Economic Development Corporation Of New Haven
- Assets
- $1.8m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 15
- Location
- New Haven, CT
- Founding
- 07/2008
- Data as of
- 12/2021
- EIN
- 26-1854785
Organization Overview
Economic Development Corporation Of New Haven is located in New Haven, CT. The organization was established in 2008. 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 12/2021, Economic Development Corporation Of New Haven employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Corporation Of New Haven 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, Economic Development Corporation Of New Haven generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.0% each year . All expenses for the organization totaled $3.0m during the year ending 12/2021. While expenses have increased by 17.1% 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.
Since 2014, Economic Development Corporation Of New Haven has awarded 61 individual grants totaling $6,661,579. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO CREATE A VIBRANT BUSINESS ENVIRONMENT IN NEW HAVEN, CONNECTICUT AND TO SERVE AS A CATALYST FOR ATTRACTING HUMAN AND CAPITAL INVESTMENT TO THE CITY AND ITS NEIGHBORHOODS BY RETAINING AND ATTRACTING BUSINESSES AND FOSTERING A POSITIVE ECONOMIC CLIMATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WORKS TO ATTRACT NEW AND MAINTAIN CURRENT BUSINESSES IN THE CITY OF NEW HAVEN, CONNECTICUT INCLUDING A MEDICAL DISTRICT, HOUSINGS PROJECT, SMALL BUSINESS INITIATIVES, SUPPORT OF A BIOSCIENCE INITIATIVE, REDEVELOPMENT OF THE COLISEUM SITE ALONG WITH OTHER PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Virginia Kozlowski Chief Executive Officer | OfficerTrustee | 20 | $127,852 |
Vincent Petrini Senior Vice President | OfficerTrustee | 1 | $0 |
Shelly Saczynski Chairperson | OfficerTrustee | 1 | $0 |
Laura Brown Treasurer | OfficerTrustee | 1 | $0 |
Mayor Justin Elicker Member | Trustee | 1 | $0 |
Michael Piscitelli Administrator | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Diversified Technology Consultants Project Management- Downtown Crossing | 12/30/14 | $105,983 |
First Niagara Bank Rent | 12/30/14 | $101,544 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,935,699 |
| All other contributions, gifts, grants, and similar amounts not included above | $221,960 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,157,659 |
| Total Program Service Revenue | $643,202 |
| Investment income | $51 |
| 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 | $2,800,912 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,682,509 |
| 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 | $775,605 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,041 |
| Payroll taxes | $77,289 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $141,575 |
| Advertising and promotion | $10,021 |
| Office expenses | $6,493 |
| Information technology | $7,205 |
| Royalties | $0 |
| Occupancy | $14,145 |
| Travel | $6,253 |
| 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 | $566 |
| Insurance | $9,427 |
| All other expenses | $5,402 |
| Total functional expenses | $2,966,215 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,397,922 |
| Savings and temporary cash investments | $386,528 |
| Pledges and grants receivable | $30,824 |
| Accounts receivable, net | $0 |
| 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 | $2,034 |
| Net Land, buildings, and equipment | $3,098 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,820,406 |
| Accounts payable and accrued expenses | $34,610 |
| Grants payable | $0 |
| Deferred revenue | $1,587,314 |
| 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 | $1,621,924 |
| Net assets without donor restrictions | $198,482 |
| 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 | $1,820,406 |
Grants Awarded
Over the last fiscal year, Economic Development Corporation Of New Haven has awarded $1,622,606 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
New Haven, CT PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $487,500 |
DISTRICT ARTS AND EDUCATION INC PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $246,853 |
New Haven, CT PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $170,457 |
New Haven, CT PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $149,700 |
New Haven, CT PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $93,750 |
New Haven, CT PURPOSE: To serve as a catalyst for attracting human and capital investment to the city and its neighborhoods. | $89,306 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Economic Development Corporation Of New Haven has recieved totaling $73,500.
| Awarding Organization | Amount |
|---|---|
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $13,500 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $10,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $10,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $10,000 |
United Way Of Greater New Haven Inc New Haven, CT PURPOSE: SUMMER YOUTH PROGRAM | $8,000 |
Yale University New Haven, CT PURPOSE: CHARITABLE CONTRIBUTION AND COMMUNITY SUPPORT | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |