Bridgeport Economic Development Corp
- Assets
- $2.0m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Bridgeport, CT
- Founding
- 02/1987
- Data as of
- 12/2021
- EIN
- 23-7374878
Organization Overview
Bridgeport Economic Development Corp is located in Bridgeport, CT. The organization was established in 1987. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridgeport Economic Development Corp 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, Bridgeport Economic Development Corp generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.6% each year . All expenses for the organization totaled $189.0k during the year ending 12/2021. 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
IS A COMMUNITY BASED ORGANIZATION THAT DEVELOPS AND MANAGES PROGRAMS AND PROJECTS THAT FOSTER BUSINESS DEVELOPMENT, COMMUNITY REINVESTMENT, AND NEIGHBORHOOD REVITALIZATION. BEDCO WORKS COLLABORATIVELY TO SERVE THE BUSINESS COMMUNITY, NEIGHBORHOOD ORGANIZATIONS, AND THE PUBLIC SECTOR FOR THE BENEFIT OF THE BRIDGEPORT ECONOMIC REGION. THE MAJORITY OF BEDCO REVENUES RESULT FROM THE ADMINISTRATION OF BRIDGEPORT AREA INDUSTRIAL AND COMMERCIAL DEVELOPMENT PROJECTS AND RELATED ECOMONIC DEVELOPMENT STUDIES. THE MAJOR SERVICES BEDCO PROVIDES ARE SITE ACQUISITION, SITE ASSEMBLY, REMEDIATION OF ENVIRONMENTALLY CONTAMINATED PROPERTY, AND INFRASTUCTURE DEVELOPEMENT, AND OTHER ACTIVITIES ASSOCIATED WITH REMOVING IMPEDIMENTS TO NEW PRIVATE INVESTMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ENVIRONMENTAL BENEFIT AGREEMENT FOR FISCAL MANAGEMENT OF THE COMMUNITY ENVIRONMENTAL BENEFIT FUND WHICH WAS ESTABLISHED WITH FUNDING FROM PSEG.
STATE OF CONNECTICUT - EAST END NRZ MARKET & CAFE IS A ONE-YEAR FUNDING OPPORTUNITY FROM THE NATIONAL ASSOCIATION OF CHRONIC DISEASE DIRECTORS, FUNDED BY CENTERS OF DISEASE CONTROL AND PREVENTION TO PROMOTE HEALTHY LIVING AND REDUCE SOCIAL ISOLATION DURING THE COVID-19 PANDEMIC BY PROMOTING HEALTHY EQUITY, IMPROVING PHYSICAL ACTIVITY ACCESS, INCREASING NUTRITION SECURITY, AND INCREASING SOCIAL CONNECTEDNESS
SEAVIEW INDUSTRIAL PARK A PROJECT TO CONTINUE THE DEVELOPMENT OF THE INDUSTRIAL PARK AND THE SURROUNDING SEAVIEW AVENUE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Timpanelli Treasurer | OfficerTrustee | 1 | $0 |
Edward Lavernoich President And Secretary | OfficerTrustee | 25 | $0 |
George Estrada Vice Chair | OfficerTrustee | 1 | $0 |
David Levine Board Chair | OfficerTrustee | 1 | $0 |
John Bundschuh Board Member | Trustee | 1 | $0 |
Albert Carbone Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $44,889 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,043,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,088,555 |
| Total Program Service Revenue | $4,150 |
| 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 | $2,092,707 |
| 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 | $84,196 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $79,879 |
| Advertising and promotion | $0 |
| Office expenses | $3,648 |
| 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 | $8,137 |
| All other expenses | $0 |
| Total functional expenses | $189,045 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,025,679 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,366 |
| Accounts receivable, net | $900 |
| 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 | $4,754 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2 |
| Total assets | $2,035,701 |
| Accounts payable and accrued expenses | $9,046 |
| 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 | $7,030 |
| Total liabilities | $16,076 |
| Net assets without donor restrictions | $91,028 |
| Net assets with donor restrictions | $1,928,597 |
| 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 | $2,035,701 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Connecticut Institute For Communities Inc Danbury, CT | $23,773,882 | $36,794,150 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |