New Opportunities Economic Development Corporation
- Assets
- $994.1k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Waterbury, CT
- Founding
- 04/2011
- Data as of
- 10/2020
- EIN
- 27-3540138
Organization Overview
New Opportunities Economic Development Corporation is located in Waterbury, CT. The organization was established in 2011. 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. New Opportunities 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN ECONOMIC DEVELOPMENT IN GEOGRAPHIC AREAS THAT ARE ECONOMICALLY DEPRIVED OR DETERIORATING WITHIN THE STATE OF CONNECTICUT
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW OPPORTUNITIES ECONOMIC DEVELOPMENT CORPORATION PROMOTES AND SUSTAINS ECONOMIC DEVELOPMENT ACTIVITIES IN LOW INCOME NEIGHBORHOODS THROUGHOUT CONNECTICUT THROUGH THE ACQUISITION AND REVITALIZATION OF PROPERTIES, THE DEVELOPMENT OF HOUSING AND THE CREATION OF SUSTAINABLE ECONOMIC AND COMMERCIAL DEVELOPMENT OPPORTUNITIES THAT RAISE THE INCOME, EDUCATIONAL/SKILL LEVELS AND COMMUNITY INVOLVEMENT OF CONNECTICUT RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Toni Hirst Chief Admin Officer | OfficerTrustee | 0.5 | $0 |
William Rybczyk Dir Research, Devel And Pl | OfficerTrustee | 0.5 | $0 |
James H Gatling Ph D President | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| 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 | $0 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,000 |
| Fees for services: Accounting | $256 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $50 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,861 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,130 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $22,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,327 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $990,804 |
| Total assets | $994,137 |
| Accounts payable and accrued expenses | $0 |
| 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 | $105,544 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $916,177 |
| Total liabilities | $1,021,721 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | -$27,584 |
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|---|---|---|
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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 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |