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 06/2021, 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 06/2021, Elizabeth Development Company Of New Jersey generated $6.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $6.4m during the year ending 06/2021. While expenses have increased by 10.8% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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.


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


PROJECTS - NEIGHBORHOOD REVITALIZATION TAX CREDIT PROJECTS, WORKFORCE INVESTMENT ACT (ON THE JOB TRAINING), NEIGHBORHOOD PRESERVATION PROGRAM.


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


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Board, Officers & Key Employees

Name (title)Compensation
William O'dea
Executive Director
$165,888
Brenda Mcrae
Deputy Exec Dir Finance And Admin
$127,410
Daniel Devanney
Dir Uez & Financial Programs
$100,699
Marty Borruso
Vice Chairman
$0
Julio Sabater
Treasurer
$0
Angel Cabrera
Secretary
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$320
Related organizations$0
Government grants $5,233,872
All other contributions, gifts, grants, and similar amounts not included above$1,977
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$5,236,169
Total Program Service Revenue$376,382
Investment income $228,087
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 $5,978,138

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