Renaissance Economic Development Corporation
- Assets
- $35.5m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 27
- Location
- New York, NY
- Founding
- 03/1998
- Data as of
- 12/2021
- EIN
- 13-3946529
Organization Overview
Renaissance Economic Development Corporation is located in New York, NY. The organization was established in 1998. 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, Renaissance Economic Development Corporation employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Renaissance 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, Renaissance Economic Development Corporation generated $5.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $3.1m during the year ending 12/2021. While expenses have increased by 6.6% 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
RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHOUT NEW YORK CITY. RENAISSANCE FOCUSES ON LOW-INCOME, IMMIGRANT NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESSES. UNDERPINNING ALL OF RENAISSANCE'S LENDING ACTIVITY IS A COMMITMENT TO INCREASE BUSINESS OPPORTUNITIES FOR LOW-INCOME, MINORITY, WOMEN, AND IMMIGRANT ENTREPRENEURS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS LOANS PROGRAM - REDC LENDS MONEY TO SMALL BUSINESSES IN ITS TARGET COMMUNITIES. MANY OF THESE SMALL BUSINESS BORROWERS OPERATE BUSINESS IN THE RETAIL, WHOLESALE, RESTAURANT, AND CERTAIN PERSONAL SERVICE INDUSTRIES WITH THEIR PRIMARY BUSINESS OPERATIONS LOCATED IN MANHATTAN, QUEENS, AND BROOKLYN.
TECHNICAL ASSISTANCE & EDUCATION - REDC PROVIDES TARGETED TECHNICAL ASSISTANCE TO LOW INCOME, MINORITY, WOMEN AND IMMIGRANT ENTREPRENEURS & SMALL BUSINESS OWNERS, HELPING THEM TO OVERCOME TRADITIONAL IMPEDIMENTS TO BUSINESS GROWTH AND SUCCESS. REDC SPECIALIZES IN SERVING BUSINESSES IN ITS TARGET MARKETS THAT BANKS AND GOVERNMENT PROGRAMS CANNOT SERVE, SUCH AS LOW INCOME, START-UP, THINLY CAPITALIZED ENTERPRISES WHOSE OWNERS ARE OFTEN HOBBLED BY POOR OR NON-EXISTENT ENGLISH SKILLS AND UNFAMILIARITY WITH THE BANKING SYSTEM IN THIS COUNTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessie Lee Managing Director | Officer | 35 | $157,115 |
Peggy Chan Chair | OfficerTrustee | 0.3 | $0 |
Thomas Yu Co- Executive Director | OfficerTrustee | 1 | $0 |
Jennifer Sun Co- Executive Director/ Treasurer | OfficerTrustee | 1 | $0 |
Raymond Lou Secretary | OfficerTrustee | 1 | $0 |
Tim Jung Chief Financial Officer (outgoing) | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,358,288 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,136,513 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,494,801 |
| Total Program Service Revenue | $1,097,566 |
| Investment income | $5,124 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$158,756 |
| 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 | $5,438,735 |
| 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. | $173,614 |
| Compensation of current officers, directors, key employees. | $22,570 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,401,115 |
| Pension plan accruals and contributions | $35,809 |
| Other employee benefits | $169,757 |
| Payroll taxes | $143,780 |
| Fees for services: Management | $125,000 |
| Fees for services: Legal | $1,340 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $359,542 |
| Advertising and promotion | $40,064 |
| Office expenses | $163,076 |
| Information technology | $9,957 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,723 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $273,777 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,689 |
| Insurance | $90,442 |
| All other expenses | $0 |
| Total functional expenses | $3,062,573 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,000,916 |
| Savings and temporary cash investments | $219,250 |
| Pledges and grants receivable | $877,618 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,453,341 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,873 |
| Net Land, buildings, and equipment | $1,368,024 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,572,295 |
| Total assets | $35,516,317 |
| Accounts payable and accrued expenses | $376,129 |
| Grants payable | $0 |
| Deferred revenue | $2,252,777 |
| 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 | $10,125,245 |
| Unsecured mortgages and notes payable | $3,709,961 |
| Other liabilities | $90,000 |
| Total liabilities | $16,554,112 |
| Net assets without donor restrictions | $15,014,188 |
| Net assets with donor restrictions | $3,948,017 |
| 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 | $35,516,317 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Renaissance Economic Development Corporation has recieved totaling $1,507,696.
| Awarding Organization | Amount |
|---|---|
Alphadyne Foundation New York, NY PURPOSE: PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHT NEW YORK CITY, FOCUSES ON LOW-INCOME, IMMIGRANT NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESS | $625,000 |
Citi Foundation New York, NY PURPOSE: SMALL BUSINESS TECHNICAL ASSISTANCE INITIATIVE | $500,000 |
Korean-American Community Foundation Inc New York, NY PURPOSE: Korean Small Business Services | $135,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $100,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $100,000 |
National Coalition For Asian Pacific American Community Dev Washington, DC PURPOSE: AAPI Community Resilience Fund; Small Business Network | $46,500 |
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 |