Economic Development Growth Enterprises Corporation
- Assets
- $40.6m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 17
- Location
- Rome, NY
- Founding
- 09/1988
- Data as of
- 12/2023
- EIN
- 16-0874637
Organization Overview
Economic Development Growth Enterprises Corporation is located in Rome, NY. The organization was established in 1988. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Economic Development Growth Enterprises Corporation employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Growth Enterprises 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 12/2023, Economic Development Growth Enterprises Corporation generated $8.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $8.3m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (5.8%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Economic Development Growth Enterprises Corporation has awarded 59 individual grants totaling $4,925,113. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE AND EXPAND BUSINESS, COMMUNITY AND EMPLOYMENT OPPORTUNITIES IN ONEIDA COUNTY, N.Y., AND ITS ENVIRONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT GROWTH ENTERPRISES CORPORATION (EDGE) AND ITS SUBSIDIARY ARE INVOLVED IN ACTIVITIES DESIGNED TO IMPROVE AND EXPAND THE BUSINESS COMMUNITY AND EMPLOYMENT WITHIN ONEIDA COUNTY, N.Y., AND ITS ENVIRONS AND PROMOTE THE GENERAL ECONOMIC DEVELOPMENT OF THE AREA. A PRIMARY ACTIVITY OF EDGE IS THE ARRANGEMENT OF AND/OR PARTICIPATION IN FINANCING PACKAGES FOR LOCAL BUSINESSES, PRINCIPALLY THROUGH LOCAL BANKS, THE SMALL BUSINESS ADMINISTRATION, AND THE EMPIRE STATE DEVELOPMENT CORPORATION. IN ADDITION, EDGE PREPARES ECONOMIC DEVELOPMENT PLANS, PERFORMS RESEARCH, AND CARRIES OUT A UNIFIED MARKETING PROGRAM FOR THE PURPOSE OF ADVANCING ECONOMIC GROWTH IN ONEIDA COUNTY, N.Y., AND ITS ENVIRONS. A SIGNIFICANT PORTION OF EDGE'S REVENUE IS DERIVED FROM GOVERNMENT GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence T Gilroy III Director | Trustee | 1 | $0 |
Michele Devoe Director | Trustee | 1 | $0 |
Laura Casamento Director | Trustee | 1 | $0 |
Ronald A Cuccaro Director | Trustee | 1 | $0 |
Matt Nicholl Director | Trustee | 1 | $0 |
Enessa Carbone Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wolfspeed Contractual | 12/30/23 | $1,664,843 |
National Grid Contractual | 12/30/23 | $876,741 |
Vip Architectural Associates Pllc Architect | 12/30/23 | $266,487 |
Saunders Kahler Llp Legal | 12/30/23 | $199,307 |
Atreg Inc Consultant | 12/30/23 | $164,190 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $125,000 |
| Fundraising events | $220,425 |
| Related organizations | $0 |
| Government grants | $2,095,248 |
| All other contributions, gifts, grants, and similar amounts not included above | $213,379 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,654,052 |
| Total Program Service Revenue | $5,205,358 |
| Investment income | $22,805 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$872 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,193,120 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,175,678 |
| 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. | $520,305 |
| Compensation of current officers, directors, key employees. | $98,546 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $758,368 |
| Pension plan accruals and contributions | $80,092 |
| Other employee benefits | $152,764 |
| Payroll taxes | $99,996 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $174,019 |
| Fees for services: Accounting | $29,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,827,398 |
| Advertising and promotion | $57,318 |
| Office expenses | $55,045 |
| Information technology | $130,419 |
| Royalties | $0 |
| Occupancy | $37,535 |
| Travel | $31,293 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $519,039 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $396,433 |
| Insurance | $102,412 |
| All other expenses | $41,756 |
| Total functional expenses | $8,325,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $472,145 |
| Savings and temporary cash investments | $5,591,066 |
| Pledges and grants receivable | $1,345,970 |
| Accounts receivable, net | $436,924 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,563,988 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $61,161 |
| Net Land, buildings, and equipment | $20,994,890 |
| Investments—publicly traded securities | $209,279 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,899,629 |
| Total assets | $40,575,052 |
| Accounts payable and accrued expenses | $979,062 |
| Grants payable | $614,381 |
| Deferred revenue | $151,293 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $17,409 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,965,514 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,517,716 |
| Total liabilities | $13,245,375 |
| Net assets without donor restrictions | $27,269,327 |
| Net assets with donor restrictions | $60,350 |
| 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 | $40,575,052 |
Grants Awarded
Over the last fiscal year, Economic Development Growth Enterprises Corporation has awarded $1,175,677 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
ANDRO COMPUTATIONAL SOLUTIONS LLC PURPOSE: JOBS CREATION PROJECT GRANT | $38,682 |
SCOTT'S WELDING & AG REPAIR PURPOSE: JOBS CREATION PROJECT GRANT | $35,000 |
ROGUE TOMATO FARMS LLC PURPOSE: JOBS CREATION PROJECT GRANT | $35,000 |
WILLOW CREEK ANGUS PURPOSE: JOBS CREATION PROJECT GRANT | $35,000 |
KINGFISHER FARM LLC PURPOSE: JOBS CREATION PROJECT GRANT | $20,000 |
ROLLING STAR MANUFACTURING INC PURPOSE: COVID-19 SMALL BUSINESS RELIEF PROGRAM | $20,000 |