The Youngstown Edison Incubator Corporation
- Assets
- $14.4m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 24
- Location
- Youngstown, OH
- Founding
- 05/1996
- Data as of
- 12/2022
- EIN
- 34-1751707
Organization Overview
The Youngstown Edison Incubator Corporation is located in Youngstown, OH. The organization was established in 1996. 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 12/2022, Youngstown Edison Incubator Corporation employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Youngstown Edison Incubator 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 12/2022, Youngstown Edison Incubator Corporation generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $4.5m during the year ending 12/2022. While expenses have increased by 12.8% 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 2016, Youngstown Edison Incubator Corporation has awarded 103 individual grants totaling $5,402,409. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BUSINESS DEVELOPMENT: TO CULTIVATE, ACCELERATE AND PRMOTE THE FORMATION, GROWTH, COMMERCIALIZATION AND INNOVATION OF TECHNOLOGY-BASED BUSINESSES BY PROVIDING THE COMPREHENSIVE, HIGH QUALITY ENTREPRENEURIAL SERVICES AND RESORUCES IN A ROBUST ENVIRONMENT THAT PROMOTES COMPANY SUCCESS, ATTRACTION AND RETENTION TO CULTIVATE, ACCELERATE AND PROMOTE THE FORMATION, GROWTH, COMMERCIALIZATION, AND INNOVATION OF TECHNOLOGY-BASED BUSINESSES BY PROVIDING COMPREHENSIVE, HIGH QUALITY ENTREPRENEURIAL SERVICES AND RESOURCES IN A ROBUST ENVIRONMENT THAT PROMOTES COMPANY SUCCESS, ATTRACTION AND RETENTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ACCELERATE THE FORMATION OF BUSINESS, CREATION OF JOBS AND ASSIST IN THE REVITALIZATION AND GROWTH OF THE MAHONING VALLEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Dascenzo Chairperson | OfficerTrustee | 1 | $0 |
Evan Morrison Vice Chairperson | OfficerTrustee | 1 | $0 |
Stuart A Strasfeld Secretary | OfficerTrustee | 1 | $0 |
Michael Garvey Executive Committee Member | Trustee | 1 | $0 |
Paul Olivier Member | Trustee | 1 | $0 |
Bonnie Deutsch Burdman Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $114,795 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,912,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $468,924 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,496,419 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $435,525 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $166,484 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,125,884 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $517,164 |
| 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. | $139,094 |
| Compensation of current officers, directors, key employees. | $29,530 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $920,408 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $103,166 |
| Payroll taxes | $89,300 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,961 |
| Fees for services: Accounting | $84,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,051,181 |
| Advertising and promotion | $74,531 |
| Office expenses | $11,936 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $470,336 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $60,559 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $703,969 |
| Insurance | $45,411 |
| All other expenses | $63,580 |
| Total functional expenses | $4,483,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $887,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $740,189 |
| Accounts receivable, net | $344,589 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,711 |
| Net Land, buildings, and equipment | $12,284,625 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,000 |
| Total assets | $14,366,290 |
| Accounts payable and accrued expenses | $604,664 |
| Grants payable | $25,478 |
| Deferred revenue | $289,794 |
| 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 | $1,552,024 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,471,960 |
| Net assets without donor restrictions | $11,880,873 |
| Net assets with donor restrictions | $13,457 |
| 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 | $14,366,290 |
Grants Awarded
Over the last fiscal year, The Youngstown Edison Incubator Corporation has awarded $401,348 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
DEFENSE & ENERGY SYSTEMS LLC PURPOSE: GRANT SUBRECIPIENT | $248,903 |
OPEN ADDITIVE LLC PURPOSE: GRANT SUBRECIPIENT | $6,525 |
TEAMNEO FOUNDATION PURPOSE: GRANT SUBRECIPIENT | $31,127 |
EVENT 38 UNMANNED SYSTEMS INC PURPOSE: GRANT SUBRECIPIENT | $13,977 |
YOUNGSTOWN STATE UNIVERSITY PURPOSE: GRANT SUBRECIPIENT | $68,053 |
PARAMOUNT PURSUITS PURPOSE: GRANT CONTRACTOR | $32,763 |