Hudson County Economic Development Corporation
- Assets
- $1.5m
- Revenue
- $601.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Jersey City, NJ
- Founding
- 09/1995
- Data as of
- 12/2021
- EIN
- 22-3307613
Organization Overview
Hudson County Economic Development Corporation is located in Jersey City, NJ. The organization was established in 1995. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Hudson County Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hudson County 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 12/2021, Hudson County Economic Development Corporation generated $601.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.8% each year . All expenses for the organization totaled $734.2k during the year ending 12/2021. While expenses have increased by 28.1% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NON-PROFIT ECONOMIC DEVELOPMENT CORPORATION IN HUDSON COUNTY, NEW JERSEY
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS LOAN PROGRAM - UNDER THE BUSINESS LOAN PROGRAM THE HCEDC WORKS WITH A TEAM OF LENDERS TO HELP LOCAL BUSINESSES ACCESS THE FINANCING THEY NEED.
EDUCATION (TRAINING) PROGRAM - UNDER THE EDUCATION PROGRAM THE HCEDC PROVIDES A WIDE RANGE OF TRAINING PROGRAMS THAT ARE OFFERED TO HELP LOCAL BUSINESS OWNERS AND THEIR EMPLOYEES SHARPEN SKILLS.
INFORMATION (OUTREACH) PROGRAM - UNDER THE OUTREACH PROGRAM THE HCEDC PROVIDES LOCAL BUSINESSES WITH ACCESS TO VALUABLE RESOURCES.
AFFORDABLE HOUSING PROGRAM - UNDER THE AFFORDABLE HOUSING PROGRAM THE HCEDC THROUGH PARTNERSHIPS WITH OTHER NOT-FOR-PROFIT PARTNERS, HELPS INDIVIDUALS BUILD WEALTH WHILE STRENGTHENING THE LOCAL ECONOMIES.PROGRAM EXPENSES FOR 2020 $158,745SMALL BUSINESS LOAN ASSISTANCE INTEREST RELIEF - ONE TIME RELIEF PROVIDED TO SMALL BUSINESS OWNERS IMPACTED BY COVID 19 TO PROVIDE RELIEF FOR THE INTEREST PORTION OF THEIR LOANS. PROGRAM EXPENSE FOR 2020 $100,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Lambiase Vice President | OfficerTrustee | 5 | $0 |
Harry Melendez Secretary | OfficerTrustee | 5 | $0 |
Kenneth O'neill Asst. Treasurer | OfficerTrustee | 5 | $0 |
Richard Dwyer Treasurer | OfficerTrustee | 5 | $0 |
Kevin O'connor President | OfficerTrustee | 5 | $0 |
Michelle Richardson Executive Director | Officer | 35 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $558,759 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,700 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $600,459 |
| Total Program Service Revenue | $0 |
| Investment income | $111 |
| 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 | $601,542 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $75,154 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,599 |
| Payroll taxes | $6,198 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,417 |
| Fees for services: Accounting | $17,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $281,020 |
| Advertising and promotion | $4,664 |
| Office expenses | $28,630 |
| Information technology | $92,421 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,226 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,669 |
| Insurance | $9,735 |
| All other expenses | $300 |
| Total functional expenses | $734,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,349,541 |
| Pledges and grants receivable | $22,529 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $153,404 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,088 |
| Net Land, buildings, and equipment | $2,670 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,534,232 |
| Accounts payable and accrued expenses | $28,295 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $28,295 |
| Net assets without donor restrictions | $47,792 |
| Net assets with donor restrictions | $1,458,145 |
| 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 | $1,534,232 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hudson County Economic Development Corporation has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Investors Charitable Foundation Summit, NJ PURPOSE: GENERAL SUPPORT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Promesa Housing Development Fund Corporation Bronx, NY | $39,360,301 | $8,538,986 |
Spanish American Civic Association For Equality Inc Lancaster, PA | $3,870,631 | $8,827,092 |
Northwest Bronx Community And Clergy Coalition Inc Bronx, NY | $5,985,223 | $6,738,060 |
Pennsylvania Rural Electric Assoc Harrisburg, PA | $2,337,852 | $4,606,290 |
O D A Community Development Corp Brooklyn, NY | $670,721 | $3,199,814 |
Citizens Committee For New York City Inc New York, NY | $7,691,250 | $2,979,222 |
Pennsylvania Rural Water Assn Bellefonte, PA | $3,869,851 | $3,373,669 |
Warren-Hamilton Counties Action Committee For Economic Opportunity Glens Falls, NY | $823,409 | $2,609,574 |
Paterson Task Force For Community Action Inc Paterson, NJ | $1,477,833 | $2,102,088 |
Universal Community Homes Philadelphia, PA | $3,082,083 | $2,124,183 |
Senior Citizens League Of Flatbush Inc Brooklyn, NY | $196,100 | $1,899,125 |
New York Rural Water Association Inc Claverack, NY | $4,491,129 | $2,430,923 |