Economic And Community Development Institute Inc
- Assets
- $74.4m
- Revenue
- $13.8m
- Investments
- $0.0
- Employees
- 89
- Location
- Columbus, OH
- Founding
- 02/1986
- Data as of
- 06/2023
- EIN
- 31-1145544
Organization Overview
Economic And Community Development Institute Inc is located in Columbus, OH. The organization was established in 1986. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Economic And Community Development Institute Inc employed 89 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic And Community Development Institute Inc 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 06/2023, Economic And Community Development Institute Inc generated $13.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $12.9m during the year ending 06/2023. While expenses have increased by 8.1% 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 2021, Economic And Community Development Institute Inc has awarded 134 individual grants totaling $1,368,340. 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
ECDI SERVES THE NEEDS OF DISADVANTAGED LOW-INCOME, LOW-WEALTH ENTREPRENEURS THROUGH A MULTI-TIERED APPROACH THAT COMBINES ACCESS TO AFFORDABLE CAPITAL, WITH WRAPAROUND SMALL BUSINESS DEVELOPMENT SERVICES, ALLOWING UNDERSERVED ENTREPRENEURS TO CREATE AND EXPAND THEIR BUSINESS AND ENTER THE ECONOMIC MAINSTREAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECDI PROVIDES SMALL BUSINESS DEVELOPMENT SERVICES INCLUDING ONE-ON-ONE TECHNICAL ASSISTANCE, BUSINESS DEVELOPMENT TRAINING, AND SECTOR-SPECIFIC BUSINESS INCUBATION PROGRAMS. ECDI IS THE HOST OF FOUR SBA WOMEN'S BUSINESS CENTERS AND PROVIDES SERVICES ACROSS THE STATE OF OHIO AND PARTS OF WEST VIRGINIA, KENTUCKY, AND INDIANA, WITH OFFICES IN SEVEN CITIES.
ECDI OFFERS RESPONSIBLE, AFFORDABLE SMALL BUSINESS LOANS RANGING FROM $750 TO $500,000 TO ENTREPRENEURS THAT FACE BARRIERS TO OBTAINING CAPITAL FROM TRADITIONAL FINANCIAL INSTITUTIONS. ECDI'S CLIENTELE CONSISTS LARGELY OF WOMEN (52.7%), MINORITIES (57.2%), AND LOW-MODERATE INCOME PEOPLE (47.7%). DURING FISCAL YEAR 2023, ECDI DISBURSED 948 LOANS TOTALING MORE THAN $23.0 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Inna Kinney CEO | OfficerTrustee | 40 | $306,049 |
Steven Fireman President | OfficerTrustee | 40 | $300,341 |
Moniqua Spencer Voting Independent Board Member | Trustee | 1 | $0 |
Darren Cherry Chair/voting Independent Board Member | Trustee | 1 | $0 |
Jeffrey Buller Voting Independent Board Member | Trustee | 1 | $0 |
Magaret Ference Voting Independent Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sbc Small Business Advising Llc Training To Small Business | 6/29/23 | $164,414 |
Easy It It Services And It Related Procurements | 6/29/23 | $238,860 |
Ice Miller Legal Counsel Legal Services | 6/29/23 | $120,477 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,084,033 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,183,031 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,267,064 |
| Total Program Service Revenue | $3,550,963 |
| Investment income | $5,427 |
| 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 | $13,823,454 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $229,909 |
| 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. | $835,378 |
| Compensation of current officers, directors, key employees. | $122,540 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,081,136 |
| Pension plan accruals and contributions | $114,619 |
| Other employee benefits | $824,154 |
| Payroll taxes | $448,549 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $133,504 |
| Fees for services: Accounting | $65,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,093,886 |
| Advertising and promotion | $0 |
| Office expenses | $215,455 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $682,545 |
| Travel | $276,012 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $919,568 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $284,030 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,852,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,519,718 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,436,482 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $39,847,664 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $177,224 |
| Net Land, buildings, and equipment | $4,906,806 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $476,182 |
| Total assets | $74,364,076 |
| Accounts payable and accrued expenses | $883,182 |
| Grants payable | $0 |
| Deferred revenue | $876,737 |
| 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 | $31,488,317 |
| Unsecured mortgages and notes payable | $26,988,605 |
| Other liabilities | $617,960 |
| Total liabilities | $60,854,801 |
| Net assets without donor restrictions | $13,200,631 |
| Net assets with donor restrictions | $308,644 |
| 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 | $74,364,076 |
Grants Awarded
Over the last fiscal year, Economic And Community Development Institute Inc has awarded $159,910 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
CLARK COUNTY BOARD OF DEVELOPMENTAL DISABILITIES PURPOSE: TO INCREASE ORGANIZATIONAL CAPACITY TO INCREASE ACCESS TO SMALL BUSINESS RESOURCES IN THEIR COMMUNITIES, INCLUDING RURAL AND OPPORTUNITY ZONES. | $6,300 |
CLARK COUNTY LOCAL FOODS COUNCIL PURPOSE: TO INCREASE ORGANIZATIONAL CAPACITY TO INCREASE ACCESS TO SMALL BUSINESS RESOURCES IN THEIR COMMUNITIES, INCLUDING RURAL AND OPPORTUNITY ZONES. | $5,300 |
COLUMBUS COMPACT CORPORATION PURPOSE: TO INCREASE ORGANIZATIONAL CAPACITY TO INCREASE ACCESS TO SMALL BUSINESS RESOURCES IN THEIR COMMUNITIES, INCLUDING RURAL AND OPPORTUNITY ZONES. | $8,000 |
COMMUNITY IMPROVEMENT CORPORATION OF BELMONT COUNTY PURPOSE: COLLABORATE WITH THE ORGANIZATION TO IMPLEMENT NEEDED BUSINESS DEVELOPMENT PROGRAMMING THAT IMPROVES THE ECONOMY IN THEIR COMMUNITIES AND TO INCREASE THE CAPACITY OF THE ORGANIZATION TO OFFER ADDITIONAL SMALL BUSINESS RESOURCES FOR THEIR RESIDENTS. | $42,967 |
OHIO CDC ASSOCIATION PURPOSE: TO INCREASE ORGANIZATIONAL CAPACITY TO INCREASE ACCESS TO SMALL BUSINESS RESOURCES IN THEIR COMMUNITIES, INCLUDING RURAL AND OPPORTUNITY ZONES. | $71,940 |
NORTHEAST OHIO HISPANIC CENTER FOR ECONOMIC DEVELOPMENT PURPOSE: TO INCREASE ORGANIZATIONAL CAPACITY TO INCREASE ACCESS TO SMALL BUSINESS RESOURCES IN THEIR COMMUNITIES, INCLUDING RURAL AND OPPORTUNITY ZONES. | $6,300 |