2025-11-11T13:52:49-06:00 2024-12-31 060903326 WHITTLESEY PC 280 TRUMBULL ST 24TH FL HARTFORD CT 06103 990 2024-01-01 061380472 THE COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION INC COMM 2032352333 965 EAST MAIN STREET MERIDEN CT 064506006 KAREN MACIOROWSKI VICE PRESIDENT AND CFO 2032352333 2025-11-10 1 1 LAWRENCE CARBONI P02535289 8605223111 2024 2025-03-06 01:10:19Z KAREN MACIOROWSKI 965 MAIN STREET MERIDEN CT 06450 3498718 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. 16 16 14 0 0 0 903666 616301 1228968 1260458 301308 400614 0 66234 2433942 2343607 0 15000 0 0 1510574 1493808 0 0 50905 738929 691492 2249503 2200300 184439 143307 20904533 22066926 6656099 7036855 14248434 15030071 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 31 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 897046 0 855255 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 2024, CEDF FOUNDATION ORIGINATED 37 MICROLOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $1,084,000 AND ANOTHER 32 FOR $2,899,811 FOR AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. OF THE CEDF FUND I, LLC TOTALS, 7 LOANS FOR $1,080,000 WERE ORIGINATED ON BEHALF OF CT DECD SMALL BUSINESS BOOST PROGRAM, OF WHICH 95% WERE REQUIRED TO BE SOLD BACK TO THE CT SMALL BUSINESS BOOST FUND. 414744 401549 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 5,470 SERVICE HOURS TO 193 CLIENTS WITH 239 LOANS ACROSS CT'S 169 TOWNS/CITIES IN 2024 AND SUPPORTED THE CREATION AND RETENTION OF 1,092 JOBS. 149954 10000 143290 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 2024, WE EXPERIENCED 7,535 LEARNING ENGAGEMENTS AND OFFERED 74 EDUCATIONAL PROGRAMS OF WHICH 39 WERE IN SPANISH. 4975 5000 1964 4975 5000 1964 1466719 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 6 0 14 1 0 0 0 0 0 0 0 0 1 0 0 0 X 16 16 0 0 1 0 0 0 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 & SECRETARY 1.00 X X 0 0 0 JOHN FIORELLO DIRECTOR 1.00 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 MICHAEL BRADY 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 ROSANNE FORD DIRECTOR 1.00 X 0 0 0 MARCIA FOUNTAIN DIRECTOR 1.00 X 0 0 0 MILLIE TEXIDOR DIRECTOR 1.00 X 0 0 0 JAMES BZDYRA PRESIDENT/CEO 40.00 X 214975 0 29006 KAREN MACIOROWSKI VP/CFO 40.00 X 178650 0 8015 RICARDO VIDAL DIRECTOR OF LENDING 40.00 X 106284 0 17827 KATHLEEN DOMIJAN DIRECTOR OF ACCOUNTING 40.00 X 109855 0 13746 609764 0 68594 4 0 1 0 0 490266 126035 616301 PROGRAM SERVICES-CDFI AFFILIATE 522200 1094256 1094256 LENDING PROGRAM 522200 166202 166202 1260458 271733 75366 196367 1283992 1155111 128881 128881 128881 MISCELLANEOUS INCOME 900099 66234 66234 66234 2343607 1402058 0 325248 5000 5000 10000 10000 430646 317300 101017 12329 811519 577614 210656 23249 26927 19803 6407 717 127924 94211 30208 3505 96792 71616 22453 2723 10427 2657 7770 30266 281 29974 11 16250 16250 70854 10902 59952 5000 5000 63043 33783 28802 458 123721 89950 30332 3439 107177 80977 24072 2128 20934 20653 281 42775 19665 22765 345 30622 11737 18595 290 91505 69369 20425 1711 47717 47717 PROVISION FOR CREDIT LO 18456 18456 BUSINESS EDUCATION CENT 12745 12745 2200300 1466719 682676 50905 1908017 2439810 442458 418170 326479 211465 156776 196390 1505162 1946298 68636 47131 3176373 1144927 2115951 2031446 9598893 9801739 4782161 4974477 20904533 22066926 197788 237654 168494 158414 4074 5218 6285743 6635569 6656099 7036855 X 11372173 11917759 2876261 3112312 14248434 15030071 20904533 22066926 X 143307 446014 192316 X X 0 1 X 1 1 1 X 734752 844814 741650 903666 616301 3841183 734752 844814 741650 903666 616301 3841183 3841183 128469 370992 233789 241668 325248 1300166 5141349 2423492 0.74710 0.74410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 1 16250 16250 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 2737816 325619 17036 3046399 2619908 152393 17442 17043 2737816 2796436 -141601 17485 17442 2619908 2433333 396275 15687 17485 2796436 2467709 46606 65295 15687 2433333 0.34000 0.66000 0 0 500000 500000 2521497 1029409 1492088 154876 115518 39358 2031446 INVESTMENT IN RELATED ENTITIES 4974477 4974477 PART IV, LINE 2B: ESCROWS HELD FOR NON-SBA MORTGAGE LOANS FOR PROPERTY TAX PAYMENTS. 0 AWARDS FOR SMALL BUSINESS PITCH CONTEST 10 10000 CASH X X X X X 0 0 0 0 0 0 0 0 0 JAMES BZDYRA PRESIDENT/CEO 196021 0 18954 0 0 0 7632 0 21374 0 243981 0 0 0 KAREN MACIOROWSKI VP/CFO 162770 0 15880 0 0 0 6395 0 1620 0 186665 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE FOUNDATION REVISED ITS CERTIFICATE OF INCORPORATION AND BYLAWS AS A RESULT OF STATE OF CONNECTICUT PUBLIC ACT NO. 24-36 TO RESTRUCTURE THE ORGANIZATION. 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 COMMUNITY 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 AND CDFI'S, ADJUSTING FOR COST OF LIVING DIFFERENCES BETWEEN STATES, THEN PRESENT TO THE FULL BOARD FOR COMMENT AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 18 CEDF MANAGES AN ACCOUNT WITH CANDID.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.CANDID.ORG FOR PUBLIC VIEWING. FORM 990, PART XI, LINE 9: INVESTMENT INCOME CEDF CORP 192,316. CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 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. CT COMMUNITY ECONOMIC DEVELOPMENT FUND CORPORATION RELATED 64590 4753980 0 0 0.23120 COMMUNITY ECONOMIC DEVELOPMENT FUND POOL 2 LLC 965 EAST MAIN STREET MERIDEN CT 06450 611672987 LENDER CT COMMUNITY ECONOMIC DEVELOPMENT FUND CORPORATION RELATED 20464 0 0 1.00000 COMMUNITY ECONOMIC DEVELOPMENT FUND CORPORATION 965 EAST MAIN STREET MERIDEN CT 06450 061383256 LOAN PORTFOLIO MANAGEMENT CT COMMUNITY ECONOMIC DEVELOPMENT FUND FOUNDATION INC C 192316 5160934 1.00000 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 COMMUNITY ECONOMIC DEVELOPMENT FUND CORPORATION L 1094256 CASH