Hedco Inc
- Assets
- $31.6m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 12
- Location
- Hartford, CT
- Founding
- 09/2001
- Data as of
- 05/2022
- EIN
- 06-0919160
Organization Overview
Hedco Inc is located in Hartford, CT. The organization was established in 2001. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 05/2022, Hedco Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hedco Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Hedco Inc generated $3.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $3.6m during the year ending 05/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Hedco Inc has awarded 14 individual grants totaling $1,332,636. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ORGANIZE AND PROMOTE FURTHER ECONOMIC GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN PROGRAMS PROVIDE SMALL BUSINESS CLIENTELE WITH ACCESS TO CAPITAL NEEDS THAT WOULD BE OTHERWISE UN-MET OR UNDER-SERVED. THESE LOAN PROGRAMS ALSO PROVIDE HOPE AND OPPORTUNITY FOR PEOPLE TO REALIZE THEIR DREAM BUSINESS, CREATE FINANCIAL FREEDOM AND CONTRIBUTE TO THEIR COMMUNITIES THROUGH JOB CREATIONS AND NEEDED SERVICES. IN ADDITION TO SMALL BUSINESSES, NON-PROFITS ARE ALSO BEING ASSISTED THROUGH THESE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Hawkins President & CEO | OfficerTrustee | 40 | $220,317 |
Patricia Geronimo Chief Financial Officer | Officer | 40 | $126,891 |
Barbara Randolph Chairperson | OfficerTrustee | 1 | $0 |
Eric M Bauer Vice Chair | OfficerTrustee | 1 | $0 |
Marianne Stowell Treasurer | OfficerTrustee | 1 | $0 |
Edward J Samorajczyk Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $23,000 |
| Related organizations | $0 |
| Government grants | $1,370,590 |
| All other contributions, gifts, grants, and similar amounts not included above | $893,636 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,287,226 |
| Total Program Service Revenue | $862,357 |
| Investment income | $30,534 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,909 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,183,026 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $899,214 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $393,889 |
| Compensation of current officers, directors, key employees. | $70,033 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $537,490 |
| Pension plan accruals and contributions | $37,979 |
| Other employee benefits | $106,802 |
| Payroll taxes | $66,366 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,774 |
| Fees for services: Accounting | $42,501 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $344,103 |
| Advertising and promotion | $13,925 |
| Office expenses | $100,453 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $137,290 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,540 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,721 |
| Insurance | $17,740 |
| All other expenses | $0 |
| Total functional expenses | $3,590,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,637,821 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $61,772 |
| Accounts receivable, net | $265,573 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,758,243 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $79,612 |
| Investments—publicly traded securities | $1,758,135 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,561,156 |
| Accounts payable and accrued expenses | $107,478 |
| Grants payable | $0 |
| Deferred revenue | $1,369,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $9,423,903 |
| Other liabilities | $38,342 |
| Total liabilities | $10,938,723 |
| Net assets without donor restrictions | $13,581,736 |
| Net assets with donor restrictions | $7,040,697 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $31,561,156 |
Grants Awarded
Over the last fiscal year, Hedco Inc has awarded $899,214 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SHEBA PURPOSE: COMPREHENSIVE SMALL BUSINESS SUPPORT TO MINORITY WOMEN ENTREPRENEURS | $500,000 |
Hartford, CT PURPOSE: PARTNER DISBURSEMENT RELATED TO DECD MINORITY SMALL BUSINESS PROGRAM | $399,214 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hedco Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Farmington Bank Community Foundation Inc Hartford, CT PURPOSE: INTERNSHIP PROGRAM | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |