATION AND GROWTH AS A CATALYST FOR MEANINGFUL, DIVERSE AND INCLUSIVE ECONOMIC DEVELOPMENT. OVER THE LAST 30 YEARS, CEDF HAS FULFILLED ITS MISSION OF SMALL BUSINESS LENDING, TECHNICAL ASSISTANCE AND BUSINESS EDUCATION FOR ENTREPRENEURS AND SMALL BUSINESS OWNERS ACROSS CONNECTICUT. 0 0 817196 707767 SMALL BUSINESS LENDING PROGRAM: AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION LOAN FUND, CEDF OFFERS EASIER-TO-OBTAIN SMALL BUSINESS LOANS TO STARTUP AND SMALL BUSINESSES THROUGHOUT CONNECTICUT THAT CANNOT OBTAIN FINANCING FROM TRADITIONAL LENDING INSTITUTIONS. OUR BORROWERS MUST ALSO OPERATE A BUSINESS IN AN ECONOMICALLY DISADVANTAGED CENSUS TRACT (AS IDENTIFIED BY THE STATE OF CT AND/OR U.S. TREASURY) OR HAVE A LOW-TO-MODERATE HOUSEHOLD INCOME. BY ALLOWING CLIENTS THE OPPORTUNITY TO START A SMALL BUSINESS ENTERPRISE, EXPAND AN EXISTING BUSINESS, TAKE ADVANTAGE OF ECONOMIES OF SCALE, BUY THEIR OWN BUILDINGS, OR MOVE INTO NEW MARKETS, CEDF PROVIDES INDIVIDUALS THE CHANCE TO REALIZE POSITIVE CHANGE FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES. THE COMMUNITIES IN WHICH THESE ENTREPRENEURS OPERATE THEIR BUSINESSES OFTEN EXPERIENCE A WIDE RANGE OF SOCIAL BENEFITS, INCLUDING AN INCREASE OF ECONOMIC ACTIVITY IN NEIGHBORHOODS, COMMUNITY WELLNESS, BLIGHT REDUCTION, AND JOB CREATION AND RETENTION. IN 2023, CEDF FOUNDATION ORIGINATED 36 MICROLOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $1,127,850 AND ANOTHER 39 FOR $3,880,973 FOR AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. OF THE CEDF FUND I, LLC TOTALS, 9 LOANS FOR $1,062,000 WERE ORIGINATED ON BEHALF OF CT DECD SMALL BUSINESS BOOST PROGRAM, OF WHICH 95% WERE REQUIRED TO BE SOLD TO THE BOOST PROGRAM. 478283 437529 BUSINESS ADVISORY PROGRAM: CEDF PROVIDES A BUSINESS ADVISOR (BA) TO EACH OF OUR LOAN RECIPIENTS FOR THE LIFE OF THEIR LOAN(S) AT NO CHARGE TO THEM, JUST PRIOR TO LOAN ORIGINATION. BA'S ARE FULL-TIME CEDF EMPLOYEES AND EACH ADVISOR HAS OWNED AND OPERATED A SUCCESSFUL SMALL BUSINESS BEFORE JOINING CEDF. THIS EQUIPS THEM WITH EXPERT TECHNICAL KNOWLEDGE AND THE WILLINGNESS TO PROVIDE ATTENTIVE, UNDERSTANDING AND EMOTIONAL SUPPORT TO THOSE FACING DIFFICULT CIRCUMSTANCES. BA'S SERVE OUR BORROWERS AS COACHES AND RELATIONSHIP MANAGERS TO HELP FOSTER BUSINESS GROWTH AND REDUCE RISK OF BUSINESS CLOSURE. THEY OFFER GUIDANCE ON BEST PRACTICES IN MANAGEMENT, MARKETING, FINANCE AND OPERATIONS; HELP INVESTIGATE, DIAGNOSE OR RESEARCH BUSINESS CHALLENGES AND OPPORTUNITIES IN ORDER TO IDENTIFY PATHS TO IMPROVED RESULTS; AND COACH ON MATTERS OF LEADERSHIP, ACCOUNTABILITY, ACTION PLANNING, IDEA GENERATION, MOTIVATION, AND MANAGEMENT OF THE EMOTIONAL COMPONENTS OF BUSINESS OWNERSHIP. CEDF'S BUSINESS ADVISORS PROVIDED 6,174 SERVICE HOURS TO 187 CLIENTS WITH 227 LOANS ACROSS CT'S 169 TOWNS/CITIES IN 2023 AND SUPPORTED THE CREATION AND RETENTION OF 1,087 JOBS. 186263 130444 BUSINESS EDUCATION PROGRAM: CEDF EDUCATES ENTREPRENEURS ON THE ESSENTIAL KNOWLEDGE FOR OPERATING SUCCESSFUL, SUSTAINABLE ENTERPRISES. BUSINESS EDUCATIONAL OFFERINGS ARE PROVIDED TO ENTREPRENEURS/SMALL BUSINESS OWNERS ACROSS CONNECTICUT AT LITTLE TO NO COST TO THEM. WE DELIVER EDUCATION THROUGH A VARIETY OF CHANNELS, INCLUDING PODCASTS, WEBINARS, INSTRUCTIONAL ARTICLES, ONLINE EDUCATION AND LIVE SEMINARS AND OFFER ON-DEMAND FORMAT ALL HOUSED ON OUR EDUCATION WEBSITE FOR EASY ACCESS TO EDUCATIONAL RESOURCES NEEDED BY THE SMALL BUSINESS OWNER WWW.WETEACHSUCCESS.ORG. PROGRAM SERVICES IN SPANISH: CEDF EMPLOYS THREE SPANISH SPEAKING INDIVIDUALS AND PROSPECTIVE CLIENTS MORE COMFORTABLE CONDUCTING BUSINESS IN SPANISH CAN ACCESS PRE-LOAN COUNSELING, BUSINESS EDUCATION AND BUSINESS ADVISORY SERVICES IN THEIR OWN LANGUAGE. IN 2023, WE EXPERIENCED 7,011 LEARNING ENGAGEMENTS AND OFFERED 73 EDUCATIONAL PROGRAMS OF WHICH 34 WERE IN SPANISH. 13788 12868 CEDF STRONGLY BELIEVES IN ECONOMIC DEVELOPMENT THROUGH COMMUNITY-OWNED PROJECTS. WE WORK WITH LOW-TO-MODERATE INCOME COMMUNITIES ON PROJECTS THAT SUPPORT BUSINESS GROWTH AND JOB CREATION BY PROVIDING ASSISTANCE TO CITIES/TOWNS, COMMUNITY RESIDENTS, MERCHANT GROUPS, AND OTHERS WHO HAVE A VISION FOR WAYS THEY MAY BETTER SUPPORT THE ECONOMIC ENVIRONMENT. WE OFFER ASSISTANCE IN PROJECT-RELATED EXPENSES BECAUSE COMMUNITY DEVELOPMENT GRANTS HELP LOCAL USINESSES GROW AND PROSPER. 13788 12868 1495530 1 1 0 1 0 0 0 0 1 1 1 0 0 1 0 0 0 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 1 1 0 0 1 2 0 15 1 0 0 0 0 0 0 0 0 1 0 0 0 X 13 13 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 CT X X X KAREN MACIOROWSKI VICE PRESIDENT AND CFO 2032352333 965 EAST MAIN STREET MERIDEN CT 064506006 DAVID CANTOR BOARD CHAIR 1.00 X X 0 0 0 KIM HEALEY BOARD VICE CHAIR 1.00 X X 0 0 0 MARK NOLAN TREASURER 1.00 X X 0 0 0 FRANK MAC HUGH SECRETARY 1.00 X X 0 0 0 ANA ALFARO DIRECTOR 1.00 X 0 0 0 PASTOR CARL MCCLUSTER DIRECTOR 1.00 X 0 0 0 COMMISSIONER JORGE PEREZ DIRECTOR 1.00 X 0 0 0 TED MURPHY DIRECTOR 1.00 X 0 0 0 THOMAS MALLOY DIRECTOR 1.00 X 0 0 0 HOLLY WILLIAMS DIRECTOR 1.00 X 0 0 0 MICHELLE HAWES DIRECTOR 1.00 X 0 0 0 JOHN JEPSON JR DIRECTOR 1.00 X 0 0 0 ALLISON STANDISH PLIMPTON DIRECTOR 1.00 X 0 0 0 JAMES BZDYRA PRESIDENT/CEO 40.00 X 211395 0 25813 KAREN MACIOROWSKI VP/CFO 40.00 X 172089 0 8548 383484 0 34361 2 0 1 0 0 709155 194511 903666 PROGRAM SERVICES-CDFI AFFILIATE 522200 1100707 1100707 LENDING PROGRAM 522200 126502 126502 BUSINESS EDUCATION PROGRAM 522200 1759 1759 1228968 229009 59640 169369 1729712 1657413 72299 72299 72299 2433942 1288608 0 241668 390287 179999 174820 35468 860708 720642 140066 40682 29698 10170 814 132755 87814 43034 1907 86142 62964 21461 1717 50991 50991 41938 6570 35188 180 37917 37917 21119 20752 352 15 1278 222 1056 55848 23060 32190 598 87858 54656 31760 1442 153096 106726 43720 2650 17520 16721 789 10 15191 10798 4261 132 21441 12874 8249 318 91564 69384 20469 1711 49011 49011 PROVISION FOR CREDIT LO 64277 64277 29880 28373 1507 2249503 1495530 707011 46962 2060453 1908017 663455 442458 153951 326479 281080 156776 961984 1505162 41546 68636 3169373 1053422 2182581 2115951 9448268 9598893 4706517 4782161 20499835 20904533 187057 197788 168388 168494 4074 6238107 6285743 6593552 6656099 X 11155445 11372173 2750838 2876261 13906283 14248434 20499835 20904533 X 184439 83791 73921 X X 0 1 X 1 1 1 X 539775 734752 844814 741650 903666 3764657 539775 734752 844814 741650 903666 3764657 3764657 319881 128469 370992 233789 241668 1294799 5059456 3235873 0.74410 0.74150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 37917 37917 0 PART II-B, LINE 1: GOVERNMENT AFFAIRS CONSULTING FIRM PAID TO ASSIST IN AMENDMENT TO STATE OF CONNECTICUT STATUTE GOVERNING THE FORMATION OF THE COMMUNITY ECONOMIC DEVELOPMENT FUND. 0 1 X 2619908 152393 17442 17043 2737816 2796436 -141601 17485 17442 2619908 2433333 396275 15687 17485 2796436 2467709 46606 65295 15687 2433333 2136281 432095 85372 15295 2467709 0.73000 0.27000 0 0 500000 500000 2521497 950070 1571427 147876 103352 44524 2115951 INVESTMENT IN RELATED ENTITIES 4782161 4782161 PART IV, LINE 2B: ESCROWS HELD FOR NON-SBA MORTGAGE LOANS FOR PROPERTY TAX PAYMENTS. X X X X X 0 0 0 0 0 0 0 0 0 JAMES BZDYRA PRESIDENT/CEO 192895 0 18500 0 0 0 8321 0 17492 0 237208 0 0 0 KAREN MACIOROWSKI VP/CFO 158801 0 13288 0 0 0 6883 0 1665 0 180637 0 0 0 WEBSTER BANK KEY EMPLOYEE IS CEDF BOARD MEMBER 28837 AN EQUITY EQUIVALENT INVESTMENT AGREEMENT-WEBSTER BANK - SCHEDULE L - INCOME - $60,548, LESS: FEES - (28,837) 0 CITIZENS BANK KEY EMPLOYEE IS CEDF BOARD MEMBER 17812 AN EQUITY EQUIVALENT INVESTMENT AGREEMENT - CITIZEN'S BANK - SCHEDULE L - INCOME $37,810 LESS FEES ($19,998). 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS THREE CLASSES OF MEMBERS; THE PUBLIC INVESTMENT CLASS, THE PRIVATE INVESTMENT CLASS, AND THE COMMUNITY INVESTMENT CLASS. MEMBERS ARE APPOINTED IN ACCORDANCE WITH THE ORGANIZATION'S BYLAWS AND PUBLIC ACT CHAPTER 133A ESTABLISHING A COMMUNITY ECONOMIC DEVELOPMENT PROGRAM, AS DESCRIBED BELOW. NO PART OF THE INCOME OR NET EARNINGS OF THE ORGANIZATION IS DISTRIBUTABLE TO, OR SHALL INURE TO THE BENEFIT OF, ANY MEMBER. FORM 990, PART VI, SECTION A, LINE 7A CHAPTER 133A COMMUNITY ECONOMIC DEVELOPMENT PROGRAM - "SEC. 8-240L. BOARD OF DIRECTORS. DUTIES. GOALS. ESTABLISHMENT OF AFFILIATES. PROVISION OF FINANCIAL ASSISTANCE. (A) THE ENTITY CREATED PURSUANT TO SUBSECTION (B) OF SECTION 8-240K SHALL BE GOVERNED BY A STATE-WIDE BOARD OF DIRECTORS APPOINTED AS FOLLOWS: FIVE MEMBERS SHALL BE REPRESENTATIVES OF RELEVANT STATE AGENCIES AND QUASI-PUBLIC AGENCIES, APPOINTED BY THE GOVERNOR; ONE MEMBER SHALL BE APPOINTED BY EACH INVESTOR WHO HAS COMMITTED AN AMOUNT OF MONEY TO THE PROGRAM ESTABLISHED BY SUBSECTION (A) OF SECTION 8-240K; AND SIX MEMBERS SHALL BE PERSONS OF LOW OR MODERATE INCOME RESIDING IN PUBLIC INVESTMENT COMMUNITIES OR TARGETED INVESTMENT COMMUNITIES OR REPRESENTATIVES OF NONPROFIT ORGANIZATIONS THE PRIMARY PURPOSE OF WHICH IS TO SERVE LOW AND MODERATE INCOME, UNEMPLOYED OR UNDEREMPLOYED RESIDENTS OF TARGETED NEIGHBORHOODS, EXCEPT THAT SUCH MEMBERS SHALL COMPRISE NOT LESS THAN ONE THIRD OF THE MEMBERSHIP, ONE APPOINTED BY THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, ONE BY THE PRESIDENT PRO TEMPORE OF THE SENATE, ONE BY THE MAJORITY LEADER OF THE HOUSE OF REPRESENTATIVES, ONE BY THE MAJORITY LEADER OF THE SENATE, ONE BY THE MINORITY LEADER OF THE HOUSE OF REPRESENTATIVES AND ONE BY THE MINORITY LEADER OF THE SENATE. THE BOARD SHALL APPOINT THE ADDITIONAL MEMBERS. E) THE ENTITY MAY ESTABLISH ONE OR MORE LOCAL OR STATE-WIDE AFFILIATES TO PARTICIPATE IN IMPLEMENTATION OF THE PROGRAM ESTABLISHED UNDER SUBSECTION (A) OF SECTION 8-240K. EACH AFFILIATE SHALL BE GOVERNED BY A BOARD OF DIRECTORS APPOINTED BY THE ENTITY. THE BOARD OF THE AFFILIATE SHALL REFLECT THE CATEGORIES OF MEMBERSHIP AS THE MEMBERSHIP OF THE BOARD OF DIRECTORS OF THE ENTITY." FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE 990 IS PREPARED AND REVIEWED INTERNALLY BY THE CEO, CFO AND APPROPRIATE FINANCE STAFF. A FINAL DRAFT IS SUBSEQUENTLY SUBMITTED TO THE JOINT EXECUTIVE COMMITTEE, A COMMITTEE COMPRISED OF THE OFFICERS OF BOTH THE COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION AND COMMUNITY ECONOMIC DEVELOPMENT FUND CORPORATION BOARD, FOR REVIEW AND DISCUSSION VIA EMAIL. THE CEO AND CFO ARE THEN AUTHORIZED TO SIGN AND FILE THE RETURN. THE FINAL 990 RETURN IS SUBMITTED VIA EMAIL TO THE COMMNUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION BOARD OF DIRECTORS PRIOR TO SIGNING AND FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS MEETS ON A REGULAR BASIS AND REQUIRES ALL NEW MEMBERS TO SIGN A CONFLICT OF INTEREST STATEMENT WHICH REQUIRES THE DIRECTOR TO PROMPTLY NOTIFY THE BOARD OF ANY CONFLICTS. THE CONFLICT OF INTEREST STATEMENT IS ALSO REVIEWED AND SIGNED ANNUALLY BY ALL EMPLOYEES, MANAGEMENT AND EXISTING AND CONTINUING BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 15A PERSONNEL COMMITTEES REVIEW AND EVALUATE THE EXECUTIVE DIRECTOR'S PERFORMANCE. THEY ALSO OBTAIN LISTING OF COMPENSATION FOR EXECUTIVE DIRECTORS IN SIMILAR TYPE ORGANIZATIONS AND COMPENSATION FOR OTHER NON-PROFIT ORGANIZATIONS IN THE LOCAL AREA THEN PRESENT TO THE FULL BOARD FOR COMMENT AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 18 CEDF MANAGES AN ACCOUNT WITH GUIDESTAR.ORG AND UPLOADS THE 990 POST FILING. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE PROVIDED UPON REQUEST AND UPLOADED TO CEDF'S PROFILE ON WWW.GUIDESTAR.ORG FOR PUBLIC VIEWING. FORM 990, PART XI, LINE 9: INVESTMENT INCOME CEDF CORP 75,644. CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -1,723. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED IT PROCESS FROM THE PRIOR YEAR. COMMUNITY ECONOMIC DEVELOPMENT FUND I LLC 965 EAST MAIN STREET MERIDEN CT 06450 061400719 LENDER/COMMUNITY DEVELOPMENT FINANCIAL INST. 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