Paco Community Development Corporation
- Assets
- $19.0m
- Revenue
- $1.1m
- Investments
- $1.1m
- Employees
- 0
- Location
- Jersey City, NJ
- Founding
- 12/2017
- Data as of
- 12/2021
- EIN
- 35-2531666
Organization Overview
Paco Community Development Corporation, operating under the name Paco Cdc, is located in Jersey City, NJ. The organization was established in 2017. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Paco Cdc 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, Paco Cdc generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (22.7%) each year. All expenses for the organization totaled $184.8k 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
PACO COMMUNITY DEVELOPMENT CORPORATION, A NJ NONPROFIT CORPORATION (THE ORGANIZATION) WAS ORGANIZED EXCLUSIVELY FOR CHARITABLE PURPOSE UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE. THE ORGANIZATION WILL LOOK TO FINANCE AND PURCHASE UNDER-DEVELOPED PROPERTIES THAT CAN PROVIDE AFFORDABLE HOUSING AND ATTRACT HOMEOWNERS INTO DETERIORATING NEIGHBORHOODS AND PROVIDE HELP TO LOCAL COMMUNITIES IN NEED. THEY WILL COOPERATE WITH GOVERNMENT AGENCIES AND COMMUNITY GROUPS TO ATTRACT NEW BUSINESSES TO THE AREA AND TO PROVIDE STABLE SOURCES OF DECENT AFFORDABLE HOUSING IN THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY OUTREACH- THREE KINGS CELEBRATION- A YEARLY SPANISH CULTURAL EVENT WHERE THE COMMUNITY CELEBRATES EPIPHANY AND GIVE GIFTS TO THE CHILDREN. PACO CDC PURCHASES THE GIFTS AND ALSO PROVIDES REFRESHMENTS TO THE PEOPLE WHO ATTEND. THERE IS ALSO A PAGEANT AND MUSIC THAT IS ALSO PROVIDED BY THE PACO CDC. - THANKSGIVING FOOD PROGRAM -THE PACO CDC IDENTIFIES FAMILIES IN NEED OF ASSISTANCE AND PROVIDES FOOD FOR A THANKSGIVING MEAL.THE CDC ALSO ASSISTS IN A PROGRAM THAT INVITES THE HOMELESS AND THOSE IN NEED TO COME INTO A LOCAL RESTAURANT WHERE A THANKSGIVING MEAL IS PROVIDED. - THE PACO CDC ALSO SPONSORED A COMMUNITY EVENT FOR THOSE IN NEED TO ENJOY AN EVENING OF FOOD, MUSIC AND GAMES FOR CHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Molina Chairman | OfficerTrustee | 1 | $10,000 |
Vishnu Khemraj Vice Chairman | OfficerTrustee | 1 | $0 |
Edward Fowlkes Secretary | OfficerTrustee | 1 | $0 |
Vidal Ledda Trustee | Trustee | 1 | $0 |
Edward Kolling Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $569,129 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $522,171 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,091,300 |
| 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. | $10,000 |
| Compensation of current officers, directors, key employees. | $10,000 |
| 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 | $1,600 |
| Fees for services: Accounting | $13,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $77,483 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $33,935 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,515 |
| 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 | $867 |
| All other expenses | $45,977 |
| Total functional expenses | $184,817 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $695,866 |
| Savings and temporary cash investments | $254,532 |
| 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 | $1,193,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,239 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $15,754,101 |
| Investments—other securities | $1,061,782 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,960,520 |
| Accounts payable and accrued expenses | $23,730 |
| 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 | $0 |
| Total liabilities | $23,730 |
| Net assets without donor restrictions | $18,936,790 |
| 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 | $18,960,520 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
The Mayors Fund To Advance New York City New York, NY | $28,518,749 | $18,611,480 |
Hopes Community Action Partnership Incorporated Hoboken, NJ | $25,058,059 | $24,208,629 |
Blueprints Washington, PA | $9,542,152 | $23,150,876 |