Queens Economic Development Corporation
- Assets
- $2.4m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 27
- Location
- Kew Gardens, NY
- Founding
- 12/1977
- Data as of
- 06/2022
- EIN
- 11-2436149
Organization Overview
Queens Economic Development Corporation is located in Kew Gardens, NY. The organization was established in 1977. 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 06/2022, Queens Economic Development Corporation employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Queens Economic Development Corporation 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 06/2022, Queens Economic Development Corporation generated $2.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $2.6m during the year ending 06/2022. While expenses have increased by 6.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION CREATES AND RETAINS JOBS THROUGH ESTABLISHING PROGRAMS THROUGHOUT NEIGHBORHOODS THAT ASSIST SMALL BUSINESSES AND PROMOTE TOURISM AND BUSINESS DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS SERVICES & TRAINING: QEDC PROVIDES INDIVIDUAL COUNSELING, WORKSHOPS,AND SEMINARS TO NEW AND EMERGING ENTREPRENEURS SEEKING TO OPEN AND/OR GROW THEIR BUSINESS. TRAINING IS OFFERED IN BUSINESS PLAN PREPARATION THROUGH THE STARTUP BUSINESS COMPETITION AND THE ENTREPRENEURIAL ASSISTANCE PROGRAM. THE HOME IMPROVEMENT CONTRACTOR TRAINING PROGRAM HELPS UNLICENSED HANDYMEN AND WOMEN RECEIVE THEIR NEW YORK CITY DEPARTMENT OF CONSUMER AFFAIRS LICENSE.
NEIGHBORHOOD DEVELOPMENT: WORKING WITH LOCAL BUSINESSES AND NEWLY FORMED MERCHANT'S ORGANIZATIONS, THE QEDC PROVIDES ORGANIZATIONAL ASSISTANCE AND ADVICE TO IMPROVE THE MICRO-ECONOMY OF TARGETED NEIGHBORHOODS. QEDC ALSO PROVIDES GRAFFITI REMOVAL PROGRAMS IN SEVERAL COMMUNITIES.THE PROGRAM ALSO PROMOTES TOURISM IN QUEENS.
ENTREPRENEUR SPACE: PROVIDES A COMMERCIAL KITCHEN AND OFFICE SPACE FOR NEW AND GROWING FOOD-BASED BUSINESSES. THE INCUBATOR HAS ALL THE NECESSARY EQUIPMENT AND RESOURCES TO START A FOOD MANUFACTURING BUSINESS. THE INCUBATOR ALSO PROVIDES TECHNICAL AND BUSINESS COUNSELING AS WELL AS MARKETING OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Seth Bornstein Executive Director | Officer | 35 | $135,000 |
Tracy Capune President | Trustee | 0.5 | $0 |
Leonard D'amico Board Member | Trustee | 0.5 | $0 |
James Bua Board Member | Trustee | 0.5 | $0 |
Aiden O'donnell Board Member | Trustee | 0.5 | $0 |
Omar Baptiste Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,529,323 |
| All other contributions, gifts, grants, and similar amounts not included above | $480,303 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,009,626 |
| Total Program Service Revenue | $565,368 |
| Investment income | $21,173 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,596,167 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $195,400 |
| Compensation of current officers, directors, key employees. | $54,820 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,000,655 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $93,794 |
| Payroll taxes | $97,690 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $59,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $23,941 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $226,025 |
| Travel | $757 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,920 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,880 |
| Insurance | $17,284 |
| All other expenses | $201,756 |
| Total functional expenses | $2,554,115 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $790,874 |
| Savings and temporary cash investments | $594,332 |
| Pledges and grants receivable | $888,682 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,073 |
| Net Land, buildings, and equipment | $75,737 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,855 |
| Total assets | $2,366,553 |
| Accounts payable and accrued expenses | $44,493 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $84,756 |
| Total liabilities | $129,249 |
| Net assets without donor restrictions | $2,237,304 |
| Net assets with donor restrictions | $0 |
| 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 | $2,366,553 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Queens Economic Development Corporation has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
City Parks Foundation Inc New York, NY PURPOSE: MAINTAIN, PROGRAM AND ACTIVATE NYC OPEN SPACES | $50,000 |
Association Of Womens Business Centers Washington, DC PURPOSE: GENERAL SUPPORT | $12,500 |
New York Community Bank Foundation Roslyn, NY PURPOSE: 2021 GENERAL OPERATING SUPPORT | $5,000 |
Mathis Pfohl Foundation Long Island City, NY PURPOSE: CHARITABLE PURPOSES | $2,500 |
Lin & Loveall Foundation Hilton, NY PURPOSE: FUNDRAISER | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |