Monroe County Industrial Development Corporation
- Assets
- $7.6m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Rochester, NY
- Founding
- 02/1985
- Data as of
- 12/2023
- EIN
- 51-0188852
Organization Overview
Monroe County Industrial Development Corporation is located in Rochester, NY. The organization was established in 1985. 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 12/2023, Monroe County Industrial Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monroe County Industrial Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Monroe County Industrial Development Corporation generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 29.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Monroe County Industrial Development Corporation has awarded 128 individual grants totaling $1,308,110. 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
THE MISSION OF THE MONROE COUNTY INDUSTRIAL DEVELOPMENT CORPORATION IS TO PROVIDE RESOURCES TO QUALIFIED FOR-PROFIT BUSINESSES AND NOT-FOR-PROFIT ORGANIZATIONS THAT RESULT IN THE RETENTION AND CREATION OF JOBS AND EMPLOYMENT OPPORTUNITIES IN MONROE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FINANCIAL ASSISTANCE TO JOB CREATING BUSINESSES THAT DEMONSTRATED A NEED FOR FINANCING. DURING 2023, 68 BUSINESSES WERE ASSISTED.
THIS MICROLOAN PROGRAM PROVIDES LOANS FROM $10,000 TO $50,000 TO HELP SMALL BUSINESSES WITH MOST BUSINESS RELATED COSTS. THE MICRO ADVANTAGE LOAN PROGRAM PROVIDES FUNDS TO BUSINESSES THAT MAY NOT OTHERWISE BE A CANDIDATE FOR TRADITIONAL BANK LOANS. THIS LOAN PROGRAM GIVES YOU THE OPPORTUNITY TO SECURE FUNDING WHILE LEARNING THE LOAN PROCESS AND BUILDING YOU CREDIT IN THE PROCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Hin Director - Resigned During Year | Trustee | 1 | $0 |
Jeffrey Barker Treasurer | OfficerTrustee | 5 | $0 |
Hanif Abdul-Wahid President | OfficerTrustee | 5 | $0 |
David Brooks Director - Resigned During Year | Trustee | 1 | $0 |
Philip Smith Director | Trustee | 1 | $0 |
Joseph Rizzo Director - Resigned During Year | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $837,728 |
| 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 | $837,728 |
| Total Program Service Revenue | $1,192,679 |
| Investment income | $170,994 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$117,474 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,083,927 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $412,500 |
| 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. | $90,902 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $230,965 |
| Pension plan accruals and contributions | $5,296 |
| Other employee benefits | $17,466 |
| Payroll taxes | $26,574 |
| Fees for services: Management | $90,000 |
| Fees for services: Legal | $760 |
| Fees for services: Accounting | $71,965 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,403 |
| Advertising and promotion | $0 |
| Office expenses | $2,923 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,563 |
| 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 | $14,319 |
| All other expenses | $1,843 |
| Total functional expenses | $1,124,758 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $5,102,061 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $144,670 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,371,702 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,630 |
| 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 | $7,624,113 |
| Accounts payable and accrued expenses | $160,181 |
| Grants payable | $0 |
| Deferred revenue | $1,002 |
| 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 | $161,183 |
| Net assets without donor restrictions | $7,293,627 |
| Net assets with donor restrictions | $169,303 |
| 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 | $7,624,113 |
Grants Awarded
Over the last fiscal year, Monroe County Industrial Development Corporation has awarded $178,661 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
AURORA MACHINE & MFG INC PURPOSE: GREAT RATE / GREAT REBATE | $10,343 |
BLACK BUTTON DISTILLING PURPOSE: GREAT RATE / MANUFACTURING REWARD | $6,544 |
CATPRINTCOM LLC PURPOSE: GREAT RATE | $11,165 |
BOZZA PASTA LLC PURPOSE: GREAT RATE | $9,202 |
CRANE DENTAL LABORATORY INC PURPOSE: GREAT RATE / GREAT REBATE | $11,344 |
ELITE TURNING & MACHINING CORP PURPOSE: GREAT RATE | $6,266 |