Civic Intelligence

Hudson County Economic Development Corp

EIN 22-3307613 • 501(c)3 • Jersey City, NJ

Profile

Job creation and economic development through business attraction and retention for hudson county, new jersey benefitting all residents with an emphasis on low and moderate income individuals.

830 Bergen AvenueJersey City, NJ 07306

www.hudsonedc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

53rd percentile

0.08x

Higher debt load relative to assets than 53% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

63rd percentile

0.17x

Higher debt load relative to revenue than 63% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

56th percentile

7.2%

Higher net margin than 56% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

54th percentile

5.2%

Faster asset growth than 54% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

38%

Faster revenue growth than 81% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$1,830,811

Up $91,040 (+5.2%) from 2022

Liabilities

Up

$148,890

Up $25,849 (+21%) from 2022

Net Assets

Up

$1,681,921

Up $65,191 (+4.0%) from 2022

Operations
Liabilities / Revenue63rd percentileNet Margin56th percentile

Revenue

Up

$899,344

Up $249,392 (+38%) from 2022

Expenses

Up

$834,153

Up $294,994 (+55%) from 2022

Net Income

Down

$65,191

Down $45,602 (-41%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth54th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0Assets 2011: $1,374,169Liabilities 2011: $19,522Net Assets 2011: $1,354,6472011Assets 2012: $1,381,292Liabilities 2012: $15,680Net Assets 2012: $1,365,6122012Assets 2013: $1,583,038Liabilities 2013: $14,650Net Assets 2013: $1,568,3882013Assets 2014: $1,569,175Liabilities 2014: $14,752Net Assets 2014: $1,554,4232014Assets 2015: $1,560,330Liabilities 2015: $15,053Net Assets 2015: $1,545,2772015Assets 2016: $1,563,592Liabilities 2016: $18,299Net Assets 2016: $1,545,2932016Assets 2017: $2,002,165Liabilities 2017: $27,086Net Assets 2017: $1,975,0792017Assets 2018: $1,993,912Liabilities 2018: $16,537Net Assets 2018: $1,977,3752018Assets 2019: $1,955,492Liabilities 2019: $39,712Net Assets 2019: $1,915,7802019Assets 2020: $1,834,483Liabilities 2020: $195,855Net Assets 2020: $1,638,6282020Assets 2021: $1,534,232Liabilities 2021: $28,295Net Assets 2021: $1,505,9372021Assets 2022: $1,739,771Liabilities 2022: $123,041Net Assets 2022: $1,616,7302022Assets 2023: $1,830,811Liabilities 2023: $148,890Net Assets 2023: $1,681,9212023

Highlighted filing

2023

Assets$1,830,811
Liabilities$148,890
Net Assets$1,681,921
Open 2023 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2011: $163,115Expenses 2011: $321,230Net Income 2011: -$158,1152011Expenses 2012: $267,5242012Revenue 2013: $713,370Expenses 2013: $510,594Net Income 2013: $202,7762013Revenue 2014: $244,792Expenses 2014: $258,757Net Income 2014: -$13,9652014Revenue 2015: $120,405Expenses 2015: $129,551Net Income 2015: -$9,1462015Revenue 2016: $252,759Expenses 2016: $252,743Net Income 2016: $162016Revenue 2017: $794,164Expenses 2017: $364,378Net Income 2017: $429,7862017Revenue 2018: $635,256Expenses 2018: $632,960Net Income 2018: $2,2962018Revenue 2019: $565,041Expenses 2019: $626,636Net Income 2019: -$61,5952019Revenue 2020: $544,873Expenses 2020: $822,025Net Income 2020: -$277,1522020Revenue 2021: $601,542Expenses 2021: $734,233Net Income 2021: -$132,6912021Revenue 2022: $649,952Expenses 2022: $539,159Net Income 2022: $110,7932022Revenue 2023: $899,344Expenses 2023: $834,153Net Income 2023: $65,1912023

Highlighted filing

2023

Revenue$899,344
Expenses$834,153
Net Income$65,191
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Summary only. Only limited summary data is available for this year.

Open filing
Assets
$1,830,811
Liabilities
$148,890
Net assets
$1,681,921
Revenue
$899,344
Expenses
$834,153
Net income
$65,191
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$1.83$0.15$1.68$0.90$0.83$0.07
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.74$0.12$1.62$0.65$0.54$0.11
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.53$0.03$1.51$0.60$0.73$0.13
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.83$0.20$1.64$0.54$0.82$0.28
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.96$0.04$1.92$0.57$0.63$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.99$0.02$1.98$0.64$0.63$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.00$0.03$1.98$0.79$0.36$0.43
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.56$0.02$1.55$0.25$0.25$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.56$0.02$1.55$0.12$0.13$0.01
2014Detailed filing. Detailed filing data is available for this year.$1.57$0.01$1.55$0.24$0.26$0.01
2013Detailed filing. Detailed filing data is available for this year.$1.58$0.01$1.57$0.71$0.51$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.38$0.02$1.37$0.27
2011Summary only. Only limited summary data is available for this year.$1.37$0.02$1.35$0.16$0.32$0.16
Latest Detailed Filing

The latest 2023 filing currently has summary financial data only. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 1, 2023
Return Version
2022v5.0
Gross Receipts
$649,952
Mission and Program Overview

Mission

The hudson county economic development corporation (hcedc) is a not-for-profit corporation whose mission is to serve hudson county's diverse communities by providing comprehensive financial access, information, professional training and affordable housing. The hcedc's vision is to build a healthy local economy through collaborative partnerships for business organizations and individuals.

Non-profit economic development corporation in hudson county, new jersey

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,349,541$1,457,286▲ $107,745
Pledges and Grants Receivable$22,529$145,681▲ $123,152
Other Notes and Loans Receivable, Net$153,404$94,687▼ $58,717
Accounts Receivable-$25,000-
Land, Buildings, and Equipment, Net$2,670$9,387▲ $6,717
Prepaid Expenses and Deferred Charges$6,088$7,730▲ $1,642
Cash and Non-Interest-Bearing Accounts-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,534,232$1,739,771▲ $205,539
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$28,295$123,041▲ $94,746
Total Liabilities$28,295$123,041▲ $94,746
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,458,145$1,516,659▲ $58,514
Net Assets Without Donor Restrictions$47,792$100,071▲ $52,279
Total Net Assets Fund Balance$1,505,937$1,616,730▲ $110,793
Total Liabilities and Net Assets / Fund Balance$1,534,232$1,739,771▲ $205,539

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,387$13,159$22,546
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
KEVIN O'CONNORPresident
Alan LambiaseVice President
Michelle RichardsonExecutive Director
Carlos MedinaTrustee
Francesca GiarratanaTrustee
Jermaine RobinsonTrustee
Lisa PruskoTrustee
Norman GuerraTrustee
KENNETH O'NEILLAsst. Treasurer
Harry MelendezSecretary
Richard DwyerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$648,886
Program Service Revenue
$0
Investment Income
$81
Other Revenue
$985
All Other Contributions
$152,500
Change in Net Assets
$110,793

Audited Revenue Reconciliation

Revenue per Audited Statements
$649,952
Revenue Not Reported on Form 990
$221,166
Total Revenue per Audited Statements
$871,118
Total Revenue per Form 990
$649,952
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$416,323
Salaries, Compensation, and Employee Benefits$122,836
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$205,489$1,580-$207,069
Other Salaries and Wages$76,277$25,425-$101,702
Information Technology$52,838$20,586-$73,424
Other Expenses-$35,960-$35,960
Advertising$35,180--$35,180
Fees for Services Legal-$25,347-$25,347
Other Employee Benefits$9,357$3,119-$12,476
Fees for Services Accounting-$11,335-$11,335
Office Expenses-$11,322-$11,322
Insurance-$9,237-$9,237
Payroll Taxes$6,494$2,164-$8,658
Conferences and Meetings$4,160--$4,160
Depreciation Depletion-$3,289-$3,289
Total Functional Expenses$389,795$149,364$0$539,159

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$760,325
Expenses per Audited Statements$539,159
Total Expenses per Form 990$539,159
Expenses Not Reported on Form 990$221,166
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The accountant provided a copy of the form 990 to the executive director prior to the filing of form 990. The executive director provided each person who is a voting member of the governing body with a copy of the form 990, via electronic conveyance, prior to the filing of the form 990 with the irs.”

Form 990, Part VI, Section B, Line 12C

“The organization reviews the compliance with the conflict of interest policy on an annual basis through a discussion during a board meeting. Annually, each trustee must sign a receipt and acknowledgement of the hcedc's code of ethics. This signed acknowledgement form is maintained by the hcedc.”

Form 990, Part VI, Section C, Line 18

“Based upon a request, the organization will provide any interested party a copy of the governing documents, conflict of interest policy and/or financial statements.”

Form 990, Part VI, Section C, Line 19

“Based upon a request, the organization will provide to any interested party a copy of the form 1023 application or form 990.”

Filing and Contact Details

Filer

Filer Name
Hudson County Economic Development Corp
EIN
22-3307613
Phone
2013694370
Address
830 BERGEN AVENUE, JERSEY CITY, NJ 07306

Signing Officer

Name
Michelle Richardson
Title
Executive Director
Signed
2023-11-01
Discuss with paid preparer
Yes

Organization Details

Formed
1994
Legal Domicile
Nj
Voting Board Members
10
Independent Board Members
10
Employees
3

Preparer

Firm
Donohue Gironda & Doria
Address
310 Broadway, Bayonne, NJ 07002
Preparer
Jason Gironda CPA
Phone
2014379000
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

“Other program services 4: affordable housing program - under the affordable housing program the hcedc through partnerships with other not-for-profit partners, helps individuals build wealth while strengthing the local ecomomies. Other program services 5: small business loan assistance interest relief - one time relief provided to small business owners impacted by covid 19 to provide relief for the interest portion of their loans. Program expense for 2020 $100,000 & 2021 $174,806.”

Form 990, Part XII, Line 2C

“The selection process of overseeing the audit of financial statements and selection of an independent accountant to audit the financial statements is the same as the prior year.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is organized as a nonprofit corporation and has been recognized by the IRS as exempt from federal income taxes under IRC Section 501(c)(3). Thus, it qualifies for the charitable contribution deduction under IRC Sections 170(b)(1)(A)(vi). The Organization is annually required to file a Return of Organization Exempt from Income tax (Form 990) with the IRS. In addition, the entities are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that the Organization is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income tax Return (Form 990-T) with the IRS.”

Raw XML AppendixShowing 400 of 477 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1ASST. TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
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IRS990/InsuranceGrp/ManagementAndGeneralAmt09237
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IRS990/MissionDesc0THE HUDSON COUNTY ECONOMIC DEVELOPMENT CORPORATION (HCEDC) IS A NOT-FOR-PROFIT CORPORATION WHOSE MISSION IS TO SERVE HUDSON COUNTY'S DIVERSE COMMUNITIES BY PROVIDING COMPREHENSIVE FINANCIAL ACCESS, INFORMATION, PROFESSIONAL TRAINING AND AFFORDABLE HOUSING. THE HCEDC'S VISION IS TO BUILD A HEALTHY LOCAL ECONOMY THROUGH COLLABORATIVE PARTNERSHIPS FOR BUSINESS ORGANIZATIONS AND INDIVIDUALS.
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IRS990/OperateHospitalInd0false
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt09357
IRS990/OtherEmployeeBenefitsGrp/TotalAmt012476
IRS990/OtherExpensesGrp/Desc0CATERING EVENTS
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IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME-BROWNFIELD
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt025425
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IRS990/PledgesAndGrantsReceivableGrp/BOYAmt022529
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07730
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IRS990/ProgSrvcAccomActy2Grp/Desc0EDUCATION (TRAINING) PROGRAM - UNDER THE EDUCATION PROGRAM THE HCEDC PROVIDES A WIDE RANGE OF TRAINING PROGRAMS THAT ARE OFFERED TO HELP LOCAL BUSINESS OWNERS AND THEIR EMPLOYEES SHARPEN SKILLS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0114199
IRS990/ProgSrvcAccomActy3Grp/Desc0INFORMATION (OUTREACH) PROGRAM - UNDER THE OUTREACH PROGRAM THE HCEDC PROVIDES LOCAL BUSINESSES WITH ACCESS TO VALUABLE RESOURCES.
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0561682
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0634949
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02988658
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0307
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt01029
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0985
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0972
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt03075
IRS990ScheduleA/OtherIncome170Grp/TotalAmt06977
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02988658
IRS990ScheduleA/TotalSupportAmt02996664
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleD/DonatedServicesUseFcltsAmt0221166
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt013159
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is organized as a nonprofit corporation and has been recognized by the IRS as exempt from federal income taxes under IRC Section 501(c)(3). Thus, it qualifies for the charitable contribution deduction under IRC Sections 170(b)(1)(A)(vi). The Organization is annually required to file a Return of Organization Exempt from Income tax (Form 990) with the IRS. In addition, the entities are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that the Organization is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income tax Return (Form 990-T) with the IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09387
IRS990ScheduleD/TotalExpensesPerForm990Amt0539159
IRS990ScheduleD/TotalRevenuePerForm990Amt0649952
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0871118
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IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0OTHER PROGRAM SERVICES 4: AFFORDABLE HOUSING PROGRAM - UNDER THE AFFORDABLE HOUSING PROGRAM THE HCEDC THROUGH PARTNERSHIPS WITH OTHER NOT-FOR-PROFIT PARTNERS, HELPS INDIVIDUALS BUILD WEALTH WHILE STRENGTHING THE LOCAL ECOMOMIES. OTHER PROGRAM SERVICES 5: SMALL BUSINESS LOAN ASSISTANCE INTEREST RELIEF - ONE TIME RELIEF PROVIDED TO SMALL BUSINESS OWNERS IMPACTED BY COVID 19 TO PROVIDE RELIEF FOR THE INTEREST PORTION OF THEIR LOANS. PROGRAM EXPENSE FOR 2020 $100,000 & 2021 $174,806.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ACCOUNTANT PROVIDED A COPY OF THE FORM 990 TO THE EXECUTIVE DIRECTOR PRIOR TO THE FILING OF FORM 990. THE EXECUTIVE DIRECTOR PROVIDED EACH PERSON WHO IS A VOTING MEMBER OF THE GOVERNING BODY WITH A COPY OF THE FORM 990, VIA ELECTRONIC CONVEYANCE, PRIOR TO THE FILING OF THE FORM 990 WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION REVIEWS THE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS THROUGH A DISCUSSION DURING A BOARD MEETING. ANNUALLY, EACH TRUSTEE MUST SIGN A RECEIPT AND ACKNOWLEDGEMENT OF THE HCEDC'S CODE OF ETHICS. THIS SIGNED ACKNOWLEDGEMENT FORM IS MAINTAINED BY THE HCEDC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BASED UPON A REQUEST, THE ORGANIZATION WILL PROVIDE ANY INTERESTED PARTY A COPY OF THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND/OR FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BASED UPON A REQUEST, THE ORGANIZATION WILL PROVIDE TO ANY INTERESTED PARTY A COPY OF THE FORM 1023 APPLICATION OR FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SELECTION PROCESS OF OVERSEEING THE AUDIT OF FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT TO AUDIT THE FINANCIAL STATEMENTS IS THE SAME AS THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 4d
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NJ

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