Chelsea Economic Dvelopment Corporation
- Assets
- $177.4k
- Revenue
- $343.6k
- Investments
- $0.0
- Employees
- 14
- Location
- Atlantic City, NJ
- Founding
- Data as of
- 12/2022
- EIN
- 84-4798843
Organization Overview
Chelsea Economic Dvelopment Corporation is located in Atlantic City, NJ. 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 12/2022, Chelsea Economic Dvelopment Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chelsea Economic Dvelopment Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CHELSEA ECONOMIC DEVELOPMENT CORPORATION WAS ESTABLISHED IN 2019 TO INCREASE ECONOMIC OPPORTUNITY IN THE CHELSEA NEIGHBORHOOD OF ATLANTIC CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BEAUTIFY CHELSEA: WE ARE ENHANCING PUBLIC SPACES WITH FLOWERS, TREES, ART, AND STREETSCAPING, AND INCREASING VIBRANCY THROUGH NEIGHBORHOOD CLEAN-UPS, CODE VIOLATION REPORTING, SOCIAL SERVICE OUTREACH, AND INCREASED PUBLIC SAFETY PRESENCE.
CAREER PATHWAYS: CHELSEA EDC IS PROVIDING GRANTS FOR BUSINESS EDUCATION, TRAINING, AND NETWORKING OPPORTUNITIES. TO CONNECT RESIDENTS WITH CAREER OPPORTUNITIES, CHELSEA EDC FUNDS TECHNOLOGY AND JOB TRAINING PROGRAMS FOR YOUTH AND ADULTS.
MERCHANT SUPPORT: SUPPORTING SMALL BUSINESSES AND PROVIDING BETTER CAREER OPPORTUNITIES FOR RESIDENTS IS OUR PRIORITY. FOR BUSINESSES, CHELSEA EDC PROVIDES GRANTS FOR CAPITAL IMPROVEMENTS, FACADE MAKEOVERS, PERMIT ASSISTANCE, MARKETING ASSISTANCE, AND SOCIAL MEDIA DEVELOPMENT.
COMMUNITY EVENTS: OUR EVENTS AND PROGRAMS CELEBRATE THE DIVERSITY OF THE NEIGHBORHOOD'S CULTURES, BUSINESSES, AND INSTITUTIONS AND STRENGTHEN THE COMMUNITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jenny Hernandez Board President | OfficerTrustee | 0.5 | $0 |
Brian Jackson Board Vice President | OfficerTrustee | 0.5 | $0 |
Adalberto Lopez Treasurer | OfficerTrustee | 0.5 | $0 |
Elizabeth Terenik President | Officer | 0.5 | $0 |
Ken Calemno Secretary | OfficerTrustee | 0.5 | $0 |
Matt Levinson Member | Officer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $320,229 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,380 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,609 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $343,609 |
| 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 | $77,451 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,103 |
| Fees for services: Accounting | $5,563 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,816 |
| Advertising and promotion | $16,990 |
| Office expenses | $4,266 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,367 |
| All other expenses | $0 |
| Total functional expenses | $345,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,404 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| 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 | $0 |
| Total assets | $177,404 |
| Accounts payable and accrued expenses | $11,859 |
| Grants payable | $155,033 |
| Deferred revenue | $0 |
| 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 | $166,892 |
| Net assets without donor restrictions | $10,512 |
| 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 | $177,404 |