Elizabeth Development Company Of New Jersey

Organization Overview

Elizabeth Development Company Of New Jersey is located in Elizabeth, NJ. The organization was established in 1987. 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, Elizabeth Development Company Of New Jersey employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elizabeth Development Company Of New Jersey 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, Elizabeth Development Company Of New Jersey generated $2.7m 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 (3.2%) each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

JOB CREATION, ATTRACTING & RETAINING BUSINESSES AND OTHER ECONOMIC DEVELOPMENT ACTIVITIES BY PROVIDING GRANTS AND BELOW-MARKET RATE LOAN PROGRAMS THROUGH URBAN ENTERPRISE

Describe the Organization's Program Activity:

Part 3 - Line 4a

JOB CREATION, ATTRACTING AND RETAINING BUSINESSES AND OTHER ECONOMIC DEVELOPMENT ACTIVITIES BY PROVIDING GRANTS AND BELOW-MARKET RATE LOAN PROGRAMS TO BUSINESSES UTILIZING THE CITY OF ELIZABETH'S URBAN ENTERPRISE ZONE AND CDBG FUNDS.


COMMUNITY DEVELOPMENT ENTITY ACTIVITY TO PERFORM ADMINISTRATIVE FUNCTIONS RELATED TO THE ALLOCATIONS OF TAX CREDITS TO ELIGIBLE INVESTORS.


UEZ PROGRAM - ADMINISTERING THE STATE URBAN ENTERPRISE ZONE PROGRAM FOR THE CITY OF ELIZABETH.


PROJECTS - UNITED COUNTIES BUILDING, MIDTOWN PARKING GARAGE, NEIGHBORHOOD REVITALIZATION TAX CREDIT PROJECTS, WORKFORCE INVESTMENT ACT (ON THE JOB TRAINING).


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Board, Officers & Key Employees

Name (title)Compensation
William O'dea
Executive Director
$137,234
Daniel Devanney
Dir Uez & Financial Programs
$94,443
Brenda Mcrae
Deputy Exec Dir Finance And Admin
$117,027
Gregory Waga
Chairperson
$0
Marty Borruso
Vice Chairperson
$0
Angel Cabrera
Secretary
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$1,000
Related organizations$0
Government grants $2,078,542
All other contributions, gifts, grants, and similar amounts not included above$10,274
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,089,816
Total Program Service Revenue$352,224
Investment income $278,789
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 $2,720,829

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