Cabrillo Economic Development Corporation
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Cabrillo Economic Development Corporation does not meet the following 2 Standards for Charity Accountability:
Standard 8 (Program Service Expense Ratio)
Spend at least 65% of its total expenses on program activities.
CEDC does not meet this Standard because:
- According to the organization's audited financial statements - consolidated for 2022, the organization spent $1,916,652 or 58% of its total expenses on programs.
Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.
CEDC does not meet this Standard because the organization’s website, https://cabrilloedc.org/, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:
- Electronic access to the organization’s 2022 IRS Form 990.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 16
Cabrillo Economic Development Corporation meets the remaining 17 Standards for Charity Accountability.
Stated Purpose:
“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.”
Year, State Incorporated:
1981, CA
Cabrillo Economic Development Corporation (CEDC) reports it develops and manages service-enriched, inclusive residential communities, creating access to affordable, secure, quality housing for individuals and families. The organization provides property management services, and its real estate development division works to acquire and finance affordable housing developments. CEDC offers on-site programs and services focused on health and wellness, adult education, and youth activities.
For the year ended December 31, 2022, Cabrillo Economic Development Corporation's program expenses were:
| Rental operations | $740,194 |
| Property management | $710,680 |
| Housing development | $297,493 |
| Community services | $168,285 |
| Total Program Expenses | $1,916,652 |
Chief Executive
Margarita De Escontrias, Chief Executive Officer
Compensation*
$229,762
Chair of the Board
Aiza Galdo
Chair's Profession / Business Affiliation
Senior Director, Community Finance - Capital One
Board Size
9
Paid Staff Size
65
*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Grant proposals, Internet, Membership appeals
Fundraising costs were 30% of related contributions. (Related contributions, which totaled $413,919, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Cabrillo Economic Development Corporation's audited financial statements - consolidated for the year ended December 31, 2022.
Source of Funds
| Property management fees | $1,038,437 |
| Rental income | $862,074 |
| Partnership management fees | $530,094 |
| Government contracts | $284,000 |
| Community services fees | $194,326 |
| Interest and investment income | $150,473 |
| Contributions | $129,919 |
| Other income | $53,026 |
| Investment in partnership losses | $-317 |
| Total Income | $3,242,032 |
Programs: 58% Fundraising: 4% Administrative: 30%
| Total Income | $3,242,032 |
| Total expenses: | $3,276,762 |
| Program expenses | $1,916,652 |
| Fundraising expenses | $123,116 |
| Administrative expenses | $982,797 |
| Other expenses | $254,197 |
| Income in Excess of Expenses | $-34,730 |
| Beginning Net Assets | $42,929,973 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $42,895,243 |
| Total Liabilities | $15,467,341 |
| Total Assets | $58,362,584 |
An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.
This report is not to be used for fundraising or promotional purposes.
RELATED CONTENT
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance