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Nonprofiteer
← RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$4,221,507
Total expenses
$3,628,639
Contributions and grants received
$3,866,453
Grants paid
$0
Program service revenue
$539,706
Investment income
$24,572
Other revenue
-$209,224
Total assets, end of year
$31,291,579
Total liabilities, end of year
$11,736,506
Net assets or fund balances, end of year
$19,555,073
Program services expenses (Part IX)
$2,991,490
Management and general expenses
$441,544
Fundraising expenses
$195,605
Program service expenses (Part III)
$2,991,490

Program services were 82.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $3,189,864

  • 1f · All other contributions, gifts and grants

    $676,589

  • 2a · Program service revenue: LOAN INTEREST

    total $453,438 · related or exempt $453,438

  • 2b · Program service revenue: ADMIN. FEE AND OTHER

    total $86,268 · related or exempt $86,268

  • 3 · Investment income

    total $24,572 · excluded $24,572

  • 6a · Gross rents

    real property $38,800

  • 6b · Less rental expenses

    real property $248,024

  • 6c · Rental income or loss

    real property -$209,224

  • 6d · Net rental income or loss

    total -$209,224 · excluded -$209,224

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $189,453 · program services $157,246 · management and general $32,207

  • 7 · Other salaries and wages

    total $1,546,145 · program services $1,396,580 · management and general $67,563 · fundraising $82,002

  • 8 · Pension plan contributions

    total $36,244 · program services $34,088 · management and general $1,004 · fundraising $1,152

  • 9 · Other employee benefits

    total $227,544 · program services $212,419 · management and general $8,349 · fundraising $6,776

  • 10 · Payroll taxes

    total $157,394 · program services $145,957 · management and general $7,031 · fundraising $4,406

  • 11a · Fees: management

    total $150,000 · program services $53,000 · management and general $29,000 · fundraising $68,000

  • 11b · Fees: legal

    total $28,194 · management and general $28,194

  • 11g · Fees: other

    total $510,900 · program services $380,490 · management and general $108,412 · fundraising $21,998

  • 12 · Advertising and promotion

    total $94,374 · program services $49,394 · management and general $34,442 · fundraising $10,538

  • 13 · Office expenses

    total $136,254 · program services $113,260 · management and general $22,261 · fundraising $733

  • 17 · Travel

    total $25,693 · program services $13,945 · management and general $11,748

  • 20 · Interest

    total $260,055 · program services $228,519 · management and general $31,536

  • 22 · Depreciation, depletion and amortization

    total $68,969 · program services $42,532 · management and general $26,437

  • 23 · Insurance

    total $22,291 · program services $9,090 · management and general $13,201

  • 24a · Other expenses: BAD DEBTS

    total $121,174 · program services $121,174 · management and general $0

  • 24b · Other expenses: MISCELLANEOUS

    total $49,973 · program services $30,837 · management and general $19,136

  • 24c · Other expenses: EQUIPMENT RENTAL

    total $3,982 · program services $2,959 · management and general $1,023

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,000,916 · end of year $3,090,619

  • 2 · Savings and temporary cash investments

    beginning of year $219,250 · end of year $135,000

  • 3 · Pledges and grants receivable

    beginning of year $877,618 · end of year $993,168

  • 7 · Other notes and loans receivable

    beginning of year $6,453,341 · end of year $5,953,994

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,873 · end of year $13,641

  • 10a · Land, buildings and equipment: cost or other basis

    $1,974,521

  • 10b · Land, buildings and equipment: accumulated depreciation

    $630,934

  • 10c · Land, buildings and equipment, net

    beginning of year $1,368,024 · end of year $1,343,587

  • 15 · Other assets

    beginning of year $23,572,295 · end of year $19,761,570

  • 17 · Accounts payable and accrued expenses

    beginning of year $376,129 · end of year $478,879

  • 19 · Deferred revenue

    beginning of year $2,252,777 · end of year $1,471,158

  • 23 · Secured mortgages and notes payable

    beginning of year $10,125,245 · end of year $5,986,508

  • 24 · Unsecured notes and loans payable

    beginning of year $3,709,961 · end of year $3,709,961

  • 25 · Other liabilities

    beginning of year $90,000 · end of year $90,000

  • 27 · Net assets without donor restrictions

    beginning of year $15,014,188 · end of year $16,069,201

  • 28 · Net assets with donor restrictions

    beginning of year $3,948,017 · end of year $3,485,872

Mission and programs · 2022

Mission

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHOUT NEW YORK CITY. RENAISSANCE FOCUSES ON LOW-INCOME, IMMIGRANT NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESSES. UNDERPINNING ALL OF RENAISSANCE'S LENDING ACTIVITY IS A COMMITMENT TO INCREASE BUSINESS OPPORTUNITIES FOR LOW-INCOME, MINORITY, WOMEN, AND IMMIGRANT ENTREPRENEURS.

  • SMALL BUSINESS LOANS PROGRAM - REDC LENDS MONEY TO SMALL BUSINESSES IN ITS TARGET COMMUNITIES. MANY OF THESE SMALL BUSINESS BORROWERS OPERATE BUSINESS IN THE RETAIL, WHOLESALE, RESTAURANT, AND CERTAIN PERSONAL SERVICE INDUSTRIES WITH THEIR PRIMARY BUSINESS OPERATIONS LOCATED IN MANHATTAN, QUEENS, AND BROOKLYN.

    Expenses $1,592,069 · Revenue $539,706

  • TECHNICAL ASSISTANCE & EDUCATION - REDC PROVIDES TARGETED TECHNICAL ASSISTANCE TO LOW INCOME, MINORITY, WOMEN AND IMMIGRANT ENTREPRENEURS & SMALL BUSINESS OWNERS, HELPING THEM TO OVERCOME TRADITIONAL IMPEDIMENTS TO BUSINESS GROWTH AND SUCCESS. REDC SPECIALIZES IN SERVING BUSINESSES IN ITS TARGET MARKETS THAT BANKS AND GOVERNMENT PROGRAMS CANNOT SERVE, SUCH AS LOW INCOME, START-UP, THINLY CAPITALIZED ENTERPRISES WHOSE OWNERS ARE OFTEN HOBBLED BY POOR OR NON-EXISTENT ENGLISH SKILLS AND UNFAMILIARITY WITH THE BANKING SYSTEM IN THIS COUNTRY.

    Expenses $1,399,421

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JENNIFER SUN

    CO- EXECUTIVE DIRECTOR/TR (OUTGOING)

    Total calculated
    $200,749
    From this org
    $0
    From related orgs
    $160,060
    Other
    $40,689
    Hours/week
    1 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,060 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,962 related
    Nontaxable benefits
    $0 + $27,727 related
    Filer's total
    $0 + $200,749 related

  • KYLE FOLEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • MARY LIU

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • PEGGY CHAN

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.3

  • PING DANG

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • RAYMOND LOU

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.3

  • THOMAS YU

    CO- EXECUTIVE DIRECTOR

    Total calculated
    $321,804
    From this org
    $0
    From related orgs
    $268,262
    Other
    $53,542
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,262 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,008 related
    Nontaxable benefits
    $0 + $46,534 related
    Filer's total
    $0 + $321,804 related

  • TIMOTHY WONG

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • TURNEY SINGH BABA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • JESSIE LEE

    MANAGING DIRECTOR

    Total calculated
    $189,453
    From this org
    $170,077
    From related orgs
    $0
    Other
    $19,376
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $170,077
    Bonus
    $0
    Other
    $0
    Deferred
    $4,905
    Nontaxable benefits
    $14,471
    Filer's total
    $189,453

  • JOY SUZANNE GRANADO

    CHIEF ACCOUNTING OFFICER

    Total calculated
    $107,038
    From this org
    $0
    From related orgs
    $96,262
    Other
    $10,776
    Hours/week
    1 + 37 related

  • JANNIE LAI

    DIRECTOR OF PROGRAMS

    Total calculated
    $135,161
    From this org
    $104,898
    From related orgs
    $0
    Other
    $30,263
    Hours/week
    40

  • VERONIQUE MARCUS

    DIRECTOR OF PROGRAMS

    Total calculated
    $112,679
    From this org
    $109,380
    From related orgs
    $0
    Other
    $3,299
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2022
Filed
3 November 2023
IRS schema version
2022v5.0
Source object
202333109349303163

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