Overview
What is California Statewide Communities Development Corporation?
The California Statewide Communities Development Corporation, located at 1700 North Broadway Suite 405, Walnut Creek, CA 94596, is a nonprofit organization dedicated to providing investment capital for low-income communities or low-income individuals in California. It achieves this mission by investing in subsidiary New Markets Tax Credit Allocatees, which in turn offer loans or financial services to qualified businesses operating within these low-income communities. The organization's sole activity revolves around generating revenue and incurring expenses through the Federal New Markets Tax Credit Program, as they close and manage these projects.
Official website here: www.cscda.org
Is California Statewide Communities Development Corporation legitimate?
California Statewide Communities Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. California Statewide Communities Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.cscda.org
What is the mission statement of California Statewide Communities Development Corporation?
The California Statewide Communities Development Corporation's primary mission is to serve and provide investment capital for low-income communities or individuals by investing in subsidiary organizations that utilize the New Markets Tax Credit program. These subsidiaries, in turn, provide loans or financial services to qualified businesses operating in low-income communities. The organization's sole activity involves providing capital to these businesses, generating revenues and expenses from the closing and managing of these projects, thereby aiming to support economic growth in underprivileged areas.
Official website here: www.cscda.org
Who is the CEO of California Statewide Communities Development Corporation?
Tim Snellings is the President of California Statewide Communities Development Corporation.
Official website here: www.cscda.org
What is the revenue of California Statewide Communities Development Corporation?
California Statewide Communities Development Corporation's revenue in 2022 was $1,993,989.
Official website here: www.cscda.org
Who are the executives of California Statewide Communities Development Corporation and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.cscda.org
Where can I find the form 990 for California Statewide Communities Development Corporation?
California Statewide Communities Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cscda.org
Learn more at the official website: www.cscda.org
Mission Statement of California Statewide Communities Development Corporation
The California Statewide Communities Development Corporation, in essence, is committed to serving low-income communities and individuals by offering investment capital. They achieve this by investing in Subsidy New Markets Tax Credit Allocatees, which in turn provide loans or financial services to qualified businesses within these communities. The organization's primary mission is to stimulate economic growth and create opportunities in low-income areas by leveraging the federal New Markets Tax Credit Program. All of their revenues and expenses stem from the closing and managing of these projects, making this their sole activity.
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Impact
October, 2024
California Statewide Communities Development Corporation significantly impacts low-income communities throughout California by channeling investment capital specifically aimed at fostering economic growth and financial accessibility. Through the utilization of the federal New Markets Tax Credit program, the organization invests in subsidiary allocates that provide essential loans and financial services to qualified businesses within these underserved areas.
By facilitating access to financial resources, the organization empowers local businesses to thrive, which in turn contributes to job creation and community revitalization. This strategic focus on low-income regions not only stimulates local economies but also enhances the overall quality of life for residents by promoting sustainable development and economic stability. The organization's efforts play a crucial role in bridging the funding gap often faced by businesses in these communities, ensuring that they have the necessary support to grow and succeed.
This information is meant to be a general summary of California Statewide Communities Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $280
- Program Service Revenue: $1,993,709
- Gross Receipts: $1,993,989
Assets and Liabilities:
- Total Assets: $349,849
- Total Liabilities: $121,868
- Net Assets: $227,981
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CLOSING FEE INCOME
Revenue
$1,525,000
ASSET MANAGEMENT FEE I
Revenue
$468,709
Organization Details
Founding Year
2011
Phone
(925) 476-5887Principal Officer
Tim Snellings
Main Address
1700 NORTH BROADWAY SUITE 405, WALNUT CREEK, CA, 94596
Website
www.cscda.orgNTEE Category
Code: S20 - Community improvement
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