GILROY ECONOMIC DEVELOPMENT CORPORATION

EIN: 770429693 501(c)(3) Community Improvement

GILROY, CA

Total Revenue
$237,066
Total Expenses
$218,402
Total Assets
$445,847
Net Assets
$443,568
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1996
Legal Domicile
CA
Principal Officer
KURT MICHIELSSEN
Phone
4088477611
Tax Period
2018-07-01 to 2019-06-30

GILROY ECONOMIC DEVELOPMENT CORPORATION, founded in 1996, is a small nonprofit in the Community Improvement sector that reported $237K in total revenue in fiscal year 2018. Revenue decreased 7% compared to the prior year. Expenses of $218K left a modest 8% surplus.

Mission

TO PROMOTE ECONOMIC DEVELOPMENT IN THE CITY OF GILROY, AND ASSIST LOCAL BUSINESSES AND GOVERNMENT AGENCIES IN THE AREA OF ECONOMIC DEVELOPMENT.

Program Service Accomplishments

Program 1
Expenses: $124,897

MARKETING AND RECRUITMENT EFFORTS FOCUSED ON ATTRACTING BUSINESS THAT WOULD INCREASE SALES AND PROPERTY TAX REVENUES TO OFFSET THE LOSS OF FEDERAL AND STATE REVENUES.

Program 2
Expenses: $25,000

CONDUCTING LOCAL BUSINESS RETENTION INTERVIEWS TO DETERMINE WHAT SERVICES OR RESOURCES ARE NEEDED BY OUR EXISTING BUSINESSES TO IMPROVE THEIR PROFITABILITY AND HELP EXPAND THEIR BUSINESS AND CREATE...

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CONDUCTING LOCAL BUSINESS RETENTION INTERVIEWS TO DETERMINE WHAT SERVICES OR RESOURCES ARE NEEDED BY OUR EXISTING BUSINESSES TO IMPROVE THEIR PROFITABILITY AND HELP EXPAND THEIR BUSINESS AND CREATE NEW JOBS.

Program 3
Expenses: $25,000

FOCUS ON RECRUITING AND RETENTION OF BUSINESSES IN THE DOWNTOWN AREA OF GILROY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2018)

Revenue Breakdown

Contributions & Grants $236,500
Program Service Revenue $0
Investment Income $566
Other Revenue $0
TOTAL REVENUE $237,066

Expense Breakdown

Grants Paid $0
Salaries & Benefits $153,400
Fundraising Expenses $0
Program Expenses $184,897
Other Expenses $65,002
TOTAL EXPENSES $218,402

Year-over-Year Comparison

2018 2017 Change
Revenue $237,066 $254,058 -0.1%
Expenses $218,402 $201,915 +0.1%
Net Income $18,664 $52,143 -0.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
13
Independent Members
12
Employees
2
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$106,922
Total Directors
12
$106,922
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JEFF PERKINS VICE CHAIR 4.00
Officer Director
$0 $0 $0
CHRIS VANNI Secretary 4.00
Officer Director
$0 $0 $0
PHIL COUCHEE BOARD MEMBER 2.00
Director
$0 $0 $0
ERIC GEBHARDT BOARD MEMBER 2.00
Director
$0 $0 $0
PETER KATAVICH BOARD MEMBER 2.00
Director
$0 $0 $0
ROB ONETO BOARD MEMBER 2.00
Director
$0 $0 $0
KATHLEEN ROSE BOARD MEMBER 2.00
Director
$0 $0 $0
ROLAND VELASCO BOARD MEMBER 2.00
Director
$0 $0 $0
MARIE BLANKLEY BOARD MEMBER 2.00
Director
$0 $0 $0
DIANE ATKINSON BOARD MEMBER 2.00
Director
$0 $0 $0
MICHELE CAMPBELL BOARD MEMBER 2.00
Director
$0 $0 $0
TAMMY BROWNLOW President 40.00
Officer Director
$106,922 $0 $106,922
KURT MICHIELSSEN BOARD CHAIR 4.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2019 $237,066 $218,402 $445,847 $18,664
2018 $254,058 $201,915 $436,547 $52,143
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