Center For Regional Economic Competitiveness
- Assets
- $2.3m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 28
- Location
- Arlington, VA
- Founding
- 07/2001
- Data as of
- 12/2021
- 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 12/2021, Center For Regional Economic Competitiveness employed 28 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 12/2021, Center For Regional Economic Competitiveness generated $4.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $3.4m during the year ending 12/2021. While expenses have increased by 2.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 | $229,303 |
Sean Mcnamara Executive Vp/coo | OfficerTrustee | 40 | $198,683 |
Erol Yildirim Senior Vp, New Products | Trustee | 40 | $187,788 |
Martin Romitti Senior VP For Research And Ta | 40 | $165,390 | |
Allison Forbes Vice President Of Research | 40 | $140,567 | |
Ermias Gyesus Vice President Of Finance | 40 | $111,938 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $866,917 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,545,423 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,412,340 |
| Total Program Service Revenue | $2,272,540 |
| Investment income | $14 |
| 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 | $4,691,900 |
| 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. | $615,774 |
| Compensation of current officers, directors, key employees. | $123,155 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,494,895 |
| Pension plan accruals and contributions | $61,783 |
| Other employee benefits | $206,077 |
| Payroll taxes | $149,265 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $315,584 |
| Advertising and promotion | $0 |
| Office expenses | $59,318 |
| Information technology | $5,524 |
| Royalties | $0 |
| Occupancy | $263,942 |
| Travel | $5,098 |
| 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 | $108,821 |
| Insurance | $9,986 |
| All other expenses | $0 |
| Total functional expenses | $3,370,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $694,653 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $845,423 |
| Accounts receivable, net | $555,160 |
| 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 | $60,203 |
| Net Land, buildings, and equipment | $109,925 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $15,185 |
| Other assets | $42,162 |
| Total assets | $2,322,711 |
| Accounts payable and accrued expenses | $213,945 |
| Grants payable | $0 |
| Deferred revenue | $97,853 |
| 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 | $82,246 |
| Total liabilities | $394,044 |
| Net assets without donor restrictions | $599,891 |
| Net assets with donor restrictions | $1,328,776 |
| 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 | $2,322,711 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Center For Regional Economic Competitiveness has recieved totaling $1,495,423.
| Awarding Organization | Amount |
|---|---|
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: RESEARCH AND LEARNING OPPORTUNITIES | $845,423 |
Lumina Foundation For Education Inc Indianapolis, IN PURPOSE: TO INCREASE THE CAPACITY OF THE PUBLIC LABOR MARKET INFORMATION SYSTEM TO PROVIDE RELEVANT SUB-STATE AND SKILLS OCCUPATIONAL PROJECTION DATA FOR EDUCATION AND TRAINING PROVIDERS. | $350,000 |
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: RESEARCH AND LEARNING OPPORTUNITIES | $150,000 |
Pew Charitable Trusts Washington, DC PURPOSE: Policy | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
The Center For Kentucky Rural Economic Development Inc Somerset, KY | $52,726,644 | $7,680,890 |
Kentucky Highlands Investment Corporation London, KY | $130,461,604 | $9,285,837 |
National Skills Coalition Washington, DC | $13,426,049 | $8,828,304 |