Center For Regional Economic Competitiveness
- Assets
- $3.0m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 41
- Location
- Arlington, VA
- Founding
- 07/2001
- Data as of
- 12/2023
- EIN
- 54-1968125
Organization Overview
Center For Regional Economic Competitiveness is located in Arlington, VA. The organization was established in 2001. 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. As of 12/2023, Center For Regional Economic Competitiveness employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Regional Economic Competitiveness 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 12/2023, Center For Regional Economic Competitiveness generated $5.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $5.7m during the year ending 12/2023. While expenses have increased by 9.2% per year over the past 8 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED TECHNICAL ASSISTANCE TO IMPLEMENT STRATEGIC DEVELOPMENT FOR REGIONAL COUNCILS OF GOVERNMENT AND COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Poole President & CEO | OfficerTrustee | 40 | $254,049 |
Sean Mcnamara Executive Vp/coo | OfficerTrustee | 40 | $268,425 |
Erol Yildirim Senior Vp, New Products | Trustee | 40 | $211,036 |
Allison Forbes Vice President Of Research | 40 | $163,667 | |
Martin Romitti Senior VP For Research And | 40 | $177,956 | |
Ermias Gyesus Vice President Of Finance | 40 | $145,610 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Business Development Advisors Consulting | 12/30/23 | $118,750 |
Michael P Gilroy Consulting | 12/30/23 | $111,600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $769,119 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,156 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $808,275 |
| Total Program Service Revenue | $4,374,152 |
| 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 | $5,182,427 |
| 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. | $522,474 |
| Compensation of current officers, directors, key employees. | $104,495 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,680,037 |
| Pension plan accruals and contributions | $80,541 |
| Other employee benefits | $283,797 |
| Payroll taxes | $225,941 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,230 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,088,639 |
| Advertising and promotion | $0 |
| Office expenses | $118,387 |
| Information technology | $7,691 |
| Royalties | $0 |
| Occupancy | $301,652 |
| Travel | $164,730 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $143,382 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,936 |
| Insurance | $11,917 |
| All other expenses | $37,934 |
| Total functional expenses | $5,726,288 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $490,930 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $483,442 |
| 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 | $69,309 |
| Net Land, buildings, and equipment | $68,544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,855,740 |
| Total assets | $2,967,965 |
| Accounts payable and accrued expenses | $250,408 |
| Grants payable | $0 |
| Deferred revenue | $62,677 |
| 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 | $1,936,221 |
| Total liabilities | $2,249,306 |
| Net assets without donor restrictions | $718,659 |
| 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 | $2,967,965 |