2024-05-15T19:34:53-05:00 2023-06-30 952662063 ROGERS ANDERSON MALODY & SCOTT LLP 735 E CARNEGIE DR STE 100 SAN BERNARDINO CA 92408 990 2022-07-01 472300185 PERRIS COMMUNITY ECONOMIC DEVELOPMENT CO PERR 9519436100 101 NORTH D STREET PERRIS CA 92570 CLARA MIRAMONTES CITY MANAGER 9519436100 2024-05-15 1 CLARA MIRAMONTES 999009999 1 GARDENYA DURAN P02100643 9098890871 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CLARA MIRAMONTES 101 NORTH D STREET PERRIS CA 92570 200227 0 X HTTPS://THINKPERRIS.ORG/ X 2014 CA THE PRIMARY PURPOSE IS TO PROVIDE PHYSICAL, ECONOMIC, AND EDUCATIONAL DEVELOPMENT AND REVITALIZATION EFFORTS RESULTING IN EXPANDED EMPLOYMENT, ECONOMIC PROSPERITY, AND BUSINESS AND HOUSING OPPORTUNITIES FOR BUSINESS AND RESIDENTS IN THE CITY OF PERRIS. 5 0 0 0 0 0 5000 18642 0 0 -60492 8999 256182 172586 200690 200227 0 0 0 0 162360 163118 0 0 0 232627 533262 394987 696380 -194297 -496153 2908968 2371707 36126 133163 2872842 2238544 THE PRIMARY PURPOSE IS TO PROVIDE PHYSICA, ECONOMIC, AND EDUCATIONAL DEVELOPMENT AND REVITALIZATION EFFORTS RESULTING IN EXPANDED EMPLOYMENY, ECONOMIC PROSPERITY AND BUSINESS AND HOUSING OPPORTUNITIES FOR BUSINESS AND RESIDENTS IN THE CITY OF PERRIS. 0 0 696380 200227 THE PERRIS CEDC ACHIEVEMENTS INCLUDE COMMUNITY SPONSORSHIP EVENTS, ECONOMIC DEVELOPMENT ACTIVITY, AND BUILDING IMPROVEMENTS. 696380 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 CA X X STEPHEN AJOBIEWE 9519434610 101 N D STREET PERRIS CA 92570 MALCOM CORONA BOARD MEMBER 1.00 X X 0 38859 54 RITA ROGERS BOARD MEMBER 1.00 X X 0 28107 9958 MARISELA NAVA BOARD MEMBER 1.00 X X 0 26919 17392 DAVID STARR RABB BOARD MEMBER 1.00 X X 0 26925 8776 MICHAEL M VARGAS CHAIRMAN 1.00 X X 0 48311 396 CLARA MIRAMONTES CHIEF EXECUTIVE DIRECTOR 1.00 40.00 X 0 285622 27674 ERNEST REYNA TREASURER 1.00 40.00 X 0 239282 43740 NANCY SALAZAR SECRETARY 1.00 X 0 24331 22738 SARA CORTES DE PAVON PRINCIPAL MANAGEMENT ANALYST 40.00 X 133028 0 20424 133028 718356 151152 1 0 1 0 0 18642 18642 8999 8999 172586 0 172586 172586 172586 200227 172586 0 8999 113186 113186 18611 18611 21961 21961 9360 9360 55505 55505 22689 22689 79 79 CAPITAL OUTLAY 313171 313171 EDUCATIONAL PROGRAMS 66152 66152 ECONOMIC DEVELOPMENT 54371 54371 PROPERTY TAXES 21295 21295 696380 696380 0 0 2171079 1771419 732246 594101 3405 1346 2238 4841 2908968 2371707 19635 95176 16491 23941 0 14046 36126 133163 X 2140596 1644443 732246 594101 2872842 2238544 2908968 2371707 -496153 -138145 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 RETENTIONS PAYABLE 14046 14046 X 338372 138145 138145 200227 0 200227 834525 138145 138145 696380 0 696380 PART X, LINE 2: THE CORPORATION SUBMITTED ITS APPLICATION TO THE INTERNAL REVENUE SERVICE (THE "IRS") IN RECOGNIZING THE CORPORATION AS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND RECEIVED THE EXEMPT STATUS FROM THE IRS ON DECEMBER 7, 2015; EFFECTIVE APRIL 29, 2014. THE CORPORATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME PURSUANT TO 501(A) AND 170 (B)(1)(A)(I) OF THE IRC AND CALIFORNIA REVENUE TAXATION CODE 23701D AS A PUBLIC CHARITY. THE CORPORATION UTILIZES A TWO-STEP APPROACH TO RECOGNIZING AND MEASURING UNCERTAIN TAX POSITIONS (TAX CONTINGENCIES). THE FIRST STEP IS TO EVALUATE THE TAX POSITION FOR RECOGNITION BY DETERMINING IF THE WEIGHT OF AVAILABLE EVIDENCE INDICATES IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED ON AUDIT, INCLUDING RESOLUTION OF RELATED APPEALS OR LITIGATION PROCESSES. THE SECOND STEP IS TO MEASURE THE TAX BENEFIT AS THE LARGEST AMOUNT, WHICH IS MORE THAN 50% LIKELY OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CORPORATION HAS DETERMINED THAT ITS MAJOR TAX JURISDICTIONS ARE FEDERAL AND CALIFORNIA. AT JUNE 30, 2023, MANAGEMENT BELIEVED THAT THERE WERE NO UNCERTAIN TAX POSITIONS. SCHEDULE D, PAGE 4, PART XII, LINES 2D AND 4B ON MARCH 27, 2018, THE CORPORATION ENTERED INTO A MASTER LEASE AGREEMENT WITH THE CITY WHERE THE CITY WILL BUILD THE PERRIS DOWNTOWN SKILLS TRAINING AND JOB PLACEMENT CENTER AND LEASE THE BUILDING TO THE CORPORATION UPON THE BUILDING BECOMING AVAILABLE FOR OCCUPANCY. THE TERM OF THE LEASE IS FOR 55 YEARS AT $1.00 PER ANNUM, UPON COMPLETION OF THE CONSTRUCTION, THE DATE BARRIERS TO ENTITLEMENT ARE OVERCOME. THE FREE USE OF FACILITIES UPON COMPLETION OF THE CONSTRUCTION IS CONSIDERED A MULTIYEAR CONDITIONAL PROMISE TO GIVE IN THE AMOUNT OF $16,196,491, NET OF ESTIMATED EFFECTIVE INTEREST AT RATE OF 5% ANNUM. THE CORPORATION WILL SUBLEASE THE BUILDING TO SUBTENANTS FOR COMMERCIAL AND EDUCATION USES RELATED TO SKILL TRAINING AND JOB PLACEMENT AT MARKET RATE. AS PART OF THE LEASE AGREEMENT, THE CORPORATION IS OBLIGATED TO PAY THE REAL PROPERTY TAXES ALLOCATED TO THE LEASED SPACE. 0 0 0 0 0 0 0 0 0 CLARA MIRAMONTES CHIEF EXECUTIVE DIRECTOR 0 285622 0 0 0 0 0 2600 0 25074 0 313296 0 0 ERNEST REYNA TREASURER 0 222961 0 0 0 16321 0 20500 0 23240 0 283022 0 0 SARA CORTES DE PAVON PRINCIPAL MANAGEMENT ANALYST 133028 0 0 0 0 0 0 0 20424 0 153452 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FEDERAL AND STATE TAX RETURNS ARE PREPARED BY A CERTIFIED PUBLIC ACCOUNTANT AND THEN REVIEWED BY THE DIRECTOR OF FINANCE OF THE CITY OF PERRIS. AFTER THE DIRECOTR OF FINANCE'S REVIEW IS COMPLETE, ANY NECESSARY CHANGES ARE MADE TO THE RETURNS. A COPY OF THE TAX RETURN IS THE DISTRIBUTED TO THE BOARD MEMBERS AND THE DIRECTOR OF FINANCE OF THE CITY OF PERRIS. THE EXECUTIVE DIRECTOR WILL THEN SIGN AND SUBMIT THE TAX RETURNS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS CONSISTS OF THE CITY OF PERRIS CITY COUNCIL. THE CITY COUNCIL IS REQUIRED TO FILL OUT FORMS 700 FOR ANY POSSIBLE CONFLICTS OF INTEREST. THOSE FORMS ARE ALSO REVIEWED ANNUALLY BY THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS APPROVED BY THE CITY COUNCIL FOR THE CITY OF PERRIS - THE RELATED ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 18 DISCLOSURES OF GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE PROVIDED WHEN FORMALLY REQUESTED. FORM 990, PART VI, SECTION C, LINE 19 DISCLOSURES OF GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE PROVIDED WHEN FORMALLY REQUESTED. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR. CITY OF PERRIS 101 N D STREET PERRIS CA 95270 956000761 CITY GOVERNMENT CA MUNICIPALITY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 CITY OF PERRIS O 69638 10 PERCENT OF OPERATING EXPENSES