Rochester Economic Development Corporation
- Assets
- $13.3m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, NY
- Founding
- 03/1985
- Data as of
- 09/2023
- EIN
- 22-2559522
Organization Overview
Rochester Economic Development Corporation is located in Rochester, NY. The organization was established in 1985. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester 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 09/2023, Rochester Economic Development Corporation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 23.8% each year . All expenses for the organization totaled $2.7m during the year ending 09/2023. While expenses have increased by 33.3% per year over the past 8 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.
Since 2019, Rochester Economic Development Corporation has awarded 101 individual grants totaling $5,824,125. 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
ROCHESTER ECONOMIC DEVELOPMENT CORPORATION (ROCEDC) IS A PRIVATE NOT-FOR-PROFIT ORGANIZATION THAT EXISTS TO STIMULATE EQUITABLE ECONOMIC GROWTH THAT IMPROVES THE QUALITY OF LIFE IN THE CITY OF ROCHESTER, NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO REDUCE WEALTH DISPARITIES IN MIDDLE INCOME AND POOR ROCHESTER NEIGHBORHOODS BY CREATING AND SUPPORTING LOCALLY OWNED MICRO AND SMALL NEIGHBORHOOD BUSINESSES AND URBAN ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dana Miller Chair | OfficerTrustee | 1 | $0 |
Dr Dt Ogilvie Vice Chair | OfficerTrustee | 1 | $0 |
Keith Cleary Treasurer | OfficerTrustee | 1 | $0 |
Michael A Patterson Secretary | OfficerTrustee | 1 | $0 |
Hollis S Budd Board Member | Trustee | 1 | $0 |
Gene Deprez Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Coordinated Care Services Inc Contracted Personnel | 9/29/22 | $964,070 |
Law Offices Of Pullano & Farrow Pllc Legal Services | 9/29/22 | $201,497 |
Cfo Consulting Outsourced Cfo Consulting | 9/29/22 | $108,150 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,040,803 |
| All other contributions, gifts, grants, and similar amounts not included above | $277,544 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,318,347 |
| Total Program Service Revenue | $150,967 |
| Investment income | $190,045 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,539 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,673,115 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,290,807 |
| 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 | $695,025 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $221,893 |
| Payroll taxes | $0 |
| Fees for services: Management | $120,023 |
| Fees for services: Legal | $88,730 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $99,940 |
| Advertising and promotion | $27,215 |
| Office expenses | $16,649 |
| Information technology | $41,136 |
| Royalties | $0 |
| Occupancy | $41,030 |
| Travel | $5,943 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,010 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,000 |
| Insurance | $9,752 |
| All other expenses | $1,057 |
| Total functional expenses | $2,677,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,551,251 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,952 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,457,902 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $31,943 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $250,532 |
| Total assets | $13,306,580 |
| Accounts payable and accrued expenses | $253,100 |
| Grants payable | $0 |
| Deferred revenue | $1,474,405 |
| 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 | $250,532 |
| Total liabilities | $1,978,037 |
| Net assets without donor restrictions | $11,328,543 |
| 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 | $13,306,580 |
Grants Awarded
Over the last fiscal year, Rochester Economic Development Corporation has awarded $1,270,004 in support to 28 organizations.
| Grant Recipient | Amount |
|---|---|
AIOPX MANAGEMENT CONSULTING PURPOSE: ENTREPRENEURIAL SUPPORT PROGRAM | $24,500 |
AMAZON PURPOSE: ESL COMPUTER LAB | $21,608 |
AMERICAN SPECIALTY DBA AS BOSS SAUCE PURPOSE: REVITALIZE ROCHESTER BUILDING RENOVATION | $250,000 |
CABHQ LLC DBA BEYOND TEAL PURPOSE: ENTREPRENEURIAL SUPPORT PROGRAM | $28,500 |
CERTAINTY ANALYTICAL LABS PURPOSE: PHILIP J. BANKS GRANT | $10,000 |
COMMUNITY EMPOWERMENT OPPORTUNITIES LLC PURPOSE: ENTREPRENEURIAL SUPPORT PROGRAM | $24,500 |