Rochester Economic Development Corporation
- Assets
- $15.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, NY
- Founding
- 03/1985
- Data as of
- 09/2021
- EIN
- 22-2559522
Organization Overview
Rochester Economic Development Corporation is located in Rochester, NY. The organization was established in 1985. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic 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. Rochester 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 09/2021, Rochester Economic Development Corporation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 33.1% each year . All expenses for the organization totaled $2.6m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Rochester Economic Development Corporation has awarded 59 individual grants totaling $4,419,390. 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
ROCHESTER ECONOMIC DEVELOPMENT CORPORATION WAS FORMED FOR THE PURPOSE OF CREATING EMPLOYMENT OPPORTUNITIES, PARTICULARLY FOR LOW AND MODERATE INCOME PERSONS, THEREBY IMPROVING THE QUALITY AND CONDITION OF LIFE IN THE CITY OF ROCHESTER, NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO REDUCE WEALTH DISPARITIES IN MIDDLE INCOME AND POOR ROCHESTER NEIGHBORHOODS BY CREATING AND SUPPORTING LOCALLY OWNED MICRO AND SMALL NEIGHBORHOOD BUSINESSES AND URBAN ENTREPRENEURS.
TO REDUCE WEALTH DISPARITIES IN MIDDLE INCOME AND POOR ROCHESTER NEIGHBORHOODS BY CREATING AND SUPPORTING LOCALLY OWNED MICRO AND SMALL NEIGHBORHOOD BUSINESSES AND URBAN ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Dt Ogilvie Vice Chair | OfficerTrustee | 1 | $0 |
Keith Cleary Treasurer | OfficerTrustee | 1 | $0 |
Dana Miller Chair | OfficerTrustee | 1 | $0 |
Michael Patterson Secretary | OfficerTrustee | 1 | $0 |
Tom Argust Board Member | Trustee | 1 | $0 |
Sergio Esteban Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,247,595 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,247,595 |
| Total Program Service Revenue | $324,566 |
| Investment income | $5,036 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $113,456 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,690,653 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,311,195 |
| Grants and other assistance to domestic individuals. | $1,400 |
| 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 | $352,410 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $50,006 |
| Payroll taxes | $0 |
| Fees for services: Management | $78,748 |
| Fees for services: Legal | $174,961 |
| Fees for services: Accounting | $11,728 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $414,856 |
| Advertising and promotion | $60,581 |
| Office expenses | $75,413 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,660 |
| Travel | $8,897 |
| 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 | $47,755 |
| Insurance | $9,154 |
| All other expenses | $0 |
| Total functional expenses | $2,631,250 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,915,979 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,348 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,081,658 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,526 |
| Net Land, buildings, and equipment | $42,355 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,049,866 |
| Accounts payable and accrued expenses | $170,190 |
| Grants payable | $0 |
| Deferred revenue | $1,215,505 |
| 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 | $1,385,695 |
| Net assets without donor restrictions | $1,731,222 |
| Net assets with donor restrictions | $11,932,949 |
| 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 | $15,049,866 |
Grants Awarded
Over the last fiscal year, Rochester Economic Development Corporation has awarded $2,622,390 in support to 46 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF ROCHESTER PURPOSE: ROCHESTER FINANCIAL EMPOWERMENT CENTER, BEAUTIFY THURSTON BROOKS AREA WITH BANNERS, AND ZONING PROGRAM | $251,226 |
CITY OF ROCHESTER PURPOSE: ROCHESTER FINANCIAL EMPOWERMENT CENTER, BEAUTIFY THURSTON BROOKS AREA WITH BANNERS, AND ZONING PROGRAM | $251,226 |
CURATORS OF THE UNIVERSITY OF MISSOURI DBA UMKC INNOVATION CENTER PURPOSE: SOURCE LINK - DATABASE FOR ENTREPRENEURS | $174,600 |
CURATORS OF THE UNIVERSITY OF MISSOURI DBA UMKC INNOVATION CENTER PURPOSE: SOURCE LINK - DATABASE FOR ENTREPRENEURS | $174,600 |
GREATER WORKS COLLABORATIVE INC PURPOSE: ENTREPRENEUR SUPPORT ORGANIZATION AND COACHING | $78,750 |
GREATER WORKS COLLABORATIVE INC PURPOSE: ENTREPRENEUR SUPPORT ORGANIZATION AND COACHING | $78,750 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Rochester Economic Development Corporation has recieved totaling $275,000.
| Awarding Organization | Amount |
|---|---|
Esl Charitable Foundation Inc Rochester, NY PURPOSE: ROCHESTER FEC | $125,000 |
Esl Charitable Foundation Inc Rochester, NY PURPOSE: ROCHESTER FEC | $125,000 |
First Niagara Foundation Buffalo, NY PURPOSE: MENTORING | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |