Workforce Development Corp
- Assets
- $11.5m
- Revenue
- $9.3m
- Investments
- $0.0
- Employees
- 40
- Location
- New York, NY
- Founding
- 09/1992
- Data as of
- 06/2022
- EIN
- 13-3632018
Organization Overview
Workforce Development Corp is located in New York, NY. The organization was established in 1992. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2022, Workforce Development Corp employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workforce Development Corp 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, Workforce Development Corp generated $9.3m 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 (4.8%) each year. All expenses for the organization totaled $9.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Workforce Development Corp has awarded 402 individual grants totaling $42,527,120. 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
PROMOTE WORKFORCE DEVELOPMENT AND JOB CREATION THROUGH ACTIVITIES SPECIFICALLY DESIGNED TO CREATE SKILLED WORKFORCE IN THE CITY OF NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORKFORCE TRAINING PROGRAMS INCLUDE EMPLOYER-BASED TRAINING, FOOD AND BEVERAGE INDUSTRY PARTNERSHIP, SECTOR BASED TRAINING, JAMAICA NOW ACTION PLAN, MEDIA AND ENTERTAINMENT TRAINING, MANUFACTURING INDUSTRY PARTNERSHIP, AND TECH INDUSTRY PARTNERSHIPS. THROUGH MAJOR FUNDING SOURCE FROM EDC, THE ORGANIZATION HELPED CONNECT NEW YORKERS TO SECTOR-BASED OCCUPATIONAL SKILLS TRAINING AND INTERNSHIP OPPORTUNITIES, AND THEN TO FULL-TIME JOBS. IN ADDITION, THE ORGANIZATION HELPED BUSINESSES INCREASE THEIR COMPETITIVENESS BY PROVIDING SKILLS TRAINING FOR THEIR WORKERS, WHICH ALSO YIELDED HIGHER WAGES AND TRANSFERRABLE SKILLS FOR THE WORKERS.
BUSINESS FINANCIAL ASSISTANCE PROGRAM - THROUGH MAJOR FUNDING SOURCE FROM EDC AND IN RESPONSE TO COVID-19, THE ORGANIZATION DEVELOPED AND ADMINISTERED THE STOREFRONT RENT RELIEF GRANT, INTEREST RATE REDUCTION GRANT, AND THE COMMERICAL REVITALIZATION PROGRAM
HEALTHCARE INDUSTRY PARTNERSHIP - THROUGH NYACH PROGRAMMING, THE ORGANIZATION HELPED CONNECT LOW INCOME AND UNEMPLOYED NEW YORKERS TO HEALTH CARE OCCUPATIONAL SKILLS TRAINING AND INTERNSHIP OPPORTUNITIES, AND THEN TO FULL TIME JOBS. IN ADDITION, THE ORGANIZATION HELPED DEVELOP HEALTHCARE TRAINING CURRICULUM BETTER ALIGNED TO THE NEEDS OF THE EMPLOYER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lucinda Glover Board Member | Trustee | 0.5 | $0 |
David Berman Board Member | Trustee | 0.5 | $0 |
Amna Malik Board Member | Trustee | 0.5 | $0 |
Calvin Brown Board Member | Trustee | 0.5 | $0 |
Chris Neal Board Member | Trustee | 0.5 | $0 |
Jackie Mallon Executive Director | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,283,335 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,283,335 |
| Total Program Service Revenue | $0 |
| Investment income | $9,100 |
| 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 | $9,301,383 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,987,372 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,922,553 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $573,719 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,104 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,977 |
| Advertising and promotion | $1,686 |
| Office expenses | $0 |
| Information technology | $17,936 |
| Royalties | $0 |
| Occupancy | $100,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $818 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,672 |
| All other expenses | $1,720 |
| Total functional expenses | $9,671,921 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,428,210 |
| Savings and temporary cash investments | $3,608,272 |
| Pledges and grants receivable | $4,488,159 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,524,641 |
| Accounts payable and accrued expenses | $2,438,656 |
| Grants payable | $0 |
| Deferred revenue | $4,615,017 |
| 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 | $0 |
| Total liabilities | $7,053,673 |
| Net assets without donor restrictions | $99,445 |
| Net assets with donor restrictions | $4,371,523 |
| 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 | $11,524,641 |
Grants Awarded
Over the last fiscal year, Workforce Development Corp has awarded $7,634,374 in support to 135 organizations.
| Grant Recipient | Amount |
|---|---|
ADVANTAGE PRINTING INC DBA ADVANT PURPOSE: Employer-based Training | $48,165 |
180 SKILLS LLC PURPOSE: Employer-based Training | $54,000 |
BROOKLYN STONE & TILE PURPOSE: Employer-based Training | $8,867 |
DB GRANT ASSOCIATES INC PURPOSE: Workforce1 Sector Center | $784,070 |
EDUCATIONAL DATA SYSTEMS INC PURPOSE: Media and Entertainment Training | $180,062 |
BURNING GLASS INTERNATIONAL INC DB PURPOSE: Employer-based Training | $19,000 |