Staten Island Economic Development Corporation
- Assets
- $2.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 14
- Location
- Staten Island, NY
- Founding
- 03/1994
- Data as of
- 12/2021
- EIN
- 13-3706442
Organization Overview
Staten Island Economic Development Corporation is located in Staten Island, NY. The organization was established in 1994. 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. As of 12/2021, Staten Island Economic Development Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Staten Island Economic 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 12/2021, Staten Island Economic Development Corporation generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 1.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE ORGANIZATION IS TO PLAN AND PROMOTE AND, IF NECESSARY, COORDINATE AND EXECUTE PROGRAMS IN STATEN ISLAND, NEW YORK TO ENHANCE THE QUALITY OF LIFE OF ITS RESIDENTS AND TO IMPROVE THE BUSINESS ENVIRONMENT AND EMPLOYMENT BASE OF STATEN ISLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE, COORDINATE AND EXECUTE PROGRAMS TO IMPROVE THE QUALITY OF LIFE AND BUSINESS ENVIRONMENT AND EMPLOYMENT BASE ON STATEN ISLAND.
STUDY, PLAN AND ASSIST THE PHYSICAL DEVELOPMENT OF THE BOROUGH.
TECHNICAL ASSISTANCE TO INDUSTRIAL BUSINESSES.
BUSINESS DEVELOPMENT SERVICES TO UNDERSERVED BUSINESSES ON STATEN ISLAND. ASSIST BUSINESS OWNERS WITH FINANCING, JOB TRAINING, AND NAVIGATING GOVERNEMNT AND TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cesar J Claro President & | Officer | 35 | $267,943 |
Gina Gutman Sr. Vice Pre | Officer | 35 | $145,093 |
Doris Vitiello Comptroller | Officer | 35 | $73,277 |
James P Molinaro Vice Chairma | OfficerTrustee | 3 | $0 |
Phil Guarnieri Treasurer | OfficerTrustee | 3 | $0 |
Ralph Branca Chairman | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $546,809 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,142,694 |
| All other contributions, gifts, grants, and similar amounts not included above | $62,429 |
| Noncash contributions included in lines 1a–1f | $102 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,751,932 |
| Total Program Service Revenue | $370,960 |
| Investment income | $1,433 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $121,162 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,245,487 |
| 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. | $609,759 |
| Compensation of current officers, directors, key employees. | $73,171 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $508,763 |
| Pension plan accruals and contributions | $2,191 |
| Other employee benefits | $12,515 |
| Payroll taxes | $39,112 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,176 |
| Fees for services: Accounting | $17,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,837 |
| Office expenses | $37,539 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $76,914 |
| Travel | $4,043 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,823 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,948 |
| Insurance | $26,324 |
| All other expenses | $116,594 |
| Total functional expenses | $1,873,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,411,665 |
| Savings and temporary cash investments | $123,184 |
| Pledges and grants receivable | $273,297 |
| Accounts receivable, net | $36,987 |
| 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 | $5,534 |
| Net Land, buildings, and equipment | $176,256 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,026,923 |
| Accounts payable and accrued expenses | $85,702 |
| Grants payable | $0 |
| Deferred revenue | $191,015 |
| 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 | $276,717 |
| Net assets without donor restrictions | $1,620,560 |
| Net assets with donor restrictions | $129,646 |
| 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 | $2,026,923 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Staten Island Economic Development Corporation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
New York Building Foundation Inc New York, NY | | $5,000 |
Endowment Analysis
| Beg. Balance | $176,764 |
| Net Contributions | $129,646 |
| Other Expense | $176,764 |
| Ending Balance | $129,646 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |