Form 990 for tax year 2023
Filed by QUEENS ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $3,442,044
- Total expenses
- $3,419,793
- Contributions and grants received
- $2,998,424
- Grants paid
- $0
- Program service revenue
- $439,523
- Investment income
- $3,618
- Other revenue
- $479
- Total assets, end of year
- $3,000,277
- Total liabilities, end of year
- $726,967
- Net assets or fund balances, end of year
- $2,273,310
- Program services expenses (Part IX)
- $2,947,979
- Management and general expenses
- $349,092
- Fundraising expenses
- $122,722
- Program service expenses (Part III)
- $2,947,979
Program services were 86.2% 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)
$1,989,133
-
1f · All other contributions, gifts and grants
$1,009,291
-
2a · Program service revenue: PROGRAM SERVICE
total $439,523 · related or exempt $439,523
-
3 · Investment income
total $3,618 · related or exempt $3,618
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: SUNDRY
total $479 · related or exempt $479
-
11e · Other revenue, total
$479
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $140,000 · program services $118,020 · management and general $16,520 · fundraising $5,460
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,266,257 · program services $1,067,173 · management and general $149,700 · fundraising $49,384
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $88,540 · program services $74,599 · management and general $10,488 · fundraising $3,453
-
10 · Payroll taxes
total $113,453 · program services $95,641 · management and general $13,387 · fundraising $4,425
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $93,025 · management and general $93,025
-
11d · Fees: lobbying
total $60,000 · fundraising $60,000
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $286,120 · program services $252,535 · management and general $33,585
-
12 · Advertising and promotion
total $83,687 · program services $79,328 · management and general $4,359
-
13 · Office expenses
total $39,171 · program services $37,212 · management and general $1,959
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $229,869 · program services $229,869
-
17 · Travel
total $8,616 · program services $7,754 · management and general $862
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $43,529 · program services $43,529
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $29,212 · program services $29,212
-
23 · Insurance
total $12,345 · program services $6,172 · management and general $6,173
-
24a · Other expenses: PROGRAM EXPENSES
total $640,386 · program services $640,386
-
24b · Other expenses: utilities
total $88,213 · program services $88,213
-
24c · Other expenses: EQUIPMENT LEASES
total $80,963 · program services $76,915 · management and general $4,048
-
24d · Other expenses: REPAIRS & MAINTENANCE
total $67,355 · program services $67,355
-
24e · All other expenses
total $49,052 · program services $34,066 · management and general $14,986
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $711,807 · end of year $701,262
-
2 · Savings and temporary cash investments
beginning of year $795,509 · end of year $204,795
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $953,951 · end of year $1,419,050
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$190,680
-
10b · Land, buildings and equipment: accumulated depreciation
$124,697
-
10c · Land, buildings and equipment, net
beginning of year $79,801 · end of year $65,983
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $14,855 · end of year $609,187
-
17 · Accounts payable and accrued expenses
beginning of year $67,692 · end of year $120,884
-
25 · Other liabilities
beginning of year $237,172 · end of year $606,083
-
28 · Net assets with donor restrictions
beginning of year $2,251,059 · end of year $2,273,310
Mission and programs · 2023
Mission
The Organization creates and retains jobs through establishing programs throughout neighborhoods that assist small businesses and promote tourism and business development.
-
BUSINESS SEVICES & TRAINING: QEDC PROVIDES INDIVIDUAL COUNSELING, WORKSHOPS, ANDSEMINARS TO NEW AND EMERGING ENTREPRENEURS SEEKING TO OPEN AND OR GROW THEIRBUSINESS. TRAINING IS OFFERED IN BUSINESS PLAN PREPARATION THROUGH THE STARTUPBUSINESS COMPETITION AND THE ENTREPRENEURIAL ASSISTANCE PROGRAM. THE HOMEIMPROVEMENT CONTRACTOR TRAINING PROGRAM HELPS UNLICENSED HANDYMEN AND WOMEN RECEIVE THEIR NEW YORK CITY DEPARTMENT OF CONSUMER AFFAIRS LICENSES.
Expenses $1,872,491
-
ENTREPRENEUR SPACE:PROVIDES A COMMERCIAL KITCHEN AND OFFICE SPACE FOR NEW ANDGROWING FOOD-BASED BUSINESSES.THE INCUBATOR HAS ALL THE NECESSARY EQUIPMENTAND RESOURCES TO START A FOOD MANUFACTURING BUSINESS. THE INCUBATOR ALSOPROVIDES TECHNICAL AND BUSINESS COUNSELING AS WELL AS MARKETING OPPORTUNITIES.
Expenses $780,658
-
NEIGHBORHOOD DEVELOPMENT:WORKING WITH LOCAL BUSINESSES AND NEWLY FORMED MERCHANT'SORGANIZATIONS, THE QEDC PROVIDES ORGANIZATIONAL ASSISTANCE AND ADVICE TO IMPROVETHE MICRO-ECONOMY OF TARGETED NEIGHBORHOODS.QEDC ALSO PROVIDES GRAFFITI REMOVALPROGRAMS IN SEVERAL COMMUNITIES.THE PROGRAM ALSO PROMOTES TOURISM IN QUEENS.
Expenses $294,830
As filed on the 2023 return.
Listed in Part VII
-
Seth Bornstein
Executive Dir.
- Total calculated
- $140,000
- From this org
- $140,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 35
-
Shurn Anderson
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Omar Baptiste
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Winston Crosswell
Vice President
- Total calculated
- $0
- Hours/week
- 1
-
Aaron Fernandez
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Stephen Franklin
EXEC. COM.
- Total calculated
- $0
- Hours/week
- 1
-
Ben Guttmann
President
- Total calculated
- $0
- Hours/week
- 1
-
Victor Hunt
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Philippa Karteron
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Jeff Lambert
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Stephen Levin
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Mark Lucaj
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Verdia Noel
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Brian Reynolds
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Danny Rojas
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
David Sands
MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Anita Srivastava
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Ryan Walsh
MEMBER
- Total calculated
- $0
- Hours/week
- 1
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 15 April 2025
- IRS schema version
- 2023v6.0
- Source object
- 202541059349302604
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