Monroe County Industrial Development Corporation
- Assets
- $7.4m
- Revenue
- $660.5k
- Investments
- $0.0
- Employees
- 4
- Location
- Rochester, NY
- Founding
- 02/1985
- Data as of
- 12/2021
- 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 12/2021, Monroe County Industrial Development Corporation employed 4 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 12/2021, Monroe County Industrial Development Corporation generated $660.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.3%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Monroe County Industrial Development Corporation has awarded 94 individual grants totaling $933,207. 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 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 2021, 74 BUSINESSES WERE ASSISTED.
2020 EMERGENCY SMALL BUSINESS ASSISTANCE LOAN PROGRAM
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Hin Vice President | OfficerTrustee | 5 | $0 |
Jeffrey Barker Treasurer | OfficerTrustee | 5 | $0 |
Hanif Abdul-Wahid President | OfficerTrustee | 5 | $0 |
Lynn Ryan Secretary | OfficerTrustee | 5 | $0 |
Joseph Rizzo Director | Trustee | 1 | $0 |
Christopher Johnston Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $169,303 |
| 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 | $169,303 |
| Total Program Service Revenue | $221,490 |
| Investment income | $28,500 |
| 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 | $660,524 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $509,662 |
| 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 | $143,799 |
| Pension plan accruals and contributions | $2,576 |
| Other employee benefits | $12,344 |
| Payroll taxes | $12,992 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,277 |
| Fees for services: Accounting | $67,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,145 |
| Advertising and promotion | $825 |
| Office expenses | $4,495 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $708 |
| 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 | $10,179 |
| All other expenses | $658 |
| Total functional expenses | $1,000,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $5,444,991 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $450,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,327,045 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $26,665 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $192,013 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,440,764 |
| Accounts payable and accrued expenses | $336,077 |
| Grants payable | $0 |
| Deferred revenue | $4,648 |
| 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 | $340,725 |
| Net assets without donor restrictions | $6,930,736 |
| 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 | $7,440,764 |
Grants Awarded
Over the last fiscal year, Monroe County Industrial Development Corporation has awarded $240,139 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
JAM INDUSTRIES INC PURPOSE: GREAT RATE | $28,617 |
XLI MANUFACTURING LLC PURPOSE: GREAT RATE | $27,932 |
BIRCHCREST TREE AND LANDSCAPE PURPOSE: GREAT REBATE | $20,000 |
AURORA MACHINE & MFG INC PURPOSE: GREAT RATE | $18,250 |
STUDCO BUILDING SYSTEMS PURPOSE: GREAT RATE | $15,090 |
VILLAGER CONSTRUCTION INC PURPOSE: GREAT RATE / GREAT REBATE | $13,358 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Economic Opportunity Council Of Suffolk Inc Patchogue, NY | $6,210,341 | $18,971,000 |
Usw District 10 Local 286 Welfare Trust Fund Philadelphia, PA | $8,668,111 | $17,307,586 |
Integrated Community Alternatives Network Inc Utica, NY | $14,279,832 | $19,265,883 |
Northern Manhattan Improvement Corp New York, NY | $8,451,430 | $18,004,122 |
Veterans Inc Worcester, MA | $18,236,837 | $18,440,204 |
Pennreach Allentown, NJ | $5,187,786 | $15,924,501 |
Chautauqua Opportunities Inc Dunkirk, NY | $6,065,142 | $15,802,051 |
Commission On Economic Opportunity For The Rensselaer County Area Inc Troy, NY | $18,234,515 | $14,616,169 |
Phipps Neighborhoods Inc New York, NY | $46,342,034 | $30,198,997 |
Delaware Opportunities Inc Hamden, NY | $6,012,612 | $14,102,184 |
Liberty Lutheran Housing Development Corporation State College, PA | $52,974,358 | $15,701,429 |
Painters District Council No 4 S U B Fund Cheektowaga, NY | $33,742,384 | $15,066,465 |