Atlantic City Development Corporation
- Assets
- $10.2m
- Revenue
- $1.4m
- Investments
- $300.0
- Employees
- 0
- Location
- Atlantic City, NJ
- Founding
- 12/2015
- Data as of
- 12/2023
- EIN
- 36-4808322
Organization Overview
Atlantic City Development Corporation is located in Atlantic City, NJ. The organization was established in 2015. 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. Atlantic City Development 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 12/2023, Atlantic City Development Corporation generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (19.7%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FURTHER THE DEVLOPMENT OF THE CITY OF ATLANTIC CITY AND THE STATE OF NEW JERSEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon F Hanson Chairman | 1 | $0 | |
Francis X Wentworth Jr Treasurer | 1 | $0 | |
Robert Holmes Secretary | 1 | $0 | |
Christopher J Paladino President | 1 | $0 | |
Monica Padovano Casiello Board Member | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Windels Marx Lane & Mittendorf | 12/30/21 | $69,082 |
Masterpiece Advertising Design | 12/30/21 | $51,921 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $905,950 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $445,366 |
| Total Revenue | $1,351,316 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $3,690 |
| Taxes | $0 |
| Depreciation | $2,492 |
| Occupancy | $15,363 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,740,176 |
| Total operating and administrative expenses | $1,892,880 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,892,880 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,081 |
| Savings and temporary cash investments | $5,071,051 |
| Net Accounts receivable | $1,252,645 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,298 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $300 |
| Net Land, buildings, and equipment | $2,983,582 |
| Other assets | $678,638 |
| Total assets | $10,224,595 |
| Accounts payable and accrued expenses | $389,849 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $393,438 |
| Total liabilities | $783,287 |