Hamden Economic Developmente Corporation
- Assets
- $3.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Hamden, CT
- Founding
- 10/2006
- Data as of
- 06/2022
- EIN
- 51-0495250
Organization Overview
Hamden Economic Developmente Corporation is located in Hamden, CT. The organization was established in 2006. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hamden Economic Developmente Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Hamden Economic Developmente Corporation generated $1.7m 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 (14.0%) each year. All expenses for the organization totaled $1.8m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (14.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO REMEDIATE, REPAIR AND IMPROVE RESIDENTIAL AND COMMERCIAL PROPERTIES IN THE TOWN OF HAMDEN THAT HAVE BEEN AFFECTED BY ENVIRONMENTAL CONTAMINATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ACQUIRES, OPERATES AND CONVEYS REAL PROPERTY FOR THE PURPOSE OF MAKING IMPROVEMENTS DESIGNED TO ENHANCE THE ECONOMIC PRODUCTIVITY OF THE COMMUNITY AND SURROUNDING NEIGHBORHOODS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric West Treasurer | OfficerTrustee | 1 | $0 |
Steven Rolnick President | OfficerTrustee | 1 | $0 |
Thomas Cariglio Vice President | OfficerTrustee | 1 | $0 |
Joseph Aceto Director | Trustee | 1 | $0 |
Dale Kroop Executive Director | OfficerTrustee | 6 | $0 |
Jon Terry Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pac Group Inc Construction | 6/29/19 | $4,614,003 |
Weise Construction Inc Construction | 6/29/19 | $163,182 |
Buchanan Architects Llc Architecture | 6/29/19 | $125,455 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,617,905 |
| 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 | $1,617,905 |
| Total Program Service Revenue | $0 |
| Investment income | $39,755 |
| 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 | $1,657,660 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,807 |
| Fees for services: Accounting | $19,871 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $13,134 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,920 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $16,821 |
| All other expenses | $0 |
| Total functional expenses | $1,766,367 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,055,069 |
| Pledges and grants receivable | $462,009 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $475,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,945 |
| Total assets | $3,046,023 |
| Accounts payable and accrued expenses | $495,636 |
| Grants payable | $0 |
| Deferred revenue | $1,675,373 |
| 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 | $2,171,009 |
| Net assets without donor restrictions | $875,014 |
| Net assets with donor restrictions | $0 |
| 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 | $3,046,023 |