Economic And Community Development Institute Inc
- Assets
- $78.4m
- Revenue
- $20.0m
- Investments
- $0.0
- Employees
- 85
- Location
- Columbus, OH
- Founding
- 02/1986
- Data as of
- 06/2022
- EIN
- 31-1145544
Organization Overview
Economic And Community Development Institute Inc is located in Columbus, OH. The organization was established in 1986. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Economic And Community Development Institute Inc employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic And Community Development Institute Inc 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 06/2022, Economic And Community Development Institute Inc generated $20.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.6% each year . All expenses for the organization totaled $15.9m during the year ending 06/2022. While expenses have increased by 12.7% 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.
Since 2021, Economic And Community Development Institute Inc has awarded 125 individual grants totaling $1,208,430. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ECDI SERVES THE NEEDS OF DISADVANTAGED LOW-INCOME, LOW-WEALTH ENTREPRENEURS THROUGH A MULTI-TIERED APPROACH THAT COMBINES ACCESS TO AFFORDABLE CAPITAL, WITH WRAPAROUND SMALL BUSINESS DEVELOPMENT SERVICES, ALLOWING UNDERSERVED ENTREPRENEURS TO CREATE AND EXPAND THEIR BUSINESS AND ENTER THE ECONOMIC MAINSTREAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECDI OFFERS RESPONSIBLE, AFFORDABLE SMALL BUSINESS LOANS RANGING FROM $750 TO $500,000 TO ENTREPRENEURS THAT FACE BARRIERS TO OBTAINING CAPITAL FROM TRADITIONAL FINANCIAL INSTITUTIONS. ECDI'S CLIENTELE CONSISTS LARGELY OF WOMEN (52%), MINORITIES (79%), AND LOW-MODERATE INCOME PEOPLE (50%). DURING FISCAL YEAR 2022, ECDI DISBURSED 333 LOANS TOTALING MORE THAN $13.3 MILLION.
ECDI PROVIDES SMALL BUSINESS DEVELOPMENT SERVICES INCLUDING ONE-ON-ONE TECHNICAL ASSISTANCE, BUSINESS DEVELOPMENT TRAINING, AND SECTOR-SPECIFIC BUSINESS INCUBATION PROGRAMS. ECDI IS THE HOST OF FOUR SBA WOMEN'S BUSINESS CENTERS AND PROVIDES SERVICES ACROSS THE STATE OF OHIO AND PARTS OF WEST VIRGINIA, KENTUCKY, AND INDIANA, WITH OFFICES IN SEVEN CITIES.
OTHER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Inna Kinney CEO | OfficerTrustee | 40 | $341,460 |
Steven Fireman President | OfficerTrustee | 40 | $311,359 |
Amy Wanzo Vice President | 40 | $112,391 | |
Doghlas Craven Vice President | 40 | $111,200 | |
Joseph Armstrong Vice President | 40 | $105,259 | |
Anna Parlet Vice President | 40 | $102,535 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,431,921 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,624,142 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,056,063 |
| Total Program Service Revenue | $2,914,421 |
| Investment income | $617 |
| 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 | $19,971,101 |
| 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. | $657,443 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,214,669 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $962,644 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $170,546 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,416,061 |
| Advertising and promotion | $0 |
| Office expenses | $127,198 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $598,914 |
| Travel | $170,920 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $870,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $233,196 |
| Insurance | $0 |
| All other expenses | $23,414 |
| Total functional expenses | $15,928,240 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,434,649 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,180,966 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,167,090 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $139,000 |
| Net Land, buildings, and equipment | $5,102,558 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $331,613 |
| Total assets | $78,355,876 |
| Accounts payable and accrued expenses | $185,956 |
| Grants payable | $0 |
| Deferred revenue | $1,996,764 |
| 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 | $26,500,793 |
| Unsecured mortgages and notes payable | $30,664,281 |
| Other liabilities | $6,470,222 |
| Total liabilities | $65,818,016 |
| Net assets without donor restrictions | $10,967,213 |
| Net assets with donor restrictions | $1,570,647 |
| 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 | $78,355,876 |
Grants Awarded
Over the last fiscal year, Economic And Community Development Institute Inc has awarded $570,930 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
Columbus, OH PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $101,380 |
San Francisco, CA PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $45,000 |
THE LENZY FAMILY INSTITUTE INC PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $25,000 |
Canton, OH PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $25,000 |
CLEVELAND OAK INC PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $25,000 |
HOUSE OF GRACE RESIDENTIAL SERVICES LLC PURPOSE: FINANCIAL ASSISTANCE FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT - CORONAVIRUS RELIEF FUND | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Economic And Community Development Institute Inc has recieved totaling $1,027,895.
| Awarding Organization | Amount |
|---|---|
Cleveland Foundation Cleveland, OH PURPOSE: ENCORE ENTREPRENEUR INITIATIVE DIGITAL CONNECT | $187,500 |
Jumpstart Inc Cleveland, OH PURPOSE: ECONOMIC DEVELOPMENT | $146,450 |
Ohio Capital Finance Corporation Columbus, OH PURPOSE: PROGRAM SUPPORT | $120,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $87,500 |
Burton D Morgan Foundation Inc Hudson, OH PURPOSE: TO SUPPORT AKRON OPERATIONS THROUGH THE REMAINDER OF 2021 | $68,000 |
Saint Lukes Foundation Of Cleveland Ohio Cleveland, OH PURPOSE: OPERATING SUPPORT | $65,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
Akron Summit Community Action Agency Akron, OH | $9,053,133 | $31,825,266 |
Hocking-Athens Perry Community Action Glouster, OH | $22,374,760 | $30,742,269 |
Capital Area Community Services Inc Lansing, MI | $6,281,706 | $28,298,422 |
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Blueprints Washington, PA | $9,542,152 | $23,150,876 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Jumpstart Inc Cleveland, OH | $82,356,707 | $21,511,113 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Corporation For Ohio Appalachian Development Athens, OH | $7,078,759 | $21,339,241 |
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |