Business Context and Reporting Period
Broadway Financial Corporation, the parent company of Broadway Federal Bank, f.s.b., filed this Form 8-K on November 15, 2013, to report an event occurring on that date. The company is incorporated in Delaware and maintains its principal executive offices in Los Angeles, California.
Key Financial Metrics
This filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial figure disclosed is a grant award of $199,951.
Material Changes
The material event reported is the receipt of a Bank Enterprise Award (BEA) of $199,951 from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) as part of the fiscal year 2013 BEA Program. This award was announced via press release on November 18, 2013.
Guidance, Outlook, and Risks
The filing contains no management guidance, future outlook, risk factors, contingencies, or discussion of unusual items beyond the announcement of the BEA award.
Investor Verification Points
- Verify the terms and usage restrictions associated with the $199,951 Bank Enterprise Award.
- Confirm the impact of the award on the Bank's fiscal year 2013 financial results in subsequent periodic reports (10-Q or 10-K).
- Review the attached press release (Exhibit 99.1) for details on the specific community development projects funded by the award.