Economic Development Investment Fund Inc

Nonprofit profile at a glance

EIN
264046217
IRS 990-EZ coverage
2012–2014
Forms available
Form 990-EZ 2014, Form 990-N 2011
Location
Sarasota, FL, USA
Phone
9413595915
Rating
94
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Societal Benefit

Reported finances

Revenue
$25,305
Expenses
$24,562
Assets
$70,363
Liabilities
$66,973

Source: IRS Form 990-EZ. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • BRIAN J CASWELL (PRESIDENT AND FOUNDER)

People named in this filing

  • BRIAN J CASWELL (PRESIDENT AND FOUNDER)
  • AUSTIN PIKE (SECRETARY)
  • MAURIE WEST (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The economic development investment fund inc (edif) purpose is to foster economic growth through small business support services. The edif provides economic development tools and resources to distressed and underserved small businesses.

What it reported doing in 2014

The edif's revolving loan fund (rlf) is a community pool of funds used to provide small businesses with access to capital that can be reused over and over to help promote job creations and economic development. The edif provides funding for businesses that may not qualify for traditional loans, as well as for entrepreneurs with creative and innovative ideas. As part of the program, borrowers can apply for training and technical assistance to boost their development and ongoing success. Edif makes loans through its own fund, and through grants and government programs. Most recently, edif was awarded a $250,000 revolving loan fund that it administers for the usda, which is available to new and existing microentrepreneurs located in 11 rural counties in south Florida.

Operating model

Revenue model
Donor-supported. 85% of the money available for current operations came from contributions and gifts.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 98
  • Transparency & Controls: 100
  • Sustainability: 53
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.3%; rating input score 97
  • Program expense ratio: 100%; rating input score 100

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: 2.9%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 2.86; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 0.95; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 57; 57th percentile among comparable filings

Growth

  • Program expense growth: 37.8% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: -40.9% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -70.8% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 97.3% of revenue deployed · 100% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 2 filed program accomplishments · $25K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2012 to 2014
  • Contacts: How to reach this organization
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Review — Sustainability: Officer compensation ratio scored 57/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.