Passaic Enterprise Zone Development Corporation
- Assets
- $1.7m
- Revenue
- $794.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Passaic, NJ
- Founding
- 01/1996
- Data as of
- 12/2021
- EIN
- 22-3382424
Organization Overview
Passaic Enterprise Zone Development Corporation is located in Passaic, NJ. The organization was established in 1996. 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. Passaic Enterprise Zone Development 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 12/2021, Passaic Enterprise Zone Development Corporation generated $794.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $1.3m during the year ending 12/2021. While expenses have increased by 17.3% 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
TO ADMINISTER THE STATES URBAN ENTERPRISE ZONE IN THE CITY OF PASSAIC
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVID RELIEF FUNDING TO SMALL BUSINESSES
THROUGH PROJECT CLEAN SWEEP AND GRAFFITI REMOVAL, THE PEZDC IS FUNDINGEXTRA TRASH COLLECTION, ERADICATION OF GRAFFITI IN PUBLIC SPACES AND THEGENERAL BEAUTIFICATION OF THE GREAT CITY OF PASSAIC.
IN ADDITION TO PROJECT CLEAN SWEEP AND GRAFFITI REMOVAL THE PEDZC CONTINUESTO FOCUS ON THE BEAUTIFICATION WITHIN THE CITY BY PROVIDING LANDSCAPEMAINTENANCE TO PUBLIC SPACES AND GENERAL OPERATING EXPENSES TO SUPPORT OF ALL THE ORGANIZATIONS OPERATIONS
THROUGH A LENDING PROGRAM, THE PEDZC IS PROVIDING SMALL BUSINESSES THAT ARELOCATED IN THE CITY OF PASSAIC THE OPPORTUNITY TO EXPAND AND FUND PROJECTSWITH FAVORABLE LENDING TERMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ricardo Fernandez Director | OfficerTrustee | 0 | $0 |
Sagar Metha Trustee | Trustee | 0 | $0 |
Cliff Lindholm III Trustee | Trustee | 0 | $0 |
Kenneth Simpson Trustee | Trustee | 0 | $0 |
Ron Van Rensalier Trustee | Trustee | 0 | $0 |
Gary Schaer Trustee | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $760,412 |
| 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 | $760,412 |
| Total Program Service Revenue | $33,985 |
| Investment income | $402 |
| 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 | $794,799 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $997,393 |
| 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. | $130,315 |
| Compensation of current officers, directors, key employees. | $130,315 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $95,649 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,448 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,355 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,509 |
| Advertising and promotion | $0 |
| Office expenses | $8,146 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $125 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,290,784 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $753,458 |
| 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 | $919,536 |
| 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 | $3,702 |
| Total assets | $1,676,696 |
| Accounts payable and accrued expenses | $47,483 |
| Grants payable | $0 |
| 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 | $44,179 |
| Total liabilities | $91,662 |
| Net assets without donor restrictions | $1,585,034 |
| 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 | $1,676,696 |
Grants Awarded
Over the last fiscal year, Passaic Enterprise Zone Development Corporation has awarded $997,393 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SMALL BUSINESS ASSISTANT GRANTS | | | $742,323 |
Passaic, NJ PURPOSE: To eradicate graffiti and garbage | $255,070 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
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 |
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 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |
Pidc Community Capital Philadelphia, PA | $51,592,924 | $9,506,766 |
Hester Street Collaborative Inc New York, NY | $3,142,438 | $5,168,829 |