2025-03-26T16:27:01-05:00 2024-09-30 330482495 GYL LLP 4120 CONCOURS SUITE 100 ONTARIO CA 91764 990 2023-10-01 953560326 SOUTHLAND ECONOMIC DEVELOPMENT CORPORATION SOUT 7148680010 400 N TUSTIN AVE 460 SANTA ANA CA 92705 MATTHEW DAVIS PRESIDENT 7148680010 2025-03-26 1 1 JOSEPH ROMERO CPA P00441771 9099489990 X 2023 2025-03-06 01:10:19Z MATTHEW DAVIS 400 N TUSTIN AVE 460 SANTA ANA CA 92705 6732159 0 X WWW.SOUTHLANDEDC.COM X 1980 CA STIMULATE EMPLOYMENT, PRIVATE INVESTMENT AND EXPAND BUSINESS OPPORTUNITIES. 12 3 15 3 0 0 0 0 3500258 3298304 222169 199732 0 0 3722427 3498036 0 0 0 0 2548907 2545823 0 0 0 724752 653842 3273659 3199665 448768 298371 7873542 8519163 868596 822210 7004946 7696953 TO BENEFIT THE COMMUNITIES SOUTHLAND SERVES BY STIMULATING EMPLOYMENT AND PRIVATE INVESTMENT, EXPANDING THE TAX BASE, AND INCREASING BUSINESS OPPORTUNITIES. 0 0 2234565 3285491 SOUTHLAND IS A "CERTIFIED DEVELOPMENT COMPANY AND OPERATES A U.S. SMALL BUSINESS ADMINISTRATION (SBA) LENDING PROGRAM. SOUTHLAND IS AUTHORIZED TO OFFER AND APPROVE LOANS THAT ARE FUNDED BY THE SBA'S 504 DEBENTURE LOAN PROGRAM. SOUTHLAND ACTIVELY SERVES THE SOUTHERN CALIFORNIA REGION. DURING THE YEAR ENDED SEPTEMBER 30, 2024, SOUTHLAND FUNDED 35 LOANS, AMOUNTING TO APPROXIMATELY $39,556,000. THE ORGANIZATION WAS SERVICING 581 LOANS WITH A TOTAL FACE VALUE OF $451,759,000 AND A TOTAL REMAINING BALANCE OF APPROXIMATELY $346,451,470 AT SEPTEMBER 30, 2024. 5416 8079 SOUTHLAND ADMINISTERS A REVOLVING LOAN FUND (RLF) THROUGH A GRANT FROM THE ECONOMIC DEVELOPMENT ADMINISTRATION OF THE U.S. DEPARTMENT OF COMMERCE. UNDER THE TERMS OF THE GRANT, THE ORGANIZATION WILL USE THE FUND PROCEEDS TO ASSIST PRIVATE, FOR-PROFIT BUSINESSES THAT ARE OTHERWISE UNABLE TO SECURE CONVENTIONAL FINANCING AND WHO WILL BE CREATING JOBS. 7484 4734 SOUTHLAND ADMINISTERS AN INTERMEDIARY RELENDING PROGRAM (IRP) FROM THE U.S. DEPARTMENT OF AGRICULTURE, WHICH PROVIDES LOW INTEREST LOANS TO QUALIFIED BUSINESSES IN RURAL COMMUNITIES TO IMPROVE ECONOMIC CONDITIONS AND TO CREATE JOBS. 2247465 1 0 0 0 0 0 0 0 0 0 1 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 0 0 0 0 1 6 0 1 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X BEATRIZ CASTANEDA 7148680010 400 N TUSTIN AVE STE 460 SANTA ANA CA 92705 SAM NANGIA DIRECTOR 0.10 X 300 0 0 KENNETH HERNANDEZ CHAIRMAN 0.10 X X 200 0 0 MATTHEW DAVIS PRESIDENT 40.00 X X 327598 0 25266 GARY MARTINEZ SECRETARY/ TREASURER 0.10 X X 300 0 0 ROSS BOURNE DIRECTOR 0.10 X 300 0 0 JEFF BOXX DIRECTOR 0.10 X 200 0 0 MICHELLE COBERLY DIRECTOR 0.10 X 100 0 0 ROBERT GARCIA DIRECTOR 0.10 X 200 0 0 WILSON JUI DIRECTOR 0.10 X 300 0 0 TIM MILLS DIRECTOR 0.10 X 0 0 0 IRIS PYUN DIRECTOR 0.10 X 0 0 0 ANTHONY SANCHEZ DIRECTOR 0.10 X 200 0 0 MELANIE SMITH PAST DIRECTOR 0.10 X 0 0 0 WILLIAM WANG DIRECTOR 0.10 X 200 0 0 MAYRA SOTO VICE PRESIDENT 40.00 X 223580 0 8894 JOHN WELTON VICE PRESIDENT 40.00 X 211588 0 22674 MARIA MATA VICE PRESIDENT 40.00 X 139998 0 15650 JAVIER JIMENEZ VICE PRESIDENT 40.00 X 115879 0 19165 PATRICK RICHEY UNDERWRITER 40.00 X 103334 0 19709 MICHAEL NASR LOAN OFFICER 40.00 X 310212 0 21588 JAMES HOPKINS LOAN OFFICER 40.00 X 136714 0 14199 SERGIO AGUILAR LOAN OFFICER 40.00 X 157602 0 19360 1728805 0 166505 9 0 1 0 0 SBA LENDING PROGRAM 522291 3285491 3285491 RLF PROGRAM INCOME 522291 8079 8079 IRP PROGRAM INCOME 522291 4734 4734 3298304 272624 272624 3161231 3234123 -72892 -72892 -72892 3498036 3298304 0 199732 1144074 835174 308900 1098024 736287 361737 164232 100785 63447 139493 91531 47962 65665 55995 9670 110047 110047 32940 21540 11400 56594 37092 19502 72580 48716 23864 53386 36044 17342 1587 1040 547 5640 5640 5085 3454 1631 27773 18558 9215 LOAN PROCESSING FEES 159974 104847 55127 TELEPHONE 23467 15400 8067 LOAN SERVICING FEES 19000 12453 6547 DUES & SUBSCRIPTIONS 8905 5836 3069 11199 7026 4173 3199665 2247465 952200 0 585720 810831 354497 1451520 286055 303654 316840 226696 12499 2133 93861 68641 27306 25220 5928047 5408643 362578 290466 7873542 8519163 105187 137839 401679 343643 361730 340728 868596 822210 X 6704129 7389685 300817 307268 7004946 7696953 7873542 8519163 298371 393636 0 X 0 1 X 1 0 X 365000 365000 2947030 3169513 2758756 3500258 3289304 15664861 2947030 3169513 3123756 3500258 3289304 16029861 0 0 0 16029861 105947 203341 80786 194554 272624 857252 105947 203341 80786 194554 272624 857252 9407 9407 3062384 3372854 3204542 3694812 3561928 16896520 0.94870 0.95490 0.05070 0.04450 X 2228 1163 1065 91633 67478 24155 25220 OPERATING LEASE LIABILITIES 291858 BORROWER AND LENDER FEE DEPOSITS 48870 340728 X 3891672 393636 393636 3498036 0 3498036 3199665 0 3199665 0 3199665 PART X, LINE 2: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PROVIDE ACCOUNTING AND DISCLOSURE GUIDANCE ABOUT POSITIONS TAKEN BY AN ORGANIZATION IN ITS TAX RETURNS THAT MIGHT BE UNCERTAIN. MANAGEMENT HAS CONSIDERED ITS TAX POSITIONS AND BELIEVES THAT ALL OF THE POSITIONS TAKEN BY THE ORGANIZAION IN ITS FEDERAL AND STATE EXEMPT ORGANIZATION RETURNS ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION'S RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES, GENERALLY FOR FOUR YEARS AFTER THEY ARE FILED. 0 0 0 0 0 0 0 0 0 MATTHEW DAVIS PRESIDENT 327598 0 0 0 0 0 17308 0 7958 0 352864 0 0 0 MICHAEL NASR LOAN OFFICER 310212 0 0 0 0 0 6338 0 15250 0 331800 0 0 0 JOHN WELTON VICE PRESIDENT 211588 0 0 0 0 0 11631 0 11043 0 234262 0 0 0 MAYRA SOTO VICE PRESIDENT 223580 0 0 0 0 0 7875 0 1019 0 232474 0 0 0 SERGIO AGUILAR LOAN OFFICER 157602 0 0 0 0 0 5610 0 13750 0 176962 0 0 0 MARIA MATA VICE PRESIDENT 139998 0 0 0 0 0 7600 0 8050 0 155648 0 0 0 JAMES HOPKINS LOAN OFFICER 136714 0 0 0 0 0 5205 0 8994 0 150913 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS THE FORM 990 AND COMMUNICATES WITH AUDITORS IN PREPARATION OF THE FINAL DRAFT. THE FINAL DRAFT IS PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C FOR EACH CONFLICT OF INTEREST DISCLOSED, THE BOARD OF DIRECTORS OR EXECUTIVE COMMITTEE WILL DETERMINE WHETHER THE ORGANIZATION SHOULD (A) TAKE NO ACTION, (B) INVITE DISCUSSION BY THE FULL BOARD OF WHAT ACTION TO TAKE, OR (C) REFRAIN FROM TAKING ACTION AND OTHERWISE AVOID THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S BOARD OF DIRECTORS APPROVES COMPENSATION OF OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. COPY OF FORM 990 IS AVAILABLE AT GUIDESTAR.ORG.