Cabrillo Economic Development Corporation
Nonprofit profile at a glance
- EIN
- 953681521
- IRS 990 coverage
- 2012–2024
- Forms available
- Form 990 2024
- Location
- Ventura, CA, USA
- Phone
- 8056593791
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $4,478,964
- Expenses
- $3,857,667
- Assets
- $79,587,343
- Liabilities
- $35,786,678
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- AIZA GALDO (PRESIDENT)
- ALFREDO MARTINEZ (VICE PRESIDENT)
- MARGARITA DE ESCONTRIAS (CEO)
Highest reported compensation
- MARGARITA DE ESCONTRIAS (CEO): $215,065 total reported compensation
- VICTORIA BRADY (CFO): $179,785 total reported compensation
- DERRICK WADA (DIR. OF REAL ESTATE DEVELOPMENT): $160,757 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The organization's exempt purpose is to develop, manage and provide service-enriched, inclusive residential communities, ensuring access to affordable, secure, quality housing that creates the foundation for our residents to grow and thrive.
What it reported doing in 2024
To provide safe, affordable homeownership and rental opportunities to low-income, minority, and other disadvantaged individuals and families in ventura and santa barbara counties and adjacent areas in los angeles county. The organization accomplishes this objective through its four divisions as follows: housing developmenthousing development provides safe, affordable homeownership and rental opportunities to low-income, minority, and other disadvantaged individuals and families in ventura and santa barbara counties and adjacent areas in los angeles county. The real estate development divisions (redd) as a major component of housing development, primary functions are to complete the acquisition, finance, and pre-construction stages of affordable housing development. After redd assesses the viability of acquiring land, the department begins a multi-faceted review process. If a project is deemed financially feasible and aligned with cedcs core goals, redd works to secure funding through a variety of public and private sources.resident and community servicesthe cabrillo economic development corporation resident and community services works with residents living in cedc properties and in neighborhoods where cedc properties are located, focusing on resident engagement and leadership, and community organizing. Resident and community services programs include:- homework clubs and after school programs- fitness and nutrition programs- empowerment programs for adults- education programs for adults and youth- leadership development for youthproperty managementcabrillo economic development corporation's goal is to meet the high demand for safe, decent and affordable homes for families, special needs, and the senior community. Cedc's property and asset management divisions supports this effort by professionally managing our rental homes communities while offering quality living at its best. In total, the cedc property and asset management division manages more than 1,300 affordable rental homes across 27 properties. Rental operationscabrillo economic development corporation, though its solely owned properties, provides affordable, quality homes throughout ventura and santa barbara counties. The rental operations include the ownership activities of both operating and managing of its solely owned properties.
Operating model
- Revenue model
- Other-operating. 72% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 59
- Transparency & Controls: 89
- Accountability: 100
- Sustainability: 66
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 60.6%; rating input score 61
- Program expense ratio: 67.7%; rating input score 68
- Fundraising efficiency: $6.72 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 13.9%; rating input score 69; 69th percentile among comparable filings
- Total-asset coverage ratio: 20.63; rating input score 96; 96th percentile among comparable filings
- Liabilities to assets ratio: 0.45; rating input score 24; 24th percentile among comparable filings
- Officer compensation ratio: 14.4%; rating input score 20; 20th percentile among comparable filings
Growth
- Program expense growth: -6.9% per year; rating input score 0; 4th percentile among comparable filings
- Revenue growth: -6.2% per year; rating input score 0; 3rd percentile among comparable filings
- Asset growth: 1.3% per year; rating input score 100; 17th percentile among comparable filings
Details
- Where the money goes: 60.6% of revenue deployed · 67.7% of spending went to programs
- Governance: 10 of 10 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $2.6M in reported program spending
- Leadership: top reported pay $215K · 13 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $103K reported
- Consistency: 29 of 29 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 12 filing years from 2012 to 2024
- Contacts: How to reach this organization
- Money network: 3 filed money-flow records
- Related organizations: 25 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Fundraising efficiency scored 25/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 20/100.
- High — Sustainability: Liabilities to assets ratio scored 24/100.