Cabrillo Economic Development Corporation
bringing community home
Cabrillo Economic Development Corporation
EIN: 95-3681521
as of November 2023
as of November 13, 2023
Mission
The Cabrillo Economic Development Corporation’s mission is to provide comprehensive housing services and community economic development activities through a community-building approach that facilitates self-sufficiency for individuals and families who are most lacking in opportunity in Ventura County. Cabrillo builds quality, well-designed housing that is affordable to those with limited means. Our success is based on commitment to our mission and collaborations with public, private and community partners. We provide homebuyer education and a variety of financial services open to the community, as well as neighborhood revitalization programs for our residents, such as nutritional classes, homework clubs, health fairs and social engagement opportunities.
Ruling year
1982
CEO
Mrs Margarita H. de Escontrias
Main address
702 County Square Drive 2nd Floor
Ventura, CA 93003 USA
EIN
95-3681521
Community improvement
Housing development
Family services
Population served
Children and youth
Economically disadvantaged people
Low-income people
NTEE code
Housing Development, Construction, Management (L20)
Community, Neighborhood Development, Improvement (S20)
Family Services (P40)
IRS subsection
501(c)(3) Public Charity
IRS filing requirement
This organization is required to file an IRS Form 990 or 990-EZ.
Tax forms
Communication
Affiliations
Programs and results
Reports and documents
Download annual reports Download other documentsWhat we aim to solve
A home is more than basic shelter. It is the foundation for well-being and a platform for connecting people to opportunities and resources. Decent, affordable, and accessible housing fosters self-sufficiency, brings stability to families and new vitality to distressed communities, and supports overall economic growth. Ventura County is facing an affordable housing crisis. There is simply not enough affordable housing. The inadequacy of supply increases dramatically as one moves down the ladder of family earnings. The challenge is most acute for rental housing in high-cost areas, such as ours, and the most egregious problem is for the very poor. Many low-income households spend more than half of their monthly income on rent, leaving too little for other necessities like food, medical care, and transportation. To make matters worse, only one in four eligible low-income households receive any housing assistance.
Our programs
What are the organization's current programs, how do they measure success, and who do the programs serve?
Resident & Community Services
Resident & Community Services Department (RCS) works with the more than 3,800 residents to build relationships, increase access to resources, and to facilitate leadership development. RCS programs are delivered by its staff in partnership with other departments, volunteers and nonprofit/public partners. Programs include:
Health and Wellness –health, obesity prevention, and nutrition classes; physical exercise such as Zumba and balance/safety classes for seniors; and food distribution.
Education –ESL and citizenship classes, financial wellbeing and homeownership classes, volunteer training and opportunities at community events and with program partners.
Youth Activities – afterschool homework clubs, reading programs (Books Bonanza with United Way); cultural pride and awareness activities, arts and crafts, leadership training; children’s cooking classes and farmers markets.
Resident volunteers are instrumental in helping CEDC deliver programs, such as homework clubs, family literacy classes, art and crafts, health fairs, disaster preparedness, ESL classes and food distribution. They also participate in neighborhood cleanups and other community organizing activities designed to improve the quality of life in their neighborhoods, usually related to safety, transportation, youth violence prevention, or health.
Real Estate Development
The Real Estate Development Division (REDD) develops affordable rental and for-sale housing in areas of "high” need. Their primary function is to complete the acquisition, finance, and pre-construction stages of affordable housing development. After REDD assesses the viability of acquiring land, the department begins a multi-faceted review process. If a project is deemed financially feasible and aligned with Cabrillo’s core goals, REDD works to secure funding through a variety of public and private sources.
Property Management
Property Management Division manages 1,151 rental homes in 26 properties, which provides housing for over 3,300 residents who earn extremely low to moderate incomes. The majority of CEDC residents are low-income, disabled, or seniors. Units for farmworker families represent 32 percent of CEDC’s portfolio.
Where we work
Awards
LEED Platinum Certification Snapdragon Apartments, Phase I 2015
US Green Building Council
Affiliations & memberships
NeighborWorks America 2000
External reviews
Our results
How does this organization measure their results? It's a hard question but an important one.
Evaluation documents
Download evaluation reportsNumber of clients served
This metric is no longer tracked.Totals By Year
Population(s) Served
Families, Ethnic and racial groups, Economically disadvantaged people
Related Program
Resident & Community Services
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Number of clients participating in educational programs
This metric is no longer tracked.Totals By Year
Population(s) Served
Ethnic and racial groups, Multiracial people, Economically disadvantaged people
Related Program
Resident & Community Services
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Number of financial literacy courses conducted
This metric is no longer tracked.Totals By Year
Population(s) Served
Ethnic and racial groups, Economically disadvantaged people
Related Program
Resident & Community Services
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Goals & Strategy
Reports and documents
Download strategic planLearn about the organization's key goals, strategies, capabilities, and progress.
Charting impact
Four powerful questions that require reflection about what really matters - results.
What is the organization aiming to accomplish?
Cabrillo strives to develop quality, affordable housing for low-income individuals and their families and to improve their lives through ongoing social programs and educational opportunities. When families live in affordable, safe and well-maintained housing, they can devote more resources to food, clothing, health care and other needs. With dedicated areas for study and play, children are healthier and do better in school. Neighborhoods are improved and people experience a sense of pride and become engaged in their community.
What are the organization's key strategies for making this happen?
Cabrillo Economic Development Corporation develops ownership and rental housing that forms the foundation for people to improve their lives. Our success is based on maintaining a company that is well-managed and that collaborates with public, private and community partners. To best advance our mission, our priorities are:
1) Ensure financial stability
2) Increase the number of people living in quality, affordable housing
3) Build a strong, engaged board leadership
4) Engage and communicate with the community
5) Expand program quality
What are the organization's capabilities for doing this?
Cabrillo Economic Development Corporation has the structure, Board of Directors, staff, and systems to develop and manage high-quality affordably housing and the associated programs that benefit the community. The nine-member Board of Directors meets monthly to evaluate, discuss and make decisions that further the organization's mission and strategic plan. Board members represent the interests of stakeholder groups from business, such as banking and real estate, and community. Their technical expertise includes business planning; finance and accounting; real estate and the law. One member at large represents the city of Ventura and two Oxnard residents that represent community interests are current Cabrillo tenants and community leaders at their respective properties.
The six-member executive team has over 150 years combined experience in affordable housing development and financing, property management, and organizational management as follows:
CEDC's Chief Executive Officer draws on more than 30 years of experience in community development, housing and redeveloping communities. Our Financial Services department has over 20 years' experience in affordable housing, and CEDC has never had any financial or audit exceptions. The Business Development and Administration Director has provided redevelopment advisory services to agencies throughout California and Nevada, and supports new business development, enhances internal systems to promote efficient operations, and interacts with key external partners to develop strategic partnerships.
The Property Management department contributes more than 25 years' experience in professionally managing and maintaining our portfolio through high-quality maintenance practices. The Resident and Community Services Director delivers more than 20 years of experience in the field of psychology and experience in all phases of organizational management and leadership. The Real Estate Development Director has extensive experience in housing development, asset management, fiscal operations and community partnerships.
What have they accomplished so far and what's next?
Each year, CEDC's important work helps residents improve their quality of life by providing affordable housing communities, as well as a variety of resources, social opportunities and educational programs. Community building is the process of building social networks within the community and developing group and individual problem-solving and leadership skills.
CEDC has been successful in fulfilling its mission through its core business lines: Real Estate Development (RED), which has developed 1,781 affordable rental and for-sale homes for farm workers and other working families, the disabled, and seniors; Property Management, which professionally manages our portfolio of 1,152 rental homes in 26 family/senior housing communities and maintains the properties through high-quality maintenance practices; and Resident & Community Services (RCS), which delivers resident programs and services in partnership with other nonprofit organizations and government agencies. Resources include health and wellness programs, such as food distributions; English as a Second Language (ESL), citizenship, and financial education classes; and homework clubs, reading programs, and arts and cultural activities for youth.
Recent accomplishments include:
• Completed construction of Camino Esperanza – 31 units of housing for low-income seniors and seniors with developmental disabilities
• 880 households received homebuyer, foreclosure prevention, and financial literacy counseling
• 170 low-income households received free tax preparation services
• Over 17,000 pounds of food were distributed to low-income families through food pantries and farmer’s markets for seniors and children
• Homework Clubs and afterschool programs that enabled children to receive help and guidance with their schoolwork
• $20,000 in scholarships awarded to local low-income college and college-bound students in STEM education majors
• Reading, ESL, and citizenship education; neighborhood health fairs; and nutrition classes in partnership with local nonprofits and volunteers
Financials
Financial documents
Download audited financialsRevenue vs. expenses: breakdown
Liquidity in 2022 info
0.28
Months of cash in 2022 info
17.5
Fringe rate in 2022 info
23%
Funding sources info
Assets & liabilities info
Financial data
Cabrillo Economic Development Corporation
Revenue & expensesFiscal Year: Jan 01 - Dec 31
Cabrillo Economic Development Corporation
Balance sheetFiscal Year: Jan 01 - Dec 31
The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.
Fiscal Year: Jan 01 - Dec 31
This snapshot of Cabrillo Economic Development Corporation’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.
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Business model indicators
| Profitability info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Unrestricted surplus (deficit) before depreciation | $901,547 | $867,558 | -$548,512 | $2,672,424 | $616,283 |
| As % of expenses | 27.9% | 22.6% | -16.3% | 86.7% | 20.7% |
| Unrestricted surplus (deficit) after depreciation | $684,730 | $606,637 | -$814,666 | $2,401,940 | $317,070 |
| As % of expenses | 19.8% | 14.8% | -22.4% | 71.7% | 9.7% |
| Revenue composition info | |||||
|---|---|---|---|---|---|
| Total revenue (unrestricted & restricted) | $3,890,644 | $4,658,020 | $2,552,869 | $4,254,195 | $3,242,032 |
| Total revenue, % change over prior year | -15.6% | 19.7% | -45.2% | 66.6% | -23.8% |
| Program services revenue | 55.9% | 66.6% | 89.6% | 68.1% | 82.6% |
| Membership dues | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Investment income | 5.5% | 4.5% | 7.9% | 10.2% | 4.6% |
| Government grants | 10.8% | 7.8% | 31.5% | 2.9% | 8.8% |
| All other grants and contributions | 6.6% | 14.2% | 11.1% | 18.8% | 4.0% |
| Other revenue | 21.1% | 6.9% | -40.2% | 0.0% | 0.0% |
| Expense composition info | |||||
|---|---|---|---|---|---|
| Total expenses before depreciation | $3,235,334 | $3,834,616 | $3,375,371 | $3,081,732 | $2,976,749 |
| Total expenses, % change over prior year | -18.9% | 18.5% | -12.0% | -8.7% | -3.4% |
| Personnel | 57.2% | 46.0% | 65.2% | 55.8% | 55.0% |
| Professional fees | 8.9% | 6.9% | 6.3% | 9.7% | 13.4% |
| Occupancy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest | 10.7% | 8.2% | 9.2% | 9.4% | 9.4% |
| Pass-through | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| All other expenses | 23.2% | 39.0% | 19.3% | 25.0% | 22.2% |
| Full cost components (estimated) info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Total expenses (after depreciation) | $3,452,151 | $4,095,537 | $3,641,525 | $3,352,216 | $3,275,962 |
| One month of savings | $269,611 | $319,551 | $281,281 | $256,811 | $248,062 |
| Debt principal payment | $2,802,646 | $0 | $673,102 | $350,257 | $0 |
| Fixed asset additions | $0 | $0 | $0 | $0 | $0 |
| Total full costs (estimated) | $6,524,408 | $4,415,088 | $4,595,908 | $3,959,284 | $3,524,024 |
Capital structure indicators
| Liquidity info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Months of cash | 9.5 | 10.2 | 16.5 | 22.3 | 17.5 |
| Months of cash and investments | 51.7 | 45.1 | 55.5 | 65.1 | 61.8 |
| Months of estimated liquid unrestricted net assets | 149.8 | 128.3 | 142.8 | 165.8 | 172.9 |
| Balance sheet composition info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Cash | $2,569,801 | $3,261,355 | $4,629,678 | $5,732,686 | $4,350,460 |
| Investments | $11,363,383 | $11,153,368 | $10,977,181 | $10,976,820 | $10,976,503 |
| Receivables | $17,322,887 | $17,372,664 | $16,943,055 | $17,072,198 | $16,651,454 |
| Gross land, buildings, equipment (LBE) | $9,728,933 | $9,811,906 | $9,890,157 | $10,015,792 | $10,032,735 |
| Accumulated depreciation (as a % of LBE) | 43.9% | 45.9% | 47.9% | 49.7% | 52.0% |
| Liabilities (as a % of assets) | 24.6% | 25.4% | 24.9% | 24.0% | 26.5% |
| Unrestricted net assets | $40,387,562 | $40,994,199 | $40,179,533 | $42,581,473 | $42,898,543 |
| Temporarily restricted net assets | $0 | N/A | N/A | N/A | N/A |
| Permanently restricted net assets | $2,168,284 | N/A | N/A | N/A | N/A |
| Total restricted net assets | $2,168,284 | $2,124,951 | $1,850,961 | $351,000 | $0 |
| Total net assets | $42,555,846 | $43,119,150 | $42,030,494 | $42,932,473 | $42,898,543 |
Key data checks
| Key data checks info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Material data errors | No | No | No | No | No |
Operations
The people, governance practices, and partners that make the organization tick.
Documents
CEO
Mrs Margarita H. de Escontrias
Margarita has more than 30 years of experience in community development, housing and redeveloping communities. Her career has had a strong focus on largely underserved urban and rural communities in Southern California. Prior to joining Cabrillo, Margarita was the Regional Administrator for the East Valley Region of CRA/LA, a Designated Local Authority and successor of the Community Redevelopment Agency of the City of Los Angeles, where she managed the development of numerous affordable housing and commercial projects. Margarita received both undergraduate and graduate degrees from UC Riverside, and has a Masters of Arts in Public Administration from California State University Northridge.
Number of employees
Source: IRS Form 990
Cabrillo Economic Development Corporation
Officers, directors, trustees, and key employeesSOURCE: IRS Form 990
Compensation data
Cabrillo Economic Development Corporation
Highest paid employeesSOURCE: IRS Form 990
Compensation data
Cabrillo Economic Development Corporation
Board of directorsas of 11/14/2023
Board of directors data
Ms. Aiza Galdo
Aiza Galdo
Wells Fargo Bank
Ada R. Cordero-Sacks
Law Offices of Ada Cordero-Sacks, Esq.
Maria Perez
Ventura
Naomi Ontiveros
Oxnard
Victor Rodriguez
4over, Inc.
Jessica Cook
Pacific Western Bank
Cesar Hernandez
Oxnard
Alfredo Martinez
Oxnard
Mayra Ramirez
Oxnard
Board leadership practices
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
-
Board orientation and education
Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes -
CEO oversight
Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes -
Ethics and transparency
Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes -
Board composition
Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes -
Board performance
Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes
Organizational demographics
Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.
Leadership
The organization's leader identifies as:
Race & ethnicity
Gender identity
No data
No data
Sexual orientation
No data
Disability
No data
Equity strategies
Last updated: 07/20/2022GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more
- We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
- We have community representation at the board level, either on the board itself or through a community advisory board.
- We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
- We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.
Contractors
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- Financial statements for 2021, 2020, 2019, 2017
- Letter of Determination
- Officer and/or Employee data for 2022, 2021, 2020, 2019, 2018
- Contractor and/or Paid Preparer data for 2022, 2021, 2020
- Board of Directors data for 2023
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