Ridc Regional Growth Fund
- Assets
- $41.1m
- Revenue
- $17.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 08/1985
- Data as of
- 12/2023
- EIN
- 25-1495484
Organization Overview
Ridc Regional Growth Fund is located in Pittsburgh, PA. The organization was established in 1985. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ridc Regional Growth Fund 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, Ridc Regional Growth Fund generated $17.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $14.6m during the year ending 12/2023. While expenses have increased by 7.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT ORGANIZATION FOR RIDC OF SOUTHWESTERN PENNSYLVANIA, PROVIDING DIVERSIFIED ECONOMIC DEVELOPMENT SERVICES TO BUSINESS AND INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE REGIONAL GROWTH FUND WAS INCORPORATED IN 1985 TO PROMOTE EDUCATIONAL AND TRAINING PROGRAMS IN AREAS SUCH AS COMPUTER SCIENCE, ROBOTICS, MEDICAL INSTRUMENTATION, AND ADVANCED TECHNOLOGY BY PROVIDING FACILITIES AND FINANCING TO COLLEGES AND UNIVERSITIES IN SOUTHWESTERN PENNSYLVANIA. THE PRINCIPAL PROJECT OF THE REGIONAL GROWTH FUND IS THE MANAGEMENT AND DEVELOPMENT OF THE 2,800,000 SQUARE FOOT FORMER VOLKSWAGEN PLANT/SONY FACTORY LOCATED IN WESTMORELAND COUNTY, PENNSYLVANIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Smith Donald F Jr President | OfficerTrustee | 4 | $0 |
Kurtzrock Mark Jay Director/vice Chairman | Trustee | 0.5 | $0 |
Stephenson Samuel J Chairman/director | OfficerTrustee | 0.5 | $0 |
Hunt William Director/vice Chairman | OfficerTrustee | 0.5 | $0 |
Mcnulty Timothy P Director | Trustee | 0.5 | $0 |
Giovannitti Jennifer Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Burns & Scalo Roofing Co Construction Contractor | 12/30/23 | $4,230,533 |
Omega Building Company Construction Contractor | 12/30/23 | $915,836 |
Jones Lang Lasalle Brokerage Inc Brokerage | 12/30/23 | $579,774 |
Kellington Protection Llc Protection Services | 12/30/23 | $475,187 |
Gregg Protection Services Inc Security Services | 12/30/23 | $410,701 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $955,302 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $955,302 |
| Total Program Service Revenue | $16,554,674 |
| Investment income | $3,993 |
| 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 | $17,522,772 |
| 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 | $381,000 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $105 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,046,000 |
| Fees for services: Legal | $4,695 |
| Fees for services: Accounting | $15,869 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $164,335 |
| Advertising and promotion | $905 |
| Office expenses | $5,960 |
| Information technology | $22,070 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $728,446 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,501,735 |
| Insurance | $350,823 |
| All other expenses | $0 |
| Total functional expenses | $14,634,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,543,218 |
| Savings and temporary cash investments | $60,487 |
| Pledges and grants receivable | $955,302 |
| Accounts receivable, net | $1,457,823 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $35,074 |
| Net Land, buildings, and equipment | $34,081,382 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,949,626 |
| Total assets | $41,082,912 |
| Accounts payable and accrued expenses | $4,530,294 |
| Grants payable | $0 |
| Deferred revenue | $836,284 |
| 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 | $25,791,834 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $31,158,412 |
| Net assets without donor restrictions | $9,924,500 |
| 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 | $41,082,912 |