Regional Economic Development Corporation Of Southwestern Pennsy
- Assets
- $4.3m
- Revenue
- $162.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 09/1990
- Data as of
- 12/2021
- EIN
- 25-1636676
Organization Overview
Regional Economic Development Corporation Of Southwestern Pennsy is located in Pittsburgh, PA. The organization was established in 1990. 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. Regional Economic Development Corporation Of Southwestern Pennsy 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, Regional Economic Development Corporation Of Southwestern Pennsy generated $162.3k 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 (16.1%) each year. All expenses for the organization totaled $4.5k during the year ending 12/2021. 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
THE RIDC FUND FOR ECONOMIC GROWTH WAS ESTABLISHED TO PROMOTE COMMUNITY DEVELOPMENT IN SOUTHWESTERN PENNSYLVANIA THROUGH THE CONDUCT OF A NUMBER OF ACTIVITIES, INCLUDING THE OPERATION OF A REVOLVING LOAN FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RIDC FUND FOR ECONOMIC GROWTH PLANS TO ACCUMULATE A POOL OF FUNDS, WHICH WILL BE MADE AVAILABLE TO QUALIFIED BUSINESSES AND OTHER DEVELOPMENT ORGANIZATIONS THROUGHOUT THE REGION TO ACHIEVE THE DESIRED RESULT OF CREATING JOBS AND PROMOTING INDUSTRIAL GROWTH IN ECONOMICALLY DEPRESSED AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Smith Donald F Jr President | OfficerTrustee | 0.5 | $0 |
Clark G Reynolds Chairman/director | OfficerTrustee | 0.5 | $0 |
Buss Sara Davis Esquire Director/vice Chairman | OfficerTrustee | 0.5 | $0 |
Saul W Michael 0121-0321 Treasurer | Officer | 0.5 | $0 |
Cunningham W H 0621-1221 Treasurer | Officer | 0.5 | $0 |
Poremski Colleen B Asst. Corporate Secretary | Officer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $162,292 |
| 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 | $162,292 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,189 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $300 |
| All other expenses | $0 |
| Total functional expenses | $4,511 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $877,795 |
| Savings and temporary cash investments | $2,029,013 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,413,993 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,322,091 |
| Accounts payable and accrued expenses | $3,704,605 |
| 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 | $2,500,000 |
| Other liabilities | $0 |
| Total liabilities | $6,204,605 |
| Net assets without donor restrictions | -$1,882,514 |
| 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 | $4,322,091 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Maryland Manufacturing Service Inc Salisbury, MD | $279,305 | $5,207,545 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |