Atlantic City Development Corporation
- Assets
- $10.6m
- Revenue
- $3.0m
- Investments
- $300.0
- Employees
- 0
- Location
- Atlantic City, NJ
- Founding
- 12/2015
- Data as of
- 12/2021
- EIN
- 36-4808322
Organization Overview
Atlantic City Development Corporation is located in Atlantic City, NJ. The organization was established in 2015. 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. Atlantic City 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.
For the year ending 12/2021, Atlantic City Development Corporation generated $3.0m in total revenue. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 29.1% 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FURTHER THE DEVLOPMENT OF THE CITY OF ATLANTIC CITY AND THE STATE OF NEW JERSEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon F Hanson Chairman - Trustee | 1 | $0 | |
Francis X Wentworth Jr Treasurer - Trustee | 1 | $0 | |
Christopher J Paladino President - Trustee | 1 | $0 | |
Robert Holmes Secretary - Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Windels Marx Lane & Mittendorf | 12/30/21 | $69,082 |
Masterpiece Advertising Design | 12/30/21 | $51,921 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $143,554 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,865,543 |
| Total Revenue | $3,009,097 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $4,962 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $41,827 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $956,055 |
| Total operating and administrative expenses | $1,097,701 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,097,701 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,940,755 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $3,029,997 |
| Net Pledges Receivable | $0 |
| Grants receivable | $136,354 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,321 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $300 |
| Net Land, buildings, and equipment | $2,961,150 |
| Other assets | $509,005 |
| Total assets | $10,604,882 |
| Accounts payable and accrued expenses | $268,339 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $194,424 |
| Total liabilities | $462,763 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |